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Announcement:

Moody's Announces No Adverse Action on Fortius I Funding, Ltd.

Global Credit Research - 19 Aug 2009

New York, August 19, 2009 -- Moody's Investors Service announced today that it has not withdrawn, reduced or taken any other adverse action with respect to its current ratings on the following notes issued by Fortius I Funding, Ltd. (the "Issuer") as a result of the entry into and execution of a novation agreement among Issuer, AIG Financial Products Corp. ("Transferor") and Barclays Bank PLC ("Transferee") on August 13, 2009 (the "Novation Transaction"), evidencing Transferor's wish to transfer by novation its rights and responsibilities under eight swap transactions to Transferee:

U.S. $11,500,000 Class S Floating Rate Notes Due 2010, Currently Rated A1; previous on 2/18/09 Downgraded to A1

U.S. $390,000,000 A-1 Floating Rate Notes Due 2041, Currently Rated Ca; previously on 2/18/09 Downgraded to Ca

U.S. $84,000,000 Class A-2 Floating Rate Notes Due 2041, Currently Rated C; previously on 2/18/09 Downgraded to C

U.S. $57,000,000 Class B Floating Rate Notes Due 2041, Currently Rated C; previously on 2/18/09 Downgraded to C

U.S. $15,000,000 Class C Deferrable Floating Rate Notes Due 2041, Currently Rated C; previously on 10/23/08 Downgraded to C

U.S. $30,000,000 Class D Deferrable Floating Rate Notes Due 2041, Currently Rated C; previously on 10/23/08 Downgraded to C

U.S. $5,000,000 Class E Deferrable Floating Rate Notes Due 2041, Currently Rated C; previously on 10/23/08 Downgraded to C

U.S. 19,000 Preferred Shares, Currently Rated C; previously on 10/23/08 Downgraded to C

Moody's analysis relied on review of the related swap and novation documentation as well as an examination of the cash flows in the transaction.

Many CDO documents (to which Moody's is never a party) specify that, in order to amend the documents, the issuer must obtain an opinion from the rating agencies that the proposed amendment would not in and of itself result in the related ratings being downgraded or withdrawn at the time of the amendment. This type of provision is typically referred to in the CDO indenture as a "rating agency confirmation" or "RAC". Moody's is never obligated to provide a RAC, and the decision whether or not to issue a RAC lies entirely within Moody's sole discretion.

Before providing a RAC for an amendment, the proposal will be reviewed by a Moody's credit committee which will consider, among other things, the performance of the specific CDO and collateral manager and the specifics of the proposed amendment and the particular structure of the CDO. A RAC is purely an opinion, as of the point in time at which the RAC is provided, that the proposed amendment in isolation does not introduce sufficient additional credit risk so as to negatively impact the related ratings. In other words, it does not consider the impact of other factors on the ratings, such as collateral deterioration. Also, the RAC does not address any other, non-credit related impact that the amendment might have. Moody's further emphasizes that a RAC is not a substitute for noteholder consent or for independent analyses by noteholders of the impact on them of any proposed amendment.

The principal methodologies used in rating and monitoring the transaction are described in Moody's Rating Methodology Report, "Moody's Modeling Approach to Rating Structured Finance Cash Flow CDO Transactions" (September 26, 2005), which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Rating 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.

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

New York
Peter Hallenbeck
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Announces No Adverse Action on Fortius I Funding, Ltd.
No Related Data.
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