CORRECTION TO TEXT: MOODY'S DOWNGRADES ONE CLASS OF COMBINATION NOTES ISSUED BY EATON VANCE CDO LIMITED
New York, August 13, 2002 -- Moody's Investors Service announced today that it has downgraded the following class of Combination Notes issued by Eaton Vance CDO Limited, a collateralized debt obligation issuance:
(1) $12,000,000 Class R Combination Notes due 2011 (the "Class R Notes")
The downgrade, from B3 to Caa1 on watch for possible downgrade, reflects deterioration in credit quality of the underlying pool of Collateral. Each Class R Note consists of two "components", one of Class III Mezzanine Secured Fixed Rate Notes due 2011, currently rated B3 on watch for possible downgrade by Moody's, and one of Class IV Mezzanine Secured Fixed Rate Notes due 2011, currently rated Ca by Moody's. Each component was issued by Eaton Vance CDO, Limited when the transaction closed in August, 1999 and each component was the subject of rating downgrade action by Moody's on July 26, 2002. Accordingly, Moody's is adjusting the rating of the Class R Notes to reflect the current ratings of each component.
Rating Action: Downgrade
Issuer: Eaton Vance CDO, Limited
The ratings of the following Class of Combination Notes has been downgraded:
(1) U.S. $12,000,000 Class R Combination Notes due 2011 from B3 to Caa1 on watch for possible downgrade.
Stephen G. Lioce, Vice President and Senior Credit Officer, 212-553-4786
Kristi Feinzig, Analyst, 212-553-7843
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