Ratings On Two SATURNS Trust No. 2003-7 Classes Placed On CreditWatch Negative

Stocks and Financial Services Press Releases Thursday February 25, 2016 08:52
NEW YORK--25 Feb--Standard & Poor's

NEW YORK (Standard & Poor's) Feb. 24, 2016--Standard & Poor's Ratings Services today placed its 'BBB+' ratings on Structured Asset Trust Unit Repackagings (SATURNS) Trust No. 2003-7's $25 million callable class A and B units on CreditWatch with negative implications.

Our ratings on the class A and B units are dependent on our rating on the underlying security, Macy's Retail Holdings Inc.'s 6.90% debentures due Jan. 15, 2032 ('BBB+/Watch Negative').

Today's rating actions reflect the Jan. 7, 2016, placement of our 'BBB+' rating on the underlying security on CreditWatch with negative implications. We may take subsequent rating actions on this transaction due to changes in our rating assigned to the underlying security.

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