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