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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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Related Issuers
ABCDS 2006-1, Ltd.
Acacia CDO 11, Ltd.
Acacia CDO 12, Ltd.
Adrastea SHG 2007-1, Ltd.
Altius IV Funding, Ltd.
AMP A CLO 2007-2
AMP CDO 2007-2
Anderson Mezzanine Funding 2007-1, Ltd.
ARLO VII Series 2007-1 (SABS)
Aurelius Capital CDO 2007-1 Limited
Ballyrock ABS CDO 2007-1 Limited
Barrington II CDO Ltd.
Bernoulli High Grade CDO II, Ltd.
Cairn Mezz ABS CDO III Limited
C-Bass CBO XIX Ltd.
C-BASS CBO XVIII Ltd.
Ceago ABS CDO 2007-1, Ltd.
Chalfont 2007-I Segregated Portfolio
Charles Fort CDO I, Ltd.
Clifton I CDO, Ltd.
Coda CDO 2007-1 LTD.
Collybus CDO I Ltd.
Connecticut Valley CLO Funding IV, Ltd.
Dalton CDO Ltd.
Duke Funding High Grade VI, Ltd.
Euler ABS CDO I, Ltd.
FACTS 2007-1
Gemstone CDO VII Ltd.
Glacier Funding CDO V, Ltd.
Halcyon Securitized Products Investors ABS CDO II Ltd.
HG-COLL 2007-1 Ltd.
High Grade Structured Credit CDO 2007-1
Highridge ABS CDO II, Ltd.
Hudson Mezzanine Funding 2006-2, Ltd.
Ischus Mezzanine CDO IV, Ltd.
Ixion 2007 Series 31
Jupiter High-Grade CDO VI, Ltd.
Kleros Preferred Funding IX, Ltd.
Kleros Preferred Funding VIII, Ltd.
Kleros Real Estate CDO IV, Ltd.
Le Monde CDO I PLC
Lexington Capital Funding III Ltd.
Lexington Capital Funding V Ltd.
Libertas Preferred Funding V, Ltd.
Limehouse CDO 2008-1 Limited
Los Robles CDO Ltd.
Lunar Funding V plc Series 2007-39
Magnolia Finance II plc Series 2006-6A1
Magnolia Finance II plc Series 2006-6A2E
Magnolia Finance II plc Series 2006-6A2G
Newbury Street CDO, Ltd.
Niagara CDO Ltd.
Penwood CDO 2008-1 Limited
Pine Mountain CDO III Ltd.
Point Pleasant Funding 2007-1, Ltd.
Pyxis Libertas 2006-11
Sagittarius CDO I Ltd.
Sharps CDO II Ltd.
Silver Elms CDO II Limited
Silver Marlin CDO I Ltd.
Soter 2007-CRN2, Ltd.
Soter 2007-CRN3, Ltd.
Soter 2007-GSC, Ltd.
South Coast Funding IX Ltd
STACK 2006-2 Ltd.
STACK 2007-2 Ltd.
Summer Street 2007-1, Ltd.
Term CDO 2007-1 Ltd.
Tower Hill CDO II, Ltd.
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Tribune Limited Series 48
UBS Euro Note Programme AMPST 2007-1
West Trade Funding CDO III Ltd.
ZAIS Investment Grade Limited IX
ZAIS Investment Grade Limited X
Rating Action:

Moody's lowers ratings of 164 Notes issued by 75 structured finance CDO transactions

11 Dec 2008
Moody's lowers ratings of 164 Notes issued by 75 structured finance CDO transactions

New York, December 11, 2008 -- Moody's Investors Service announced today that it has downgraded its ratings of 164 Notes issued by certain collateralized debt obligation transactions backed by structured finance securities ("SF CDOs"), each of which originated in 2007 or 2008.

Moody's explained that the rating actions taken today are the result of the application of revised and updated key modelling 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 noted that most of the lowered ratings remain on review for possible downgrade due to the continuing weakness in the performance of and outlook for structured finance securities that back SF CDOs.

Moody's anticipates that in the coming days it will announce additional rating actions applicable to SF CDOs of earlier vintages as the revised assumptions are applied to those transactions.

For more information please see www.moodys.com

Today's rating actions are as follows:

ABCDS 2006-1, Ltd.

U.S.$200,000,000 Senior Swap Agreement with Royal Bank of Canada, London Branch (the "SeniorSwap"), Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/18/2008 B1 Placed Under Review for Possible Downgrade

Acacia CDO 11, Ltd.

U.S.$398,000,000 Class A First Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 7/17/2008 Caa1 Placed Under Review for Possible Downgrade

Acacia CDO 12, Ltd.

U.S. $100,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 8/7/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $291,500,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to Ba1 Under Review for Possible Downgrade; previously on 8/7/2008 Baa1 Placed Under 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 Ba3 Under Review for Possible Downgrade; previously on 5/29/2008 Baa3 Placed Under Review for Possible Downgrade

Adrastea SHG 2007-1, Ltd.

U.S. $200,000,000 Class A-1Q Floating Rate Notes Due 2052, Downgraded to B2 Under Review for Possible Downgrade; previously on 5/29/2008 Ba2 Placed Under Review for Possible Downgrade

U.S. $30,000,000 Class A-4 Floating Rate Notes Due 2052, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/29/2008 B3 Placed Under Review for Possible Downgrade

U.S. $50,000,000 Class A-3 Floating Rate Notes Due 2052, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/29/2008 B1 Placed Under Review for Possible Downgrade

U.S. $84,000,000 Class A-2 Floating Rate Notes Due 2052, Downgraded to B3 Under Review for Possible Downgrade; previously on 5/29/2008 Ba3 Placed Under Review for Possible Downgrade

Altius IV Funding, Ltd.

U.S. $300,000 Class A-1V Floating Rate Notes Due 2042, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 10/28/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $644,850,000 Class A-1F Floating Rate Notes Due 2042, Downgraded to B2 Under Review for Possible Downgrade; previously on 10/28/2008 Ba2 Placed Under Review for Possible Downgrade

AMP A CLO 2007-2

U.S. $25,000,000 Credit Linked Notes, Downgraded to B2 Under Review for Possible Downgrade; previously on 8/28/2007 Assigned Ba2

AMP CDO 2007-2

U.S. $100,000,000 Variable Notes, Downgraded to A3 Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Aa3

Anderson Mezzanine Funding 2007-1, Ltd.

U.S. $2,490,000 Class S Floating Rate Notes due July 2013, Downgraded to B1 Under Review for Possible Downgrade; previously on 10/8/2008 Ba1 Placed Under Review for Possible Downgrade

ARLO VII Series 2007-1 (SABS)

EUR 21,000,000 Variable Secured Limited Recourse Credit-Linked Notes due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/24/2008 Downgraded to Caa2

Aurelius Capital CDO 2007-1 Limited

U.S. $13,500,000 Class E Secured Floating Rate Deferrable Interest Notes due 2052, Downgraded to B2 Under Review for Possible Downgrade; previously on 10/25/2007 Assigned Ba2

U.S. $15,200,000 Class C Secured Floating Rate Deferrable Interest Notes due 2052, Downgraded to Baa2 Under Review for Possible Downgrade; previously on 10/25/2007 Assigned A2

Aurelius Capital CDO 2007-1 Limited

U.S. $18,000,000 Class D Secured Floating Rate Deferrable Interest Notes due 2052, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 10/25/2007 Assigned Baa2

U.S. $240,300,000 Class A Loan due 2052, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 10/25/2007 Assigned Aaa

Ballyrock ABS CDO 2007-1 Limited

U.S. $150,000,000 Class A-1a Variable Funding Senior Secured Floating Rate Notes Due 2047, Downgraded to Ba3 Under Review for Possible Downgrade; previously on 7/2/2008 Baa3 Placed Under Review for Possible Downgrade

U.S. $150,000,000 Class A-1b Senior Secured Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 7/2/2008 B3 Placed Under Review for Possible Downgrade

U.S. $17,000,000 Class S Senior Secured Notes Due 2014, Downgraded to Baa2 Under Review for Possible Downgrade; previously on 7/2/2008 A2 Placed Under Review for Possible Downgrade

Barrington II CDO Ltd.

U.S. $13,400,000 Class X Floating Rate Notes Due 2052, Aaa Placed on Review for Possible Downgrade Under Review for Possible Downgrade; previously on 5/30/2007 Assigned Aaa

Barrington II CDO Ltd.

U.S. $154,000,000 Class A-1S Floating Rate Notes Due 2052, Downgraded to B1 Under Review for Possible Downgrade; previously on 10/20/2008 Ba1 Placed Under Review for Possible Downgrade

Bernoulli High Grade CDO II, Ltd.

U.S. $750,000,000 Class A-1A First Priority Senior Secured Floating Rate Notes due October 2054, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 10/1/2008 Caa2 Placed Under Review for Possible Downgrade

Cairn Mezz ABS CDO III Limited

U.S. $148,000,000 Class A2B Senior Secured Floating Rate Notes Due 2047, Downgraded to Ca; previously on 5/21/2008 Caa1 Placed Under Review for Possible Downgrade

U.S. $550,000,000 Class A1-VF Senior Secured Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/21/2008 Baa2 Placed Under Review for Possible Downgrade

U.S. $75,000,000 Class A2A Senior Secured Floating Rate Notes Due 2047, Downgraded to Ca; previously on 5/21/2008 Ba3 Placed Under Review for Possible Downgrade

C-Bass CBO XIX Ltd.

A-1, Downgraded to B1 Under Review for Possible Downgrade; previously on 4/24/2008 Ba1 Placed Under Review for Possible Downgrade

A-2, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/24/2008 Caa2 Placed Under Review for Possible Downgrade

C-BASS CBO XVIII Ltd.

U.S. $150,000,000 Class A-2 First Priority Senior Secured Fixed Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/22/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $346,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/22/2008 Caa2 Placed Under Review for Possible Downgrade

Ceago ABS CDO 2007-1, Ltd.

U.S. $106,000,000 Class A-2 Floating Rate Notes Due 2047, Downgraded to Caa2 Under Review for Possible Downgrade; previously on 6/9/2008 B2 Placed Under Review for Possible Downgrade

U.S. $21,000,000 Class B Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 6/9/2008 B3 Placed Under Review for Possible Downgrade

U.S. $6,227,000 Class S Floating Rate Notes Due 2017, Downgraded to Baa1 Under Review for Possible Downgrade; previously on 6/9/2008 A1 Placed Under Review for Possible Downgrade

U.S. $850,000,000 Class A-1 Floating Rate Notes Due 2047, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 6/9/2008 Baa2 Placed Under Review for Possible Downgrade

Chalfont 2007-I Segregated Portfolio

U.S. $50,000,000 Floating Rate Notes Due 2046, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to B1

Charles Fort CDO I, Ltd.

U.S.$220,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes due July 9, 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/22/2008 B3 Placed Under Review for Possible Downgrade

Clifton I CDO, Ltd.

U.S. $1,200,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2052, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 6/3/2008 B1 Placed Under Review for Possible Downgrade

Coda CDO 2007-1 LTD.

U.S. $125,000,000 Class A-3L Deferrable Floating Rate Notes Due November 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 6/2/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $145,000,000 Class A-1LA Investor Swap Due November 2047, Downgraded to Ba3 Under Review for Possible Downgrade; previously on 6/2/2008 Baa3 Placed Under Review for Possible Downgrade

U.S. $35,000,000 Class A-2L Floating Rate Notes Due November 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 6/2/2008 B3 Placed Under Review for Possible Downgrade

U.S. $40,000,000 Class X Notes Due November 2014, Downgraded to B2 Under Review for Possible Downgrade; previously on 6/2/2008 Ba2 Placed Under Review for Possible Downgrade

U.S. $55,000,000 Class A-1LB Floating Rate Notes Due November 2047, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 6/2/2008 B1 Placed Under Review for Possible Downgrade

Collybus CDO I Ltd.

U.S. $53,000,000 Class B Senior Secured Floating Rate Notes due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 9/25/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $55,000,000 Class A-3 Senior Secured Floating Rate Notes due 2047, Downgraded to Caa2 Under Review for Possible Downgrade; previously on 9/25/2008 B2 Placed Under Review for Possible Downgrade

U.S. $675,000,000 Class A-2 Senior Secured Floating Rate Notes due 2047, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 9/25/2008 Baa2 Placed Under Review for Possible Downgrade

Connecticut Valley CLO Funding IV, Ltd.

U.S. $225,000,000 Class A-1 Floating Rate Notes Due 2027, Downgraded to Aa2 Under Review for Possible Downgrade; previously on 9/24/2007 Assigned Aaa

U.S. $28,000,000 Class B Floating Rate Notes Due 2027, Downgraded to Baa2 Under Review for Possible Downgrade; previously on 9/24/2007 Assigned A2

U.S. $29,500,000 Class C Floating Rate Notes Due 2027, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 9/24/2007 Assigned Baa2

U.S. $43,000,000 Class A-2 Floating Rate Notes Due 2027, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 9/24/2007 Assigned Aaa

U.S. $50,000,000 Class A-3 Floating Rate Notes Due 2027, Downgraded to A2 Under Review for Possible Downgrade; previously on 9/24/2007 Assigned Aa2

Dalton CDO Ltd.

Up to US $114,000,000 Class A-1a1 Floating Rate Variable Funding Notes Due June 2050, Downgraded to Baa1 Under Review for Possible Downgrade; previously on 10/6/2008 A1 Placed Under Review for Possible Downgrade

US $50,000,000 Class A-1a2 Floating Rate Notes Due June 2050, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 10/6/2008 B3 Placed Under Review for Possible Downgrade

Duke Funding High Grade VI, Ltd.

U.S. $13,500,000 Class X Senior Secured Floating Rate Notes Due 2014, Downgraded to B1 Under Review for Possible Downgrade; previously on 10/3/2008 Ba1 Placed Under Review for Possible Downgrade

Euler ABS CDO I, Ltd.

U.S.$135,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due 2050, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 6/5/2008 B3 Placed Under Review for Possible Downgrade

U.S.$270,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes due 2050, Downgraded to B2 Under Review for Possible Downgrade; previously on 6/5/2008 Ba2 Placed Under Review for Possible Downgrade

U.S.$93,750,000 Class A-3 Third Priority Senior Secured Floating Rate Notes due 2050, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 6/5/2008 Caa2 Placed Under Review for Possible Downgrade

FACTS 2007-1

Floating Rate Notes, Downgraded to B1 Under Review for Possible Downgrade; previously on 5/8/2008 Ba1 Placed Under Review for Possible Downgrade

Gemstone CDO VII Ltd.

U.S. $200,000,000 Class A-1b(i) Floating Rate Notes due December 2045, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 4/28/2008 B1 Placed Under Review for Possible Downgrade

U.S. $244,000,000 Class A-1a Floating Rate Notes due December 2045, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 4/28/2008 Baa2 Placed Under Review for Possible Downgrade

U.S. $400,000,000 Class A-1b Floating Rate Notes due December 2045, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/28/2008 Caa2 Placed Under Review for Possible Downgrade

Glacier Funding CDO V, Ltd.

U.S. $122,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/30/2008 B3 Placed Under Review for Possible Downgrade

U.S. $200,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to B2 Under Review for Possible Downgrade; previously on 5/30/2008 Ba2 Placed Under Review for Possible Downgrade

Glacier Funding CDO V, Ltd.

U.S. $46,000,000 Class A-3 Third Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/30/2008 Caa2 Placed Under Review for Possible Downgrade

Halcyon Securitized Products Investors ABS CDO II Ltd.

U.S. $75,000,000 Class A-1(b) Senior Secured Floating Rate Notes Due 2046, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/9/2008 Caa1 Placed Under Review for Possible Downgrade

Up to U.S. $225,000,000 Class A-1(a) Senior Secured Floating Rate Notes Due 2046, Downgraded to B3 Under Review for Possible Downgrade; previously on 5/9/2008 Ba3 Placed Under Review for Possible Downgrade

HG-COLL 2007-1 Ltd.

U.S. $830,000,000 Class A-1LA Floating Rate Notes Due April 2052, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/9/2008 B1 Placed Under Review for Possible Downgrade

U.S. $95,000,000 Class A-1LB Floating Rate Notes Due April 2052, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/9/2008 Caa2 Placed Under Review for Possible Downgrade

High Grade Structured Credit CDO 2007-1

U.S. $27,900,000 Class X Senior Secured Notes Due 2017, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 9/3/2008 B3 Placed Under Review for Possible Downgrade

Highridge ABS CDO II, Ltd.

U.S. $800,000,000 Class A-1S First Priority Senior Secured Floating Rate Notes due 2047, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 4/15/2008 A2 Placed Under Review for Possible Downgrade

Hudson Mezzanine Funding 2006-2, Ltd.

U.S. $7,900,000 Class S Floating Rate Notes due 2012,Downgraded to Caa1 Under Review for Possible Downgrade; previously on 9/25/2008 B1 Placed Under Review for Possible Downgrade

Ischus Mezzanine CDO IV, Ltd.

U.S. $17,500,000 Class X First Priority Senior Secured Amortizing Notes Due 2013, Downgraded to B1 Under Review for Possible Downgrade; previously on 11/12/2008 Ba1 Placed Under Review for Possible Downgrade

Ixion 2007 Series 31

U.S. $13,000,000 Floating Rate Portfolio Credit Linked Secured Notes due 2037, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/3/2008 Downgraded to Ba3

Jupiter High-Grade CDO VI, Ltd.

U.S. $750,000,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2053, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 6/2/2008 B1 Placed Under Review for Possible Downgrade

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 Ba3 Under Review for Possible Downgrade; previously on 4/18/2008 A3 Placed Under Review for Possible Downgrade

Kleros Preferred Funding VIII, Ltd.

U.S. $150,000,000 Class A-1B Second Priority Senior Secured Floating Rate Notes Due 2052, Downgraded to Caa2 Under Review for Possible Downgrade; previously on 5/30/2008 B2 Placed Under Review for Possible Downgrade

U.S. $180,000,000 Class A-2 Third Priority Senior Secured Floating Rate Notes Due 2052, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/30/2008 B3 Placed Under Review for Possible Downgrade

U.S. $2,400,000,000 Class A-1A First Priority Senior Secured Delayed Draw Floating Rate Notes Due 2052, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/30/2008 B1 Placed Under Review for Possible Downgrade

Kleros Real Estate CDO IV, Ltd.

U.S.$250,000,000 Class A-3 Third Priority Senior Secured Floating Rate Notes Due December 2050, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 7/29/2008 Caa2 Placed Under Review for Possible Downgrade

U.S.$300,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due December 2050, Downgraded to Baa1 Under Review for Possible Downgrade; previously on 7/29/2008 A1 Placed Under Review for Possible Downgrade

U.S.$300,000,000 Class A-2 Second Priority Senior Secured Floating Rate Delayed Draw Notes Due December 2050, Downgraded to B2 Under Review for Possible Downgrade; previously on 7/29/2008 Ba2 Placed Under Review for Possible Downgrade

Le Monde CDO I PLC

€360,000,000 Class A-3EU Floating Rate Euro Notes Due 2052, Downgraded to B3 Under Review for Possible Downgrade; previously on 6/12/2008 Ba3 Placed Under Review for Possible Downgrade

U.S.$120,000,000 Class A-1US Variable Funding Dollar Notes Due 2052, Downgraded to B3 Under Review for Possible Downgrade; previously on 6/12/2008 Ba3 Placed Under Review for Possible Downgrade

U.S.$604,250,000 Class A-2US Floating Rate Dollar Notes Due 2052, Downgraded to B3 Under Review for Possible Downgrade; previously on 6/12/2008 Ba3 Placed Under Review for Possible Downgrade

U.S.$80,000,000 and €69,500,000 Class A-1R Redenominatable Floating Rate Notes Due 2052, Downgraded to B3 Under Review for Possible Downgrade; previously on 6/12/2008 Ba3 Placed Under Review for Possible Downgrade

Lexington Capital Funding III Ltd.

U.S.$480,000,000 Class A-1 First Priority Senior Floating Rate Notes Due April 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/16/2008 Caa1 Placed Under Review for Possible Downgrade

Lexington Capital Funding V Ltd.

U.S.$246,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2051, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 6/2/2008 Caa1 Placed Under Review for Possible Downgrade

Libertas Preferred Funding V, Ltd.

U.S. $20,000,000 Class X Senior Secured Floating Rate Notes Due 2013, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/23/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $360,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/23/2008 Caa1 Placed Under Review for Possible Downgrade

Limehouse CDO 2008-1 Limited

U.S. $13,512,616 Class B Secured Floating Rate Deferrable Interest Notes Due 2042, Downgraded to A3 Under Review for Possible Downgrade; previously on 7/18/2008 Assigned Aa3

U.S. $97,805,600 Class A Secured Floating Rate Notes Due 2042, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 7/18/2008 Assigned Aaa

Los Robles CDO Ltd.

Up to $187,500,000 Class A-1a Floating Rate Notes Due August 12, 2047, Downgraded to B2 Under Review for Possible Downgrade; previously on 10/21/2008 Ba2 Placed Under Review for Possible Downgrade

Lunar Funding V plc Series 2007-39

U.S. $200,000,000 Limited Recourse Secured Floating Rate Credit-Linked Notes due 2037, Downgraded to B1 Under Review for Possible Downgrade; previously on 4/29/2008 Ba1 Placed Under 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 Ba1 ; previously on 10/1/2008 Baa1 Placed Under 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 Ba1 Under Review for Possible Downgrade; previously on 10/1/2008 Baa1 Placed Under 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 Ba1 Under Review for Possible Downgrade; previously on 10/1/2008 Baa1 Placed Under Review for Possible Downgrade

Newbury Street CDO, Ltd.

U.S.$1,000,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2053, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 10/6/2008 Caa1 Placed Under Review for Possible Downgrade

Niagara CDO Ltd.

U.S.$410,000,000 Class A Senior Secured Floating Rate Term Notes due 2039, Downgraded to A2 Under Review for Possible Downgrade; previously on 1/30/2007 Assigned Aa2

Penwood CDO 2008-1 Limited

U.S. $13,488,466 Class B Secured Floating Rate Deferrable Interest Notes, Due 2042-2, Downgraded to A3 Under Review for Possible Downgrade; previously on 7/18/2008 Assigned Aa3

U.S. $97,630,800 Class A Secured Floating Rate Notes, Due 2042, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 7/18/2008 Assigned Aaa

Pine Mountain CDO III Ltd.

U.S. $20,000,000 Class A-2 Floating Rate Notes Due July 7, 2047, Downgraded to Caa2 Under Review for Possible Downgrade; previously on 5/9/2008 B2 Placed Under Review for Possible Downgrade

U.S. $41,250,000 Class A-4 Floating Rate Notes Due July 7, 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/9/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $45,000,000 Class B Floating Rate Notes Due July 7, 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/9/2008 Caa2 Placed Under Review for Possible Downgrade

U.S. $90,000,000 Class A-3 Floating Rate Notes Due July 7, 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/9/2008 Caa1 Placed Under Review for Possible Downgrade

Up to $230,000,000 Class A-1 Floating Rate Notes Due July 7, 2047, Downgraded to B2 Under Review for Possible Downgrade; previously on 5/9/2008 Ba2 Placed Under Review for Possible Downgrade

Point Pleasant Funding 2007-1, Ltd.

U.S. $6,000,000 Class S Floating Rate Notes due 2012, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 9/2/2008 B1 Placed Under Review for Possible Downgrade

Pyxis Libertas 2006-11

U.S. $135,000,000 Class 2006-11 Units issued by PYXIS Master Trust, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 6/9/2008 B1 Placed Under Review for Possible Downgrade

Sagittarius CDO I Ltd.

U.S.$15,000,000 Class S Senior Secured Floating Rate Notes Due 2012, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/23/2008 Caa1 Placed Under Review for Possible Downgrade

Sharps CDO II Ltd.

U.S. $100,000,000 Class A-2 Senior Secured Floating Rate Notes due 2046, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/9/2008 B1 Placed Under Review for Possible Downgrade

U.S. $60,000,000 Class A-3 Senior Secured Floating Rate Notes due 2046, Downgraded to Caa2 Under Review for Possible Downgrade; previously on 5/9/2008 B2 Placed Under Review for Possible Downgrade

U.S. $600,000,000 Class A-1 Senior Secured Floating Rate Notes due 2046, Downgraded to B1 Under Review for Possible Downgrade; previously on 5/9/2008 Ba1 Placed Under Review for Possible Downgrade

U.S. $82,000,000 Class B Senior Secured Floating Rate Notes due 2046, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/9/2008 B3 Placed Under Review for Possible Downgrade

Silver Elms CDO II Limited

U.S.$151,400,000 Class A-1Q Floating Rate Senior Secured Notes due 2051, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/29/2008 B1 Placed Under Review for Possible Downgrade

U.S.$873,600,000 Class A-1M Floating Rate Senior Secured Notes due 2051, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/29/2008 B1 Placed Under Review for Possible Downgrade

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 B1 Under Review for Possible Downgrade; previously on 6/2/2008 Ba1 Placed Under Review for Possible Downgrade

Soter 2007-CRN2, Ltd.

U.S. $100,000,000 A1 Variable Notes Due 2047, Downgraded to Ca ; previously on 5/30/2008 Ba1 Placed Under Review for Possible Downgrade

Soter 2007-CRN3, Ltd.

U.S. $100,000,000 A1 Variable Notes Due 2047, Downgraded to Ca ; previously on 6/2/2008 Baa2 Placed Under Review for Possible Downgrade

Soter 2007-GSC, Ltd.

U.S. $50,000,000 A1 Variable Notes Due 2039, Downgraded to Ca ; previously on 6/3/2008 B3 Placed Under Review for Possible Downgrade

South Coast Funding IX Ltd

Super Senior Swap, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/18/2008 Caa1 Placed Under Review for Possible Downgrade

STACK 2006-2 Ltd.

U.S.$585,000,000 Class I Supersenior Swap, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/8/2008 Caa2 Placed Under Review for Possible Downgrade

STACK 2007-2 Ltd.

up to U.S. $330,000,000 Class A-1 Senior Variable Funding Floating Rate Notes Due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 6/9/2008 Caa2 Placed Under Review for Possible Downgrade

Summer Street 2007-1, Ltd.

U.S. $63,000,000 Class A-1SB Senior Secured Floating Rate Notes Due 2052, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 4/23/2008 B3 Placed Under Review for Possible Downgrade

U.S. $80,000,000 Class A-1SA Senior Secured Floating Rate Notes Due 2052, Downgraded to Ba3 Under Review for Possible Downgrade; previously on 4/23/2008 Baa3 Placed Under Review for Possible Downgrade

Term CDO 2007-1 Ltd.

Class A-1LA Floating Rate Notes Due July 2038, Downgraded to B2 Under Review for Possible Downgrade; previously on 4/23/2008 Ba2 Placed Under Review for Possible Downgrade

Tower Hill CDO II, Ltd.

U.S. $0 Class A-1 Senior Secured Funded Notes Due 2023, Downgraded to Aa2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

U.S. $0 Class A-2 Senior Secured Funded Notes Due 2023, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

U.S. $0 Class B Type 2 Senior Secured Funded Notes Due 2023, Downgraded to A2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

U.S. $0 Class C Type 2 Secured Funded Deferrable Notes Due 2023, Downgraded to Baa2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

U.S. $11,000,000 Class B Type 1 Senior Secured Funded Notes Due 2023, Downgraded to A2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

U.S. $20,000,000 Class B Type 2 Senior Secured Unfunded Notes Due 2023, Downgraded to A2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

U.S. $25,000,000 Class C Type 2 Secured Unfunded Deferrable Notes Due 2023, Downgraded to Baa2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

U.S. $300,000,000 Class A-1 Senior Secured Unfunded Notes Due 2023, Downgraded to Aa2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

U.S. $45,000,000 Class A-2 Senior Secured Unfunded Notes Due 2023, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

U.S. $50,000,000 Class C Type 1 Secured Funded Deferrable Notes Due 2023, Downgraded to Baa2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

U.S. $53,000,000 Class D Secured Floating Rate Deferrable Notes Due 2023, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa2

U.S. $53,000,000 Class E Secured Floating Rate Deferrable Notes Due 2023, Downgraded to B2 Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Ba2

U.S. $9,415,000 Class A-X Notes Due 2023, Aaa Placed on Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Triaxx Prime CDO 2007-1, Ltd.

U.S.$11,575,000 Class B Third Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to A2 Under Review for Possible Downgrade; previously on 10/20/2008 Aa2 Placed Under Review for Possible Downgrade

U.S.$12,700,000 Class X Fourth Priority Junior Secured Amortizing Deferrable Floating Rate Notes Due October 2039, Downgraded to Baa2 Under Review for Possible Downgrade; previously on 10/20/2008 A2 Placed Under Review for Possible Downgrade

U.S.$175,000,000 Class A-1D First Priority Senior Secured Floating Rate Delayed Draw Notes Due October 2039, Downgraded to Aa2 Under Review for Possible Downgrade; previously on 3/30/2007 Assigned Aaa

Triaxx Prime CDO 2007-1, Ltd.

U.S.$78,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 10/20/2008 Aaa Placed Under Review for Possible Downgrade

U.S.$8,925,000 Class C Fifth Priority Junior Secured Deferrable Floating Rate Notes Due October 2039, Downgraded to Ba2 Under Review for Possible Downgrade; previously on 10/20/2008 Baa2 Placed Under Review for Possible Downgrade

U.S.$825,000,000 Class A-1T First Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to Aa2 Under Review for Possible Downgrade; previously on 3/30/2007 Assigned Aaa

Tribune Limited Series 48

U.S. $80,000,000 Floating Rate Credit Linked Secured Notes due 2050,

Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/18/2008 B1 Placed Under Review for Possible Downgrade

UBS Euro Note Programme AMPST 2007-1

U.S. $20,000,000 Floating Rate Credit Linked Notes due 2047, Downgraded to Caa3 Under Review for Possible Downgrade; previously on 5/30/2008 B3 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 B3 Under Review for Possible Downgrade; previously on 5/20/2008 Ba3 Placed Under Review for Possible Downgrade

West Trade Funding CDO III Ltd.

U.S. $625,000,000 Class A-2 Second Priority Senior Floating Rate Notes Due 2053, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 5/20/2008 B1 Placed Under Review for Possible Downgrade

ZAIS Investment Grade Limited IX

Class A-1A Senior Secured Floating Rate Notes Due 2052, Downgraded to A2 Under Review for Possible Downgrade; previously on 3/27/2008 Downgraded to Aa2

Class A-1B Senior Secured Floating Rate Notes Due 2052, Downgraded to A2 Under Review for Possible Downgrade; previously on 3/27/2008 Downgraded to Aa2

Class A-1C Senior Secured Floating Rate Notes Due 2052, Downgraded to A2 Under Review for Possible Downgrade; previously on 3/27/2008 Downgraded to Aa2

U.S. $1,000,000 Class Y Combination Notes Due 2057, Downgraded to Caa1 Under Review for Possible Downgrade; previously on 10/6/2008 B1 Placed Under Review for Possible Downgrade

U.S. $54,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2052, Downgraded to Baa1 Under Review for Possible Downgrade; previously on 10/6/2008 A1 Placed Under Review for Possible Downgrade

U.S. $58,000,000 Class B Senior Secured Floating Rate Notes Due 2052, Downgraded to Baa3 Under Review for Possible Downgrade; previously on 10/6/2008 A3 Placed Under Review for Possible Downgrade

U.S. $6,090,000 Class X Security Due 2012, Downgraded to A2 Under Review for Possible Downgrade; previously on 3/27/2008 Downgraded to Aa2

ZAIS Investment Grade Limited X

U.S. $120,000,000 Class A-1b Senior Secured Floating Rate Notes Due 2057, Downgraded to Aa1 Under Review for Possible Downgrade; previously on 8/3/2007 Assigned Aaa

U.S. $13,500,000 Class S Senior Secured Floating Rate Notes Due 2015, Aaa Placed on Review for Possible Downgrade; previously on 8/3/2007 Assigned Aaa

U.S. $152,000,000 Class A-1a Senior Secured Floating Rate Notes Due 2057, Downgraded to Aa1 Under Review for Possible Downgrade; previously on 8/3/2007 Assigned Aaa

U.S. $50,000,000 Class B Senior Subordinate Secured Floating Rate Notes Due 2057, Downgraded to B2 Under Review for Possible Downgrade; previously on 5/30/2008 Ba2 Placed Under Review for Possible Downgrade

ZAIS Investment Grade Limited X

U.S. $59,500,000 Class A-2 Senior Secured Floating Rate Notes Due 2057, Downgraded to Aa2 Under Review for Possible Downgrade; previously on 8/3/2007 Assigned Aaa

U.S. $75,000,000 Class A-3 Senior Secured Floating Rate Notes Due 2057, Downgraded to Aa3 Under Review for Possible Downgrade; previously on 10/1/2008 Aaa Placed Under Review for Possible Downgrade

U.S. $75,000,000 Class A-4 Senior Secured Floating Rate Notes Due 2057, Downgraded to A3 Under Review for Possible Downgrade; previously on 10/1/2008 Aa3 Placed Under Review for Possible Downgrade

New York
Jian Hu
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

No Related Data.
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