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Announcement:

Moody's: No Negative Rating impact on 11 SF CDOs following Swap Counterparty's Rating Downgrade

Global Credit Research - 20 Jul 2012

New York, July 20, 2012 -- Moody's has determined that no downgrade or withdrawal of the current Moody's ratings of the notes (the "Notes") issued by any of the 11 SF CDO transactions listed below (the "Issuers") will result solely due to Goldman Sachs International (the "Swap Counterparty") neither (A) transferring all of its rights and obligations under the applicable swap agreements the ("Agreements") between it and the corresponding Issuer to another entity which has the required minimum ratings set forth in the Agreements nor (B) causing an entity with such required ratings to guarantee or provide an indemnity in respect of the Swap Counterparty or its Credit Support Provider's obligations under the Agreement.

Moody's opinion addresses only the credit impact on the ratings of the Notes. Moody's is not expressing any opinion as to whether the decision of the Swap Counterparty with respect to (A) and (B) above has, or could have, other non-credit related effects that may have a detrimental impact on the interests of holders and/or counterparties.

In reaching its conclusions Moody's assessed the probability and impact of a default of the Swap Counterparty on the ability of any of the Issuers to meet its obligations under the transaction, including the impact of the loss of any benefit from the swap and any obligation each of the Issuers may have to make a termination payment.

The principal methodology used in this determination was "Moody's Approach to Rating SF CDOs", published in May 2012. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's noted that on 2 July 2012, it released a Request for Comment, in which the rating agency has requested market feedback on potential changes to its rating implementation guidance for its "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions". If the revised rating implementation guidance is implemented as proposed, the rating on the Notes should not be negatively affected. Please refer to Moody's Request for Comment, entitled "Approach to Assessing Linkage to Swap Counterparties in Structured Finance Cashflow Transactions: Request for Comment" for further details regarding the implications of the proposed methodology changes on Moody's ratings."

Moody's will continue to monitor the ratings of the Notes. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

ISSUERS:

Adirondack 2005-1 Ltd.

Adirondack 2005-2 Ltd.

Altius I Funding, Ltd.

Altius III Funding, Ltd.

Altius IV Funding, Ltd.

Coolidge Funding, Ltd.

Fortius I Funding Ltd.

Fortius II Funding, Ltd.

Davis Square Funding IV, Ltd.

Davis Square Funding VII, Ltd.

West Coast Funding I, Ltd.

Sange Lama
Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Rodrigo Araya
Senior Vice President
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's: No Negative Rating impact on 11 SF CDOs following Swap Counterparty's Rating Downgrade
No Related Data.
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