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TEXT-Fitch: U.S. CREL CDOs delinquencies up slightly

CREL CDO late-pays rose to 12% from 11.6% in August. 'Given the instability in the broader economy, CREL CDOs delinquencies are expected to continue to seesaw going forward,' said Director Stacey McGovern.In September, asset managers reported 11 new delinquent assets. Among the newly delinquent assets were three matured balloon loans, six new credit impaired securities, and two term defaults. Partially offsetting the new delinquencies were six removed assets, which included:--One real estate-owned (REO) asset, which was sold at 38% of par;--One mezzanine loan that was foreclosed out at a total loss; and--Four formerly credit impaired CMBS securities.Ratings on the most junior classes remain subject to volatility as losses continue to accumulate. In September, CREL CDO asset managers reported approximately $60 million in realized losses.Additional information is available in Fitch's weekly e-newsletter, 'U.S. CMBS Market Trends', which also contains recent rating actions and an overview of newly released CMBS research, including Fitch presales and Focus reports. The link below enables market participants to sign up to receive future issues of the E-newsletter:'5736&rtype=mm&uid=Fitch'

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UPDATE 1-Ex-Michigan Gov. Granholm quits Dow Chemical board

* To host "The War Room" on Al Gore's Current TVBy Ernest ScheyderOct 12 (Reuters) - Former Michigan Gov. Jennifer Granholm has quit Dow Chemical's board of directors to host a political TV show on Al Gore's Current TV.Granholm, who joined the board of the largest U.S. chemical maker less than seven months ago, will launch "The War Room" on the cable TV network this January.The show will be something Democrats will love, but "the far right will hate it," Granholm said in a Current TV statement.Andrew Liveris, Dow's chairman and chief executive, said Granholm's resignation was effective immediately. The move left the board with 12 members."While the tenure was brief, her experience, perspective and contributions were beneficial, and we wish her well in her new endeavors," Liveris said.Granholm received nearly unanimous support from shareholders at Dow's annual meeting last May.

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PRESS DIGEST - British business - Oct 12

The European authorities are preparing to impose draconian standards on the region's banks that could force them to raise hundreds of billions in additional capital.IRISH REVIVE TASTE FOR PROPERTYA devastating property crash has not slaked the Irish thirst for bricks and mortar, with cash buyers splashing more than 30 million euro on flats and houses in the past six months, according to an Anglo-Irish auction house.The TelegraphGOLDMAN 'DEAL' WITH HMRCGoldman Sachs escaped paying up to 20 million pound on a disputed National Insurance bill for bankers' bonuses, according to leaked UK government documents.MOTHERCARE BOSS TO GO IN A MONTHBen Gordon, the longstanding chief executive of Mothercare , is to leave following a series of profit warnings from the retailer.SLOVAKIA DEALS BLOW TO BAILOUT EXPANSIONEuropean markets faltered as the Slovak government looked set to fall before the euro zone's bailout fund is approved and Greece's crucial money injection remained uncertain.The GuardianRECESSION OVER BUT UK STILL SUFFERING, SAYS THINK-TANKThe UK recovery will be the weakest seen for almost a century, as the economy remains mired in "depression",the National Institute of Economic and Social Research (NIESR)think-tank warned on Tuesday.The IndependentBP TO RISK WORST EVER OIL SPILL IN SHETLANDS DRILLINGBP is making contingency plans to fight the largest oil spill in history, as it prepares to drill more than 4,000 feet down in the Atlantic in wildlife-rich British waters off the Shetland Islands.ENRC TAKES UP OPTION TO CONTROL KAZAKH MINERA former board member of Eurasian Natural Resources Corporation (ENRC) said "he couldn't quite believe" the news that the controversial Kazakh miner had bought a company controlled by its three biggest shareholders.