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Email On May 31, 2012, Standard & Poor’s (“S&P”) published an article entitled “Counterparty Risk Framework Methodology and Assumptions”, which outlines S&P’s updated criteria for managing counterparty risk relating to certain structured finance transactions and covered bonds (the “2012 Criteria”). The 2012 Criteria replace prior criteria contained in the following S&P publications: (i) "Counterparty And Supporting Obligations Methodology And Assumptions" (published December 6, 2010), (ii) "Counterparty And Supporting Obligations Update" (published January 13, 2011), (iii) "Expanding The Scope of Counterparty Criteria To Corporate And Government Ratings" (published June 21, 2011) and (iv) "Global Counterparty And Supporting Obligations Framework For Classifying Currencies" (published June 28, 2011) (collectively, the "2010 Criteria"). https://www.cadwalader.com/resources/clients-friends-memos/s-and-ps-new-counterparty-risk-criteria-for-structured-finance-securities-offer-additional-flexibility-for-derivative-transactions