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Code Implementation Report and Supporting Documents
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Introduction

Standard & Poor's is committed to transparency with regard to the market and our own activities. It is in this spirit that we are pleased to publicly provide this summary of Standard & Poor's compliance with its Ratings Services Code of Conduct. We will continue to report on our activities and changes to any of our policies and procedures that we believe relevant for the market on an ongoing basis.

Report on Implementation of Standard & Poor's Ratings Services Code of Conduct

For your convenience, we have listed some selected default and transition studies below.

Selected Default and Transition Studies
U.S. CDO Rating Performance Robust But Mixed In 2005; Outlook For 2006 Stable For Most Deal Types	2006-01-26
Rating Transitions 2005: North American CMBS Upgrades Outpace Downgrades 8 To 1	2006-01-25
Rating Transitions 2005: U.S. RMBS Volume And Rating Activity Continue To Set Records	2006-01-25
Rating Transitions 2005: Credit Quality Of Global CDOs Improved, Although Affected By High-Profile Credit Events	2006-01-24
Rating Transitions 2005: U.S. ABS Hits Turning Point As Credit Quality Improves	2006-01-18
Rating Transitions 2005: Activity More Muted, But Upgrades Still Dominate In European Structured Finance	2006-01-11
U.S. Municipal Rating Transitions and Defaults, 1986 - 2003	2004-04-21
Annual 2005 Global Corporate Default Study And Rating Transitions	2006-01-31
Annual European Corporate Default Study And Rating Transitions	2005-05-20
Australian & New Zealand Default And Rating Transition Study, 1989-2004	2005-04-26
Asia ex-Japan Default And Rating Transition Study 2004	2005-04-04
Global Structured Securities Rating Performance: 1978-2004	2005-03-25
2004 Transition Data For Rated Sovereigns	2005-03-09
Updated Ratings And Default Study For International Local And Regional Governments 2004	2005-02-15
Japan Default and Rating Transition Study	2004-11-30
CreditWatch And Ratings Outlooks: Valuable Predictors Of Ratings Behavior	2005-05-26

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Research & Knowledge

Code Implementation Report and Supporting Documents Back

Code Implementation Report and Supporting Documents
Back