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Rating Action:

Moody's lowers ratings of 141 Notes issued by 37 structured finance CDO transactions

22 Apr 2009

New York, April 22, 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 141 Notes issued by 37 collateralized debt obligation transactions , and confirmed the ratings of 1 Note issued by another transaction, 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:

Acacia CDO 12, Ltd.

U.S. $291,500,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

U.S. $100,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $41,000,000 Class B Third Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to C; previously on 8/7/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Adrastea SHG 2007-1, Ltd.

U.S. $1,600,000,000 Class A-1M Variable Funding Floating Rate Notes Due 2052, Downgraded to Ca; previously on 12/11/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S. $200,000,000 Class A-1Q Floating Rate Notes Due 2052, Downgraded to C; previously on 12/11/2008 Downgraded to B2 and remains on Review for Possible Downgrade

U.S. $84,000,000 Class A-2 Floating Rate Notes Due 2052, Downgraded to C; previously on 12/11/2008 Downgraded to B3 and remains on Review for Possible Downgrade

U.S. $50,000,000 Class A-3 Floating Rate Notes Due 2052, Downgraded to C; previously on 12/11/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. $30,000,000 Class A-4 Floating Rate Notes Due 2052, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Altius IV Funding, Ltd.

U.S. $644,850,000 Class A-1B Floating Rate Notes Due 2042, Downgraded to C; previously on 10/28/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $300,000 Class A-1V Floating Rate Notes Due 2042, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $50,000,000 Class A-2a Floating Rate Notes Due 2042, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

U.S. $55,000,000 Class A-2b Floating Rate Notes Due 2042, Downgraded to C; previously on 10/28/2008 Downgraded to Ca

U.S. $66,000,000 Class B Floating Rate Notes Due 2042, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Anderson Mezzanine Funding 2007-1, Ltd.

U.S. $130,000,000 Class A-1a Floating Rate Notes due July 2042, Downgraded to C; previously on 10/8/2008 Downgraded to Ca

U.S. $53,000,000 Class A-1b Floating Rate Notes due July 2042, Downgraded to C; previously on 10/8/2008 Downgraded to Ca

U.S. $30,500,000 Class A-2 Floating Rate Notes due July 2042, Downgraded to C; previously on 3/24/2008 Downgraded to Ca

U.S. $42,700,000 Class B Floating Rate Notes due July 2042, Downgraded to C; previously on 3/24/2008 Downgraded to Ca

BFC Ajax CDO Ltd.

U.S.$275,000,000 Class A Senior Floating Rate Notes Due 2046, Downgraded to C; previously on 3/24/2009 Upgraded to Ba3

U.S.$15,000,000 Class B 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.$10,000,000 Class X Deferrable Floating Rate Notes Due 2046, Downgraded to C; previously on 5/23/2008 Downgraded to Ca

C-BASS CBO VIII Ltd.

U.S.$26,600,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due November 2028, Downgraded to Aa3; previously on 12/23/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

U.S. $ 18,350,000 Class B Third Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to A3; previously on 2/6/2009 Downgraded to A2

U.S. $ 20,700,000 Class C Fourth Priority Secured Floating Rate Deferrable Interest Notes Due 2038, Downgraded to B2; previously on 2/6/2009 Downgraded to Ba1

U.S. $ 12,000,000 Class D-1 Fifth Priority Secured Floating Rate Deferrable Interest Notes Due 2038, Downgraded to Ca; previously on 2/6/2009 Downgraded to Ba3

U.S. $ 4,950,000 Class D-2 Fifth Priority Secured Fixed Rate Deferrable Interest Notes Due 2038, Downgraded to Ca; previously on 2/6/2009 Downgraded to Ba3

C-BASS CBO XIX Ltd.

A-1, Downgraded to Ca; previously on 12/11/2008 Downgraded to B1 and remains on Review for Possible Downgrade

A-2, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

B, Downgraded to C; previously on 4/24/2008 Downgraded to Ca

Coda CDO 2007-1 LTD.

U.S. $145,000,000 Class A-1LA Investor Swap Due November 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S. $55,000,000 Class A-1LB Floating Rate Notes Due November 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. $35,000,000 Class A-2L Floating Rate Notes Due November 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $125,000,000 Class A-3L Deferrable Floating Rate Notes Due November 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $63,000,000 Class B-1L Deferrable Floating Rate Notes Due November 2047, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S. $40,000,000 Class X Notes Due November 2014, Downgraded to C; previously on 12/11/2008 Downgraded to B2 and remains on Review for Possible Downgrade

Collybus CDO I Ltd.

U.S. $675,000,000 Class A-2 Senior Secured Floating Rate Notes due 2047, Downgraded to Ca; previously on 12/11/2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

U.S. $55,000,000 Class A-3 Senior Secured Floating Rate Notes due 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S. $53,000,000 Class B Senior Secured Floating Rate Notes due 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Credit Derivative Transaction Ref. No. NWGOC

Credit Default Swap, Downgraded to C; previously on 12/16/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Davis Square Funding VI, Ltd.

U.S. $274,000,000 Class A-1LT-a Floating Rate Notes Due 2041, Downgraded to C; previously on 12/16/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S. $300,000,000 Class A-1LT-b Floating Rate Notes Due 2041, Downgraded to C; previously on 12/16/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S. $1,166,000,000 Class A-1LT-c Floating Rate Notes Due 2041, Downgraded to C; previously on 12/16/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S. $85,000,000 Class A-2 Floating Rate Notes Due 2041, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $105,000,000 Class B Floating Rate Notes Due 2041, Downgraded to C; previously on 12/16/2008 Downgraded to Ca

U.S. $35,000,000 Class C Deferrable Floating Rate Notes Due 2041, Downgraded to C; previously on 5/9/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $25,000,000 Class D Deferrable Floating Rate Notes Due 2041, Downgraded to C; previously on 5/9/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Diversified Asset Securitization Holdings I, LP

U.S. $ 218,000,000 Class A-1Floating Rate Senior Secured Term Notes Due 2034, Downgraded to Ba2; previously on 4/29/2008 Downgraded to Baa3

U.S. $45,000,000 Class A-2 Fixed Rate Senior Secured Term Notes Due 2034, Downgraded to Ba2; previously on 4/29/2008 Downgraded to Baa3

Duke Funding IV, Ltd.

Class A-1 First Priority Senior Secured Flt. Rt. Notes due 2023, Confirmed at Ba3; previously on 12/23/2008 Downgraded to Ba3 and Placed Under Review for Possible Downgrade

Euler ABS CDO I, Ltd.

U.S.$270,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 12/11/2008 Downgraded to B2 and remains on Review for Possible Downgrade

U.S.$135,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$93,750,000 Class A-3 Third Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$53,000,000 Class B Fourth Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$20,000,000 Class C Fifth Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$24,500,000 Class D Sixth Priority Mezzanine Deferrable Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$6,750,000 Class E Seventh Priority Mezzanine Deferrable Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$22,500,000 Class F Eighth Priority Mezzanine Deferrable Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$12,500,000 Class G Ninth Priority Mezzanine Deferrable Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/5/2008 Downgraded to Ca

U.S.$14,000,000 Class H Tenth Priority Mezzanine Deferrable Secured Floating Rate Notes due 2050, Downgraded to C; previously on 3/31/2008 Downgraded to Ca

FACTS 2007-1

Floating Rate Notes, Downgraded to Ca; previously on 12/11/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Gemstone CDO VII Ltd.

U.S. $159,000,000 Class A-2 Floating Rate Notes due December 2045, Downgraded to C; previously on 4/28/2008 Downgraded to Ca

U.S. $200,000,000 Class A-1b(i) Floating Rate Notes due December 2045, Downgraded to C; previously on 12/11/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. $200,000,000 Class A-1b(ii) Floating Rate Notes due December 2045, Downgraded to C; previously on 4/28/2008 Downgraded to Ca

U.S. $244,000,000 Class A-1a Floating Rate Notes due December 2045, Downgraded to Ca; previously on 12/11/2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

U.S. $400,000,000 Class A-1b Floating Rate Notes due December 2045, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $96,900,000 Class B Floating Rate Notes due December 2045, Downgraded to C; previously on 4/28/2008 Downgraded to Ca

Glacier Funding CDO V, Ltd.

U.S. $200,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 12/11/2008 Downgraded to B2 and remains on Review for Possible Downgrade

U.S. $122,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $46,000,000 Class A-3 Third Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $44,000,000 Class B Fourth Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 5/30/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $15,000,000 Class C Fifth Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to C; previously on 5/30/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $20,500,000 Class D Sixth Priority Mezzanine Secured Deferrable Floating Rate Notes Due 2051, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

U.S. $26,500,000 Class E Seventh Priority Mezzanin Secured Deferrable Floating Rate Notes Due 2051, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

U.S. $5,500,000 Class F Eighth Priority Mezzanine Secured Deferrable Floating Rate Notes Due 2051, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

U.S. $6,500,000 Class G Ninth Priority Mezzanine Secured Deferrable Floating Rate Notes Due 2051, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

Halcyon Securitized Prod Inv ABS CDO II Ltd.

U.S. $225,000,000 Class A-1(a) Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 12/11/2008 Downgraded to B3 and remains on Review for Possible Downgrade

U.S. $75,000,000 Class A-1(b) Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $82,500,000 Class A-2 Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $36,000,000 Class B Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

U.S. $27,500,000 Class C Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

U.S. $21,500,000 Class D-1 Senior Secured Deferrable Interest Floating Rate Notes Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

U.S. $6,000,000 Class D-2 Senior Secured Deferrable Interest Floating Rate Notes Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

Halcyon Securitized Products Investors Ltd.

Class A-1 Senior Secured Floating Rate Notes, due 2050, Downgraded to C; previously on 12/16/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class A-2 Senior Secured Floating Rate Notes, due 2050, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B Senior Secured Floating Rate Notes, due 2050, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Highridge ABS CDO II, Ltd.

U.S. $800,000,000 Class A-1S First Priority Senior Secured Floating Rate Notes due 2047, Downgraded to C; previously on 12/11/2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

HSPI Diversified CDO Fund I, Ltd.

U.S. $384,000,000 Class A-1 Advance Swap Agreement, Downgraded to C; previously on 9/2/2008 Downgraded to Ca

Ischus Synthetic ABS CDO 2006-2 Ltd.

U.S. $575,000,000 Class A-1LA Investor Swap, Downgraded to C; previously on 12/16/2008 Downgraded to B3 and remains on Review for Possible Downgrade

U.S.$11,000,000 Class B-2L Floating Rate Notes Due, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

U.S.$203,000,000 Class A-1LB Floating Rate Notes D, Downgraded to C; previously on 4/30/2008 Downgraded to Ca

U.S.$32,000,000 Class X Notes Due January 2014, Downgraded to C; previously on 4/30/2008 Downgraded to Ca

U.S.$41,000,000 Class B-1L Floating Rate Notes Due, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

U.S.$48,000,000 Class A-2L Floating Rate Notes Due, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

U.S.$60,000,000 Class A-3L Floating Rate Notes Due, Downgraded to C; previously on 3/27/2008 Downgraded to Ca

Kent Funding III, Ltd.

U.S.$780,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes due 2047, Downgraded to Ca; previously on 12/16/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

U.S.$325,000,000 Class A-2 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.$113,000,000 Class A-3 Third Priority Senior Secured Floating Rate Notes due 2047, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

U.S.$55,000,000 Class B Fourth Priority Senior Secured Floating Rate Notes due 2047, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Kleros Preferred Funding IX, Ltd.

U.S. $1,380,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2052, Downgraded to Ca; previously on 12/11/2008 Downgraded to Ba3

Los Robles CDO Ltd.

U.S. $112,500,000 Class A-1b Floating Rate Notes D, Downgraded to Ca; previously on 10/21/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $225,000,000 Class A-2 Floating Rate Notes Due August 12, 2047, Downgraded to C; previously on 10/21/2008 Downgraded to Ca

U.S. $67,500,000 Class A-3 Floating Rate Notes Due August 12, 2047, Downgraded to C; previously on 10/21/2008 Downgraded to Ca

U.S. $33,000,000 Class B Floating Rate Notes Due August 12, 2047, Downgraded to C; previously on 10/21/2008 Downgraded to Ca

Lunar Funding V plc Series 2007-39

U.S. $200,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2037, Downgraded to C; previously on 12/11/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Magnolia Finance II plc Series 2006-6A1

Series 2006-6A1 USD 50,000,000 ABS Portfolio Variable Rate Notes due December 2038, Downgraded to C; previously on 12/11/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Magnolia Finance II plc Series 2006-6A2E

EUR 7,500,000 ABS Portfolio Variable Rate Notes due December 2038, Downgraded to C; previously on 12/11/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Magnolia Finance II plc Series 2006-6A2G

GBP 6,000,000 ABS Portfolio Variable Rate Notes due December 2038, Downgraded to C; previously on 12/11/2008 Downgraded to Ba1 and remains on Review for Possible Downgrade

Mantoloking CDO 2006-1, Ltd.

U.S.$166,250,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due 2046, Downgraded to Ca; previously on 10/6/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$40,000,000 Class A-3 Third Priority Senior Secured Floating Rate Notes due 2046, Downgraded to C; previously on 10/6/2008 Downgraded to Ca

U.S.$71,750,000 Class B Fourth Priority Senior Secured Floating Rate Notes due 2046, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Orient Point CDO II, Ltd.

U.S.$1,350,000,000 Class A First Priority Senior Secured Floating Rate Notes due 2051, Downgraded to C; previously on 12/16/2008 Downgraded to B3 and remains on Review for Possible Downgrade

U.S.$36,000,000 Class B Second Priority Senior Secured Floating Rate Notes due 2051, Downgraded to C; previously on 6/4/2008 Downgraded to Ca

U.S.$75,000,000 Class C Third Priority Secured Floating Rate Notes due 2051, Downgraded to C; previously on 6/4/2008 Downgraded to Ca

Sharps CDO II Ltd.

U.S. $600,000,000 Class A-1 Senior Secured Floating Rate Notes due 2046, Downgraded to C; previously on 12/11/2008 Downgraded to B1 and remains on Review for Possible Downgrade

U.S. $100,000,000 Class A-2 Senior Secured Floating Rate Notes due 2046, Downgraded to C; previously on 12/11/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. $60,000,000 Class A-3 Senior Secured Floating Rate Notes due 2046, Downgraded to C; previously on 12/11/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

U.S. $82,000,000 Class B Senior Secured Floating Rate Notes due 2046, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $52,000,000 Class C Senior Secured Deferrable Interest Floating Rate Notes due 2046, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

Silver Marlin CDO I Ltd.

U.S.$625,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes due 2050, Downgraded to C; previously on 12/11/2008 Downgraded to B1 and remains on Review for Possible Downgrade

U.S.$437,500,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S.$62,500,000 Class A-3 Third Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S.$67,000,000 Class A-4 Fourth Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S.$21,500,000 Class B Fifth Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 3/10/2008 Downgraded to Ca

U.S.$9,400,000 Class C Sixth Priority Senior Secured Floating Rate Notes due 2050, Downgraded to C; previously on 3/10/2008 Downgraded to Ca

Summer Street 2007-1, Ltd.

U.S. $57,000,000 Class A-1A Senior Secured Floating Rate Notes Due 2052, Downgraded to C; previously on 2/8/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $50,000,000 Class A-1B Senior Secured Floating Rate Notes Due 2052, Downgraded to C; previously on 2/8/2008 Downgraded to Ca

U.S. $80,000,000 Class A-1SA Senior Secured Floating Rate Notes Due 2052, Downgraded to C; previously on 12/11/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S. $63,000,000 Class A-1SB Senior Secured Floatng Rate Notes Due 2052i, Downgraded to C; previously on 12/11/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S. $37,500,000 Class A-2 Senior Secured Floating Rate Notes Due 2052, Downgraded to C; previously on 2/8/2008 Downgraded to Ca

U.S. $55,000,000 Class B Senior Secured Floating Rate Notes Due 2052, Downgraded to C; previously on 2/8/2008 Downgraded to Ca

Term CDO 2007-1 Ltd.

Class A-1LA Floating Rate Notes Due July 2038, Downgraded to Ca; previously on 12/11/2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class A-1LB Floating Rate Notes Due July 2038, Downgraded to C; previously on 4/23/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class A-2L Floating Rate Notes Due July 2038, Downgraded to C; previously on 4/23/2008 Downgraded to Ca

Class A-3L Floating Rate Notes Due July 2038, Downgraded to C; previously on 4/23/2008 Downgraded to Ca

Class B-1L Floating Rate Notes Due July 2038, Downgraded to C; previously on 4/2/2008 Downgraded to Ca

AMP A CLO 2007-2

U.S. $25,000,000 Credit Linked Notes, Downgraded to Caa2 and remains on Review for Possible Downgrade; previously on 12/11/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

West Trade Funding CDO III Ltd.

U.S. $1,500,000,000 Class A-1 First Priority Senior Floating Rate Delayed Draw Notes Due 2053, Downgraded to C; previously on 12/11/2008 Downgraded to B3 and remains on Review for Possible Downgrade

U.S. $625,000,000 Class A-2 Second Priority Senior Floating Rate Delayed Draw Notes Due 2053, Downgraded to C; previously on 12/11/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S. $125,000,000 Class A-3 Third Priority Senior Floating Rate Delayed Draw Notes Due 2053, Downgraded to C; previously on 5/20/2008 Downgraded to Ca

U.S. $155,000,000 Class A-4 Fourth Priority Senior Floating Rate Delayed Draw Notes Due 2053, Downgraded to C; previously on 5/20/2008 Downgraded to Ca

U.S. $27,000,000 Class B Fifth Priority Senior Floating Rate Delayed Draw Notes Due 2053, Downgraded to C; previously on 5/20/2008 Downgraded to Ca

U.S. $10,000,000 Class C Sixth Priority Senior Floating Rate Delayed Draw Notes Due 2053, Downgraded to C; previously on 5/20/2008 Downgraded to Ca

Whitehawk CDO Funding, LTD.

Class B Floating Rate Notes, Downgraded to C; previously on 1/30/2009 Downgraded to Ca

New York
Rodrigo Araya
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 141 Notes issued by 37 structured finance CDO transactions
No Related Data.
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