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
