S&nbsp;P cuts ABS ratings on Countrywide deal from AAA
ju4 wa4i dia4n zo1ng he2 ba4o da4o :\n  NEW YORK, June 27 (Reuters) - Standard & Poor's on Friday\ncut its ratings on a number of securities backed by home equity\nlines of credit issued by Countrywide Home Loans, the mortgage\nunit of Countrywide Financial Group.\nThirty six classes of a Countrywide transaction were cut\nfrom the top "AAA," and four classes were affirmed. At the time\nof issuance the deals represented $6.4 billion in debt, S&P\nsaid in a statement.\nSome of the deals were cut to "AA," the third highest\ninvestment grade, others cut to the "BBB" area, the second\nlowest investment grade, and others cut to "BB," two steps\nbelow investment grade.\nThe rating cuts were on home equity line of credit\nresecuritization pass-through notes from CWHEQ Revolving Home Equity Loan Resecuritization Trust's series 2006-RES.\n(Reporting by Karen Brettell; Editing by Kenneth Barry)\n((karen.brettell@thomsonreuters.com; 1 646 223 6274; Reuters\nMessaging: karen.brettell.reuters.com@reuters.net ))\nKeywords: COUNTRYWIDE ABS/RATING