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Related Issuers
ABSolute III Synthetic CDO Limited
Alexandria Capital plc - Series 2004-17 - Karnak II
ARLO IV 2006 - Lemar & Rosenheim I CDO
ARLO IV 2006 - Lemar & Rosenheim II CDOs
Arosa Funding Limited - Series 2003-2
Arosa Funding Limited - Series 2003-3
Arosa Funding Limited - Series 2003-4
Arosa Funding Limited - Series 2004-5
Arosa Funding Limited - Series 2006-6
Asgard CDO plc
Baker Street Finance Limited / Baker Street USD Finance Limited
Brooklands Euro Referenced Linked Notes 2001-1 Lt
BROOKLANDS EURO REFERENCED LINKED NOTES 2004-1 LIMITED
CDC Ixis Capital Markets - Credit-Linked Note linked to Chrome Funding Must 50/5
Chrome Funding Ltd - Series Must 50/5
Clifton Street Finance Limited
Cloverie Plc - Rotonda CDO: Series 2004- 56, 59, 61, 63
Cloverie Plc - Rotonda CDO: Series 2004-40 to 50 & 52
Cloverie Plc - Rotonda CDO: Series 2004-51
Cloverie Plc - Rotonda CDO: Series 2004-53
Cloverie PLC: Rotonda CDO Series 2004-59
Corsair (Jersey) No 3 Limited Series 7 (Alhambra)
Corsair (Jersey) No 4 Limited - Series 11
Corsair (Jersey) No. 3 Limited (Alhambra)
Curzon Funding Limited Series 2005-1 (HORIZON CDO Series)
Curzon Funding Limited Series 2005-2 (Horizon IIIE)
Curzon Funding Limited Series 2006-1 (Horizon CDO VI)
Curzon Funding Limited Series 2006-3 (Horizon CDO VIII)
Dorset Street Finance Limited
Eirles Two Limited Series 120 USD 50,000,000 Floating Rate Secured Notes due 2011
Eirles Two Limited Series 87 - TAPAS 2004-1 Portfolio
Eirles Two Limited Series 88 - ABS Select Portfolio
Elva Funding plc Series 2004-6
Fulham Road Finance Limited
Hanover Street Finance Limited
Heather Finance Limited 2004-8 (CoRDS)
Iliad Investments P.L.C. Series 14
KBC Investments Cayman Islands Ltd - Super Senior CDS Dorset Street Finance Limited
Merak CDO Limited - Series 2003-3
Merak CDO Limited Series 2003-01
Merak CDO Limited Series 2003-02
Morgan Stanley Capital Services Inc. - Credit Derivative Transaction GR_21
Morgan Stanley Capital Services Inc. - Credit Derivative Transactions GR_1 to GR_20
Oxford Street Finance Limited
Pembridge Square Finance Limited
Rally CDO Limited
Regent Street Finance Limited
Rijn Finance Company B.V. Series 1.4 (Alhambra)
Ryder Square Limited - Evergreen
Skylark Limited Series 2004-3 (USD Saqqara)
Starts (Ireland) plc - Amber Structured Finance CDO
Starts (Ireland) plc Series 2005-1 (Amber Structured Finance CDO)
Sydney Street Finance Limited
TRIPLAS III Limited
Triplas IV Limited
Triplas Series II Synthetic CDO Limited
Vespucci Investments Plc
Rating Action:

Correction to Text, February 20, 2009 release: Moody's downgrades notes issued by 55 structured finance CDO transactions

12 Mar 2009

London, 12 March 2009 -- Moody's Investors Service has taken rating actions on certain tranches from Chrome Funding Ltd - Series Must 50/5. These actions are a correction to rating actions announced February 20, 2008 where the time to maturity of the transaction was incorrectly treated. The impacted tranches are as follows:

Chrome Funding Ltd - Series Must 50/5

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

Correct rating: Baa2

Previous incorrect rating: Ba1

(2) Class A1-B

Correct rating: Baa2

Previous incorrect rating: Ba1

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

Correct rating: Ba3

Previous incorrect rating: Caa1

(4) Class A2-B

Correct rating: Ba3

Previous incorrect rating: Caa1

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

Correct rating: B3

Previous incorrect rating: Caa3

Corrected press release follows:

Moody's Investors Service has downgraded its ratings of 231 Notes issued by 55 collateralized debt obligation (CDO) transactions which have significant exposure to asset-backed securities (ABS) and to corporate names. Moody's also confirmed the ratings of 9 Notes.

Today's rating actions are a response to credit deterioration in the underlying portfolio due to: expectations of increased losses in the underlying RMBS and ABS assets, corporate name defaults and general corporate deterioration; and to updates in the key assumptions Moody's makes when rating these transactions.

The rating actions listed below reflect Moody's revised loss projections for RMBS securities, Moody's updated key assumptions for rating structured finance CDOs (SF CDOs), and Moody's updated key assumptions for rating corporate synthetic CDOs. The revised loss projections for RMBS can be seen in press releases: "Moody's updates loss projections for '06 and '07 Alt-A RMBS" (22 January 2009), and "Moody's updates loss projections for Option ARMs RMBS" (5 February 2009).

Moody's said that the rating actions take into account the updated key modelling parameter assumptions that Moody's uses to rate and monitor ratings of corporate CDOs. Specifically, the changes announced include: (1) a 30% increase in the assumed likelihood of default for all corporate credits in synthetic CDOs, (2) an increase in the degree to which ratings are adjusted according to other credit indicators such as rating Reviews and Outlooks and (3) an increase in the default correlation it applies to corporate portfolios as generated through a combination of higher default rates and an increase in investment grade and financial sector asset correlations. (See press release "Moody's updates key assumptions for rating corporate synthetic CDOs," 15 January 2009.)

Moody's also explained that the rating actions take into account the application of revised and updated key modelling parameter assumptions that Moody's uses to rate and monitor ratings of SF CDOs. (See press release "Moody's updates its key assumptions for rating structured finance CDOs," 11 December 2008). The revisions affect the three key parameters in Moody's model for rating SF CDOs: asset correlation, default probability and recovery rate.

Moody's initially analyzed and continues to monitor these transactions using primarily the methodology and its supplements for CDOs as described in Moody's Special Reports below, as well as the revised parameters mentioned above:

--Moody's Approach to Rating Multisector CDOs (September 2000)

--Moody's Approach To Rating Synthetic Resecuritizations (October 2003)

--Moody's Revisits its Assumptions Regarding Structured Finance Default (and Asset) Correlations for CDOs (June 2005)

--Subprime RMBS Loss Projection Update (September 2008)

--Moody's Approach To Rating Corporate Collateralized Synthetic Obligations (December 2008)

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:

ABSolute III Synthetic CDO Limited

Class A, Downgraded to B2; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class B1, Downgraded to Caa3; previously on 22 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Class B2, Downgraded to Caa3; previously on 22 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Alexandria Capital plc - Series 2004-17 - Karnak II

Series 2004-17 A, Downgraded to Caa1; previously on 18 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Series 2004-17 C, Downgraded to Caa3; previously on 18 December 2008 Downgraded to Ba3 and Placed Under Review for Possible Downgrade

ARLO IV 2006 - Lemar & Rosenheim I CDO

Series 2006 (Lemar I - Class B-2E) EUR 10,000,000 Secured Limited Recourse Credit-Linked Notes due 2013, Downgraded to Caa3; previously on 18 December 2008 Downgraded to Ba3 and Placed Under Review for Possible Downgrade

Series 2006 (Lemar I - Class B-3E) EUR 10,000,000 Secured Limited Recourse Credit-Linked Notes due 2013, Downgraded to Caa3; previously on 18 December 2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Series 2006 (Lemar I - Class C-2E) EUR 10,000,000 Secured Limited Recourse Credit-Linked Notes due 2013, Downgraded to Ca; previously on 18 December 2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Series 2006 (Rosenheim I - Class B-3E) EUR 5,000,000 Secured Limited Recourse Credit-Linked Notes due 2013, Downgraded to Caa3; previously on 18 December 2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

ARLO IV 2006 - Lemar & Rosenheim II CDOs

Series 2006 (Lemar II - Class B-1E) EUR 5,000,000 Secured Limited Recourse Credit-Linked Notes due 2013, Downgraded to Ca; previously on 18 December 2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Arosa Funding Limited - Series 2003-2

Class A, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Class B1, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Class B2, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Arosa Funding Limited - Series 2003-3

Class A1, Downgraded to Ca; previously on 22 December 2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Class A2, Downgraded to Ca; previously on 22 December 2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Arosa Funding Limited - Series 2003-4

Series 2003-4, Downgraded to Caa3; previously on 22 December 2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Arosa Funding Limited - Series 2004-5

Class A1, Downgraded to Ba3; previously on 16 December 2008 Downgraded to A2

Class A2, Downgraded to Ba3; previously on 16 December 2008 Downgraded to A2

Class B1, Downgraded to Caa2; previously on 16 December 2008 Downgraded to Ba1

Class B2, Downgraded to Caa2; previously on 16 December 2008 Downgraded to Ba1

Class C, Downgraded to Caa3; previously on 16 December 2008 Downgraded to B1

Arosa Funding Limited - Series 2006-6

€20,000,000 Secured Credit-Linked Floating Rate Notes due 2013, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba1 and remains Under Review for Possible Downgrade

Asgard CDO plc

CHF 6,000,000 Series A Swiss Franc Floating Rate Credit Linked Secured Notes due 2011, Downgraded to Ba3; previously on 18 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

EUR 327,000,000 Series A Euro Floating Rate Credit Linked Secured Notes due 2011, Downgraded to Ba3; previously on 18 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

GBP 2,000,000 Series A Sterling Floating Rate Credit Linked Secured Notes due 2011, Downgraded to Ba3; previously on 18 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

GBP 2,000,000 Series B Sterling Floating Rate Credit Linked Secured Notes due 2011, Downgraded to B1; previously on 18 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

NZD 10,000,000 Series B New Zealand Dollar Floating Rate Credit Linked Secured Notes due 2011, Downgraded to B1; previously on 18 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

USD 20,000,000 Series B Dollar Floating Rate Credit Linked Secured Notes due 2011, Downgraded to B1; previously on 18 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

EUR 125,000,000 Series B Euro Floating Rate Credit Linked Secured Notes due 2011, Downgraded to B1; previously on 18 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

USD 10,000,000 Series C Dollar Floating Rate Credit Linked Secured Notes due 2011, Downgraded to B2; previously on 18 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

CHF 5,000,000 Series C Swiss Franc Floating Rate Credit Linked Secured Notes due 2011, Downgraded to B2; previously on 18 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

EUR 7,500,000 Series D Euro Fixed Rate Credit Linked Secured Notes due 2011, Downgraded to B3; previously on 18 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Baker Street Finance Limited / Baker Street USD Finance Limited

Class A-1a Floating Credit Linked Notes, Downgraded to Caa2; previously on 19 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Class A-1b Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Class A-1c loating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

Class A1-USD Floating Credit-Linked Notes-1, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

Class A2 Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class A2-USD Floating Credit-Linked Notes-2, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class B Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B-USD Floating Credit-Linked Notes-3, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C-USD Floating Credit-Linked Notes-4, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class D Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class D-USD Floating Credit-Linked Notes-5, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E Floating Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E-USD Floating Credit-Linked Notes-6, Downgraded to Ca; previously on 14 October 2008 Downgraded Caa3 and remains on Review for Possible Downgrade

Class F Floating Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class F-USD Floating Credit-Linked Notes-7, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class G Floating Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class G-USD Floating Credit-Linked Notes-8, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class H Floating Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class H-USD Floating Credit-Linked Notes-9, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Brooklands Euro Referenced Linked Notes 2001-1 Ltd

A, Downgraded to B3; previously on 19 November 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

B, Downgraded to Ca; previously on 19 November 2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Brooklands Euro Referenced Linked Notes 2004-1 Ltd

Class A1-a Floating Rate Notes due 2054, Downgraded to Ba1; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A1-b Floating Rate Notes due 2054, Downgraded to Ba1; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A2 Floating Rate Notes due 2054, Downgraded to B3; previously on 22 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

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

EUR10,000,000 Series 1388 Fixed Rate Credit-linked Notes, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Chrome Funding Ltd - Series Must 50/5

Class A1-A Floating Rate Secured Portfolio Credit-linked Notes, Confirmed at Baa2; previously on 22 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

Class A1-B, Confirmed at Baa2; previously on 22 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

Class A2-A Floating Rate Secured Portfolio Credit-linked Notes, Confirmed at Ba3; previously on 22 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class A2-B, Confirmed at Ba3; previously on 22 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class B Floating Rate Secured Portfolio Credit-linked Notes, Confirmed at B3; previously on 22 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Class C1 Floating Rate Secured Portfolio Credit-linked Notes, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C2 Floating Rate Secured Portfolio Credit-linked Notes, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class D Floating Rate Secured Portfolio Credit-linked Notes, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Clifton Street Finance Limited

Class A-1, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class A-2, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class B, Downgraded to Ca; previously on 19 December 2008 Downgraded to B3 and remains on Review for Downgrade

Class C, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class D, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Cloverie Plc - Rotonda CDO: Series 2004-40 to 50 & 52

Series 2004-41 Portfolio Credit Linked Note, Downgraded to Ba1; previously on 01 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Series 2004-42 Portfolio Credit Linked Note, Downgraded to Ba1; previously on 01 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Series 2004-43 Portfolio Credit Linked Note, Downgraded to Baa2; previously on 01 December 2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Series 2004-44 Portfolio Credit Linked Note, Downgraded to Baa2; previously on 01 December 2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Series 2004-45 Portfolio Credit Linked Note, Downgraded to B1; previously on 01 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Series 2004-48 Portfolio Credit Linked Note, Downgraded to Caa1; previously on 01 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Series 2004-50 Portfolio Credit Linked Note, Downgraded to Ba1; previously on 01 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Cloverie Plc - Rotonda CDO: Series 2004-51

Series 2004-51 Portfolio Credit Linked Note, Downgraded to B1; previously on 01 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Cloverie Plc - Rotonda CDO: Series 2004-53

Series 2004-53 Portfolio Credit Linked Note, Downgraded to Ba1; previously on 01 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

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

Series 2004-56 Portfolio Credit Linked Note, Downgraded to A3; previously on 22 December 2008 Downgraded to Aa3 and remains on Review for Possible Downgrade

Cloverie PLC: Rotonda CDO Series 2004-59

Series No: 2004-59 USD 60,000,000 Class A Floating Rate Portfolio Credit Linked Notes due 2009, Downgraded to Ba2; previously on 22 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

Corsair (Jersey) No. 3 Limited (Alhambra)

Series 1, Downgraded to Ca; previously on 23 October 2008 Downgraded to B1

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

Series 7 Floating ate Portfolio Credit Linked Notes due 2013, Downgraded to Ca; previously on 22 December 2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Corsair (Jersey) No 4 Limited - Series 11

Series 11 Floating Rate Step-down Secured Portfolio CLN, Downgraded to Ba1; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Curzon Funding Limited Series 2005-1 (HORIZON CDO Series)

Series 2005-1 Horizon Class A Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Series 2005-1 Horizon Class B Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Series 2005-1 Horizon Class C Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 2005-1 Horizon Class D Variable Coupon Notes, Downgraded to Ca; previously on 19 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Curzon Funding Limited Series 2005-2 (Horizon IIIE)

Series 2005-2 Horizon IIIE Class A Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Series 2005-2 Horizon IIIE Class B Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Series 2005-2 Horizon IIIE Class C Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 2005-2 Horizon IIIE Class D Variable Coupon Notes, Downgraded to Ca; previously on 19 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Curzon Funding Limited Series 2006-1 (Horizon CDO VI)

Series 2006-1 Class A Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Series 2006-1 Class B Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Series 2006-1 Class C Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Series 2006-1 Class D Variable Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Curzon Funding Limited Series 2006-3 (Horizon CDO VIII)

Series 2006-3 Class A Floating Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Series 2006-3 Class B Floating Coupon Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

KBC Investments Cayman Islands Ltd - Super Senior CDS Dorset Street Finance Limited

Super Senior Swap Dorset Street Finance Limited, Downgraded to B2; previously on 19 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

Dorset Street Finance Limited

Class A1 Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class A2 Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class B Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class C Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class D Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E Floating Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class F Floating Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class G Floating Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class H Floating Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 87 - TAPAS 2004-1 Portfolio

Eirles Two Limited Series 87 Floating Rate Portfolio Credit linked Secured Notes due 2011, Downgraded to Caa1; previously on 16 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Eirles Two Limited Series 88 - ABS Select Portfolio

Eirles Two Limited Series 88 Floating Rate Portfolio Credit Linked Secured Notes due 2011, Downgraded to Caa2; previously on 16 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Eirles Two Limited Series 120 USD 50,000,000 Floating Rate Secured Notes due 2011

Series 120 USD 50,000,000 Floating Rate Secured Notes due 2011, Downgraded to Ba3; previously on 18 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

Elva Funding plc Series 2004-6

Class A1 Notes, Downgraded to Ba1; previously on 18 December 2008 Downgraded to Aa1 and Placed Under Review for Possible Downgrade

Class A2 Notes, Downgraded to Ba1; previously on 18 December 2008 Downgraded to Aa1 and Placed Under Review for Possible Downgrade

Class A3 Notes, Downgraded to Ba1; previously on 18 December 2008 Downgraded to Aa1 and Placed Under Review for Possible Downgrade

Class B1 Notes, Downgraded to B2; previously on 18 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Class B2 Notes, Downgraded to B2; previously on 18 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Class B3 Notes, Downgraded to B2; previously on 18 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Class C1 Notes, Downgraded to Caa2; previously on 18 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class C2 Notes, Downgraded to Caa2; previously on 18 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class C3 Notes, Downgraded to Caa2; previously on 18 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class D1 Notes, Downgraded to Ca; previously on 18 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class D2 Notes, Downgraded to Ca; previously on 18 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class D3 Notes, Downgraded to Caa3; previously on 18 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class E1 Notes, Downgraded to Ca; previously on 18 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class E2 Notes, Downgraded to Ca; previously on 18 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Fulham Road Finance Limited

Class A, Downgraded to B1; previously on 24 November 2008 Downgraded to A1 and remains on Review for Possible Downgrade

Class B, Downgraded to B3; previously on 24 November 2008 Downgraded to A3 and remains on Review for Possible Downgrade

Class C, Downgraded to Caa2; previously on 24 November 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class D, Downgraded to Caa3; previously on 24 November 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class E, Downgraded to Caa3; previously on 24 November 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Class F, Downgraded to Ca; previously on 24 November 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Hanover Street Finance Limited

Class A1 Floating Rate Credit-Linked Notes, Downgraded to Caa2; previously on 19 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Class A2 Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class B Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class C Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class D Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class F Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class G Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class H Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class I Floating Rate Credit-Linked Notes-1, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Heather Finance Limited 2004-8 (CoRDS)

Series 2004-8 Yen1,100,000,000 Secured Credit-Linked Floating Rate Notes, Downgraded to Caa2; previously on 22 December 2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

Iliad Investments P.L.C. Series 14

Class A, Downgraded to Ca; previously on 10 November 2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Class B, Downgraded to Ca; previously on 10 November 2008 Downgraded to Caa2 and Placed Under Review for Possible Downgrade

Class C, Downgraded to Ca; previously on 10 November 2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Merak CDO Limited Series 2003-01

Class B Credit-Linked Notes due 2010, Downgraded to Baa2; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Merak CDO Limited Series 2003-02

Class C Credit-Linked Notes due 2010, Downgraded to Baa3; previously on 22 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Merak CDO Limited - Series 2003-3

Class B, Downgraded to Ba1; previously on 22 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

Class C, Downgraded to Ba3; previously on 22 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Morgan Stanley Capital Services Inc. - Credit Derivative Transactions GR_1 to GR_20

GR_1 MSCS Credit Derivative Transaction, Downgraded to Caa3; previously on 02 November 2007 Downgraded to Baa2

GR_2 MSCS Credit Derivative Transaction, Downgraded to B1; previously on 07 June 2007 Downgraded to A2

GR_3 MSCS Credit Derivative Transaction, Downgraded to Ba3; previously on 07 June 2007 Downgraded to A1

GR_4 MSCS Credit Derivative Transaction, Downgraded to B3; previously on 02 April 2008 Downgraded to A2

GR_5 MSCS Credit Derivative Transaction, Downgraded to B3; previously on 02 April 2008 Upgraded to A1

GR_6 MSCS Credit Derivative Transaction, Downgraded to Caa1; previously on 02 April 2008 Downgraded to Baa2

GR_7 MSCS Credit Derivative Transaction, Downgraded to Caa2; previously on 02 April 2008 Downgraded to A3

GR_8 MSCS Credit Derivative Transaction, Downgraded to Ba3; previously on 30 July 2008 Downgraded to A1

GR_9 MSCS Credit Derivative Transaction, Downgraded to Caa1; previously on 02 April 2008 Downgraded to Baa1

GR_10 MSCS Credit Derivative Transaction, Downgraded to B3; previously on 30 July 2008 Downgraded to A3

GR_11MSCS Credit Derivative Transaction, Downgraded to Ba3; previously on 30 July 2008 Downgraded to A3

GR_12 MSCS Credit Derivative Transaction, Downgraded to Caa2; previously on 07 June 2007 Downgraded to Baa1

GR_13 MSCS Credit Derivative Transaction, Downgraded to Caa3; previously on 07 June 2007 Downgraded to A1

GR_14 MSCS Credit Derivative Transaction, Downgraded to B1; previously on 30 July 2008 Downgraded to A2

GR_15 MSCS Credit Derivative Transaction, Downgraded to B2; previously on 07 June 2007 Downgraded to A2

GR_16 MSCS Credit Derivative Transaction, Downgraded to B3; previously on 30 July 2008 Downgraded to Baa3

GR_17 MSCS Credit Derivative Transaction, Downgraded to Caa1; previously on 02 April 2008 Downgraded to A3

GR_18 MSCS Credit Derivative Transaction, Downgraded to Caa2; previously on 07 June 2007 Downgraded to Aa3

GR_19 MSCS Credit Derivative Transaction, Downgraded to Ba2; previously on 07 June 2007 Downgraded to Baa2

GR_20 MSCS Credit Derivative Transaction, Downgraded to Caa1; previously on 30 July 2008 Downgraded to A2

GR_21 MSCS Credit Derivative Transaction, Downgraded to B1; previously on 07 June 2007 Downgraded to A2

Oxford Street Finance Limited

Class A1, Downgraded to Caa2; previously on 19 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

Class A2, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Class B, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class C, Downgraded to Ca; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class D, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Class E, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class F, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class G, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class H, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Pembridge Square Finance Limited

EUR 17,000,000 Class A1 Floating Rate Credit Linked Notes, Downgraded to Caa3; previously on 19 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

EUR 80,000,000 Class A2 Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

EUR 70,000,000 Class B Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

EUR 60,000,000 Class C Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

EUR 50,000,000 Class D Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

EUR 40,000,000 Class E Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

EUR 25,000,000 Class F Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

EUR 22,000,000 Class G Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

EUR 16,000,000 Class H Floating Rate Credit Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Rally CDO Limited

USD 42,000,000 Class A Floating Rate Notes due 2010, Downgraded to Ba3; previously on 18 December 2008 Downgraded to Aa1 and Placed Under Review for Possible Downgrade

USD 18,000,000 Class B Floating Rate Notes due 2010, Downgraded to Caa2; previously on 18 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

USD 12,000,000 Class C Floating Rate Notes due 2010, Downgraded to Caa3; previously on 18 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

USD 6,000,000 Class D Floating Rate Notes due 2010, Downgraded to Ca; previously on 18 December 2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Regent Street Finance Limited

Class A1 Floating Rate Credit-Linked Notes, Downgraded to Caa1; previously on 19 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Class A2 Floating Rate Credit-Linked Notes, Downgraded to Caa2; previously on 19 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Class B Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class C Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class D Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class F Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class G Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class H Floating Rate Credit-Linked Notes, Downgraded to Ca; previously on 14 October 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Rijn Finance Company B.V. Series 1.4 (Alhambra)

Series 1.4 Tranche A Fixed Rate, Downgraded to Ca; previously on 23 October 2008 Downgraded to B3

Series 1.4 Tranche A Floating Rate, Downgraded to Ca; previously on 23 October 2008 Downgraded to B3

Series 1.4 Tranche B Fixed Rate, Downgraded to Ca; previously on 23 October 2008 Downgraded to Caa2

Series 1.4 Tranche B Floating Rate, Downgraded to Ca; previously on 23 October 2008 Downgraded to Caa2

Ryder Square Limited - Evergreen

Series No: 3 EUR 29,000,000 Evergreen-ABS Secured Credit Linked Notes due 2009, Downgraded to Baa1; previously on 22 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

Series No: 4 EUR 38,000,000 Evergreen-ABS Secured Credit Linked Notes due 2009, Downgraded to Ba1; previously on 22 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Skylark Limited Series 2004-3 (USD Saqqara)

USD denominated Saqqara Class A Floating Rates Credit Linked Notes, confirmed at Aa3; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Starts (Ireland) plc - Amber Structured Finance CDO

Class A1-E1 Credit-Linked Notes, Downgraded to Caa1; previously on 18 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Class A2-E1 Credit-Linked Notes, Downgraded to Caa3; previously on 18 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Class A2-E2 Credit-Linked Notes, Downgraded to Caa3; previously on 18 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Class B-E1 Credit-Linked Notes, Downgraded to Ca; previously on 18 December 2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Starts (Ireland) plc Series 2005-1 (Amber Structured Finance CDO)

Series 2005-1 USD 25,000,000 Class A2-D2 Floating Rate Amber Credit-Linked Notes due 2010, Downgraded to Caa3; previously on 18 December 2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

Sydney Street Finance Limited

Class A-1, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class A-2, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class B, Downgraded to Ca; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Class C, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class D, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class F, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class G, Downgraded to Ca; previously on 24 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Triplas Series II Synthetic CDO Limited

Class A, Downgraded to A3; previously on 22 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

Class B, Downgraded to Baa3; previously on 22 December 2008 Downgraded to A3 and remains on Review for Possible Downgrade

Class C, Downgraded to Ba2; previously on 22 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class D, Downgraded to B1; previously on 22 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class E, Downgraded to B2; previously on 22 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Triplas III Limited

B, Downgraded to Ca; previously on 17 December 2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

C, Downgraded to Ca; previously on 17 December 2008 Downgraded to Ba3 and Placed Under Review for Possible Downgrade

D, Downgraded to Ca; previously on 17 December 2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Triplas IV Limited

EUR 10,300,000 Class C1 Secured Floating Rate Credit-Linked Notes due 2011, Downgraded to Caa2; previously on 22 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

EUR 17,000,000 Class A Secured Floating Rate Credit-Linked Notes due 2011, Downgraded to Ba1; previously on 22 December 2008 Downgraded to A3 and remains on Review for Possible Downgrade

EUR 17,000,000 Class B Secured Floating Rate Credit-Linked Notes due 2011, Downgraded to B3; previously on 22 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

EUR 2,000,000 Class C2 Secured Floating Rate Credit-Linked Notes due 2011, Downgraded to Caa2; previously on 22 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

EUR 750,000 Class D Secured Floating Rate Credit-Linked Notes due 2011, Downgraded to Caa2; previously on 22 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Vespucci Investments Plc

Class A, Confirmed at Aa3; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class B, Confirmed at Aa3; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class C, Confirmed at A1; previously on 22 December 2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

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

New York
Jian Hu
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Correction to Text, February 20, 2009 release: Moody's downgrades notes issued by 55 structured finance CDO transactions
No Related Data.
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