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