info

Yes No
Moodys.com
Terms of Use
REGULATORY AFFAIRS
CAREERS
.
ABOUT US
.
CONTACT US
HOME
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
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
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
ACA ABS 2003-1, Limited
ACA ABS CDO 2006-2, Limited
ACA Aquarius 2006-1, Ltd.
Arca Funding 2006-I, Ltd.
ARLO VI Limited 2006-5 (SABS)
ARLO VI Limited Series 2006 (Army Pier 1)
ARLO VI Limited Series 2006 (Charleston Springs)
ARLO VI Limited Series 2006 (Hominy Hill)
ARLO VI Limited Series 2006 (Howell Park)
ARLO VI Limited Series 2006 (Marine Pier 1)
ARLO VI Limited Series 2006 (Old Orchard)
ARLO VI Limited Series 2006 (Pine Brook)
ARLO VI Limited Series 2006 (Shark River)
ARLO VI Limited Series 2006 (South Pier 1)
ARLO VI Limited Series 2006-8 (SABS) Class B
Auriga CDO Ltd.
Ayresome CDO I,Ltd.
Azalea Series 2007-1C
BFC Silverton CDO, Ltd.
Capital Guardian ABS CDO I, Ltd.
CETUS ABS CDO 2006-1, LTD.
Cetus ABS CDO 2006-2, Ltd.
Cetus ABS CDO 2006-2, Ltd. A-2
Cetus ABS CDO 2006-3, Ltd.
Cetus ABS CDO 2006-4, Ltd.
Charles River CDO I, Ltd.
Commodore CDO I, Limited
Commodore CDO V, Ltd.
Diogenes CDO II Ltd.
E*TRADE ABS CDO I, LTD.
Eirles Two Limited - Series 251
Eirles Two Limited - Series 252
Eirles Two Limited - Series 261
Gemstone CDO VI Ltd.
GSC ABS CDO 2006-1c, Ltd.
GSC ABS CDO 2006-2m, Ltd.
GSC ABS CDO 2006-4u, Ltd.
Hudson Mezzanine Funding 2006-1, Ltd.
Independence II CDO, Ltd
Independence V CDO, LTD
Ipswich Street CDO, Ltd.
Ischus Mezzanine CDO III, Ltd.
Ischus Synthetic ABS CDO 2006-2 Ltd.
Ivy Lane CDO Ltd.
IXIS ABS CDO 2 LTD.
IXIS ABS CDO 3 Ltd.
Jackson 2006-I Segregated Portfolio
Jackson 2006-IA Segregated Portfolio
Jackson 2006-II Segregated Portfolio
Jackson 2006-IIA Segregated Portfolio
Jackson 2006-III Segregated Portfolio
Jackson 2006-IV Segregated Portfolio
Jackson 2006-V Segregated Portfolio
Kefton CDO I, Ltd.
Knollwood CDO Ltd.
Lacerta ABS CDO 2006-1, Ltd.
Longport Funding Ltd.
Longridge ABS CDO I, Ltd.
Longshore CDO Funding 2006-2, Ltd.
Longstreet CDO I, Ltd.
Magnolia Finance II Series 2006-9A
Magnolia Finance II Series 2006-9B
Magnolia Finance II Series 2006-9E2
Magnolia Finance II Series 2006-9F1
Magnolia Finance II Series 2006-9F2
Mercury CDO 2004-1, Ltd.
Midori CDO, Ltd.
MKP CBO VI, Ltd.
MKP Vela CBO, Ltd.
Montrose Harbor CDO I, Ltd.
Octans II CDO Ltd.
Octans III CDO, Ltd.
Orchid Structured Finance CDO, Ltd.
Pampelonne Mezz Swap D2
Pine Mountain CDO II Ltd.
Porter Square CDO II, Ltd.
Portfolio Credit Default Swap (Augusta Peak Mezzanine Swap)
Portfolio Credit Default Swap (Bison Peak Mezzanine Swap)
Portfolio Credit Default Swap (Caribou Peak Mezzanine Swap)
Portfolio Credit Default Swap (Grays Peak Mezzanine Swap)
Portfolio Credit Default Swap (Ptarmigan Peak Mezzanine Swap)
Saybrook Point CBO II, Limited
Saybrook Point CBO, Limited
Sherwood III ABS CDO, Ltd.
Solstice II
South Coast Funding II, LTD
Springdale CDO 2006-1 Ltd.
Stack 2006-1 Ltd.
STACK 2006-2 Ltd.
Static Residential CDO 2006-B Ltd.
TABS 2005-3, Ltd.
TABS 2006-5
TIAA Structured Finance CDO II, Limited
Trainer Wortham First Republic CBO III, Limited
Webster CDO I, Ltd.
Rating Action:

Moody's Puts 184 CDO Tranches on Review for Possible Downgrade

11 Jul 2007
Moody's Puts 184 CDO Tranches on Review for Possible Downgrade

New York, July 11, 2007 -- Move Reflects Moody's Recent Rating Actions on 2005 and 2006 Subprime RMBS

Moody's Investors Service today announced that it has put 184 tranches of 91 collateralized debt obligations (CDOs) backed primarily by residential mortgage-backed securities (RMBS) on review for possible downgrade. The rating actions affect securities with an original face value of approximately $5.0 billion, representing roughly 0.5% of the total Moody's rated asset backed security CDO (ABS CDO) universe. By tranche number, the affected CDO tranches account for 3.6% of the total Moody's rated ABS CDO universe. These CDO rating actions primarily reflect Moody's recent rating actions on RMBS assets associated with first lien subprime mortgages from the 2006 vintage, the second lien loans of the 2005/2006 vintage as well as the structures of the individual transactions. The majority of rating actions taken today (124 rating actions) impacted securities currently rated Baa or lower. There were also 37 A, 15 Aa and 8 Aaa rated tranches placed on review.

Exposure to Affected RMBS Assets Varies Across U.S. ABS CDOs

As part of its ongoing CDO surveillance process, Moody's continuously reviews the universe of Moody's-rated CDO transactions. Through this effort, we determined that 360 U.S. ABS CDO transactions comprised of 1,792 Moody's-rated tranches have exposure to RMBS assets recently downgraded or placed on review for possible downgrade by Moody's. The exposure levels range from 1% to approximately 50%, with an average exposure of 6.9%, based on the most recently available CDO reporting data. However, not all ABS CDO tranches with exposure to these assets have been placed on review. This determination was based on overall transaction performance, structural features and the current strength of the ratings.

Rating Actions Based on Review of CDO Portfolio Composition & Structure

Moody's review of these CDO transactions -- and the rating actions taken today - were based on the CDOs' current respective portfolios and the CDOs' structures. As part of the analysis, Moody's reviewed the transactions' weighted average rating factors, diversity measures, individual structural nuances, and the outputs of numerous model runs to determine if the current ratings assigned were still consistent with revised loss expectations. In situations where it appears that this may no longer be the case, tranches have been put on review for possible downgrade.

Moody's to Perform Further Analysis Incorporating Collateral Manager Input

Moody's will continue to review deal performance to determine what future actions are warranted i.e., downgrade or removal from the review list. Consistent with Moody's CDO surveillance methods, for managed transactions, we expect to engage collateral managers in a dialogue to understand better what plans, if any, will be executed for their respective transactions. It is anticipated that the current rating reviews will be resolved over the upcoming weeks as more information becomes available and Moody's completes its analysis. We expect to conclude our ratings review of static transactions on an accelerated basis.

European and Asian ABS CDOs Largely Unaffected

Moody's also reviewed and continues to review the 281 European and Asian ABS CDOs (or 1,134 tranches) rated by the company. Of these transactions, only 16 have exposure to the affected RMBS assets. Moody's determined no rating action will be taken on any tranches of those 16 transactions or any other European or Asian ABS CDO at this time due to overall deal performance, structural features and the current strength of the ratings.

Moody's invites you to participate in a discussion, via teleconference or web cast, on Thursday, 12 July 2007 at 10:00 EST / 15:00 BST (local London time) / 16:00 CET to discuss these actions. The discussion will be hosted by Richard Cantor, Team Managing Director, Credit Policy Research Group; Nicolas Weill, Team Managing Director and Chief Credit Officer, Asset Finance; and John Park, Senior Vice President, Derivatives Monitoring. Details of the discussion are as follows:

Teleconference Information:

Thursday, July 12, 2007

10:00 EST/15:00 BST (local London time)/16:00 CET

US and Canada: +1 800-795-1259

All Others: +1 785-832-0301

Passcode: moodys

Web Cast Information:

Additional details regarding the web cast, including a link to the event, can be found at www.moodys.com/subprimeevents.

For details on the event, as well as Moody's published research on the subprime market, go to www.moodys.com/subprime. Please contact any one of Moody's Client Service Desks with any other questions:

New York +1 212-553-1653 Hong Kong +852-2916-1121

London +44 20-7772-5454 Tokyo +81-3-5408-4100

Sydney +61-2-9270-8100 Singapore +65-6398-8308

ACA ABS 2003-1, Limited

U.S. $ 18,000,000 Class D Floating Rate Deferrable Interest Term Notes, due June 10, 2038 - Current Rating: Baa2

ACA ABS CDO 2006-2, Limited

U.S.$29,000,000 Class A-3L Deferrable Floating Rate Notes Due January 2047 - Current Rating: A2

U.S.$45,000,000 Class B-1L Floating Rate Notes Due January 2047 - Current Rating: Baa2

ACA Aquarius 2006-1, Ltd.

U.S.$74,500,000 Class B2 Mezzanine Secured Deferrable Interest Floating Rate Notes Due 2046 - Current Rating: Baa2

U.S.$20,000,000 Class B3 Mezzanine Secured Deferrable Interest Floating Rate Notes Due 2046 - Current Rating: Baa3

Arca Funding 2006-I, Ltd.

U.S.$17,000,000 Class IV Funded Senior Notes Due 2046 - Current Rating: Aa3

U.S.$17,000,000 Class V Funded Mezzanine Notes Due 2046 - Current Rating: A2

U.S.$17,000,000 Class VI Funded Mezzanine Notes Due 2046 - Current Rating: Baa2

U.S.$7,000,000 Class VII Funded Mezzanine Notes Due 2046 - Current Rating: Baa3

U.S.$7,000,000 Class VIII Funded Mezzanine Notes Due 2046 - Current Rating: Ba1

ARLO VI Limited 2006-5 (SABS)

U.S. $15,000,000 Variable Secured Limited Recourse Credit-Linked Notes due 2040 - Current Rating: Aa3

ARLO VI Limited Series 2006 (Army Pier 1)

U.S. $7,500,000 Variable Secured Limited Recourse Credit-Linked Notes due 2047 - Current Rating: A1

ARLO VI Limited Series 2006 (Charleston Springs)

U.S. $10,000,000 Secured Limited Recourse Credit-Linked Notes due 2039 - Current Rating: A3

ARLO VI Limited Series 2006 (Hominy Hill)

U.S. $28,750,000 Secured Limited Recourse Credit-Linked Notes due 2039 - Current Rating: Aaa

ARLO VI Limited Series 2006 (Howell Park)

U.S. $28,750,000 Secured Limited Recourse Credit-Linked Notes due 2039 - Current Rating: Aaa

ARLO VI Limited Series 2006 (Marine Pier 1)

U.S. $15,000,000 Variable Secured Limited Recourse Credit-Linked Notes due 2047 - Current Rating: Aa2

ARLO VI Limited Series 2006 (Old Orchard)

U.S. $28,750,000 Secured Limited Recourse Credit-Linked Notes due 2039 - Current Rating: Aaa

ARLO VI Limited Series 2006 (Pine Brook)

U.S. $28,750,000 Secured Limited Recourse Credit-Linked Notes due 2039 - Current Rating: Aaa

ARLO VI Limited Series 2006 (Shark River)

U.S. $10,000,000 Secured Limited Recourse Credit-Linked Notes due 2039 - Current Rating: A3

ARLO VI Limited Series 2006 (South Pier 1)

U.S. $7,500,000 Variable Secured Limited Recourse Credit-Linked Notes due 2047 - Current Rating: A2

ARLO VI Limited Series 2006-8 (SABS) Class B

U.S. $12,500,000 Class B Variable Secured Limited Recourse Credit-Linked Notes due 2046 - Current Rating: A2

Auriga CDO Ltd.

U.S. $51,000,000 Class F Eighth Priority Mezzanine Secured Deferrable Floating Rate Notes due January 2047 - Current Rating: Baa2

U.S. $28,500,000 Class G Ninth Priority Mezzanine Secured Deferrable Floating Rate Notes due January 2047 - Current Rating: Baa3

U.S. $43,500,000 Class H Ninth Priority Junior Secured Deferrable Floating Rate Notes due January 2047 - Current Rating: Baa3

U.S. $22,500,000 Class I Ninth Priority Junior Secured Deferrable Floating Rate Notes due January 2047 - Current Rating: Ba2

Ayresome CDO I,Ltd.

Class D Notes - Current Rating: Baa2

Azalea Series 2007-1C

Azalea Series 2007-1C ABS Portfolio Variable Rate Notes due Februrary 2046 - Current Rating: Baa1

BFC Silverton CDO, Ltd.

U.S. $56,250,000 Class C Senior Floating Rate Notes Due 2046 - Current Rating: Aa2

U.S. $30,000,000 Class D Floating Rate Deferrable Notes Due 2046 - Current Rating: A2

U.S. $26,250,000 Class E Floating Rate Deferrable Notes Due 2046 - Current Rating: Baa2

U.S. $7,500,000 Class F Floating Rate Deferrable Notes Due 2046 - Current Rating: Ba1

Capital Guardian ABS CDO I

Class B Second Priority Senior Secured Floating Rate Notes due April 2037 - Current Rating: Ba1

CETUS ABS CDO 2006-1, LTD.

U.S.$50,000,000 Class A-2 Floating Rate Senior Secured Notes Due 2046 - Current Rating: Aa2

U.S.$55,000,000 Class B Floating Rate Deferrable Subordinate Secured Notes Due 2046 - Current Rating: A2

U.S.$40,000,000 Class C Floating Rate Deferrable Junior Subordinate Secured Notes Due 2046 - Current Rating: Baa2

U.S.$30,000,000 Class D Floating Rate Deferrable Junior Subordinate Secured Notes Due 2046 - Current Rating: Ba1

Cetus ABS CDO 2006-2, Ltd. A-2

U.S.$50,000,000 Class A-2 Floating Rate Senior Secured Notes Due 2046 - Current Rating: Aa2

Cetus ABS CDO 2006-2, Ltd. B

U.S.$55,000,000 Class B Floating Rate Deferrable Subordinate Secured Notes Due 2046 - Current Rating: A2

Cetus ABS CDO 2006-2, Ltd. C

U.S.$40,000,000 Class C Floating Rate Deferrable Junior Subordinate Secured Notes Due 2046 - Current Rating: Baa2

Cetus ABS CDO 2006-3, Ltd.

U.S.$ 65,000,000 Class C-1 Floating Rate Deferrable Secured Notes Due 2051 - Current Rating: A2

U.S.$ 26,000,000 Class C-2 Floating Rate Deferrable Secured Notes Due 2051 - Current Rating: A3

U.S.$ 43,000,000 Class D-1 Floating Rate Deferrable Secured Notes Due 2051 - Current Rating: Baa2

U.S.$ 15,500,000 Class X Fixed Rate Deferrable Secured Notes Due 2051 - Current Rating: Baa3

U.S.$ 8,000,000 Class D-2 Floating Rate Deferrable Secured Notes Due 2051 - Current Rating: Baa3

U.S.$ 6,000,000 Class E Floating Rate Deferrable Secured Notes Due 2051 - Current Rating: Ba1

Cetus ABS CDO 2006-4, Ltd.

U.S.$30,000,000 Class E Floating Rate Deferrable Junior Subordinate Secured Notes Due 2047 - Current Rating: Ba2

Charles River CDO I, Ltd.

U.S.$4,800,000 Class C Fixed Rate Notes Due December 9, 2037 - Current Rating: Ba2

Commodore CDO I, Limited

$17,550,000 Class C Floating Rate Notes - Current Rating: Ba2

Commodore CDO V, Ltd.

U.S.$24,000,000 Class D Seventh Priority Mezzanine Secured Deferrable Floating Rate Notes Due 2047 - Current Rating: Baa2

U.S.$8,500,000 Class E Eighth Priority Mezzanine Secured Deferrable Floating Rate Notes Due 2047 - Current Rating: Ba1

Diogenes CDO II Ltd.

Class C - Current Rating: A2

Class D - Current Rating: Baa2

Class E - Current Rating: Ba1

E*TRADE ABS CDO I, LTD.

Class B Third Priority Senior Secured Floating Rate Notes - Current Rating: A2

Class C-1 Mezzanine Secured Floating Rate Notes - Current Rating: Ca

Class C-2 Mezzanine Secured Fixed Rate Notes - Current Rating: Ca

Composite Shares - Current Rating: Ca

Preference Shares - Current Rating: Ca

Eirles Two Limited - Series 251

Series 251 - Current Rating: A3

Eirles Two Limited - Series 252

Series 252 - Current Rating: Baa2

Eirles Two Limited - Series 261

Series 261 - Current Rating: A2

Gemstone CDO VI Ltd.

U.S.$10,500,000 Class E Floating Rate Deferrable Interest Notes due August 2046 - Current Rating: Ba2

GSC ABS CDO 2006-1c, Ltd.

Class C - Current Rating: Baa2

GSC ABS CDO 2006-2m, Ltd.

U.S.$21,000,000 Class E Seventh Priority Mezzanine Deferrable Floating Rate Notes due 2045 - Current Rating: Baa2

U.S.$5,000,000 Class F Eighth Priority Mezzanine Deferrable Floating Rate Notes due 2045 - Current Rating: Ba1

U.S.$5,000,000 Class G Ninth Priority Mezzanine Deferrable Floating Rate Notes due 2045 - Current Rating: Ba2

GSC ABS CDO 2006-4u, Ltd.

U.S.$33,000,000 Class B Mezzanine Secured Deferrable Floating Rate Notes due 2046 - Current Rating: Baa2

U.S.$10,000,000 Class C Mezzanine Secured Deferrable Floating Rate Notes due 2046 - Current Rating: Ba1

Hudson Mezzanine Funding 2006-1, Ltd.

U.S.$230,000,000 Class B Floating Rate Notes Due 2042 - Current Rating: Aa2

U.S.$170,000,000 Class C Deferrable Floating Rate Notes Due 2042 - Current Rating: A2

U.S.$84,000,000 Class D Deferrable Floating Rate Notes Due 2042 - Current Rating: Baa2

U.S.$26,000,000 Class E Deferrable Floating Rate Notes Due 2042 - Current Rating: Ba1

Independence II CDO, Ltd

Class B Second Priority Senior Secured Floating Rate Notes - Current Rating: Ba1

Independence V CDO, LTD

Series 1 Preference Shares with an Aggregate Liquidation Preference of U.S.$19,100,000 - Current Rating: Ba3

Series 2 Preference Shares with an Aggregate Liquidation Preference of U.S.$5,500,000 - Current Rating: Ba3

Ipswich Street CDO, Ltd.

U.S. $7,900,000 Class E Sixth Priority Mezzanine Secured Deferrable Floating Rate Notes - Current Rating: Ba1

Ischus Mezzanine CDO III, Ltd.

U.S. $20,000,000 Class D Mezzanine Secured Deferrable Floating Rate Notes Due 2046 - Current Rating: Baa2

U.S. $7,000,000 Class E Secured Deferrable Floating Rate Notes Due 2046 - Current Rating: Ba1

Ischus Synthetic ABS CDO 2006-2 Ltd.

U.S.$41,000,000 Class B-1L Floating Rate Notes Due October 2045 - Current Rating: Baa2

U.S.$11,000,000 Class B-2L Floating Rate Notes Due October 2045 - Current Rating: Ba1

Ivy Lane CDO Ltd.

U.S.$19,000,000 Class B Floating Rate Subordinate Secured Notes Due 2046-1 - Current Rating: A2

U.S.$25,000,000 Class C Floating Rate Junior Subordinate Secured Notes Due 2046-1 - Current Rating: Baa2

IXIS ABS CDO 2 LTD.

U.S. $21,000,000 Class C Secured Floating Rate Deferrable Notes Due 2046 - Current Rating: A2

U.S. $15,000,000 Class D Secured Floating Rate Deferrable Notes Due 2046 - Current Rating: Baa2

U.S. $4,000,000 Class E Secured Floating Rate Deferrable Notes Due 2046 - Current Rating: Ba1

IXIS ABS CDO 3 Ltd.

U.S.$22,000,000 Class B-1L Floating Rate Notes Due December 2046 - Current Rating: Baa2

U.S.$8,000,000 Class B-2L Floating Rate Notes Due December 2046 - Current Rating: Ba1

Jackson 2006-I Segregated Portfolio

Jackson 2006-I Variable Floating Rate Notes Due 2046 - Current Rating: Aaa

Jackson 2006-IA Segregated Portfolio

U.S.$50,000,000 Variable Floating Rate Notes Due 2046 - Current Rating: Aaa

Jackson 2006-II Segregated Portfolio

U.S.$5,000,000 Variable Floating Rate Notes Due 2046 - Current Rating: Aa2

Jackson 2006-IIA Segregated Portfolio

U.S.$50,000,000 Variable Floating Rate Notes Due 2046 - Current Rating: Aa2

Jackson 2006-III Segregated Portfolio

U.S.$12,000,000 Variable Floating Rate Notes Due 2046 - Current Rating: Aa3

Jackson 2006-IV Segregated Portfolio

U.S.$33,000,000 Variable Floating Rate Notes Due 2046 - Current Rating: A1

Jackson 2006-V Segregated Portfolio

?26,787,794 Variable Floating Rate Notes Due 2046 - Current Rating: A3

Kefton CDO I, Ltd.

U.S.$27,000,000 Class V Mezzanine Floating Rate Deferrable Notes Due January 2047 - Current Rating: A2

U.S.$24,000,000 Class VI Mezzanine Floating Rate Deferrable Notes Due January 2047 - Current Rating: Baa2

U.S.$8,000,000 Class VII Mezzanine Floating Rate Deferrable Notes Due January 2047 - Current Rating: Ba1

Knollwood CDO Ltd.

Class C Mezzanine Secured Floating Rate Notes due January 8, 2039 - Current Rating: Baa2

Lacerta ABS CDO 2006-1, Ltd.

U.S. $110,000,000 Class B Floating Rate Deferrable Interest Secured Notes Due 2046 - Current Rating: A2

U.S. $80,000,000 Class C Floating Rate Deferrable Interest Secured Notes Due 2046 - Current Rating: Baa2

U.S. $30,000,000 Class D Floating Rate Deferrable Interest Secured Notes Due 2046 - Current Rating: Ba1

U.S. $40,000,000 Class E Floating Rate Deferrable Interest Secured Notes Due 2046 - Current Rating: Ba2

Longport Funding Ltd.

Class C Senior Secured Floating Rate Notes - Current Rating: A2

14,000 Preference Shares - Current Rating: Ba3

Class D-1 Mezzanine Secured Floating Rate Notes - Current Rating: Baa2

Class D-2 Mezzanine Secured Fixed Rate Notes - Current Rating: Baa2

Longridge ABS CDO I, Ltd.

U.S.$12,000,000 Class E Mezzanine Deferrable Secured Floating Rate Notes Due 2047 - Current Rating: Baa3

U.S.$8,000,000 Class F Mezzanine Deferrable Secured Floating Rate Notes Due 2047 - Current Rating: Ba1

Longshore CDO Funding 2006-2, Ltd.

Class D Floating Rate Deferrable Interest Notes Due 2046 - Current Rating: Baa2

Longstreet CDO I, Ltd.

U.S.$20,000,000 Class D Fifth Priority Mezzanine Secured Floating Rate Notes due November 2046 - Current Rating: A2

U.S.$10,000,000 Class E Sixth Priority Mezzanine Secured Floating Rate Notes due November 2046 - Current Rating: Baa2

U.S.$10,000,000 Class F Seventh Priority Mezzanine Secured Floating Rate Notes due November 2046 - Current Rating: Baa3

U.S.$8,000,000 Class G Eighth Priority Mezzanine Secured Floating Rate Notes due November 2046 - Current Rating: Ba1

Magnolia Finance II Series 2006-9A

Series 2006-9A USD 55,000,000 ABS Portfolio Variable Rate Notes due March 2045 - Current Rating: Aaa

Magnolia Finance II Series 2006-9B

Series 2006-9B USD 50,000,000 ABS Portfolio Variable Rate Notes due March 2045 - Current Rating: Aa2

Magnolia Finance II Series 2006-9E2

Series 2006-9E2 USD 4,250,000 ABS Portfolio Variable Rate Notes due November 2037 - Current Rating: Baa2

Magnolia Finance II Series 2006-9F1

Series 2006-9F1 USD 3,000,000 ABS Portfolio Variable Rate Notes due February 2046 - Current Rating: Baa3

Magnolia Finance II Series 2006-9F2

Series 2006-9F2 USD 4,250,000 ABS Portfolio Variable Rate Notes due November 2037 - Current Rating: Baa3

Mercury CDO 2004-1, Ltd.

U.S.$17,000,000 Class C Fourth Priority Mezzanine Secured Floating Rate Notes - Current Rating: Baa2

Midori CDO, Ltd.

U.S. $14,000,000 Class D Secured Floating Rate Deferrable Notes Due 2047 - Current Rating: Baa2

U.S. $5,500,000 Class E Secured Floating Rate Deferrable Notes Due 2047 - Current Rating: Baa3

MKP CBO VI, Ltd.

Class B Third Priority Senior Secured Floating Rate Notes due 2051 - Current Rating: Aa2

Class C Mezzanine Secured Deferrable Floating Rate Notes due 2051 - Current Rating: A2

Class D Mezzanine Secured Deferrable Floating Rate Notes due 2051 - Current Rating: Baa2

MKP Vela CBO, Ltd.

U.S.$97,500,000 Class C Secured Deferrable Floating Rate Notes due 2046 - Current Rating: A2

U.S.$67,500,000 Class D Mezzanine Secured Deferrable Floating Rate Notes due 2046 - Current Rating: Baa2

U.S.$25,650,000 Class X-1 Secured Deferrable Fixed Rate Notes due 2046 - Current Rating: Baa3

U.S.$25,650,000 Class X-2 Secured Deferrable Fixed Rate Notes due 2046 - Current Rating: Ba3

Montrose Harbor CDO I, Ltd.

U.S.$21,250,000 Class D Sixth Priority Mezzanine Deferrable Secured Floating Rate Notes Due 2051 - Current Rating: Baa2

Octans II CDO Ltd.

U.S.$51,000,000 Class D Deferrable Secured Floating Rate Notes Due 2051 - Current Rating: Baa2

U.S.$45,000,000 Class X-1 Deferrable Secured Fixed Rate Notes Due 2051 - Current Rating: Baa3

Octans III CDO, Ltd.

U.S.$40,000,000 Class C Floating Rate Deferrable Interest Secured Notes Due 2047 - Current Rating: Baa2

U.S.$15,000,000 Class D Floating Rate Deferrable Interest Secured Notes Due 2047 - Current Rating: Ba1

U.S.$20,000,000 Class E Floating Rate Deferrable Interest Secured Notes Due 2047 - Current Rating: Ba2

Orchid Structured Finance CDO, Ltd.

Class A-2 Floating Rate Term Notes - Current Rating: Aaa

Class B Floating Rate Term Notes - Current Rating: A2

Class C-1 Floating Rate Term Notes - Current Rating: A3

Class C-2 Fixed Rate Term Notes - Current Rating: A3

Pampelonne Mezz Swap D2

U.S. $ 12,500,000 Initial Tranche Notional Amount Credit Default Swap - Current Rating: A2

Pine Mountain CDO II Ltd.

$23,000,000 Class D Deferrable Interest Floating Rate Notes Due November 30, 2046 - Current Rating: Baa2

$6,250,000 Class E Deferrable Interest Floating Rate Notes Due November 30, 2046 - Current Rating: Ba1

Porter Square CDO II, Ltd.

17,000 Preference Shares - Current Rating: Ba3

Portfolio Credit Default Swap (Augusta Peak Mezzanine Swap)

U.S. $ 11,250,000 Initial Tranche Notional Amount Credit Default Swap - Current Rating: Baa2

Portfolio Credit Default Swap (Bison Peak Mezzanine Swap)

U.S. $ 11,250,000 Initial Tranche Notional Amount Credit Default Swap - Current Rating: Baa2

Portfolio Credit Default Swap (Caribou Peak Mezzanine Swap)

U.S. $ 11,250,000 Initial Tranche Notional Amount Credit Default Swap - Current Rating: Baa2

Portfolio Credit Default Swap (Grays Peak Mezzanine Swap)

U.S. $ 11,250,000 Initial Tranche Notional Amount Credit Default Swap - Current Rating: Baa2

Portfolio Credit Default Swap (Ptarmigan Peak Mezzanine Swap)

U.S. $ 11,250,000 Initial Tranche Notional Amount Credit Default Swap - Current Rating: Baa2

Saybrook Point CBO II, Limited

US $12,000,000 Class C-1 Floating Rate Secured Notes, Due 2035 - Current Rating: Baa2

US $6,000,000 Class C-2 Floating Rate Secured Notes, Due 2035 - Current Rating: Baa2

Saybrook Point CBO, Limited

Class A Floating Rate Senior Notes, Due 2031 - Current Rating: Aa1

Class B Floating Rate Senior Secured Notes, Due 2036 - Current Rating: A3

Class C Fixed Rate Senior Secured Notes, Due 2036 - Current Rating: Ca

Sherwood III ABS CDO, Ltd.

U.S.$24,000,000 Class B Mezzanine Secured Deferrable Interest Floating Rate Notes Due 2047 - Current Rating: Baa2

U.S.$7,000,000 Class C Mezzanine Secured Deferrable Interest Floating Rate Notes Due 2047 - Current Rating: Ba2

Solstice II

U.S. $22,000,000 Class C Mezzanine Floating Rate Notes due 2038 - Current Rating: B3

16,000 Class 2 Preference shares(U.S. $16,000,000 aggregate liquidation preference) - Current Rating: Ca

5000 Class1 Pref.shares($5,000,000 aggregate liquidation preference) - Current Rating: Ca

South Coast Funding II, LTD

Class A-3 Floating Rate Notes due 2037 - Current Rating: Aa2

Class B Floating Rate Senior Subordinate Notes - Current Rating: Ba1

South Coast Funding IX Ltd

$34,500,000 Class C Fourth Priority Mezzanine Secured Floating Rate Deferrable Notes Due 2047 - Current Rating: A2

$24,000,000 Class D Fifth Priority Mezzanine Secured Floating Rate Deferrable Notes Due 2047 - Current Rating: Baa2

$11,500,000 Class E Sixth Priority Mezzanine Secured Floating Rate Deferrable Notes Due 2047 - Current Rating: Baa3

$7,500,000 Class F Seventh Priority Mezzanine Secured Floating Rate Deferrable Notes Due 2047 - Current Rating: Ba1

Springdale CDO 2006-1 Ltd.

U.S.$25,000,000 Class D Secured Floating Rate Deferrable Interest Notes Due March 2051 - Current Rating: Baa2

U.S.$10,000,000 Class E Secured Floating Rate Deferrable Interest Notes Due March 2051 - Current Rating: Ba1

Stack 2006-1 Ltd.

U.S. $5,000,000 Class VII Mezzanine Floating Rate Deferrable Notes Due 2046 - Current Rating: Ba1

STACK 2006-2 Ltd.

U.S.$27,000,000 Class V Mezzanine Floating Rate Deferrable Notes Due 2047 - Current Rating: A2

U.S.$42,000,000 Class VI Mezzanine Floating Rate Deferrable Notes Due 2047 - Current Rating: Baa2

Static Residential CDO 2006-B Ltd.

Class C Deferrable Interest Floating Rate Notes, due 2037 - Current Rating: A3

Class D Deferrable Interest Floating Rate Notes, due 2037 - Current Rating: Baa3

TABS 2005-3, Ltd.

U.S.$18,000,000 Class D Secured Floating Rate Deferrable Interest Term Notes Due 2045 - Current Rating: Baa2

TABS 2006-5

Class A3L - Current Rating: A2

Class B1L - Current Rating: Baa1

Class B2L - Current Rating: Baa2

Class B3L - Current Rating: Baa3

Class CL - Current Rating: Ba2

TIAA Structured Finance CDO II, Limited

$21,000,000 Class B Floating Rate Term Notes, Due 2038 - Current Rating: Aa2

$11,250,000 Class C-2 Fixed Rate Term Notes, Due 2038 - Current Rating: Baa2

$6,000,000 Class C-1 Floating Rate Term Notes, Due 2038 - Current Rating: Baa2

Trainer Wortham First Republic CBO III, Limited

Class C Mezzanine Secured Floating Rate Notes Due 2038 (the "Class C Notes") - Current Rating: A2

Class D Mezzanine Secured Floating Rate Notes Due 2038 (the "Class D Notes") - Current Rating: Baa2

Preference Shares (the "Preference Shares")(collectively, the "Notes") - Current Rating: Ba2

Webster CDO I, Ltd.

U.S.$9,000,000 Class B-3L Floating Rate Deferrable Notes Due April 2047 - Current Rating: Ba1

43,000,000 Preference Shares, Par Value U.S. $0.001 Per Share - Current Rating: B2

New York
John Park
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

No Related Data.
© 2020 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/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE 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 INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER 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. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS 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, ASSESSMENTS, OTHER OPINIONS, AND 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, ASSESSMENTS, OTHER OPINIONS OR  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.

MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND 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 its 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, ASSESSMENT, 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 credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service 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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit 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