The 'BB' ratings assigned by S&P to the Class D notes issued by the Interstar Titanium Series 2006-1 Trust were placed on CreditWatch with negative implications. The move was in response to the deteriorating performance of the underlying assets leaving the notes increasingly reliant on excess spread to cover future losses. Ratings on the other more senior tranches were affirmed. Max Trust is the new name of Allco Max Securities and Mortgage Trust. S&P has revised its CreditWatch on the 'BBB-' ratings assigned to the Class 2005-1T and 2006-1T notes issued by the Trust to developing from negative. S&P is currently reviewing a proposed restructure of the notes which may allow the ratings to be raised three notches to 'A-'. The review should be completed today.