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Rating Action:

Moody's downgrades 56 tranches from 41 SF CDOs that have completed liquidation

14 Jul 2009

New York, July 14, 2009 -- Moody's Investors Service announced today that it has downgraded the rating of 56 tranches contained within 41 US Structured Finance CDOs. The tranches affected by today's actions are from CDOs that have experienced an Event of Default and in each case the Trustee has been directed to liquidate the collateral as a post-event-of-default remedy. Moody's has been notified by the respective Trustee in each of these cases that a final distribution of liquidation proceeds has taken place (except for retention of a small amount of residual funds in certain cases).

The rating actions taken today reflect the final liquidation distribution and changes in severity of loss associated with the downgraded tranches.

ACA Aquarius 2006-1, Ltd.

U.S.$1,266,000,000 Class A1S Variable Funding Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 6/20/2008 Downgraded to Ca

Armitage ABS CDO, Ltd.

U.S.$1,950,000,000 Class A-1M Floating Rate Senior Secured Notes Due 2047, Downgraded to C; previously on 9/11/2008 Downgraded to Ca

U.S.$450,000,000 Class A-1Q Floating Rate Senior Secured Notes Due 2047, Downgraded to C; previously on 9/11/2008 Downgraded to Ca

Auriga CDO Ltd.

U.S. $975,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes due January 2047, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

CAMBER 6 plc

Class A-1, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Cherry Creek CDO I, Ltd.

U.S.$195,000,000 Class A1S Senior Floating Rate Notes Due May 2046, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Costa Bella CDO Ltd.

U.S.$250,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

Class A-1 Swap, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

Duke Funding XII, Ltd.

U.S.$1,388,000,000 Class A-S1VFA Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

U.S.$75,000,000 Class A-S1VFB Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

Fort Denison Funding, Ltd.

U.S. $225,000,000 Class A-1 Floating Rate Notes Due 2047, Downgraded to C; previously on 6/25/2008 Downgraded to Ca

GSC ABS Funding 2006-3g, Ltd.

U.S.$35,000,000 Class A-1-a Floating Rate Notes Due June 2042, Downgraded to C; previously on 7/17/2008 Downgraded to Ca

Up to U.S.$1,085,000,000 Commercial Paper Notes/Class A-ILT Floating Rate Notes Due June 2042, Downgraded to C; previously on 7/17/2008 Downgraded to Ca

Gulf Stream-Atlantic CDO 2007-1, Ltd.

U.S. $300,000,000 CLASS A1-VF SENIOR FLOATING RATE NOTES DUE 2047, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

High Grade Structured Credit CDO 2007-1

Up to U.S. $3,240,000,000 Class A-1B Notes, Downgraded to C; previously on 9/3/2008 Downgraded to Ca

U.S. $27,900,000 Class X Senior Secured Notes Due 2017, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Hudson High Grade Funding 2006-1, Ltd.

U.S.$1,275,000,000 Class A-1 Floating Rate Notes Due 2042, Downgraded to C; previously on 8/8/2008 Downgraded to Ca

Hudson Mezzanine Funding 2006-1, Ltd.

U.S.$37,000,000 Class S Floating Rate Notes Due 2012, Downgraded to C; previously on 8/8/2008 Downgraded to Ca

U.S. $1,200,000,000 Senior Swap, Downgraded to C; previously on 8/8/2008 Downgraded to Ca

IXIS ABS CDO 3 Ltd.

Class A-1LA Investor Swap, Downgraded to C; previously on 4/24/2009 Downgraded to Ca

Jupiter High Grade CDO VII, Ltd.

U.S. $1,050,000,000 Class A-1 Floating Rate Notes, Downgraded to C; previously on 9/11/2008 Downgraded to Ca

Kleros Real Estate CDO III, Ltd.

U.S. $815,000,000 Class A-1A First Priority Senior Secured Floating Rate Delayed Draw Notes due 2046, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Libertas Preferred Funding IV, Ltd.

U.S.$200,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Longridge ABS CDO I, Ltd.

U.S.$160,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

Mars CDO I, Ltd.

U.S.$180,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2052, Downgraded to C; previously on 5/29/2008 Downgraded to Ca

Midori CDO, Ltd.

U.S. $6,500,000 Class A-X Secured Notes Due 2047, Downgraded to C; previously on 11/14/2008 Downgraded to Ca

Neptune CDO IV, Ltd.

Class A-1 Swap, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Class X Senior Amortizing Floating Rate Notes due April 2015, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Nordic Valley 2007-1 CDO, LTD.

U.S. $0 Class A-1 Senior Secured Funded Notes due 2047, Downgraded to C; previously on 8/26/2008 Downgraded to Ca

U.S. $600,000,000 Class A-1 Unfunded Notes due 2047, Downgraded to C; previously on 8/26/2008 Downgraded to Ca

U.S. $31,500,000 Class A-X Senior Secured Notes Due 2047, Downgraded to C; previously on 8/26/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Norma CDO I Ltd.

U.S. $975,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2049, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Octans II CDO Ltd.

U.S.$ 945,000,000 Class A-1 Swap, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Octonion I CDO, Ltd.

U.S. $22,250,000 Class S Floating Rate Notes Due 2014, Downgraded to C; previously on 8/26/2008 Downgraded to Ca

Pinnacle Peak CDO I, Ltd.

U.S. $750,000,000 Class A1M Floating Rate Notes Due 2047, Downgraded to C; previously on 8/20/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $265,000,000 Class A1Q Floating Rate Notes Due 2047, Downgraded to C; previously on 8/20/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Plettenberg Bay CDO Limited

U.S. $300,000,000 Class S Floating Rate Senior Notes Due 2047, Downgraded to C; previously on 8/26/2008 Downgraded to Ca

Preston CDO I, Ltd.

U.S. $5,400,000 Class X Senior Secured Fixed Rate Notes Due 2013, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Raffles Place Funding, Ltd.

Funding Notes/CP Notes-1, Downgraded to C; previously on 3/26/2009 Downgraded to Ca

Sagittarius CDO I Ltd.

U.S.$15,000,000 Class S Senior Secured Floating Rate Notes Due 2012, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $630,000,000 Super Senior Swap, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

Singa Funding, Ltd.

U.S.$600,000,000 Class A1M Floating Rate Notes Due 2046, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

Sorin CDO V Ltd.

U.S.$402,000,000 Class A-1S Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Springdale CDO 2006-1 Ltd.

U.S.$80,000,000 Class A-2 Senior Secured Floating Rate Notes Due March 2051, Downgraded to C; previously on 5/29/2008 Downgraded to Ca

U.S.$60,000,000 Class B Senior Secured Floating Rate Notes Due March 2051, Downgraded to C; previously on 5/29/2008 Downgraded to Ca

Tallships Funding, Ltd.

Advance Swap, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

Revolving Credit Agreement, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

Tasman CDO, Ltd.

U.S.$30,000,000 Class A1J Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 3/26/2008 Downgraded to Ca

U.S.$164,000,000 Class A1S Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 7/1/2008 Downgraded to Ca

U.S.$58,000,000 Class A2 Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 3/26/2008 Downgraded to Ca

Tenorite CDO I Ltd.

Up to U.S. $550,000,000 Class A Notes, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Timberwolf I, Ltd.

U.S.$ 9,000,000 Class S-1 Floating Rate Notes Due 2011, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Tourmaline CDO II Ltd

U.S. $700,000,000 Class A-1 Senior Variable Funding Floating Rate Notes, Due 2046, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Vertical ABS CDO 2007-2, Ltd.

U.S. $22,000,000 Class X Senior Secured Fixed Rate Notes due 2014, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

Vertical Virgo 2006-1, Ltd.

U.S.$1,266,000,000 Class A1S Variable Funding Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 9/23/2008 Downgraded to Ca

Western Springs CDO Ltd.

U.S. $200,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes, Downgraded to C; previously on 8/20/2008 Downgraded to Ca

New York
Stephen Lioce
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's downgrades 56 tranches from 41 SF CDOs that have completed liquidation
No Related Data.
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