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