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Related Issuers
Argon Capital Plc - Series 60, 61, 62 (Palesto 3)
Argon Capital Plc - Series 84, 85 and 87
Avebury Finance CDO p.l.c.
Bantry Bay CDO I P.L.C.
Cairn High Grade ABS CDO I PLC
Camber 4 plc
Chrome Funding Limited Series 15 to 17 (Odeon CDO notes)
Chrome Funding Ltd ? Series 23 ? 30 (Green Bay)
Claris IV Limited - Carmel Valley Series 5
Claris IV Limited - Carmel Valley Series 6
Claris IV Limited - Leibnitz
Claris IV Limited - Series 7 CARMEL VALLEY
Claris Limited - Napa Valley IV Synthetic CDO of ABS
Claris Limited - Napa Valley XI Series 102 - 103 - 107
Claris Limited - Series 91/2007-Napa Valley X Synthetic CDO of ABS Floating Rate Notes due 2027
Claris Limited - Series 96/2007 (Sonoma Valley 2007-3)
Claris Limited (Napa Valley V(II) Equity Tranche)
Claris Limited (Napa Valley V(II) Mezzanine Tranche)
Claris Limited Napa Valley IX Series 81
Claris Limited Series 101/2007 Napa Valley X CDO of ABS Floating Rate Notes
Claris Limited Series 25/2004 (Millesime)
Claris Limited Series 29/2004
Claris Limited Series 38/2005 (Napa Valley III)
Claris Limited Series 59 to 62 (Napa Valley V)
Claris Limited Series 63/2006 (Napa Valley 2006-1)
Claris Limited Series 99/2007 - Napa Valley X
Cloverie Plc - Ghibli CDO I
Cloverie Plc - Series 2004-72, 2004-77 & 2005-04 (US Onyx)
Cloverie Plc - Series 2005-33 (US Onyx)
Cloverie Plc - Series 2005-34 (US Onyx)
Cloverie Plc - Series 2005-35 (US Onyx)
Cloverie Plc - Series 2005-46 (US Onyx)
Cloverie Plc - Series 2005-47 (US Onyx)
Cloverie Plc - Series 2005-48 (US Onyx)
Cloverie Plc - Series 2005-49 (US Onyx)
Cloverie plc - Series 2005-74
Cloverie plc - Series 2005-78, 79, 80 & 81 (Maracana)
Cloverie Plc - Series 2006-1/2/3
Cloverie plc - Series 64-65 (Brera)
Coriolanus Limited Series 30
CORIOLANUS LIMITED Series 32 (Tsar 10 Class B Swap)
Coriolanus Limited Series 63 and 69
Credit Derivative Transaction Sonoma Valley 2006-1
Delta CDO plc
Delta CDO plc - Series 2005-2
Deutsche Bank AG (London Branch) - Tsar 11
Deutsche Bank AG, London Branch - N-Tsar
DEUTSCHE BANK AG, LONDON BRANCH - TSAR_05
EIRLES FOUR LIMITED - SERIES 32 DUE 2013
Eirles Four Series 60 (Tsar_05 Class A and Class A- Swap)
Eirles Two Limited - Series 101, 102, 103, 104
Eirles Two Limited - Series 134, 135, 136, 137
EIRLES TWO LIMITED - SERIES 68 DUE 2012
Eirles Two Limited - Series 69 Due 2012
Eirles Two Limited Series 181
Eirles Two Limited Series 198
Eirles Two Limited Series 273 & 274
Eirles Two Limited Series 286, Series 287, Series 288
Eirles Two Limited Series 300
Eirles Two Limited Series 75 (TSAR 5 Class A- (2) repack)
Eirles Two Series 71 (Tsar_05 CLass A- (1) Swap)
ELM B.V. - LABS Series 2007-1
ELM B.V. - Series 57 - Leveraged Asset Backed Securities 2006-3
ELM B.V. - Series 79 - Leveraged Asset-Backed Securities 2006-4
ELM B.V. Series 41
ELM B.V. Series 48 - Leveraged Asset Backed Securities 2006-2
Faxtor ABS 2003-1 B.V.
Faxtor ABS 2004-1 B.V.
Faxtor HG 2007-1
G Square Finance 2007-1 Ltd
G Square Finance Limited
Gennaker I CDO Limited
Herald Limited - Logan CDO
Iona CDO I Limited
Logan CDO II Limited
Lunar Funding V plc - Series 36 & 37
Mainsail CDO I Limited
Marc CDO I Plc
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Mill Reef SCDO 2005-1 LTD
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Omega Capital Europe p.l.c. Series 41 (Sycamore)
Omega Capital Europe p.l.c. Series 46 (Sycamore Series 2)
Omega Capital Europe plc Series 50 (Sycamore Series 3-Bis Pf1)
Palmer Square 2 plc
Palmer Square plc
Royal Bank of Canada, London Branch - Logan CDO III Tranche SS
Salisbury International Investements Limited - Series 2005-10
Salisbury International Investments Limited - Series 2005-11
Salisbury International Investments Limited - Series 2005-12
Salisbury International Investments Limited - Series 2005-13
Salisbury International Investments Ltd - Series 2006-1
SGA Societe Generale Acceptance N.V. Series 7040/04-09
SGA Societe Generale Acceptance N.V. Series 7041/04-09
Société Générale - Credit Default Swap (Millesime 2007-2 portfolio)
Société Générale - Credit Default Swap (Millesime 2007-3 portfolio)
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Societe Generale - Napa Valley II Synthetic CDO of ABS Swap
Societe Generale Securities - Napa Valley VI
Stanton Vintage CDO P.L.C.
TABS 2005-02 Oakville
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UBS AG, Jersey Branch - eLevate Series 2007-1
UBS AG, Jersey Branch - eLevate Series 2007-2
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UBS AG, London Branch - EUR 225,000,000 Syndicated Loan Facility to TREES
Rating Action:

Moody's downgrades notes issued by 91 structured finance CDO transactions

23 Apr 2009

London, 23 April 2009 -- Moody's Investors Service has downgraded its ratings of 188 Notes issued by 91 European collateralized debt obligation (CDO) transactions which have significant exposure to US and European residential mortgage-backed securities (RMBS) and other asset-backed securities (ABS). Moody's also confirmed the ratings of 27 Notes.

Today's rating actions are a response to credit deterioration in the underlying portfolio due to expectations of increased losses in the underlying RMBS and ABS assets, and to updates in the key assumptions Moody's makes when rating these transactions.

The rating actions listed below reflect Moody's revised loss projections for RMBS securities and Moody's updated key assumptions for rating structured finance CDOs (SF CDOs). The revised loss projections for RMBS can be seen in press releases: "Moody's updates loss projections for '06 and '07 Alt-A RMBS" (22 January 2009), and "Moody's updates loss projections for Option ARMs RMBS" (5 February 2009), as well as in the methodology paper "Subprime RMBS Loss Projection Update, March 2009" (5 March 2009).

Moody's explained that the rating actions take into account the application of revised and updated key modelling parameter assumptions that Moody's uses to rate and monitor ratings of SF CDOs. (See press release "Moody's updates its key assumptions for rating structured finance CDOs," 11 December 2008). The revisions affect the three key parameters in Moody's model for rating SF CDOs: asset correlation, default probability and recovery rate.

For a large number of these deals, especially the synthetic structures, the size of the Caa, Ca and C rated assets in the individual portfolios was greater than the credit enhancement under the tranches, resulting in rating downgrades to Ca or C on those tranches.

Moody's initially analyzed and continues to monitor these transactions using primarily the methodology and its supplements for CDOs as described in Moody's Special Report below, as well as the revised parameters mentioned above:

--Moody's Approach to Rating SF CDOs (March 2009)

These reports can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

Today's rating actions are as follows:

Argon Capital Plc - Series 60, 61, 62 (Palesto 3)

USD 51,000,000 Series 60 Limited Recourse Secured Credit-Linked Floating Rate Notes due 2051, Downgraded to C; previously on 04 August 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

USD 36,000,000 Series 61 Limited Recourse Secured Credit-Linked Floating Rate Notes due 2051, Downgraded to C; previously on 04 August 2008 Downgraded to Ca

USD 12,600,000 Series 62 Limited Recourse Secured Credit-Linked Floating Rate Notes due 2051, Downgraded to C; previously on 04 August 2008 Downgraded to Ca

Argon Capital Plc - Series 84, 85 and 87

Series 84 EUR 25,500,000 Limited Recourse secured Variable Rate Credit-Linked Notes due 2047-1, Downgraded to Caa2; previously on 19 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

Series 85 EUR 23,000,000 Limited Recourse secured Variable Rate Credit-Linked Notes due 2047-2, Downgraded to Caa3; previously on 19 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Series 87 EUR 10,500,000 Limited Recourse secured Variable Rate Credit-Linked Notes due 2047-4, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

Avebury Finance CDO p.l.c.

USD 879,500,000 Class A-1A Revolving Floating Rate Notes due 2051, Downgraded to Ca; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

USD 55,000,000 Class A-2 Floating Rate Notes due 2051, Downgraded to C; previously on 2 July 2008 Downgraded to Ca

Bantry Bay CDO I P.L.C.

Class A-1 Floating Rate Notes, due 2052, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2 Floating Rate Notes, due 2052, Downgraded to C; previously on 17 June 2008 Downgraded to Ca

Cairn High Grade ABS CDO I PLC

Class A1 Delayed Draw Floating Rate Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Class A2 Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Class B Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Deferrable Floating Rate Notes, Downgraded to C; previously on 05 August 2008 Downgraded to Ca

Camber 4 plc

Class A1-A Floating Rate Notes due 2053, Downgraded to Caa3; previously on 22 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class A2 Floating Rate Notes due 2053, Downgraded to C; previously on 15 August 2008 Downgraded to Ca

Class A3 Floating Rate Notes due 2053, Downgraded to C; previously on 15 August 2008 Downgraded to Ca

Class B Floating Rate Notes due 2053, Downgraded to C; previously on 15 August 2008 Downgraded to Ca

Chrome Funding Limited Series 15 to 17 (Odeon CDO notes)

Series 15 Class A Tranche 1 (Odeon CDO)-1, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Series 16 Class B Tranche 1 (Odeon CDO), Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 17 Class C Tranche 1 (Odeon CDO), Downgraded to C; previously on 23 June 2008 Downgraded to Ca

Chrome Funding Ltd -- Series 23 -- 30 (Green Bay)

Series 23 Class I US$ 33,000,000 Floating Rate Variable Spread Credit Linked Notes due October 2046, Downgraded to C; previously on 25 April 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 24 Class II US$ 28,500,000 Floating Rate Variable Spread Credit Linked Notes due October 2046, Downgraded to C; previously on 25 April 2008 Downgraded to Ca

Series 25 Class III US$ 28,000,000 Floating Rate Variable Spread Credit Linked Notes due October 2046, Downgraded to C; previously on 25 April 2008 Downgraded to Ca

Claris IV Limited - Carmel Valley Series 5

SERIES 5/2006 EUR 40,000,000 Carmel Valley 2006-3 Synthetic CDO of RMBS, Downgraded to C; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Claris IV Limited - Carmel Valley Series 6

SERIES 6/2006 EUR 5,000,000 Carmel Valley 2006-3 Synthetic CDO of RMBS, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Claris IV Limited - Leibnitz

Series 8 Tranche 1 Leibnitz 2006-1 Synthetic CDO of RMBS Variable Rate Notes due 2046, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 9 Tranche 1 Leibnitz 2006-1 Synthetic CDO of RMBS Variable Rate Notes due 2046, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 10 Tranche 1 Leibnitz 2006-1 Synthetic CDO of RMBS Variable Rate Notes due 2046, Downgraded to C; previously on 23 June 2008 Downgraded to Ca

Claris IV Limited - Series 7 CARMEL VALLEY

SERIES 7/2006 USD 17,500,000 Carmel Valley 2006-3 Synthetic CDO of RMBS, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Claris Limited - Napa Valley IV Synthetic CDO of ABS

Series 51/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Series 52/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 54/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Series 55/2005 Tranche 1 Napa Valley IV Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Claris Limited - Napa Valley XI Series 102 - 103 - 107

Series 102/2007 Tranche 1 JPY 2,000,000,000 Napa Valley XI Synthetic CDO of ABS Floating Rate Notes due 2027, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Series 103/2007 Tranche 1 EUR 30,000,000 Napa Valley XI Synthetic CDO of ABS Floating Rate Notes due 2027, Downgraded to C; previously on 19 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Series 107/2007 Tranche 1 JPY 1,000,000,000 Napa Valley XI Synthetic CDO of ABS Floating Rate Notes due 2027, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Claris Limited - Series 91/2007-Napa Valley X Synthetic CDO of ABS Floating Rate Notes due 2027

Series 91/2007, Downgraded to C; previously on 23 June 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Claris Limited - Series 96/2007 (Sonoma Valley 2007-3)

Series 96/2007 Tranche 1 USD 10,000,000 Sonoma Valley 2007-3 Synthetic CDO of CMBS Variable Notes due 2037, Confirmed at Baa1; previously on 19 December 2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

Claris Limited (Napa Valley V(II) Equity Tranche)

SERIES 66/2006 Tranche 1 EUR 20,000,000 Napa Valley V(II) Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Claris Limited (Napa Valley V(II) Mezzanine Tranche)

SERIES 67/2006 Tranche 1 EUR 40,000,000 Napa Valley V(II) Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Claris Limited Napa Valley IX Series 81

SERIES 81 Tranche 1 JPY 1,000,000,000 Napa Valley IX Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Claris Limited Series 101/2007 Napa Valley X CDO of ABS Floating Rate Notes

Series 101/2007, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Claris Limited Series 25/2004 (Millesime)

Series 25, Confirmed at Baa3; previously on 22 December 2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

Claris Limited Series 29/2004

Series 29/2004 Tranche 1 Euro 40,000,000 Napa Valley II Synthetic CDO of ABS Floating Rate Notes due 2024, Downgraded to Caa3; previously on 22 December 2008 Downgraded to A3 and remains on Review for Possible Downgrade

Claris Limited Series 38/2005 (Napa Valley III)

Series 38/2005 Napa Valley III, Downgraded to Ca; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Claris Limited Series 59 to 62 (Napa Valley V)

Series 59/2005 Tranche 1 Napa Valley V Synthetic CDO of ABS Floating Rate Notes, Downgraded to Ca; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Series 60/2005 Tranche 1 Napa Valley V Synthetic CDO of ABS Floating Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Series 61/2005 Tranche 1 Napa Valley V Synthetic CDO of ABS Variable Rate Notes, Downgraded to C; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Claris Limited Series 63/2006 (Napa Valley 2006-1)

Series 63/2006 Tranche 1 Napa Valley 2006-1 Synthetic CDO of ABS Floating Rate Note, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Claris Limited Series 99/2007 - Napa Valley X

Series 99/2007, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Cloverie Plc - Ghibli CDO I

Seires 2004-26 Class A, Downgraded to C; previously on 22 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

Series 2004-27 Class B, Downgraded to C; previously on 22 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2004-72, 2004-77 & 2005-04 (US Onyx)

EUR 30,000,000 Class C Secured Floating Rate Portfolio Linked Notes due 2024, Confirmed at A1; previously on 22 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

EUR 50,000,000 Class C Secured Floating Rate Series 77, Confirmed at A1; previously on 22 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

USD 50,000,000 Class C Secured Floating Rate Series 2005-04, Confirmed at A1; previously on 19 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-33 (US Onyx)

Series 2005-33 - USD 18,750,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-34 (US Onyx)

Series 2005-34 - USD 18,750,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-35 (US Onyx)

Series 2005-35 - USD 18,750,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to Ca; previously on 19 December 2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-46 (US Onyx)

Series 2005-46 - USD 15,000,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-47 (US Onyx)

Series 2005-47 - USD 15,000,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-48 (US Onyx)

Series 2005- 48 - USD 15,000,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2005-49 (US Onyx)

Series 2005- 49 - USD 15,000,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Cloverie plc - Series 2005-74

Series 2005-74 - Euro 40,000,000 Class C Secured Floating Rate Portfolio Linked Notes due 2020, Downgraded to C; previously on 19 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Cloverie plc - Series 2005-78, 79, 80 & 81 (Maracana)

Series 2005-78 - USD 15,000,000 Class S-2 Secured Floating Rate Portfolio Credit Linked Notes due 2043, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Series 2005-79 - USD 15,000,000 Class S-4 Secured Floating Rate Portfolio Credit Linked Notes due 2043, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 2005-80 - USD 15,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2043, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 2005-81 - USD 15,000,000 Class B Secured Floating Rate Portfolio Credit Linked Notes due 2043, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Cloverie Plc - Series 2006-1/2/3

Series 2006-1 - Class A Secured Floating Rate Portfolio Credit Linked Notes due 2045-1, Downgraded to C; previously on 19 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Series 2006-2 - Class B Secured Floating Rate Portfolio Credit Linked Notes due 2045-2, Downgraded to C; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Series 2006-3 - Class D Secured Floating Rate Portfolio Credit Linked Notes due 2045-3, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Cloverie plc - Series 64-65 (Brera)

Series 2004-64 USD 37,500,000 Class A Brera CDO I Secured Floating Rate Portfolio Credit Linked Notes due 2030, Downgraded to C; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 2004-65 USD 50,000,000 Class B Brera CDO I Secured Floating Rate Portfolio Credit Linked Notes due 2030, Downgraded to C; previously on 15 July 2008 Downgraded to Ca

Coriolanus Limited Series 30

Series 30 USD 35,000,000 Floating Rate Portfolio Credit Linked Secured Notes due 2040, Confirmed at A2; previously on 19 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Coriolanus Limited Series 32 (Tsar 10 Class B Swap)

Series 32 USD60,000,000 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 15 August 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Coriolanus Limited Series 63 and 69

Coriolanus Limited Series 63 USD 50,000,000 Class B Floating Rate Secured Notes due 2046-1, Downgraded to C; previously on 01 July 2008 Downgraded to Ca

Coriolanus Limited Series 69 USD 5,000,000 Class B Floating Rate Secured Notes due 2046-2, Downgraded to C; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Credit Derivative Transaction Sonoma Valley 2006-1

USD 23,000,000 Sonoma Valley swap, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Credit Derivative Transactions Sonoma Valley II 2006-1

USD 44,000,000 Sonoma Valley II Swap, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Delta CDO plc

Series 2005-1 B-1 Floating Rate Credit Linked Secured Notes due 2039, Downgraded to C; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Series 2005-1 C-1 Floating Rate Credit Linked Secured Notes due 2039, Downgraded to C; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Series 2005-1 D-1 Floating Rate Credit Linked Secured Notes due 2039, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Delta CDO plc - Series 2005-2

Series 2005-2 B-1 Floating Rate Credit Linked Secured Notes due 2045-1, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 2005-2 C-1 Floating Rate Credit Linked Secured Notes due 2045-1, Downgraded to C; previously on 10 November 2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Series 2005-2 E-1 Floating Rate Credit Linked Secured Notes due 2045, Downgraded to C; previously on 10 November 2008 Downgraded to Ca

Deutsche Bank AG (London Branch) - Tsar 11

Class B Swap, Downgraded to C; previously on 27 June 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Swap, Downgraded to C; previously on 27 June 2008 Downgraded to Ca

Class D Swap, Downgraded to C; previously on 27 June 2008 Downgraded to Ca

Class E Swap, Downgraded to C; previously on 27 June 2008 Downgraded to Ca

Deutsche Bank AG, London Branch - N-Tsar

Class B Swap, Downgraded to C; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Swap, Downgraded to C; previously on 31 July 2008 Downgraded to Ca

Deutsche Bank AG, London Branch - Tsar_05

Class A Swap, Downgraded to Caa2; previously on 18 November 2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

Class A(3) Swap, Downgraded to C; previously on 22 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Class A- (1) Swap, Downgraded to C; previously on 22 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class A (2) Swap - Earls Four Limited Series 899, Downgraded to C; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A- (2) Swap, Downgraded to C; previously on 18 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B Swap, Downgraded to C; previously on 18 November 2008 Downgraded to Ca

Class B(1) swap, Downgraded to C; previously on 18 November 2008 Downgraded to Ca

Eirles Four Limited - Series 32 due 2013

Series 32 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 22 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Eirles Four Series 60 (Tsar_05 Class A and Class A- Swap)

Series 60 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 22 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Eirles Two Limited - Series 101, 102, 103, 104

Eirles Two Limited - Series 101, Downgraded to C; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited - Series 102, Downgraded to C; previously on 31 July 2008 Downgraded to Ca

Eirles Two Limited - Series 134, 135, 136, 137

Series 134 USD20,625,000 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 27 June 2008 Downgraded to Ca

Series 135 USD16,875,000 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 27 June 2008 Downgraded to Ca

Series 136 USD22,500,000 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 27 June 2008 Downgraded to Ca

Series 137 USD37,500,000 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 27 June 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited - Series 68 due 2012

Series 68 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 18 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited - Series 69 due 2012

Series 69 JPY 3,000,000,000 Floating and Variable Rate Secured Notes due Sept 2012, Downgraded to C; previously on 18 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 181

Series 181 USD 50,000,000 Floating Rate Portfolio Credit Linked Secured Notes due 2045, Downgraded to C; previously on 19 December 2008 Downgraded to A3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 198

Series 198 EUR 25,000,000 Floating Rate Portfolio Credit Linked Secured Notes due 2093, Confirmed at Baa1; previously on 19 December 2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

Eirles Two Limited Series 273 & 274

Series 273, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 274, Downgraded to C; previously on 23 May 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 286, Series 287, Series 288

Series 286 Class B USD 42,000,000 Variable Rate Secured Notes due 2046, Downgraded to C; previously on 18 July 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 287 Class C USD 22,500,000 Variable Rate Secured Notes due 2046, Downgraded to C; previously on 18 July 2008 Downgraded to Ca

Eirles Two Limited Series 300

Series 300, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Limited Series 75 (TSAR 5 Class A- (2) repack)

Series 75 JPY 1,000,000,000 Floating and Variable Rate Secured Notes due August 2015, Downgraded to C; previously on 18 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Eirles Two Series 71 (Tsar_05 Class A- (1) Swap)

Eirles Two Series 71 Floating and Variable Rate Secured Notes, Downgraded to C; previously on 22 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

ELM B.V. - LABS Series 2007-1

EUR 50,000,000 Series 2007-1 - LABS due 2027, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

ELM B.V. - Series 57 - Leveraged Asset Backed Securities 2006-3

EUR 22,500,000 Floating Rate Credit Linked Secured Notes due 2026, Confirmed at Baa2; previously on 19 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

ELM B.V. - Series 79 - Leveraged Asset-Backed Securities 2006-4

EUR 22,500,000 Floating Rate Credit Linked Secured Notes due 2026, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

ELM B.V. Series 41

EUR 84,000,000 Floating Rate Credit Linked Secured Notes due 2056, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

ELM B.V. Series 48 - Leveraged Asset Backed Securities 2006-2

EUR 22,500,000 Floating Rate Credit Linked Secured Notes due 2056, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Faxtor ABS 2003-1 B.V.

Class A-1E Floating Rate Notes, Confirmed at Aa1; previously on 22 December 2008 Downgraded to Aa1 and Placed Under Review for Possible Downgrade

Class A-2E Floating Rate Notes, Downgraded to A2; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A-2F Fixed Rate Notes, Downgraded to A2; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A-3E Floating Rate Notes, Downgraded to Baa3; previously on 22 December 2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

Class A-3F Fixed Rate Notes, Downgraded to Baa3; previously on 22 December 2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

Class BE Floating Rate Notes, Downgraded to B3; previously on 22 December 2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

Class BF Fixed Rate Notes, Downgraded to B3; previously on 22 December 2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

Faxtor ABS 2004-1 B.V.

Class A-1 Floating Rate Notes, Confirmed at Aa2; previously on 22 December 2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Class A-2 Floating Rate Note, Confirmed at Aa3; previously on 22 December 2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A-3 Floating Rate Notes, Downgraded to A3; previously on 22 December 2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Class BE Floating Rate Notes, Confirmed at Ba1; previously on 22 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Class BF Fixed Rate Notes, Confirmed at Ba1; previously on 22 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Class S Combination Notes, Confirmed at Ba1; previously on 22 December 2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Faxtor HG 2007-1

Class A-1M Floating Rate Delayed Draw Secured Notes due 2049, Downgraded to Ca; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Class A-2 Floating Rate Secured Notes due 2049, Downgraded to C; previously on 09 April 2008 Downgraded to Ca

G Square Finance 2007-1 Ltd

Class A-1 Senior Secured Floating Rate Notes due 2052, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

G Square Finance Limited

Class A Notes, Downgraded to C; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B Notes, Downgraded to C; previously on 28 November 2008 Downgraded to Ca

Gennaker I CDO Limited

U.S. $521,700,000 Class A-1A Floating Rate Notes Due 2045, Downgraded to B1; previously on 19 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

U.S. $0 Class A-1B Floating Rate Notes Due 2045, Downgraded to B1; previously on 19 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

U.S. $25,800,000 Class A-2 Floating Rate Notes Due 2045, Downgraded to Caa3; previously on 19 December 2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

U.S. $12,900,000 Class B Floating Rate Notes Due 2045, Downgraded to C; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

U.S. $13,560,000 Class C Deferrable Floating Rate Notes Due 2045, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Herald Limited - Logan CDO

Herald Limited Series 25 (class A-1), Downgraded to C; previously on 10 September 2008 Downgraded to Ca

Iona CDO I Limited

Class A Secured Floating Rate Credit-Linked Notes due 2049, Downgraded to C; previously on 22 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class B Secured Floating Rate Credit-Linked Notes due 2049, Downgraded to C; previously on 12 December 2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Class C Deferrable Interest Secured Floating Rate Credit-Linked Notes due 2049, Downgraded to C; previously on 12 December 2008 Downgraded to Ca

Logan CDO II Limited

Super Senior Swap, Downgraded to Caa2; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class A-1 Floating Rate Credit Linked Secured Notes, Downgraded to C; previously on 18 June 2008 Downgraded to Ca

Lunar Funding V plc - Series 36 & 37

Series 2007-36 Notes due 2052, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Series 2007-37 Notes due 2052, Downgraded to C; previously on 18 June 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Mainsail CDO I Limited

Mainsail CDO I Ltd - Junior super senior tranche #1, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class A1 Secured Floating Rate Credit-Linked Notes, Downgraded to C; previously on 11 July 2008 Downgraded to Ca

Marc CDO I Plc

USD 38,000,000 Class A1 Secured Floating Rate Credit Linked Notes due 2053, Downgraded to C; previously on 15 July 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

USD 20,000,000 Class A2 Secured Floating Rate Credit Linked Notes due 2053, Downgraded to C; previously on 15 July 2008 Downgraded to Ca

Menton II CDO plc

USD 40,000,000 Class A1 Secured Floating Rate Credit Linked Notes due 2053, Downgraded to C; previously on 11 June 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Mill Reef SCDO 2005-1 Ltd

Super Senior Swap, Downgraded to Ca; previously on 19 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Class A-1L, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class X, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2L, Downgraded to C; previously on 11 August 2008 Downgraded to Ca

North Sea Island CDO I Limited

Series of Class A Floating Rate Notes Due September 2095, Downgraded to Ca; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Series of Class B Floating Rate Notes Due September 2095, Downgraded to C; previously on 28 November 2008 Downgraded to Ca

Omega Capital Europe p.l.c. Series 41 (Sycamore)

Class A Notes, Downgraded to C; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class A-Bis Notes, Downgraded to C; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class A-J Notes, Downgraded to C; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class B Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B-Fixed Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B-J Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B-U Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Omega Capital Europe p.l.c. Series 46 (Sycamore Series 2)

Class A Notes, Downgraded to C; previously on 19 December 2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class B Notes, Downgraded to C; previously on 11 September 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Omega Capital Europe plc Series 50 (Sycamore Series 3-Bis Pf1)

Class AE-10 Notes, Downgraded to C; previously on 19 December 2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Class CE-10 Notes, Downgraded to C; previously on 19 December 2008 Downgraded to B3 and remains on Review for Possible Downgrade

Palmer Square plc

Class A1-A Exchange Offer Floating Rate Notes due 2045, Downgraded to B3; previously on 19 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class A1-A Floating Rate Notes due 2045, Downgraded to B3; previously on 19 December 2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class A2-A Step-Up Floating Rate Notes due 2045, Downgraded to Ca; previously on 07 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B-1 Deferrable Floating Rate Notes due 2045, Downgraded to C; previously on 07 November 2008 Downgraded to Ca

Palmer Square 2 plc

Class X Floating Rate Notes due 2045, Confirmed at Aaa; previously on 19 December 2008 Aaa Placed Under Review for Possible Downgrade

Class A1-M Floating Rate Notes due 2045, Confirmed at Caa2; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Class A1-Q Floating Rate Notes due 2045, Confirmed at Caa2; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Royal Bank of Canada, London Branch - Logan CDO III Tranche SS

Royal Bank of Canada London Logan CDO III, Downgraded to Ca; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Salisbury International Investements Limited - Series 2005-10

Series 2005-10 - USD 18,750,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Salisbury International Investments Limited - Series 2005-11

Series 2005- 11 - USD 18,750,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Salisbury International Investments Limited - Series 2005-12

Series 2005- 12 - USD 18,750,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Salisbury International Investments Limited - Series 2005-13

Series 2005- 13 - USD 18,750,000 Class C Secured Floating Rate Portfolio Linked Notes due 2025, Downgraded to C; previously on 19 December 2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Salisbury International Investments Ltd - Series 2006-1

USD 41,000,000 Class M-2 Secured Floating Rate Portfolio Credit Linked Notes due 2046, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

SGA Societe Generale Acceptance N.V. Series 7040/04-09

Tranche 1 EUR 28,500,000 Napa Valley II Synthetic CDO of ABS Floating Rate Notes due 2024, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

SGA Societe Generale Acceptance N.V. Series 7041/04-09

Tranche 1 EUR 5,000,000 Napa Valley II Synthetic CDO of ABS Floating Rate Notes due 2024, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Société Générale - Credit Default Swap (Millesime 2007-2 portfolio)

Credit default swap ref EXO-1224830, Downgraded to Baa3; previously on 19 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Société Générale - Credit Default Swap (Millesime 2007-3 portfolio)

Credit Default Swap Ref: EXO-1359959, Downgraded to Ba2; previously on 19 December 2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Société Générale - Credit Default Swap (Napa Valley IX portfolio)

Credit Default Swap, Downgraded to C; previously on 19 December 2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Societe Generale - Napa Valley II Synthetic CDO of ABS Swap

CDS providing protection on the reference portfolio for losses exceeding 0.05% up to 1.65% of the portfolio related to SGA Series 7041/04-09 Notes, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

CDS providing protection on the reference portfolio for losses up to 1.65% of the portfolio related to SGA Series 7040/04-09 Notes, Downgraded to Ca; previously on 22 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Societe Generale Securities - Napa Valley VI

Napa Valley VI Credit Default Swap, Downgraded to C; previously on 19 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Stanton Vintage CDO P.L.C.

Class A Senior Floating Rate Notes due in 2048, Downgraded to C; previously on 19 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

Class B Deferrable Floating Rate Notes due 2048, Downgraded to C; previously on 19 December 2008 Downgraded to A2 and remains on Review for Possible Downgrade

Class C Deferrable Floating Rate Notes due 2048, Downgraded to C; previously on 19 December 2008 Downgraded to B1 and remains on Review for Possible Downgrade

Class D Deferrable Floating Rate Notes due 2048, Downgraded to C; previously on 19 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class P Combination Notes due 2048, Downgraded to C; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

TABS 2005-02 Oakville

U.S.$263,000,000 Class A-1 Senior Secured Floating Rate Notes due 2045, Downgraded to Ca; previously on 19 December 2008 Downgraded to A1 and remains on Review for Possible Downgrade

U.S.$28,400,000 Class A-2 Senior Secured Floating Rate Notes due 2045, Downgraded to C; previously on 19 December 2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S.$70,600,000 Class B Senior Secured Floating Rate Notes due 2045, Downgraded to C; previously on 26 June 2008 Downgraded to Ca

U.S.$4,000,000 Class C Senior Secured Deferrable Floating Rate Notes due 2045, Downgraded to C; previously on 23 April 2008 Downgraded to Ca

Tempo CDO 1 Limited

Class A, Downgraded to Ca; previously on 22 December 2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class B, Downgraded to C; previously on 22 December 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C, Downgraded to C; previously on 06 November 2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

UBS AG, Jersey Branch - eLevate Series 2007-1

Adjustable Spread Leveraged Notes - eLevate Series 2007-1, Downgraded to Baa2; previously on 19 December 2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

UBS AG, Jersey Branch - eLevate Series 2007-2

Adjustable Spread Leveraged Notes - eLevate Series 2007-2, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

UBS AG, Jersey Branch - LABS 2006-1

EUR 75,000,000 Leveraged Asset-backed Securities due 2056, Confirmed at Baa1; previously on 19 December 2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

UBS AG, Jersey Branch - Series 2005-1 (eLevate)

EUR 22,500,000 Leveraged Notes (eLevate) Series 2005-1, Confirmed at Baa1; previously on 19 December 2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

UBS AG, London Branch - EUR 225,000,000 Syndicated Loan Facility to TREES

EUR 225,000,000 Syndicated loan facility to TREES, Confirmed at A3; previously on 19 December 2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

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

London
Paul Jamieson
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades notes issued by 91 structured finance CDO transactions
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