(The following statement was released by the rating agency)
March 1 - Standard & Poor's Ratings Services today raised its rating on STRATS Trust For DaimlerChrysler N.A. Holding Securities Series 2005-P1's $100 million certificates to 'A-' from 'BBB+'. The rating on the certificates is dependent on the lower of (i) the rating on the underlying security, Daimler Finance North America LLC's 6.5% notes due Nov. 15, 2013 ('A-'); and (ii) the long-term rating on the swap counterparty, Wells Fargo Bank N.A. ('AA-'). Today's rating action reflects the Feb. 23, 2012, raising of our rating on the underlying security to 'A-' from 'BBB+'. We may take subsequent rating actions on the certificates due to changes in our ratings assigned to the underlying security or the swap counterparty. STANDARD & POOR'S 17G-7 DISCLOSURE REPORT SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011. If applicable, the Standard & Poor's 17g-7 Disclosure Report included in this credit rating report is available here RELATED CRITERIA AND RESEARCH
-- Daimler Long-Term Rating Raised To 'A-' On Strong Credit Metrics And Improved Financial Risk Profile; Outlook Stable, published Feb. 23, 2012.
-- Global Structured Finance Scenario And Sensitivity Analysis: The Effects Of The Top Five Macroeconomic Factors, published Nov. 4, 2011.
-- Legal Criteria For U.S. Structured Finance Transactions: Overview Of Legal Criteria For U.S. Structured Finance Transactions, published Oct. 1, 2006.
-- Legal Criteria For U.S. Structured Finance Transactions: Criteria Related To Global Synthetic Securities, published Oct. 1, 2006. (New York Ratings Team)