OREANDA-NEWS. S&P Global Ratings today affirmed its 'AA (sf)' rating on Dekania Europe CDO II PLC's class A1 notes (see list below).

Dekania Europe CDO II closed in September 2006.

Assured Guaranty (UK) Ltd. (AA/Stable) issued a financial guarantee for the benefit of the class A1 notes at closing. Under the guarantee, the guarantor guarantees the timely payment of interest and the ultimate principal repaymenton the class A1 notes.

As these notes are guaranteed, our rating on this class of notes does not reflect our credit and cash flow assumptions. Instead, we apply our guarantee criteria (see "Guarantee Criteria--Structured Finance," published on May 7, 2013).

Based on the maximum ratings that could be achieved under the guarantee and the fact that there have been no changes to the transaction documents outlining this guarantee on the class A1 notes, we have affirmed our 'AA (sf)'rating on the class A1 notes.