The Arbitrage CBO Performance Index aggregates performance information across Standard & Poor’s rated arbitrage collateralized bond obligations (CBOs) in a number of key risk areas, including purchases, sales, and defaults of collateral debt securities, and senior and subordinate over collateralization ratios.

These research articles are updated regularly and are available to subscribers of RatingsDirect®, Standard & Poor's Web-based credit research and analysis system, at www.ratingsdirect.com. If you are not a RatingsDirect subscriber, you may purchase individual copies of these reports by contacting RatingsDirect. Members of the media may request a copy of this report by contacting the media representative.

Ratings information can also be found on Standard & Poor's public Web site under Credit Ratings.