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Standard & Poor's announced recently that it will likely treat as secured loans Bank-sponsored securitizations that constitute sales under GAAP, but fail to comply with the FDIC’s final securitization safe harbor rule (the "Rule"). As secured loans, these transactions may not receive credit ratings linked solely to the credit of the underlying assets, but instead will receive credit ratings linked to those of the insured depository institution (each, a "Bank") that sponsored the securitization. S&P’s announcement follows a conversation it reports to have had with the Federal Deposit Insurance Corporation ("FDIC"). According to S&P, the FDIC suggested it could repudiate any Bank securitization that failed to comply with the Rule. Since the adoption of the Rule last month, rating agencies and other industry players have been grappling with the Rule’s ramifications.