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Rating Action:

Moody's downgrades ratings on 27 SF CDO transactions

20 Dec 2018

NOTE: On December 28, 2018, the press release was corrected as follows: In the debt list under Duke Funding High Grade III Ltd., the description of the A-1B2 notes was changed to “U.S.$0 A-1B2 Senior Secured Fixed Rate Interest Only Notes Due 2049.” Revised release follows.

New York, December 20, 2018 -- Moody's Investors Service ("Moody's") has downgraded ratings on 39 tranches of notes.

Moody's rating action is as follows:

Issuer: ACA ABS 2003-1, Limited

U.S.$210,000,000 Class A-T Floating Rate Term Notes due June 2038 (current outstanding balance of $98,711,800), Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf)

Issuer: Acacia CDO 9, Ltd.

U.S.$235,000,000 Class A First Priority Senior Secured Floating Rate Notes due April 2046 (current outstanding balance of $192,249,000), Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf)

Issuer: Altius III Funding, Ltd.

U.S.$220,000,000 Class A-1a Floating Rate Notes Due December 2041 (current outstanding balance of $47,358,600), Downgraded to C (sf); previously on February 18, 2009 Downgraded to Ca (sf)

U.S.$499,950,000 Class A-1b-1B Floating Rate Notes Due December 2041 (current outstanding balance of $478,041,000), Downgraded to C (sf); previously on February 18, 2009 Downgraded to Ca (sf)

U.S.$300,000,000 Class A-1b-2 Floating Rate Notes Due December 2041 (current outstanding balance of $143,427,000), Downgraded to C (sf); previously on February 18, 2009 Downgraded to Ca (sf)

U.S.$250,000,000 Class A-1b-3 Floating Rate Notes Due December 2041 (current outstanding balance of $119,522,000), Downgraded to C (sf); previously on February 18, 2009 Downgraded to Ca (sf)

U.S.$100,000 Class A-1b-v Floating Rate Notes Due December 2041 (current outstanding balance of $47,809), Downgraded to C (sf); previously on February 18, 2009 Downgraded to Ca (sf)

Issuer: Belle Haven ABS CDO 2006-1, Ltd.

U.S.$1,700,000,000 Class A-1 Notes due July 2046 (current outstanding balance of $1,098,750,000), Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf)

Issuer: Buckingham CDO II Ltd.

U.S.$1,170,000,000 Class A LT Notes due April 2041 (current outstanding balance of $681,083,000), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

U.S.$1,170,000,000 Base Liquidity Advances due April 2041 (current outstanding balance of $0), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

Issuer: Capital Guardian ABS CDO I

U.S.$70,000,000 Class B Second Priority Senior Secured Floating Rate Notes due April 2037 (current outstanding balance of $29,575,400), Downgraded to C (sf); previously on January 20, 2009 Downgraded to Ca (sf)

Issuer: C-Bass CBO XIX Ltd.

U.S.$292,000,000 Class A-1 Notes due October 2047 (current outstanding balance of $199,145,000), Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf)

Issuer: C-BASS CBO XV Ltd.

U.S.$565,800,000 Class A First Priority Senior Secured Floating Rate Notes Due 2041 (current outstanding balance of $493,442,000), Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf)

Issuer: Citius I Funding, Ltd.

U.S.$0 Class A LT Notes Due June 2046 (current outstanding balance of $902,579,000), Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf)

Issuer: Duke Funding High Grade III Ltd.

U.S.$443,500,000 A-1A Senior Secured Floating Rate Notes Due 2049 (current outstanding balance of $292,990,000), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

U.S.$1,306,500,000 A-1B1 Senior Secured Floating Rate Notes Due 2049 (current outstanding balance of $863,113,000), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

U.S.$0 A-1B2 Senior Secured Fixed Rate Interest Only Notes Due 2049 (current outstanding balance of $0), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

Issuer: Duke Funding High Grade IV, Ltd.

U.S.$1,312,500,000 Class A-1 Notes due February 2050 (current outstanding balance of $1,146,030,000), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

Issuer: Duke Funding VI Ltd./Duke Funding VI, Corp.

U.S.$655,500,000 Class A1S Senior Secured Floating Rate Notes Due 2039 (current outstanding balance of $234,233,000), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

Issuer: Dutch Hill Funding II Ltd.

U.S.$64,400,000 Class B Third Priority Senior Secured Floating Rate Notes Due May 2052 (current outstanding balance of $31,944,400), Downgraded to C (sf); previously on March 20, 2009 Downgraded to Ca (sf)

Issuer: E*TRADE ABS CDO IV, LTD.

U.S.$7,000,000 Class A-1A First Priority Senior Secured Floating Rate Notes Due 2042 (current outstanding balance of $5,395,860), Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf)

U.S.$152,800,000 Class A-1B-1 First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2042 (current outstanding balance of $111,294,000), Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf)

Issuer: Fortius I Funding Ltd

U.S.$390,000,000 Class A-1 Floating Rate Note Due 2041 (current outstanding balance of $164,138,000), Downgraded to C (sf); previously on February 18, 2009 Downgraded to Ca (sf)

Issuer: Independence VI CDO, Ltd.

U.S.$675,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2041 (current outstanding balance of $227,670,000), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

Issuer: Inman Square Funding II

U.S.$170,000,000 Class I Senior Secured Floating Rate Notes due October 2040 (current outstanding balance of $130,126,000), Downgraded to C (sf); previously on April 22, 2009 Downgraded to Ca (sf)

Issuer: KLEROS PREFERRED FUNDING II, LTD.

U.S.$250,000 Class A-1V First Priority Senior Secured Voting Floating Rate Notes Due December 2042 (current outstanding balance of $73,345), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

U.S.$869,750,000 Class A-1NV First Priority Senior Secured Non-Voting Floating Rate Notes Due December 2042 (current outstanding balance of $255,166,000), Downgraded to C (sf); previously on July 13, 2010 Downgraded to Ca (sf)

Issuer: Kleros Preferred Funding V PLC

U.S.$1,020,000,000 Class A-1 First Priority Senior Secured Delayed Draw Floating Rate Notes Due 2050 (current outstanding balance of $837,238,000), Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf)

Issuer: Longport Funding Ltd.

U.S.$35,600,000 Class A-1B Senior Secured Floating Rate Notes due January 2035 (current outstanding balance of $31,840,500), Downgraded to C (sf); previously on March 24, 2009 Downgraded to Ca (sf)

U.S.$15,400,000 Class A Participating Notes due January 2038 (current outstanding balance of $3,012,890), Downgraded to C (sf); previously on April 1, 2010 Downgraded to Ca (sf)

Issuer: NORTH COVE CDO III, LTD.

U.S.$2,700,000,000 Unfunded supersenior tranche due March 2045 (current outstanding balance of $893,940,000), Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf)

Issuer: Pacific Coast CDO Ltd.

U.S.$96,000,000 Class B Second Priority Senior Secured Floating Rate Notes due 2036 (current outstanding balance of $38,553,300), Downgraded to C (sf); previously on February 12, 2013 Affirmed Ca (sf)

Issuer: SFA Collateralized Asset-Backed Securities I Trust

U.S.$200,500,000 Class A Floating Rate Notes due June 2030 (current outstanding balance of $29,023,100), Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf)

Issuer: South Coast Funding III Ltd.

U.S.$270,000,000 Class A-1A Floating Rate Senior Notes Due August 2038 (current outstanding balance of $109,894,000), Downgraded to C (sf); previously on December 23, 2008 Downgraded to Ca (sf)

U.S.$107,000,000 Class A-1B Floating Rate Senior Notes Due August 2038 (current outstanding balance of $43,551,100), Downgraded to C (sf); previously on December 23, 2008 Downgraded to Ca (sf)

Issuer: TABS 2005-4, Ltd.

U.S.$264,000,000 Class A Notes due August 2045 (current outstanding balance of $182,409,000), Downgraded to C (sf); previously on September 23, 2008 Downgraded to Ca (sf)

Issuer: TORO ABS CDO I, LTD.

U.S.$895,000,000 Class A First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2042 (current outstanding balance of $318,128,000), Downgraded to C (sf); previously on April 24, 2009 Downgraded to Ca (sf)

Issuer: West Coast Funding I, Ltd.

U.S.$1,187,950,000 Class A-1b Floating Rate Notes Due November 2041 (current outstanding balance of $1,070,790,000), Downgraded to C (sf); previously on March 4, 2013 Affirmed Ca (sf)

U.S.$100,000 Class A-1v Floating Rate Notes Due November 2041 (current outstanding balance of $45,069), Downgraded to C (sf); previously on March 4, 2013 Affirmed Ca (sf)

These SF CDOs have originated from 2000 to 2007 and are collateralized debt obligation backed by a portfolio of CDO, RMBS, CMBS, and ABS securities.

RATINGS RATIONALE

The rating actions are due primarily to the analysis of the overcollateralization levels to each of the transactions' tranches based on the deals' remaining portfolios. These overcollateralization levels served as the gauge to determine the ratings commensurate to the tranches according to the approximate expected recoveries associated with ratings for defaulted or impaired securities.

Moody's did not use a model to analyze the default and recovery property of the collateral pool. Instead, Moody's analyzed the transactions by assessing the overcollateralization coverage of each of the tranches' current balances.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Approach to Rating SF CDOs," published in June 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

The Credit Ratings for these SF CDOs were assigned in accordance with Moody's existing Methodology entitled "Moody's Approach to Rating SF CDOs," dated June 1, 2017. Please note that on November 14, 2018, Moody's released a Request for Comment, in which it requested market feedback on potential revisions to its methodology for rating SF CDOs. If the revised methodology is implemented as proposed, we do not expect the changes to affect the ratings on the notes issued by these SF CDO issuers. Please refer to Moody's Request for Comment, titled "Proposed Update to Moody's Approach to Rating SF CDOs", for further details regarding the implications of the proposed Methodology revisions on certain Credit Ratings.

Factors That Would Lead To an Upgrade or Downgrade of the Ratings:

This transaction is subject to a number of factors and circumstances that could lead to either an upgrade or downgrade of the ratings, as described below:

1) Primary causes of uncertainty about assumptions are the extent of any deterioration in either consumer or commercial credit conditions and in the commercial and residential real estate property markets. Commercial real estate property market is subject to uncertainty about general economic conditions including commercial real estate prices, investment activities, and economic performances. The residential real estate property market's uncertainties include housing prices; the pace of residential mortgage foreclosures, loan modifications and refinancing; the unemployment rate; and interest rates.

2) Deleveraging: One source of uncertainty in this transaction is whether deleveraging from principal proceeds, recoveries from defaulted assets, and excess interest proceeds will continue and at what pace. Faster than expected deleveraging could have a significantly positive impact on the notes' ratings.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

The analysis relies on an assessment of collateral characteristics to determine the collateral loss distribution, that is, the function that correlates to an assumption about the likelihood of occurrence to each level of possible losses in the collateral. As a second step, Moody's evaluates each possible collateral loss scenario using a model that replicates the relevant structural features to derive payments and therefore the ultimate potential losses for each rated instrument. The loss a rated instrument incurs in each collateral loss scenario, weighted by assumptions about the likelihood of events in that scenario occurring, results in the expected loss of the rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows. Moody's weights the impact on the rated instruments based on its assumptions of the likelihood of the events in such scenarios occurring.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

David Ham
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Leon Mogunov
Associate Managing Director
Structured Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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