Subject: File No. S7-04-07
From: Doug

May 18, 2007


As a follow up from our meeting on Monday see attached files. The first answers the question that Eric posed to us. "What is your market share in Corporate bonds where there is no notching?" "How does it compare with Structured Finance?" In this slide, we separated out ABS since the majority of these bonds are not put into CDO's. The second file is the soft copy of what Charlie gave to Tom. It is an example of the language taken from a recent CDO.

Thanks again for your time and consideration on this issue. Feel free to contact us if you have any questions.


(See attached file: Fitch Corp vs ABS vs SF 2001 to 2006.ppt)

(See attached file: Example Notching Language, CDO Document.pdf)