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Rating Action:

Moody's lowers ratings of 126 Notes issued by 42 structured finance CDO transactions

24 Apr 2009

New York, April 24, 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 126 Notes issued by 42 collateralized debt obligation transactions which consist of significant exposure to one or more of Alt-A, Option-ARM and subprime RMBS securities, CLOs, or CMBS. Moody's explained that the rating actions listed below reflect certain updates and projections and recent rating actions on underlying assets on these asset classes as described below. Some of the deals have also experienced an Event of Default.

Moody's revised loss projections for Alt-A RMBS securities which were described in a press release titled "Moody's Updated Loss Projections for '06 and '07 Alt-A RMBS," published on January 22, 2009. According to the press release, on average, Moody's is now projecting cumulative losses of about 20% for 2006 securitizations and about 24% for 2007 securitizations. For more details on the revised loss projections and Moody's updated Alt-A surveillance methodology, please see "Alt-A RMBS Loss Projection Update: January 2009," available on Moodys.com. Moody's revised loss projections for Option ARMs RMBS securities issued in the US since 2004 which were described in a press release titled "Moody's updates loss projections for Option ARMs RMBS" published on February 5, 2009. According to the press release, on average, Moody's is now projecting cumulative losses of 27% for 2006 and 30% for 2007 vintage Option ARM securitizations. For more details on the revised loss projections and Moody's updated Option ARMs surveillance methodology, please see "Option ARMs Loss Projection Update: February 2009" available on Moodys.com.

Moody's revised loss projections for subprime RMBS issued from 2005 to 2007 were described in a press release titled "2005-7 subprime RMBS on downgrade review" published on February 26, 2009. The revised loss projection for 2006 vintage subprime pools is expected to fall within the range of 28% to 32% of the original balance of such pools, whereas Moody's previous estimate was 22%. For 2005 and 2007 pools, such projections are expected to range from 12% to 14% and 33% to 37% of original balance, respectively.

A review of all U.S. commercial mortgage backed securities (CMBS) conduit and fusion transactions rated during the period from 2006 through 2008, and all large loan and single borrower transactions regardless of vintage was concluded recently. The review was announced in a Press Release titled "Moody's announces review of Certain U.S. CMBS Ratings " on February 5, 2009.

Moody's announced revisions and updates to certain key assumptions, including Default Probability and Diversity Score, that it uses to rate and monitor collateralized loan obligations (CLOs) in a Press Release titled "Moody's updates key assumptions for rating CLOs" published on February 4, 2009. The completion of the first stage of its two-stage review of U.S. and EMEA cash flow CLOs was announced on March 27, 2009. As of March 23, Moody's had downgraded approximately 2,071 tranches from 668 transactions.

In addition, Moody's explained that the rating actions taken today incorporate the application of revised and updated key modeling parameter assumptions that Moody's uses to rate and monitor ratings of SF CDOs. The revisions affect the three key parameters in Moody's model for rating SF CDOs: asset correlation, default probability and recovery rate. Moody's announced the changes to these assumptions in a press release titled "Moody's Updates its Key Assumptions for Rating Structured Finance CDOs," published on December 11, 2008.

Moody's initially analyzed and continues to monitor these transactions using primarily the methodology and its supplements for ABS CDOs as described in Moody's Special Report below:

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

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:

ABSpoke 2005-IC, Ltd.

Fixed Rate Notes due 2042, Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

ABSpoke 2005-IC2, Ltd.

Variable Floating Rate Notes, Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

ABSpoke 2005-IVA, Ltd.

Variable Floating Rate Notes due 2039, Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

ACA ABS 2003-1, Limited

U.S. $ 15,000,000 Class B Floating Rate Term Notes, due June 10, 2038, Downgraded to C; previously on 5/8/2008 Downgraded to Ca

U.S. $ 30,000,000 Class A-M Foating Rate Term Notes, due June 10, 2038, Downgraded to C; previously on 5/8/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $ 80,000,000 Class A-R Floating Rate Revolving Notes, due June 10, 2038, Downgraded to Ca; previously on 12/23/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S. $210,000,000 Class A-T Floating Rate Term Notes, due June 10, 2038, Downgraded to Ca; previously on 12/23/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Alexander Park CDO I, Ltd.

Class A-1 Floating Rate Term Notes, Due 2039, Downgraded to B3; previously on 12/22/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class A-2 Floating Rate Term Notes, Due 2039, Downgraded to Ca; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B Floating Rate Term Notes, Due 2039, Downgraded to C; previously on 11/20/2008 Downgraded to Ca

Class C Fixed Rate Term Notes, Due 2039, Downgraded to C; previously on 11/20/2008 Downgraded to Ca

ARLO VI Limited Series 2006 (Zander I)

Zander I, Downgraded to C; previously on 12/16/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Belle Haven ABS CDO 2005-1, Ltd.

Class A-1, Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class A-2, Downgraded to C; previously on 10/31/2008 Downgraded to Ca

Class B, Downgraded to C; previously on 10/31/2008 Downgraded to Ca

Belle Haven ABS CDO 2006-1, Ltd.

Class A-1, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

BFC Genesee CDO Ltd.

Class A-1LA, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-1LB, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class A2L, Downgraded to C; previously on 5/29/2008 Downgraded to Ca

Blue Heron Funding V Ltd.

U.S.$85,000,000 Class B Blue Heron Funding V Cash Flow Contingent Interest Notes, Series 2003-1, due February 25, 2041, Downgraded to Ca; previously on 12/23/2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

C-BASS CBO XVI Ltd.

Class A, Downgraded to C; previously on 12/16/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Class B, Downgraded to C; previously on 5/23/2008 Downgraded to Ca

Commodore CDO V, Ltd.

U.S.$75,000,000 Class A-1A First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2047, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$225,000,000 Class A-1B Second Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$50,000,000 Class A-2 Third Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 6/2/2008 Downgraded to

U.S.$25,000,000 Class A-3 Fourth Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S.$70,000,000 Class B Fifth Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

Dallaglio CDO 2005-2 LTD

Class B Floating Rate Notes, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Floating Rate Notes, Downgraded to C; previously on 12/17/2008 Downgraded to Ca

Class D Floating Rate Notes, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3

Duke Funding VII, Ltd

U.S. $382,000,000 Class I-A1 Senior Secured Floating Rate Notes Due 2034, Downgraded to Caa2; previously on 12/22/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

U.S. $129,900,000 Class I-A2 Senior Secured Floating Rate Notes Due 2034, Downgraded to Caa2; previously on 12/22/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

U.S. $100,000 Class I-A2v Senior Secured Floating Rate Notes Due 2034, Downgraded to Caa2; previously on 12/22/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

U.S. 98,500,000 Class II Senior Secured Floating Rate Notes Due 2039, Downgraded to Caa3; previously on 12/22/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. $61,000,000 Class III-A Senior Secured Floating Rate Notes Due 2039, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $3,500,000 Class III-B Senior Secured Fixed Rate Notes Due 2039, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $39,500,000 Class IV-A Mezzanine Secured Floating Rate Notes Due 2039, Downgraded to C; previously on 4/24/2008 Downgraded to Ca

U.S. $5,500,000 Class IV-B Mezzanine Secured Fixed Rate Notes Due 2039, Downgraded to C; previously on 4/24/2008 Downgraded to Ca

U.S. $10,000,000 Class X Combination Notes Due 2039, Downgraded to Caa3; previously on 12/22/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S. $4,000,000 Class Y Combination Notes Due 2039, Downgraded to Ca; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $7,000,000 Class Z Combination Notes Due 2039, Downgraded to C; previously on 12/22/2008 Downgraded to Ca

Duke Funding X, Ltd.

Class A1 Senior Secured Floating Rate Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class A2 Senior Secured Floating Rate Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class A3 Senior Deferrable Interest Floating Rate Notes, Downgraded to C; previously on 5/1/2008 Downgraded to Ca

Senior Swap, Downgraded to C; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Duke Funding XI, Ltd.

$132,000,000 Class A-1E Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

$88,000,000 Class A-2E Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

$48,000,000 Class A-3E Deferrable Interest Floating Rate Notes Due 2046, Downgraded to C; previously on 5/1/2008 Downgraded to Ca

$67,000,000 Class B-1E Deferrable Interest Floating Rate Notes Due 2046, Downgraded to C; previously on 5/1/2008 Downgraded to Ca

$704,000,000 Senior Swap, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

$33,000,000 Class X Floating Rate Notes Due 2013, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Fox Trot CDO Ltd.

Class A, Downgraded to C; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class B, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Galleria CDO IV, Ltd.

$160,500,000 Class A-1 Senior Secured Floating Rate Revolving Notes, Due 2034, Downgraded to Caa3; previously on 5/18/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

$160,500,00 Class A-2 Senior Secured Floating Rate Revolving Notes, Due 2034, Downgraded to Caa3; previously on 5/18/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Gemstone CDO IV Ltd.

Class A-1 Floating Rate Notes Due February 2041, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2 Floating Rate Notes Due February 2041, Downgraded to C; previously on 10/1/2008 Downgraded to Ca

Class A-3 Floating Rate Notes Due February 2041, Downgraded to C; previously on 10/1/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B Floating Rate Notes Due February 2041, Downgraded to C; previously on 10/1/2008 Downgraded to Ca

Ipswich Street CDO, LLC

U.S. $1,530,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. $60,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

U.S. $62,000,000 Class B Third Priority Senior Secured Floating Rate Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Ischus CDO II, Ltd.

U.S. $214,000,000 Class A-1A First Priority Senior Secured Floating Rate Notes Due 2040 (the "Class A-1A Notes"), Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S. $50,000,000 Class A-1B First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2040 (the "Class A-1B Notes"), Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S. $28,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2040 (the "Class A-2 Notes"), Downgraded to C; previously on 10/28/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $55,000,000 Class B Third Priority Senior Secured Floating Rate Notes Due 2040 (the "Class B Notes"), Downgraded to C; previously on 10/28/2008 Downgraded to Ca

Kenmare 2005-I, Ltd.

Variable Floating Rate Notes due 2048, Downgraded to C; previously on 12/17/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Kent Funding, Ltd.

Class A-1 Notes, Downgraded to Ca; previously on 12/17/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Class A-2 Notes, Downgraded to C; previously on 10/28/2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

Funding Notes, Downgraded to Ca; previously on 12/17/2008 Downgraded to B1 and remains on Review for Possible Downgrade

McKinley II Funding, Ltd.

U.S. $71,000,000 Class A-1 Floating Rate Notes Due 2045, Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $17,500,000 Class A-2 Floating Rate Notes Due 2045, Downgraded to C; previously on 7/9/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $10,000,000 Class A-3A Pass-Through Notes Due 2045, Downgraded to C; previously on 7/9/2008 Downgraded to Ca

U.S. $15,000,000 Class A-3B Pass-Through Notes Due 2045, Downgraded to C; previously on 7/9/2008 Downgraded to Ca

MID OCEAN CBO 2000-1 LTD.

Class A-1L Floating Rate Notes, Downgraded to Caa3; previously on 5/30/2008 Downgraded to Caa2 and Placed Under Review for Possible Downgrade

Class A-2 7.7254% Notes, Downgraded to C; previously on 4/7/2008 Downgraded to Ca

Class A-2L Floating Rate Notes, Downgraded to C; previously on 4/7/2008 Downgraded to Ca

Mid Ocean CBO 2001-1 Ltd.

Class A-1 6.5563% Notes Due November 2036, Downgraded to Caa3; previously on 6/2/2008 Downgraded to Caa2 and Placed Under Review for Possible Downgrade

Class A-1L Floating Rate Notes Due November 2036, Downgraded to Caa3; previously on 6/2/2008 Downgraded to Caa2 and Placed Under Review for Possible Downgrade

Class A-2L Floating Rate Notes Due November 2036, Downgraded to C; previously on 12/27/2007 Downgraded to Ca

Millstone Funding Ltd.

Cl. A-1, Downgraded to Ca; previously on 12/22/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Cl. A-2, Downgraded to C; previously on 12/22/2008 Downgraded to Ca

Millstone II CDO Ltd.

Class A-1M, Downgraded to Ca; previously on 10/20/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-1Q, Downgraded to Ca; previously on 10/20/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2, Downgraded to C; previously on 10/20/2008 Downgraded to Ca

Class B, Downgraded to C; previously on 10/20/2008 Downgraded to Ca

MKP CBO I, Ltd./MKP CBO Delaware Corp.

Class A-1L Floating Rate Notes Due February 2036, Downgraded to Ca; previously on 6/25/2007 Downgraded to Caa1

Class A-2L Floating Rate Notes February 2036, Downgraded to C; previously on 7/27/2006 Downgraded to Ca

Montauk Point CDO, Ltd.

Class A-1 First Priority Senior Secured Floating Rate Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

Class A-2 Second Priority Senior Secured Floating Rate Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class B Third Priority Senior Secured Floating Rate Notes, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

Class C Fourth Priority Senior Secured Floating Rate Notes, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Orchid Structured Finance CDO III, Inc.

U.S.$350,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$65,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

U.S.$40,000,000 Class B Third Priority Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Pillars CDO I Transaction

Class A Tranche, Downgraded to Ca; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Pinnacle Point Funding Ltd.

Class A-1 Notes, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2 Notes, Downgraded to C; previously on 12/22/2008 Downgraded to Ca

PPM America Structured Finance CBO I Ltd.

Class A-1 Floating Rate Senior Notes, Downgraded to Caa3; previously on 10/18/2005 Downgraded to Caa1

Class A-2A Fixed Rate Senior Notes, Downgraded to C; previously on 3/16/2005 Downgraded to Ca

Class A-2B Floating Rate Senior Subordinated Notes, Downgraded to C; previously on 3/16/2005 Downgraded to Ca

Pyxis Libertas 2006-11

U.S. $135,000,000 Class 2006-11 Units issued by PY, Downgraded to C; previously on 12/11/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

SFA Collateralized Asset-Backed Securities 1Trust

Class A Floating Rate Notes due 20305, Downgraded to Ca; previously on 8/16/2006 Downgraded to Caa3

Class B-1 Floating Rate Notes due 2035, Downgraded to C; previously on 8/16/2006 Downgraded to Ca

Class B-2 8.575% Notes due 2035, Downgraded to C; previously on 8/16/2006 Downgraded to Ca

SHERWOOD FUNDING CDO II, LTD.

A-1, Downgraded to C; previously on 12/17/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

A-2, Downgraded to C; previously on 12/17/2008 Downgraded to Ca

B, Downgraded to C; previously on 12/17/2008 Downgraded to Ca

C, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Combo Note, Downgraded to C; previously on 12/17/2008 Downgraded to Ca

D, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

SUMMER STREET 2005-1, LTD.

U.S.$279,000,000 Class A-1 Floating Bate Senior Secured Notes due 2045, Downgraded to Ca; previously on 12/17/2008 Downgraded to B2 and remains on Review for Possible Downgrade

U.S.$38, 000,000 Class A-2 Floating Rate Senior Secured Notes due 2045, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$33, 000,000 Class A-3 Floating Rate Senior Secured Notes due 2045, Downgraded to C; previously on 12/17/2008 Downgraded to Ca

TABS 2005-3, Ltd.

U.S.$195,000,000 Class A-1 Senior Secured Floating Rate Delayed Draw Term Notes Due 2045, Downgraded to C; previously on 12/17/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S.$35,000,000 Class A-2 Senior Secured Floating Rate Term Notes Due 2045, Downgraded to C; previously on 12/17/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S.$33,000,000 Class B Senior Secured Floating Rate Term Notes Due 2045, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

TOPANGA CDO, LTD.

U.S.$49,000,000 Class A-1 Floating Rate Senior Secured Notes Due 2045, Downgraded to Ca; previously on 12/16/2008 Downgraded to B2 and remains on Review for Possible Downgrade

U.S.$37,000,000 Class A-2 Floating Rate Senior Secured Notes Due 2045, Downgraded to C; previously on 12/16/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S.$26,000,000 Class B Floating Rate Deferrable Subordinate Secured Notes Due 2045, Downgraded to C; previously on 5/9/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$20,000,000 Class C Floating Rate Deferrable Junior Subordinate Secured Notes Due 2045, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

TORO ABS CDO I, LTD.

U.S.$895,000,000 Class A First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2042, Downgraded to Ca; previously on 12/17/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S.$76,000,000 Class B Second Priority Senior Secured Floating Rate Notes Due 2042, Downgraded to C; previously on 11/21/2008 Downgraded to Ca

Zenith Funding, Ltd.

A-1, Downgraded to Ca; previously on 12/22/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

A-2, Downgraded to C; previously on 6/17/2008 Downgraded to Ca

Combo Note, Downgraded to C; previously on 5/30/2008 Downgraded to Caa3

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

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

Moody's lowers ratings of 126 Notes issued by 42 structured finance CDO transactions
No Related Data.
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CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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