Moody's downgrades 13 series of CPDO notes
Approximately EUR 714 million of debt securities affected
Paris, October 20, 2008 -- Moody's Investors Service announced today it has downgraded the rating
of 13 series of CPDO notes, static and managed.
These rating actions are based on a worsening of the Net Asset Value of
the transactions, following recent market events.
Today's rating actions are as follows:
Castle Finance I Limited
(1) Series 7 EUR 325,000,000 SURF CPDO
Current rating: Caa3, under review for possible downgrade
Prior rating: Caa1, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
(2) Series 9 EUR 60,000,000 SURF CPDO
Current rating: Caa3, under review for possible downgrade
Prior rating: Caa1, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
Castle Finance II Limited
Series 2 USD 25,000,000 SURF CPDO Issued by Castle Finance
II Limited
Current rating: Caa1, under review for possible downgrade
Prior rating: B1, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
Thebes Capital PLC
(1) Series 2007-1 USD 25,000,000 "Artemis" DPI Notes
issued by Thebes Capital PLC
Current rating: B3, under review for possible downgrade
Prior rating: B1, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
(2) Series 2007-2 EUR 4,000,000 "Artemis" DPI Notes
issued by Thebes Capital PLC
Current rating: Caa1, under review for possible downgrade
Prior rating: B1, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
SEA CDO Ltd
(1) Series 2007-3 EUR 50,000,000 R Evolution Credit
Linked Notes
Current rating: B1, under review for possible downgrade
Prior rating: Ba3, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
(2) Series 2007-5 USD 10,000,000 R Evolution Credit
Linked Notes
Current rating: B1, under review for possible downgrade
Prior rating: Ba3, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
Arlo X Ltd
(1) Series A-1E EUR 13,500,000 Alhambra Secured Limited
Recourse Credit-Linked Notes
Current rating: Caa3, under review for possible downgrade
Prior rating: B1, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
(2) Series B-1Z ZAR 300,000,000 Alhambra Secured Limited
Recourse Credit-Linked Notes issued by Arlo X Ltd
Current rating: B3, under review for possible downgrade
Prior rating: Ba3, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
Cairn CPDO I Limited
(1) Series A1-E1 EUR 58,000,000 Notes
Current rating: B3, under review for possible downgrade
Prior rating: B2, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
(2) Series A1-U1 USD 3,000,000 Notes issued by Cairn
CPDO I Limited
Current rating: B3, under review for possible downgrade
Prior rating: B2, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
(3) Series B1-U1 USD 6,600,000 Notes issued by Cairn
CPDO I Limited
Current rating: Caa1, under review for possible downgrade
Prior rating: B2, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
UBS AG Jersey Branch
Series 4828 EUR 130,000,000 M.A.V.E.N.
Notes
Current rating: Caa1, under review for possible downgrade
Prior rating: B1, under review for possible downgrade
Prior Rating Action Date: 17 September 2008
New York
Jian Hu
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Paris
Beryl Marjolin
Asst Vice President - Analyst
Structured Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454