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Related Issuers
ACES Series 2005-24
ARLO III Limited Series 2005 (Hyde Park)
ARLO III Limited Series 2005 (Saint James)
ARLO III Limited, Series 2005 (Girona)
Brady CDS
Citbank Unfunded Synthetic Swap (Ref No. CA1118042)
Cloverie 2006-008
Cloverie 2006-11
Cloverie New Mexico 2006-9
Corsair (Jersey) No. 4 Limited
COUNTS Trust Series 2004-2
COUNTS Trust, Series 2004-5
Credit and Repackaged Securities Limited 2006-1
Credit and Repackaged Securities Limited 2006-4
Credit and Repackaged Securities Limited 2006-5
Credit and Repackaged Securities Limited 2006-6
Credit and Repackaged Securities Limited 2006-7
Credit and Repackaged Securities Limited 2006-9
Credit and Repackaged Securities Limited Series 2006-15
Credit and Repackaged Securities Limited Series 2006-16
Credit and Repackaged Securities Limited Series 2006-17
Credit Default Swap - BluePoint Re Limited CN005107
Credit Default Swap ID #629613M
Credit Default Swap Reference #C540278M
Credit Linked Notes Ltd. 2004-2
Credit Linked Notes Ltd. 2004-3
Credit Protection Trust 159
Credit Protection Trust 187
Credit Protection Trust 195
Credit Protection Trust 197 (Canary)
Credit Protection Trust 234 - Alcazar
Credit Protection Trust 259
Delaware TIERS Fixed Rate Credit-Backed Trust Certificates, Series 2004-34
Deutsche Bank AG, London Branch- Credit Protection Trust 193 - CDS #C703076M
Deutsche Bank AG, London Branch- Credit Protection Trust 204 - CDS #C717976
Deutsche Bank AG, London Branch- LaCrosse Financial Products, LLC - CDS #C742861M
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GS CDS (Ref. # SDB506546906)
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GS CDS (Ref. # SDB506546955)
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UBS ISSUE SERIES 2032
Rating Action:

Moody's lowers ratings of 109 notes issued by Corporate Synthetic CDO transactions

25 Feb 2009

New York, February 25, 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 109 notes issued by collateralized debt obligation transactions referencing a portfolio of corporate entities (the "Corporate Synthetic CDOs").

Moody's explained that the rating actions taken today are the result of (i) the application of revised and updated key modeling parameter assumptions that Moody's uses to rate and monitor ratings of Corporate Synthetic CDOs and (ii) the deterioration in the credit quality of the transaction's reference portfolio. The revisions affect key parameters in Moody's model for rating Corporate Synthetic CDOs: default probability, asset correlation, and other credit indicators such as ratings reviews and outlooks. Moody's announced the changes to these assumptions in a press release titled "Moody's Updates its Key Assumptions for Rating Corporate Synthetic CDOs," published on January 15, 2009.

Moody's initially analyzed and continues to monitor this transaction using primarily the methodology for Corporate Synthetic CDOs as described in Moody's Special Report below:

-- Moody's Approach to Rating Corporate Collateralized Synthetic Obligations (December 2008)

This report 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:

ACES Series 2005-24

U.S. $20,000,000 Secured Floating Rate Notes due 2010, Downgraded to Caa3; previously on 9/26/2008 Downgraded to Baa3

ARLO III Limited Series 2005 (Hyde Park)

U.S. $35,000,000 Secured Limited Recourse Credit-Linked Notes due 2012, Downgraded to Ca; previously on 10/23/2008 Downgraded to Caa1

ARLO III Limited Series 2005 (Saint James)

U.S. $30,000,000 Secured Limited Recourse Credit-Linked Notes due 2012, Downgraded to Ca; previously on 10/23/2008 Downgraded to B1

ARLO III Limited, Series 2005 (Girona)

U.S. $50,000,000 Secured Limited Recourse Credit-Linked Notes due 2015, Downgraded to Ba2; previously on 8/27/2008 Downgraded to Aa2

Brady CDS

U.S. $1,700,000,000 Credit Derivative Transaction due December 20, 2012, Downgraded to Aa2; previously on 10/28/2005 Assigned Aaa

Citbank Unfunded Synthetic Swap (Ref No. CA1118042)

U.S. $10,000,000 Citbank Unfunded Synthetic Swap (Ref No. CA1118042), Downgraded to Ca; previously on 10/23/2008 Downgraded to Ba1

Cloverie 2006-008

Euro €20,000,000 Tranche Notes due June 20, 2016, Downgraded to Ca; previously on 10/14/2008 Downgraded to Caa1

Cloverie 2006-11

Euro €19,500,000 Tranche Notes due September 20, 2016, Downgraded to Caa2; previously on 11/4/2008 Downgraded to Ba3

Cloverie New Mexico 2006-9

Euro €19,500,000 Tranche Notes due June 20, 2016, Downgraded to Caa2; previously on 11/4/2008 Downgraded to Ba1

Corsair (Jersey) No. 4 Limited

U.S. $15,000,000 Deferrable Fixed Rate Secured Portfolio Credit-Linked Notes due 2014, Downgraded to Ba2; previously on 10/28/2008 Downgraded to A1

COUNTS Trust Series 2004-2

U.S. $150,000,000 DJ CDX.NA.IG.2 Floating Rate Certificates, due September 2009, Downgraded to A2; previously on 10/28/2008 Downgraded to Aa1

COUNTS Trust, Series 2004-5

U.S. $50,000,000 Series 2004-5 Certificates Due 2009, Downgraded to Ba1; previously on 2/15/2007 Downgraded to A2

Credit and Repackaged Securities Limited 2006-1

U.S. $20,000,000 Tranche Notes due March 20, 2013, Downgraded to Ca; previously on 11/19/2008 Downgraded to B2

Credit and Repackaged Securities Limited 2006-4

U.S. $30,000,000 Single Tranche Notes Due September 15, 2014, Downgraded to Ca; previously on 8/21/2008 Downgraded to B3

Credit and Repackaged Securities Limited 2006-5

U.S. $3,000,000 Single Tranche Notes Due September 15, 2014, Downgraded to Ca; previously on 10/22/2008 Downgraded to Ba3

Credit and Repackaged Securities Limited 2006-6

U.S. $2,000,000 Single Tranche Notes Due September 15, 2014, Downgraded to Ca; previously on 10/22/2008 Downgraded to Ba3

Credit and Repackaged Securities Limited 2006-7

U.S. $15,000,000 Single Tranche Notes Due September 15, 2014, Downgraded to Ca; previously on 10/22/2008 Downgraded to Caa2

Credit and Repackaged Securities Limited 2006-9

U.S. $43,000,000 Single Tranche Notes Due June 20, 2014, Downgraded to Ba1; previously on 10/27/2008 Downgraded to Aa1 and remains on Review for Possible Downgrade

Credit and Repackaged Securities Limited Series 2006-15

U.S. $20,000,000 Single Tranche Notes Due December 20, 2016, Downgraded to Caa3; previously on 10/28/2008 Downgraded to Ba2

Credit and Repackaged Securities Limited Series 2006-16

U.S. $5,000,000 Single Tranche Notes Due December 20, 2016, Downgraded to Ca; previously on 10/2/2008 Downgraded to B2

Credit and Repackaged Securities Limited Series 2006-17

U.S. $5,700,000 Single Tranche Notes Due December 20, 2016, Downgraded to Ca; previously on 10/28/2008 Downgraded to Caa2

Credit Default Swap - BluePoint Re Limited CN005107

U.S. $90,000,000 Credit Default Swap due June 20, 2010, Downgraded to Baa1; previously on 5/27/2005 Assigned Aaa

Credit Default Swap ID #629613M

10.5%-80% U.S. $1,390,000,000 Tranche, Downgraded to Aa1; previously on 1/6/2005 Assigned Aaa

Credit Default Swap Reference #C540278M

iBoxx.IG.2 7%-10% U.S. $10,000,000 Tranche, Downgraded to Aa3; previously on 10/28/2008 Downgraded to Aa1

Credit Linked Notes Ltd. 2004-2

U.S. $16,500,000 Credit Linked Notes due September 20, 2009, Downgraded to Caa1; previously on 4/30/2004 Assigned B2

Credit Linked Notes Ltd. 2004-3

U.S. $8,250,000 Credit Linked Notes due September 20, 2009, Downgraded to Caa2; previously on 6/30/2004 Assigned B1

Credit Protection Trust 159

U.S. $1,050,000,000 Credit Derivative Transaction due December 20, 2011, Downgraded to Aa1; previously on 10/5/2004 Assigned Aaa

Credit Protection Trust 187

Euro €400,000,000 Credit Derivative Transaction due September 20, 2012, Downgraded to Aa1; previously on 4/5/2005 Assigned Aaa

Credit Protection Trust 195

U.S. $400,000,000 Credit Derivative Transaction due September 20, 2012, Downgraded to Aa1; previously on 4/22/2005 Assigned Aaa

Credit Protection Trust 197 (Canary)

U.S. $440,000,000 Credit Default Swap due September 20, 2010, Ref. No.: CN008915, Downgraded to Aa3; previously on 6/29/2005 Assigned Aaa

Credit Protection Trust 234 - Alcazar

U.S. $1,000,000,000 Credit Derivative Transaction due September 20, 2011, Downgraded to Aa1; previously on 7/31/2006 Assigned Aaa

Credit Protection Trust 259

U.S. $1,000,000,000 Credit Derivative Transaction due June 20, 2014, Reference CN103312, Downgraded to Baa2; previously on 3/27/2007 Assigned Aaa

Delaware TIERS Fixed Rate Credit-Backed Trust Certificates, Series 2004-34

U.S. $16,650,000 Trust Certificates, Downgraded to Ca; previously on 10/23/2008 Downgraded to B3

Deutsche Bank AG, London Branch- Credit Protection Trust 193 - CDS #C703076M

U.S. $785,000,000 30.75%-70% Tranche, Downgraded to Aa2; previously on 6/14/2005 Assigned Aaa

Deutsche Bank AG, London Branch- Credit Protection Trust 204 - CDS #C717976

U.S. $585,000,000 30.75%-60% Tranche, Downgraded to Aa3; previously on 6/29/2005 Assigned Aaa

Deutsche Bank AG, London Branch- LaCrosse Financial Products, LLC - CDS #C742861M

U.S. $1,300,000,000 15%-80% Tranche, Downgraded to Aa1; previously on 6/21/2005 Assigned Aaa

Dublin Bay (CDO) Limited

U.S. $100,000,000 Floating Rate Class A credit-linked Notes due 2010, Downgraded to Caa2; previously on 10/2/2008 Downgraded to A2

GS CDS (Ref. # SDB506494104)

U.S. $5,000,000 Credit Default Swap Referencing Class 7A1 of Landgrove Synthetic CDO SPC Series 2007-2, Downgraded to Baa3; previously on 11/3/2008 Downgraded to Aa1

GS CDS (Ref. # SDB506546906)

U.S. $6,000,000 Credit Default Swap Referencing Class 7A1 of Landgrove Synthetic CDO SPC Series 2007-2, Downgraded to Baa3; previously on 11/3/2008 Downgraded to Aa1

GS CDS (Ref. # SDB506546935)

U.S. $5,000,000 Credit Default Swap Referencing Class 7A1 of Landgrove Synthetic CDO SPC Series 2007-2, Downgraded to Baa3; previously on 11/3/2008 Downgraded to Aa1

GS CDS (Ref. # SDB506546943)

U.S. $5,000,000 Credit Default Swap Referencing Class 7A1 of Landgrove Synthetic CDO SPC Series 2007-2, Downgraded to Baa3; previously on 11/3/2008 Downgraded to Aa1

GS CDS (Ref. # SDB506546950)

U.S. $3,000,000 Credit Default Swap Referencing Class 7A1 of Landgrove Synthetic CDO SPC Series 2007-2, Downgraded to Baa3; previously on 11/3/2008 Downgraded to Aa1

GS CDS (Ref. # SDB506546955)

U.S. $3,000,000 Credit Default Swap Referencing Class 7A1 of Landgrove Synthetic CDO SPC Series 2007-2, Downgraded to Baa3; previously on 11/3/2008 Downgraded to Aa1

GS CDS (Ref. # SDB506547004)

U.S. $3,000,000 Credit Default Swap Referencing Class 7A1 of Landgrove Synthetic CDO SPC Series 2007-2, Downgraded to Baa3; previously on 11/3/2008 Downgraded to Aa1

GS CDS (Ref. #SDB507893701.0.1.0)

U.S. $1,000,000,000 Credit Derivative Transaction due December 20, 2010, Downgraded to Aa1; previously on 2/29/2008 Assigned Aaa

Irvington SCDO 2004-1 Ltd. (March 4, 2004)

Class A-3L Notes due March 11, 2010, Downgraded to Ca; previously on 10/14/2008 Downgraded to Caa2

Jupiter (Reference ID: J18323)

U.S. $1,600,000,000 Credit Derivative Transaction Due June 20, 2017, Downgraded to Aa1; previously on 5/31/2007 Assigned Aaa

Lynden 2006-1 (Series 21)

U.S. $15,000,000 Tranche AAA-L Secured Limited Recourse Credit-Linked Notes due 2013, Downgraded to Caa1; previously on 10/8/2008 Downgraded to Baa1

Magnolia Finance II Series 2005-1

U.S. $30,000,000 Portfolio Credit Linked Notes due 2010, Downgraded to Baa3; previously on 11/7/2008 Downgraded to Aa1

Magnolia Finance II Series 2005-2

U.S. $5,000,000 Portfolio Credit Linked Notes due 2010, Downgraded to Ca; previously on 11/7/2008 Downgraded to B2

Magnolia Finance IV plc

Series 2005-1 U.S. $3,000,000 Portfolio Credit Linked Notes due 2010, Downgraded to Ca; previously on 11/7/2008 Downgraded to B1

Magnolia Finance V plc

Series 2005-1 U.S. $3,000,000 Portfolio Credit Linked Notes due 2010, Downgraded to Ca; previously on 11/7/2008 Downgraded to B1

Maple 2005-241 Tranche A1 REF:129802

U.S. $100,000,000 Tranche A1 Ref: 129802, Downgraded to Ca; previously on 9/19/2008 Downgraded to B2

Maple 2005-241 Tranche B1

U.S. $ 110,000,000 Tranche B1, Downgraded to Ca; previously on 9/19/2008 Downgraded to Caa2

Maple 2005-32 Tranche Aaa REF: 145857

U.S. $20,000,000 Tranche Aaa REF: 145857, Downgraded to Ca; previously on 9/19/2008 Downgraded to Caa2

Mariner

U.S. $175,000,000 Credit Derivative Transaction Due 2012, Downgraded to Ba3; previously on 10/28/2008 Downgraded to A2

Mistletoe Orso Trust 2

U.S. $50,000,000 Credit-Linked Certificates due March 20, 2012, Downgraded to B2; previously on 10/14/2008 Downgraded to A2

Morgan Stanley ACES SPC Series 2007-10

U.S. $200,000,000 Class IA Secured Floating Rate Notes due 2017, Downgraded to Ba3; previously on 9/19/2008 Downgraded to Baa2

Morgan Stanley ACES SPC, Series 2005-21

U.S. $5,000,000 Class IA Notes due September 20, 2010, Downgraded to Ca; previously on 10/23/2008 Downgraded to B2

Morgan Stanley ACES SPC, Series 2005-8

U.S. $6,000,000 Secured Fixed Rate Notes due 2015, Downgraded to Caa3; previously on 10/23/2008 Downgraded to B1

Morgan Stanley ACES SPC, Series 2005-9

U.S. $6,000,000 Secured Fixed Rate Notes due 2015, Downgraded to Caa2; previously on10/27/2008 Downgraded to Ba1

Morgan Stanley ACES SPC, Series 2006-23

U.S. $10,000,000 Class IB Secured Fixed Rate Notes due September 20, 2016, Downgraded to Caa2; previously on 10/17/2008 Downgraded to Baa2

Morgan Stanley ACES SPC, Series 2006-35

U.S.$75,000,000 Class I Secured Floating Rate Notes due 2016, Downgraded to Caa1; previously on 11/4/2008 Downgraded to Baa1

Morgan Stanley ACES, SPC - Series 2007-31 Segregated Portfolio

EUR €200,000,000 Secured Floating Rate Notes due 2017, Downgraded to A1; previously on 8/29/2007 Assigned Aaa

MS CDS Ref# NGTYU

U.S. $1,100,000,000 Credit Derivative Transaction due March 20, 2014, Downgraded to Aa3; previously on 2/27/2007 Assigned Aaa

New Generation Funding Trust 116

U.S. $375,000,000 Credit Derivatives Transaction - Ref. No NSBQQ, Downgraded to Aa1; previously on 3/28/2006 Assigned Aaa

ORSO Portfolio Tranche Index Certificates, Series Trust 1

U.S. $28,000,000 Credit-Linked Certificates due September 20, 2014, Downgraded to Baa1; previously on 10/17/2008 Downgraded to Aa1 and remains on Review for Possible Downgrade

Pine Tree I - Credit Derivative Transaction - Series 2005-2 (Reference: PS252)

U.S. $4,000,000 Secured Floating Rate Credit Linked Notes due 2012, Downgraded to Ca; previously on 11/7/2008 Downgraded to Caa1

Pine Tree III: USD 4,000,000 Secured Floating Rate Credit Linked Notes Due 2012, Series 2005-4

U.S. $4,000,000 Secured Floating Rate Credit Linked Notes Due 2012, Downgraded to Ca; previously on 7/11/2008 Downgraded to B2

Pine Tree IV - Series 2006-2

U.S. $3,000,000 Secured Floating Rate Credit Linked Notes due June 30, 2013, Downgraded to Ca; previously on 10/21/2008 Downgraded to Caa1

Prism Trident ORSO Trust

U. S. $25,000,000 Credit Linked Certificates due September 20, 2009, Downgraded to A2; previously on 1/12/2009 Downgraded to A1

SALS 2007-3 (Series 4657)

U.S. $20,000,000 SALS 2007-3 Notes due June 20, 2017, Downgraded to Ca; previously on 10/28/2008 Downgraded to Caa3

Sedona 2005-2 Series 18

Tranche A6-F1 U.S. $4,000,000 Secured Limited Recourse Credit Linked Notes due 2012, Downgraded to Ca; previously on 10/8/2008 Downgraded to Caa3

Series 2007-1 Segregated Portfolio of Pantera Vive CDO SPC

U.S. $50,000,000 Class A Floating Rate Notes Due 2017, Series 2007-1, Downgraded to B3; previously on 7/1/2008 Downgraded to A2

Sperlonga 2005-2 (Credit Protection Trust 190)

U.S. $480,000,000 Credit Default Swap due September 20, 2010, Ref. No.: CN002938, Downgraded to A1; previously on 3/29/2005 Assigned Aaa

Sperlonga 2007-2 (Credit Protection Trust 259) CDS Ref. No.:CN118756

U.S. $1,000,000,000 Credit Derivative Transaction due September 20, 2014, Downgraded to Baa3; previously on 8/29/2007 Assigned Aaa

Standish 10040 - Trustee of Donations - Episcopal Church CDS I

U.S. $500,000 Credit Default Swap Ref. No.: NKG2Y, Downgraded to Caa3; previously on 9/26/2008 Downgraded to Ba3

Standish 10040 - Trustee of Donations - Episcopal Church CDS II

U.S. $500,000 Credit Default Swap Ref. No.: NKG2Z, Downgraded to Ca; previously on

9/26/2008 Downgraded to B1

Strata Trust, Series 2006-10

U.S. $15,000,000 Floating Rate Notes due June 21, 2003, Downgraded to B1; previously

on 10/27/2008 Downgraded to A2

Strata Trust, Series 2006-2

U.S. $30,000,000 Floating Rate Notes due June 21, 2013, Downgraded to Ca; previously on 10/27/2008 Downgraded to Ba2

Structured Investments Corporation III, Series 2005-3

U.S. $30,000,000 Series 2005-3 Notes Due 2015, Downgraded to Ca; previously on 10/23/2008 Downgraded to Caa3

Structured Investments Corporation, Series 2005-4

U.S. $10,000,000 Series 2005-4 Notes Due 2015, Downgraded to Ca; previously on 10/23/2008 Downgraded to Caa3

Swiss Cheetah 2006-1

U.S. $10,000,000 Swiss Cheetah LLC, Series 2006-1 Credit Default Swap, Downgraded to Ca; previously on 10/23/2008 Downgraded to Caa1

Swiss Cheetah 2006-2

U.S. $10,000,000 Swiss Cheetah LLC, Series 2006-2 Credit Default Swap, Downgraded to Ca; previously on 10/23/2008 Downgraded to Caa1

Swiss Cheetah 2006-3

U.S. $10,000,000 Swiss Cheetah LLC, Series 2006-3 Credit Default Swap, Downgraded to Ca; previously on 10/23/2008 Downgraded to Caa1

Swiss Cheetah LLC Asset Protection Transaction 3

U.S. $37,500,000 Swiss Cheetah LLC Asset Protection Transaction 3B, Downgraded to Caa2; previously on 11/5/2008 Downgraded to Ba1

Swiss Cheetah LLC Asset Protection Swap Transaction 5

U.S. $37,500,000 Swiss Cheetah LLC Asset Protection Transaction 5B, Downgraded to Caa3; previously on 8/13/2008 Downgraded to Ba1

Swiss Cheetah LLC Asset Protection Transaction 7

U.S. $37,500,000 Swiss Cheetah LLC Asset Protection Transaction 7B, Downgraded to B3; previously on 10/8/2008 Downgraded to Baa2

Swiss Cheetah LLC Asset Protection Transaction 8

U.S. $37,500,000 Swiss Cheetah LLC Asset Protection Transaction 8B, Downgraded to B3; previously on 8/13/2008 Downgraded to Baa3

Swiss Cheetah, Series 2004-1

U.S. $20,000,000 Swiss Cheetah Asset Protection Transaction, Series 2004-1, Downgraded to Ca; previously on 11/6/2008 Downgraded to B1

Terra CDO SPC Ltd. Series 2007-7

U.S. $5,750,000 Class A1 Fixed Rate Notes due September 2012, Downgraded to Ca; previously on 6/9/2008 Downgraded to Baa3

Tiers 2005-13

U.S. $41,000,000 TIERS® Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/15/2008 Downgraded to Caa2

Tiers 2006-10

U.S. $10,000,000 TIERS® Floating Rate Credit Linked Trust Certificates, Downgraded to Ca;

previously on 10/23/2008 Downgraded to Caa2

Tiers 2006-9 (Alaska)

U.S. $25,000,000 TIERS® Alaska Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/23/2008 Downgraded to B2

TIERS Alaska Floating Rate Credit Linked Trust, Series 2007-2

U.S. $8,000,000 TIERS® Alaska Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/23/2008 Downgraded to B3

TIERS Arizona Floating Rate Credit Linked Trust, Series 2006-02

U.S. $50,000,000 TIERS Arizona Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/23/2008 Downgraded to Ba3

TIERS Credit Backed Trust DJ CDX 2004-35

U.S. $100,000,000 Credit Backed Trust Certificates, Downgraded to Baa1; previously on 10/28/2008 Downgraded to Aa2

TIERS Floating Rate Credit Linked Trust Certificates, Series 2006-12

U.S. $43,000,000 TIERS Floating Rate Credit Linked Trust Certificates, Downgraded to B2; previously on 11/7/2008 Downgraded to A1

TIERS Florida Floating Rate Credit Linked Trust, Series 2005-15

U.S. $15,000,000 TIERS Florida Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/14/2008 Downgraded to Caa2

Tiers Georgia 2006-1

U.S. $20,000,000 TIERS Georgia Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 11/7/2008 Downgraded to Caa1

TIERS Hawaii Floating Rate Credit Linked Trust, Series 2007-22

U.S. $25,000,000 TIERS® Hawaii Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/27/2008 Downgraded to Caa2

Tiers Missouri 2007-1

U.S. $31,000,000 Tiers Missouri Floating Rate Credit Linked Trust Certificates, Downgraded to Caa2; previously on 10/21/2008 Downgraded to Ba1

TIERS Vermont Floating Rate Credit Linked Trust, Series 2007-23

U.S. $15,000,000 TIERS® Vermont Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/27/2008 Downgraded to Caa1

TIERS® California Floating Rate Credit Linked Trust, Series 2006-3

U.S. $41,000,000 Tiers® California Floating Rate Credit Linked Trust Certificates, Downgraded to Ca; previously on 10/14/2008 Downgraded to B1

Tribune Limited- Series 21

U.S. $5,000,000 5.90 per cent. Credit Linked Secured Notes due 2010, Downgraded to Ca; previously on 10/15/2008 Downgraded to Caa3

Tribune Ltd Series 23

U.S. $10,000,000 6.45 per cent. Credit Linked Secured Notes due 2010, Downgraded to Ca; previously on 10/15/2008 Downgraded to Caa3

UBS $24MM DMR CLN Series 3832

U.S. $24,000,000 Floating Rate Notes due September 20, 2014, Downgraded to Ca; previously on 10/28/2008 Downgraded to Ba2

UBS AG, Jersey Branch, Credit Linked Notes Series 2915

U.S. $5,000,000 B-2005-5 Floating Rate Notes due June 20, 2010, Downgraded to Ca; previously on 11/4/2008 Downgraded to B2

UBS ISSUE SERIES 2032

U.S. $18,000,000 Fixed Rate Credit Linked Notes due March 20, 2012, Downgraded to Caa3; previously on 3/30/2004 Assigned Baa3

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

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

Moody's lowers ratings of 109 notes issued by Corporate Synthetic CDO transactions
No Related Data.
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