Lehman Brothers Financial SA (LEHNQ)

[sidedraft]

S&P had this to say about the rating of Aurora:

OVERVIEW
We raised our ABS business-based commercial real estate special servicer
ranking on Aurora Bank Commercial Services (ABCS) to ABOVE AVERAGE and
raised the primary servicing ranking to AVERAGE.The rankings reflect our opinion of the company's knowledgeable and
experienced management team, good internal controls, and a proficient
special servicing operation.The outlook for both rankings is developing due to a potential sales
transaction for ABCS and Aurora Bank FSB.The company has a long history of servicing and special servicing of
first mortgage owner-occupied small balance commercial real estate loans
as well a limited volume of larger multitenant properties.


NEW YORK (Standard & Poor's) Feb. 7, 2012--Standard & Poor's Ratings Services
today raised its rankings on Aurora Bank Commercial Services (ABCS) as a
business-based commercial real estate servicer. We raised our commercial
special ranking to ABOVE AVERAGE from AVERAGE and we raised our commercial
primary ranking to AVERAGE from BELOW AVERAGE. The outlook for both rankings
is developing. The subranking for management and organization is ABOVE
AVERAGE, the subranking for loan administration primary servicing is AVERAGE
and the subranking for special servicing loan administration is ABOVE AVERAGE.

The raised rankings reflect improvements in the company's quality control and
compliance monitoring programs, the company's past two years of compliance
with USAP servicing standards, as well as increased staffing within special
servicing together with overall organizational structural changes for primary
and special servicing.

ABCS is a division of Aurora Bank FSB. The overall organization represents a
large banking operation in both the residential and commercial markets.

KEY RANKING FACTORS

Strengths:
An experienced staff and a proactive approach toward asset and portfolio
management and special servicing.Well-administered procedures and oversight accomplished by good quality
control processes, a separate compliance monitoring area, and sound
auditing practices, all of which have improved since our previous review.The ability to handle small and large real estate secured mortgages.Good special servicing results based on increased staffing and improved
monitoring of problem assets.Weaknesses:
The non-integration of the current servicing and special servicing
technology and a reliance on ancillary applications, which is mitigated
by the company's current systems conversion project.Some inconsistencies in format within the procedure manuals for all
servicing operations, and the likelihood for required revisions following
the conversion project.ABCS has approximately $2 billion commercial assets under management for
approximately 4,000 accounts within its primary and special servicing
operations.