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Standard & Poor's issued an update (the "Update") last week indicating that it could issue a de-linked, asset-based credit rating for securities issued in a securitization sponsored by an insured depository institution ("Bank") that qualifies as a sale under GAAP, even if the transaction fails to comply with the Federal Deposit Insurance Corporation's new securitization safe harbor rule (the "Rule"). The Update modifies S&P's earlier position announced in October 14, 2010, which many had interpreted to mean that all Bank-sponsored securitizations must comply with the Rule, regardless of legal and accounting sale conclusions, in order to obtain a rating based solely on the credit strength of the assets. In the Update, S&P indicates that it could issue a de-linked credit rating under certain circumstances, namely, where the transaction qualifies as a sale under GAAP and the Bank retains no economic interest in the securitized assets.