Moodys.com
Close
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

Terms of One-Time Website Use

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Related Issuers
ABSolute II Synthetic CDO Limited
ABSolute III Synthetic CDO Limited
Alexandria Capital Plc. Series 2003-2
Argon Capital PLC - Series 21
Arosa Funding Limited - Series 2003-2
Arosa Funding Limited - Series 2003-3
Arosa Funding Limited - Series 2003-4
Arosa Funding Limited - Series 2004-6
BROOKLANDS EURO REFERENCED LINKED NOTES 2004-1 LIMITED
Bruckner CDO I B.V.
Camber 4 plc
CDC Ixis Capital Markets - Credit-Linked Note linked to Chrome Funding Must 50/5
Chrome Funding Ltd - Series Must 50/5
Claris Limited Series 20,21,22 and 23/2004 (Millesime)
Claris Limited Series 25/2004 (Millesime)
Claris Limited Series 29/2004
Cloverie Plc - Ghibli CDO I
Cloverie Plc - Rotonda CDO: Series 2004- 56, 59, 61, 63
Cloverie Plc - Series 2004-72, 2004-77 & 2005-04 (US Onyx)
Cloverie plc - Series 64-65 (Brera)
Cloverie PLC: Rotonda CDO Series 2004-59
Corsair (Jersey) No 3 Limited Series 7 (Alhambra)
Credit Derivative Transaction between Mizuho International plc and Cradle Limited
Deutsche Bank AG, London Branch - N-Tsar
DEUTSCHE BANK AG, LONDON BRANCH - TSAR_05
EIRLES FOUR LIMITED - SERIES 32 DUE 2013
Eirles Four Series 60 (Tsar_05 Class A and Class A- Swap)
Eirles Two Limited - Series 101, 102, 103, 104
Eirles Two Limited, Series 153 and 156
Eirles Two Series 71 (Tsar_05 CLass A- (1) Swap)
FAB CBO 2003-1 B.V.
Faxtor ABS 2003-1 B.V.
Faxtor ABS 2004-1 B.V.
G Square Finance Limited
Heather Finance Limited 2004-8 (CoRDS)
High Tide CDO I S.A.
Iliad Investments P.L.C. Series 8
Iona CDO I Limited
Menton CDO I
Merak CDO Limited - Series 2003-3
Merak CDO Limited Series 2003-01
Merak CDO Limited Series 2003-02
Rhodium 1 B.V.
Ryder Square Limited - Evergreen
SAGA Investment Series Limited
SGA Societe Generale Acceptance N.V. Series 7040/04-09
SGA Societe Generale Acceptance N.V. Series 7041/04-09
Skylark Limited Series 2004-3 (USD Saqqara)
Societe Generale - Napa Valley II Synthetic CDO of ABS Swap
Stanton MBS I p.l.c.
Tempo CDO 1 Limited
Triplas IV Limited
Triplas Series II Synthetic CDO Limited
Triplas Synthetic CDO S.A.
Vespucci Investments Plc
Rating Action:

Correction to Text, December 22, 2008 release: Moody's downgrades notes issued by 55 structured finance CDO transactions

15 Jan 2009

London, 15 January 2009 -- Moody's Investors Service has taken rating actions on certain tranches from Faxtor ABS 2003-1 B.V. These actions are a correction to rating actions announced December 22, 2008 where a certain payment made to the Class A-1E was not fully reflected and pari-passu tranches of Class A-2E and A-2F were incorrectly treated. The impacted tranches are as follows:

(1) Class A-2E

Correct rating: Aa3, on review for possible downgrade

Previous incorrect rating: Aa2, on review for possible downgrade

(2) Class A-3E

Correct rating: Baa1, on review for possible downgrade

Previous incorrect rating: Ba1, on review for possible downgrade

(3) Class A-3F

Correct rating: Baa1, on review for possible downgrade

Previous incorrect rating: Ba1, on review for possible downgrade

(4)Class BE

Correct rating: Ba2, on review for possible downgrade

Previous incorrect rating: B2, on review for possible downgrade

(5) Class BF

Correct rating: Ba2, on review for possible downgrade

Previous incorrect rating: B2, on review for possible downgrade

Corrected press release follows:

Moody's Investors Service announced today that it has downgraded its ratings of 144 Notes issued by certain collateralised debt obligation transactions backed by structured finance securities ("SF CDOs"), each of which originated in 2003 - 2004.

Moody's explained that the rating actions taken today are the result of the application of revised and updated key modelling parameter assumptions that Moody's uses to rate and monitor ratings of SF CDOs. The revisions affect the three key parameters in Moody's model for rating SF CDOs: asset correlation, default probability and recovery rate. Moody's announced the changes to these assumptions in a press release titled "Moody's Updates its Key Assumptions for Rating Structured Finance CDOs," published on December 11, 2008.

Moody's noted that the lowered ratings remain on review for possible downgrade due to the continuing weakness in the performance of and outlook for structured finance securities that back SF CDOs.

Moody's initially analysed and continues to monitor these transactions using primarily the methodology and its supplements for ABS CDOs as described in Moody's Special Reports below:

Moody's Approach to Rating Multisector CDOs (15/09/2000)

Moody's Approach To Rating Synthetic Resecuritizations (29/10/2003)

Moody's Revisits its Assumptions Regarding Structured Finance Default (and Asset) Correlations for CDOs (27/06/2005)

Moody's Modeling Approach to Rating Structured Finance Cash Flow CDO Transactions (26/09/2005)

These reports can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

Today's rating actions are as follows:

Issuer: ABSolute II Synthetic CDO Limited

(1) Class A

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1, on review for possible downgrade

Prior Rating Date: 25 November 2008

(2) Class B

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa2, on review for possible downgrade

Prior Rating Date: 25 November 2008

Issuer: ABSolute III Synthetic CDO Limited

(1) Class A

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 26 March 2004

(2) Class B1

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 26 March 2004

(3) Class B2

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 26 March 2004

Issuer: Alexandria Capital Plc. Series 2003-2

(1) Alexandria Class A Secured Floating Rate Credit Linked Notes

Current Rating: Aa2, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 24 December 2003

(2) Alexandria Class B Secured Floating Rate Credit Linked Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 24 December 2003

(3) Alexandria Class C Secured Floating Rate Credit Linked Notes

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 24 December 2003

(4) Alexandria Class D Secured Floating Rate Credit Linked Notes

Current Rating: Baa1, on review for possible downgrade

Prior Rating: A1

Prior Rating Date: 24 December 2003

Issuer: Argon Capital PLC - Series 21

(1) Series 21 EUR 13,020,000 Class A+1 Limited Recourse Secured Credit-Linked Fixed Rate Notes due 2043

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 06 May 2003

(2) Series 21 EUR 2,790,000 Class A+3 Limited Recourse Secured Credit-Linked Floating Rate Notes due 2043

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 06 May 2003

Issuer: Arosa Funding Limited - Series 2003-2

(1) Class A

Current Rating: Caa3, on review for possible downgrade

Prior Rating: B3

Prior Rating Date: 22 October 2008

(2) Class B1

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa1

Prior Rating Date: 22 October 2008

(3) Class B2

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa1

Prior Rating Date: 22 October 2008

Issuer: Arosa Funding Limited - Series 2003-3

(1) Class A1

Current Rating: B3, on review for possible downgrade

Prior Rating: Ba3

Prior Rating Date: 22 October 2008

(2) Class A2

Current Rating: B3, on review for possible downgrade

Prior Rating: Ba3

Prior Rating Date: 22 October 2008

Issuer: Arosa Funding Limited - Series 2003-4

(1) Series 2003-4

Current Rating: B1, on review for possible downgrade

Prior Rating: Ba1

Prior Rating Date: 22 October 2008

Issuer: Arosa Funding Limited - Series 2004-6

(1) Class A Notes

Current Rating: B3, on review for possible downgrade

Prior Rating: Ba3

Prior Rating Date: 22 October 2008

(2) Class B Notes

Current Rating: B3, on review for possible downgrade

Prior Rating: Ba3

Prior Rating Date: 22 October 2008

Issuer: Brooklands Euro Referenced Linked Notes 2004-1 Limited

(1) Class A1-a Floating Rate Notes due 2054

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 11 August 2005

(2) Class A1-b Floating Rate Notes due 2054

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 11 August 2005

(3) Class A2 Floating Rate Notes due 2054

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 11 August 2005

Issuer: Bruckner CDO I B.V.

(1) Class A-1 Secured Floating Rate Notes

Current Rating: Aa2, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 30 September 2004

(2) Class A2-1 Secured Floating Rate Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 30 September 2004

(3) Class B Secured Floating Rate Notes

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 30 September 2004

(4) Class C-1 Deferrable Interest Secured Floating Rate Notes

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 30 September 2004

(5) Class D-1 Deferrable Interest Secured Floating Rate Notes

Current Rating: B2, on review for possible downgrade

Prior Rating: Baa2

Prior Rating Date: 30 September 2004

(6) Class A2-2 Secured Fixed Rate Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 30 September 2004

(7) Class C-2 Deferrable Interest Secured Fixed Rate Notes

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3

Prior Rating Date: 30 September 2004

(8) Class D-2 Deferrable Interest Secured Fixed Rate Notes

Current Rating: B2, on review for possible downgrade

Prior Rating: Baa2

Prior Rating Date: 30 September 2004

(9) Class Q Combination Notes

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1

Prior Rating Date: 30 September 2004

(10) Class R Combination Notes

Current Rating: Caa2, on review for possible downgrade

Prior Rating: Ba2

Prior Rating Date: 30 September 2004

(11) Class S Combination Notes

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1

Prior Rating Date: 30 September 2004

Issuer: Camber 4 plc

(1) Class A1-A Floating Rate Notes due 2053

Current Rating: Ba3, on review for possible downgrade

Prior Rating: Baa3, on review for possible downgrade

Prior Rating Date: 15 August 2008

Issuer: CDC Ixis Capital Markets - Credit-Linked Note linked to Chrome Funding Must 50/5

(1) EUR10,000,000 Series 1388 Fixed Rate Credit-linked Notes

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa1, on review for possible downgrade

Prior Rating Date: 01 December 2008

Issuer: Chrome Funding Ltd - Series Must 50/5

(1) Class A1-A Floating Rate Secured Portfolio Credit-linked Notes

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 December 2008

(2) Class A2-A Floating Rate Secured Portfolio Credit-linked Notes

Current Rating: Ba3, on review for possible downgrade

Prior Rating: Baa3, on review for possible downgrade

Prior Rating Date: 01 December 2008

(3) Class B Floating Rate Secured Portfolio Credit-linked Notes

Current Rating: B3, on review for possible downgrade

Prior Rating: Ba3, on review for possible downgrade

Prior Rating Date: 01 December 2008

(4) Class C1 Floating Rate Secured Portfolio Credit-linked Notes

Current Rating: Caa3, on review for possible downgrade

Prior Rating: B3, on review for possible downgrade

Prior Rating Date: 01 December 2008

(5) Class C2 Floating Rate Secured Portfolio Credit-linked Notes

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa1, on review for possible downgrade

Prior Rating Date: 01 December 2008

(6) Class D Floating Rate Secured Portfolio Credit-linked Notes

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa2, on review for possible downgrade

Prior Rating Date: 01 December 2008

(7) Class A1-B

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 01 December 2008

(8) Class A2-B

Current Rating: Ba3, on review for possible downgrade

Prior Rating: Baa3, on review for possible downgrade

Prior Rating Date: 01 December 2008

Issuer: Claris Limited Series 20, 21, 22 and 23/2004 (Millesime)

(1) Series 20

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 15 June 2004

(2) Series 21

Current Rating: A2, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 15 June 2004

(3) Series 22

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2

Prior Rating Date: 15 June 2004

(4) Series 23

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2

Prior Rating Date: 15 June 2004

Issuer: Claris Limited Series 25/2004 (Millesime)

(1) Series 25

Current Rating: Baa3, on review for possible downgrade

Prior Rating: A3

Prior Rating Date: 13 July 2004

Issuer: Claris Limited Series 29/2004

(1) Series 29/2004 Tranche 1 EUR 40,000,000 Napa Valley II Synthetic CDO of ABS Floating Rate Notes due 2024

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3, on review for possible downgrade

Prior Rating Date: 28 November 2008

Issuer: Cloverie Plc - Ghibli CDO I

(1) Series 2004-26 Class A

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1, on review for possible downgrade

Prior Rating Date: 03 November 2008

(2) Series 2004-27 Class B

Current Rating: Caa2, on review for possible downgrade

Prior Rating: B2, on review for possible downgrade

Prior Rating Date: 03 November 2008

Issuer: Cloverie Plc - Rotonda CDO: Series 2004- 56, 59, 61, 63

(1) Series 2004-56 Portfolio Credit Linked Note

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa, on review for possible downgrade

Prior Rating Date: 01 December 2008

Issuer: Cloverie Plc - Series 2004-72, 2004-77 & 2005-04 (US Onyx)

(1) EUR 30,000,000 Class C Secured Floating Rate Portfolio Linked Notes due 2024

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1, on review for possible downgrade

Prior Rating Date: 02 June 2008

(2) EUR 50,000,000 Class C Secured Floating Rate Series 77

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1, on review for possible downgrade

Prior Rating Date: 02 June 2008

Issuer: Cloverie plc - Series 64-65 (Brera)

(1) Series 2004-64 USD 37,500,000 Class A Brera CDO I Secured Floating Rate Portfolio Credit Linked Notes due 2030

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa1, on review for possible downgrade

Prior Rating Date: 15 July 2008

Issuer: Cloverie PLC: Rotonda CDO Series 2004-59

(1) Series No: 2004-59 USD 60,000,000 Class A Floating Rate Portfolio Credit Linked Notes due 2009

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 01 December 2008

Issuer: Corsair (Jersey) No 3 Limited Series 7 (Alhambra)

(1) Series 7 Floating ate Portfolio Credit Linked Notes due 2013

Current Rating: B2, on review for possible downgrade

Prior Rating: Ba2

Prior Rating Date: 23 October 2008

Issuer: Credit Derivative Transaction between Mizuho International plc and Cradle Limited

(1) Mizuho - Cradle - SS Swap

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 30 November 2004

Issuer: Deutsche Bank AG, London Branch - N-Tsar

(1) Class B Swap

Current Rating: Caa3, on review for possible downgrade

Prior Rating: B3, on review for possible downgrade

Prior Rating Date: 31 July 2008

Issuer: Deutsche Bank AG, London Branch - Tsar_05

(1) Class A-(1) Swap

Current Rating: Caa1, on review for possible downgrade

Prior Rating: B1, on review for possible downgrade

Prior Rating Date: 18 November 2008

(2) Class A(2) Swap - Earls Four Limited Series 899

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa1, on review for possible downgrade

Prior Rating Date: 18 November 2008

(2) Class A(3) Swap

Current Rating: B1, on review for possible downgrade

Prior Rating: Ba1, on review for possible downgrade

Prior Rating Date: 18 November 2008

Issuer: Eirles Four Limited - Series 32 due 2013

(1) Series 32 Floating and Variable Rate Secured Notes

Current Rating: Caa1, on review for possible downgrade

Prior Rating: B1, on review for possible downgrade

Prior Rating Date: 18 November 2008

Issuer: Eirles Four Series 60 (Tsar_05 Class A and Class A- Swap)

(1) Series 60 Floating and Variable Rate Secured Notes

Current Rating: B3, on review for possible downgrade

Prior Rating: Ba3, on review for possible downgrade

Prior Rating Date: 18 November 2008

Issuer: Eirles Two Limited - Series 101, 102, 103, 104

(1) Eirles Two Limited - Series 101

Current Rating: Caa3, on review for possible downgrade

Prior Rating: B3, on review for possible downgrade

Prior Rating Date: 31 July 2008

Issuer: Eirles Two Limited, Series 153 and 156

(1) Series 153 USD 32,000,000 Floating and Variable Rate Secured Notes due 2038

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 21 December 2004

(2) Series 156 USD 8,000,000 Floating and Variable Rate Secured Notes DUE 2038

Current Rating: Baa1, on review for possible downgrade

Prior Rating: A1

Prior Rating Date: 21 December 2004

Issuer: Eirles Two Series 71 (Tsar_05 Class A-(1) Swap)

(1) Eirles Two Series 71 Floating and Variable Rate Secured Notes

Current Rating: Caa1, on review for possible downgrade

Prior Rating: B1, on review for possible downgrade

Prior Rating Date: 18 November 2008

Issuer: FAB CBO 2003-1 B.V.

(1) Class A-1E Floating Rate Notes

Current Rating: Aa2, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 31 July 2003

(2) Class A-1F Zero Coupon Notes

Current Rating: Aa2, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 31 July 2003

(3) Class A-2E Floating Rate Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 31 July 2003

(4) Class A-2F Fixed Rate Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 31 July 2003

(5) Class A-3E Floating Rate Notes

Current Rating: A2, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 31 July 2003

(6) Class A-3F Fixed Rate Notes

Current Rating: A2, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 31 July 2003

(7) Class BE Floating Rate Notes

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2

Prior Rating Date: 31 July 2003

(8) Class BF Fixed Rate Notes

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2

Prior Rating Date: 31 July 2003

(9) Class S1 Combination Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 31 July 2003

(10) Class S2 Combination Notes

Current Rating: A1, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 31 July 2003

(11) Class S3 Combination Notes

Current Rating: A1, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 31 July 2003

Issuer: Faxtor ABS 2003-1 B.V.

(1) Class A-1E Floating Rate Notes

Current Rating: Aa1, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 19 May 2003

(2) Class A-2E Floating Rate Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 19 May 2003

(3) Class A-2F Fixed Rate Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 19 May 2003

(4) Class A-3E Floating Rate Notes

Current Rating: Baa1, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 19 May 2003

(5) Class A-3F Fixed Rate Notes

Current Rating: Baa1, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 19 May 2003

(6) Class BE Floating Rate Notes

Current Rating: Ba2, on review for possible downgrade

Prior Rating: Baa2

Prior Rating Date: 19 May 2003

(7) Class BF Fixed Rate Notes

Current Rating: Ba2, on review for possible downgrade

Prior Rating: Baa2

Prior Rating Date: 19 May 2003

Issuer: Faxtor ABS 2004-1 B.V.

(1) Class A-1 Floating Rate Notes

Current Rating: Aa2, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 25 May 2004

(2) Class A-2 Floating Rate Note

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 25 May 2004

(3) Class A-3 Floating Rate Notes

Current Rating: A2, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 25 May 2004

(4) Class BE Floating Rate Notes

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1

Prior Rating Date: 25 May 2004

(5) Class BF Fixed Rate Notes

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1

Prior Rating Date: 25 May 2004

(6) Class S Combination Notes

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1

Prior Rating Date: 25 May 2004

Issuer: G Square Finance Limited

(1) Class A Notes

Current Rating: Caa3, on review for possible downgrade

Prior Rating: B3, on review for possible downgrade

Prior Rating Date: 28 November 2008

Issuer: Heather Finance Limited 2004-8 (CoRDS)

(1) Series 2004-8 JPY 1,100,000,000 Secured Credit-Linked Floating Rate Notes

Current Rating: Baa3, on review for possible downgrade

Prior Rating: A3

Prior Rating Date: 09 June 2008

Issuer: High Tide CDO I S.A.

(1) Class A Senior Secured Floating Rate Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 16 June 2003

(2) Class B Senior Secured Floating Rate Notes

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 16 June 2003

(3) Class C Senior Secured Floating Rate Notes

Current Rating: Baa3, on review for possible downgrade

Prior Rating: A3

Prior Rating Date: 16 June 2003

Issuer: Iliad Investments P.L.C. Series 8

(1) Class A Series 8 Secured Floating Rate Notes

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Aa2, on review for possible downgrade

Prior Rating Date: 16 May 2008

(2) Class B Series 8 Secured Floating Rate Note

Current Rating: B1, on review for possible downgrade

Prior Rating: A1, on review for possible downgrade

Prior Rating Date: 16 May 2008

(3) Class C Series 8 Secured Floating Rate Note

Current Rating: Caa1, on review for possible downgrade

Prior Rating: Baa1, on review for possible downgrade

Prior Rating Date: 16 May 2008

Issuer: Iona CDO I Limited

(1) Class A Secured Floating Rate Credit-Linked Notes due 2049

Current Rating: B2, on review for possible downgrade

Prior Rating: Ba2, on review for possible downgrade

Prior Rating Date: 12 December 2008

Issuer: Menton CDO I (Lunar Funding V plc)

(1) Series 2 USD 50,000,000 Secured Asset-Backed Floating Rate Notes due 2041

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1, on review for possible downgrade

Prior Rating Date: 25 November 2008

(2) Series 3 USD 40,000,000 Secured Asset-Backed Floating Rate Notes due 2041

Current Rating: B1, on review for possible downgrade

Prior Rating: Ba1, on review for possible downgrade

Prior Rating Date: 25 November 2008

(3) Series 4 USD 40,000,000 Secured Asset-Backed Floating Rate Notes due 2041

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa2, on review for possible downgrade

Prior Rating Date: 25 November 2008

Issuer: Merak CDO Limited - Series 2003-3

(1) Class B

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1, on review for possible downgrade

Prior Rating Date: 10 December 2003

(2) Class C

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3, on review for possible downgrade

Prior Rating Date: 10 December 2003

Issuer: Merak CDO Limited Series 2003-01

(1) Class B Credit-Linked Notes due 2010

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa, on review for possible downgrade

Prior Rating Date: 19 September 2003

Issuer: Merak CDO Limited Series 2003-02

(1) Class C Credit-Linked Notes due 2010

Current Rating: A2, on review for possible downgrade

Prior Rating: Aa2, on review for possible downgrade

Prior Rating Date: 19 September 2003

Issuer: Rhodium 1 B.V.

(1) Class A

Current Rating: Aa2, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 07 June 2004

(2) Class B

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 07 June 2004

(3) Class C

Current Rating: A2, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 07 June 2004

(4) Class D

Current Rating: Ba2, on review for possible downgrade

Prior Rating: Baa2

Prior Rating Date: 07 June 2004

Issuer: Ryder Square Limited - Evergreen

(1) Series No: 3 EUR 29,000,000 Evergreen-ABS Secured Credit Linked Notes due 2009

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 10 November 2008

(2) Series No: 4 EUR 38,000,000 Evergreen-ABS Secured Credit Linked Notes due 2009

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2

Prior Rating Date: 10 November 2008

Issuer: SAGA Investment Series Limited

(1) JPY 700,000,000 Class A1 Secured Fixed/Floating Rate Credit-Linked Notes due 2011

Current Rating: Caa2, on review for possible downgrade

Prior Rating: B2, on review for possible downgrade

Prior Rating Date: 13 May 2008

(2) JPY 2,300,000,000 Class A2 Secured Floating Rate Credit-Linked Notes due 2011

Current Rating: Caa2, on review for possible downgrade

Prior Rating: B2, on review for possible downgrade

Prior Rating Date: 13 May 2008

(3) EUR 7,500,000 Class A3 Secured Floating Rate Credit-Linked Notes due 2011

Current Rating: Caa2, on review for possible downgrade

Prior Rating: B2, on review for possible downgrade

Prior Rating Date: 13 May 2008

(4) JPY 4,000,000,000 Class B Secured Fixed Rate Credit-Linked Notes due 2011

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa1, on review for possible downgrade

Prior Rating Date: 13 May 2008

Issuer: SGA Societe Generale Acceptance N.V. Series 7040/04-09

(1) Series 7040/04-09 Tranche 1 EUR 28,500,000 Napa Valley II Synthetic CDO of ABS Floating Rate Notes due 2024

Current Rating: Caa1, on review for possible downgrade

Prior Rating: B1, on review for possible downgrade

Prior Rating Date: 28 November 2008

Issuer: SGA Societe Generale Acceptance N.V. Series 7041/04-09

(1) Series 7041/04-09 Tranche 1 EUR 5,000,000 Napa Valley II Synthetic CDO of ABS Floating Rate Notes due 2024

Current Rating: Caa1, on review for possible downgrade

Prior Rating: B1, on review for possible downgrade

Prior Rating Date: 28 November 2008

Issuer: Skylark Limited Series 2004-3 (USD Saqqara)

(1) USD denominated Saqqara Class A Floating Rates Credit Linked Notes

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 16 June 2004

Issuer: Societe Generale - Napa Valley II Synthetic CDO of ABS Swap

(1) CDS providing protection on the reference portfolio for losses exceeding 0.05% up to 1.65% of the portfolio related to SGA Series 7041/04-09 Notes

Current Rating: Caa1, on review for possible downgrade

Prior Rating: B1, on review for possible downgrade

Prior Rating Date: 28 November 2008

(2) CDS providing protection on the reference portfolio for losses up to 1.65% of the portfolio related to SGA Series 7040/04-09 Notes

Current Rating: Caa1, on review for possible downgrade

Prior Rating: B1, on review for possible downgrade

Prior Rating Date: 28 November 2008

Issuer: Stanton MBS I p.l.c.

(1) Class A1 Senior Secured Floating Rate Delayed Draw Notes due 2054

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 08 November 2004

(2) Class A1 Senior Secured Floating Rate Term Notes due 2054

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 08 November 2004

(3) Class A1 Senior Secured Floating Rate Revolving Notes due 2054

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 08 November 2004

Issuer: Tempo CDO 1 Limited

(1) Class A

Current Rating: Ba2, on review for possible downgrade

Prior Rating: Baa2, on review for possible downgrade

Prior Rating Date: 06 November 2008

(2) Class B

Current Rating: Caa3, on review for possible downgrade

Prior Rating: Caa2, on review for possible downgrade

Prior Rating Date: 06 November 2008

Issuer: Triplas IV Limited

(1) EUR 17,000,000 Class A Secured Floating Rate Credit-Linked Notes due 2011

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3, on review for possible downgrade

Prior Rating Date: 24 November 2008

(2) EUR 17,000,000 Class B Secured Floating Rate Credit-Linked Notes due 2011

Current Rating: Baa2, on review for possible downgrade

Prior Rating: A2, on review for possible downgrade

Prior Rating Date: 24 November 2008

(3) EUR 10,300,000 Class C1 Secured Floating Rate Credit-Linked Notes due 2011

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1, on review for possible downgrade

Prior Rating Date: 24 November 2008

(4) EUR 2,000,000 Class C2 Secured Floating Rate Credit-Linked Notes due 2011

Current Rating: Ba1, on review for possible downgrade

Prior Rating: Baa1, on review for possible downgrade

Prior Rating Date: 24 November 2008

(5) EUR 750,000 Class D Secured Floating Rate Credit-Linked Notes due 2011

Current Rating: Ba2, on review for possible downgrade

Prior Rating: Baa2, on review for possible downgrade

Prior Rating Date: 24 November 2008

Issuer: Triplas Series II Synthetic CDO Limited

(1) Class A

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1, on review for possible downgrade

Prior Rating Date: 24 November 2008

(2) Class B

Current Rating: A3, on review for possible downgrade

Prior Rating: Aa3, on review for possible downgrade

Prior Rating Date: 24 November 2008

(3) Class C

Current Rating: Baa3, on review for possible downgrade

Prior Rating: A3, on review for possible downgrade

Prior Rating Date: 24 November 2008

(4) Class D

Current Rating: Ba2, on review for possible downgrade

Prior Rating: Baa2, on review for possible downgrade

Prior Rating Date: 24 November 2008

(5) Class E

Current Rating: Ba3, on review for possible downgrade

Prior Rating: Baa3, on review for possible downgrade

Prior Rating Date: 24 November 2008

Issuer: Triplas Synthetic CDO S.A.

(1) Class A

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 09 January 2003

(2) Class B

Current Rating: A2, on review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 09 January 2003

(3) Class C

Current Rating: Baa1, on review for possible downgrade

Prior Rating: A1

Prior Rating Date: 09 January 2003

Issuer: Vespucci Investments Plc

(1) Class A

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 06 July 2004

(2) Class B

Current Rating: Aa3, on review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 06 July 2004

(3) Class C

Current Rating: A1, on review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 06 July 2004

London
Mizuho Tanaka
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Neelam S. Desai
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Correction to Text, December 22, 2008 release: Moody's downgrades notes issued by 55 structured finance CDO transactions
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
Moodys.com