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I AGREE
Rating Action:

Moody's downgrades ratings of Greek structured finance transactions

13 May 2011

All Greek structured finance ratings are on review for downgrade

Paris, May 13, 2011 -- Moody's has downgraded today to Ba1(sf) the senior note ratings of one Greek CLO, seven Greek RMBS and three Greek ABS transactions. The Ba1(sf) rating of these notes are on review for further downgrade. Moody's has also placed on review for downgrade the mezzanine and junior notes of all ABS and RMBS transactions serviced by Greek banks, as well as the Baa1(sf) rating of ABS transactions serviced by Cypriot entities.

Today's rating action follows Moody's decisions to place on review for downgrade the B1 rating of Greece 's government on 9 May 2011 and the rating of eight Greek banks on 10 May 2011.

RATING RATIONALE

Today's rating actions reflect Moody's increased concerns about the exposure of Greek structured finance transactions to increasing country risks and operational risks. The placing on review of the Greek government rating of B1 considers the possibility of a multi-notch downgrade and has triggered the review of the Greek banks, which Moody's currently rates Ba3 or lower. The sovereign and banking rating reviews equate to an increased likelihood that high severity events will weaken structured finance transactions. These events include 1) a severe macro-economic decline hurting asset performance and 2) a deterioration in a sovereign or local banks' creditworthiness that increases the operational risk of a disruption in the performance of banks acting as key transaction parties. Regardless of the structural features or the amount of credit enhancement in place, structured finance transactions are not immune to the risk of these high severity events.

Moody's has downgraded to Ba1(sf) the rating of senior notes which were Baa3(sf) or above because the likelihood of a performance disruption has increased for transactions with Greek banks acting as key transaction parties. The ratings on the affected notes remain on review for downgrade.

Moody's also placed on review the ratings of other senior, mezzanine, and junior notes. Moody's placed on review for downgrade the Ba1(sf) rating of senior notes in transactions with high linkage to the credit quality of servicers. In addition, Moody's placed on review for downgrade the ratings of other notes as a result of increased risk of further asset deterioration caused by a delayed and weakening economic recovery in Greece. These notes include the mezzanine and subordinated notes referenced above and the Baa1(sf) rated notes of ABS transactions serviced by two Cypriot entities, Marfin Popular Bank (Baa3/P-3) and Cyprus Leasing , the fully owned leasing arm of Bank of Cyprus (Baa2/P-2).

As a result of today's actions, all Moody's-rated notes of transactions backed by Greek assets are on review for downgrade. Moody's will conclude its review of Greek structured finance ratings considering, amongst other factors, the Greek government and banks' ratings development.

For more detail on our rating approach, see the applicable principal methodologies for each asset class listed in the index of methodologies under the research and ratings tab on Moodys.com.

Moody's Investors Service did not receive or take into account a third-party due diligence report on the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

REGULATORY DISCLOSURES

The ratings have been disclosed to the rated entities or their designated agents and issued with no amendment resulting from that disclosure.

Information sources used to prepare the credit rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purpose of maintaining a credit rating.

The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst name is available on the issuer page, and the rating office is available on the ratings tab of the issuer on www.moodys.com.

LIST OF AFFECTED SECURITIES

ABS transactions

Issuer: ANAPTYXI 2006-1 PLC

....EUR1750M A Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Ba1 (sf)

....EUR150M B Note, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Ba2 (sf)

....EUR125M C Note, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Ba3 (sf)

....EUR225M D Note, B2 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to B2 (sf)

Issuer: Axia Finance PLC

....EUR1408.75M A Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on May 4, 2011 Downgraded to Ba1 (sf)

Issuer: Axia III Finance Plc

....EUR1670.1M A Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Ba1 (sf)

Issuer: DANEION 2007-1 PLC

....EUR1587.5M Class A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa2 (sf)

Issuer: IRIDA PLC

....EUR261.1M A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa2 (sf)

Issuer: KATANALOTIKA PLC

....EUR1109.6M A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa2 (sf)

Issuer: Misthosis Funding Plc

....EUR363.9M A Note, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa1 (sf)

Issuer: PRAXIS I FINANCE PLC

....EUR493M A Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on May 4, 2011 Downgraded to Ba1 (sf)

Issuer: Praxis II Finance Plc

....EUR379.2M A Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on May 4, 2011 Downgraded to Ba1 (sf)

Issuer: Synergatis Plc

....EUR1414.5M A Note, Baa1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa1 (sf)

RMBS transaction

Issuer: Estia Mortgage Finance II PLC

....EUR1137.5M A Notes, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa3 (sf)

Issuer: Grifonas Finance No. 1 Plc

....EUR897.7M A Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Ba1 (sf)

....EUR23.8M B Note, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba2 (sf)

....EUR28.5M C Note, B1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to B1 (sf)

Issuer: KION Mortgage Finance No. 2 Plc

....EUR522.405M A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa3 (sf)

Issuer: KION Mortgage Finance Plc

....EUR553.8M A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa3 (sf)

....EUR28.2M B Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba1 (sf)

....EUR18M C Note, Ba3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba3 (sf)

Issuer: Themeleion Mortgage Finance PLC

....EUR693.5M A Notes, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa3 (sf)

....EUR32M B Notes, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba1 (sf)

....EUR24.5M C Notes, B2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to B2 (sf)

Issuer: Themeleion II Mortgage Finance Plc

....EUR690M A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa3 (sf)

....EUR37.5M B Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba1 (sf)

....EUR22.5M C Note, B3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to B3 (sf)

Issuer: Themeleion III Mortgage Finance Plc S.r.I.

....EUR900M A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa3 (sf)

....EUR40M M Note, Ba1 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba1 (sf)

....EUR20M B Note, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba2 (sf)

....EUR40M C Note, B3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to B3 (sf)

Issuer: Themeleion IV Mortgage Finance Plc

....EUR1352.9M A Note, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa3 (sf)

....EUR155.5M B Note, Ba2 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to Ba2 (sf)

....EUR46.6M C Note, B3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 15, 2010 Downgraded to B3 (sf)

CLO transaction

Issuer: EPIHIRO PLC

....EUR1623M Class A Asset Backed Floating Rate Notes due January 2035 Notes, Downgraded to Ba1 (sf) and Placed Under Review for Possible Downgrade; previously on Apr 14, 2011 Downgraded to Baa2 (sf)

Moody's Investors Service may have provided Ancillary or Other Permissible Service(s) to the rated entity or its related third parties within the three years preceding the Credit Rating Action. Please see the ratings disclosure page www.moodys.com/disclosures on our website for further information.

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.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see the Credit Policy page on Moodys.com for the methodologies used in determining ratings, further information on the meaning of each rating category and the definition of default and recovery.

Paris
Carole Gintz
VP - Senior Credit Officer
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Frankfurt am Main
Marie-Jeanne Kerschkamp
MD - EMEA Structured Fin
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's France SAS
96 Boulevard Haussmann
Paris 75008
France
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's downgrades ratings of Greek structured finance transactions
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