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Related Issuers
Aphex Capital Plc - Series 2005-16
Aphex Capital Plc - Series No: 2005-15
Arch One Finance Limited - Series 2006-3
Arosa Funding Limited - Series 2004-10
Arosa Funding Limited - Series 2004-7
Betsen CDO Limited
BNP Paribas, London Branch - Bifrost 4
BNP Paribas, London Branch - Bifrost 5
BNP Paribas, London Branch - Bifrost 6
BNP Paribas, London Branch - Bifrost 7
BNP Paribas, London Branch - Bifrost Investment Plc series 11 to 20
BNP Paribas, London Branch - Bifrost Legolas 1
BNP Paribas, London Branch - Bifrost Legolas 2
BNP Paribas, London Branch - Bifrost Legolas 3
Citigroup Global Markets Limited - Cayenne Court 2004-1
Citigroup Global Markets Limited - St Catherine 2004-1
Classic Finance B.V. Series 2004-1
Corsair (Jersey) No. 3 Limited Series 13
Corsair (Jersey) No. 4 Limited - Series 2
Corsair Finance (Ireland) No. 2 Limited - Series 12
Corsair Finance (Ireland) No. 2 Limited - Series 13
Eirles Two Limited - Series 228
Emilius Company Limited
Heather Finance Limited - Series 2004-6
Heather Finance Limited Series 2002-2
Heather Finance Limited Series 2002-3
Heather Finance Limited Series 2002-7
Heather Finance Limited Series 2004-12
Heather Finance Limited Series 2004-5
HSBC Bank plc/USA Five Leveraged Super Senior CDS maturing 20th September 2010
iBond Securities PLC: iBoxx Series 4A / 4B / 4C
IXIS Corporate & Investment Bank, Series 2430 Tranche N°1 (Raphael)
Ixis Structured Products Limited - Champommi CDO
Kalmar Structured Finance A/S - Principal Rated Credit-Linked Notes IV due 2013
Kalmar Structured Finance A/S - Secured Notes III
Kalmar Structured Finance A/S Secured Notes II due 2010
Magnolia Finance IV Plc series 2007-01
Merrill Lynch International Credit Default Swaps (Shamrock)
Mondriaan Limited - Series 1 and 2
SEA CDO Limited 2004-3 "Grande II"
SEA CDO LIMITED Series 2004-4 to 6 "Grande III", "Grande IV" & "Grande V"
Skylark Limited Series 2004-10 Tannebaum
Skylark Limited Series 2004-4 (USD Rhodes)
STARTS (Cayman) Limited Series 2005-3 EUR 30,000,000 Leveraged Super Senior
STARTS (Cayman) Limited Series 2005-4
STARTS (Cayman) Limited Series 2005-6
Starts (Ireland) plc Series 2005-22 - Leveraged TIGERS 2005-VIII
Starts (Ireland) plc Series 2005-23 - Leveraged TIGERS 2005-VIII
Starts (Ireland) plc Series 2005-25 - Leveraged TIGERS 2005-VIII
XELO IV plc - Series 2006 (PAVON I)
Rating Action:

Moody's lowers ratings of 169 notes issued by 50 Corporate Synthetic CDO transactions

23 Feb 2009

London, 23 February 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 169 notes issued by certain collateralized debt obligation transactions referencing a portfolio of corporate entities (the "Corporate Synthetic CDOs").

Moody's explained that the rating actions taken today are the result of (i) the application of revised and updated key modeling parameter assumptions that Moody's uses to rate and monitor ratings of Corporate Synthetic CDOs and (ii) the deterioration in the credit quality of the transaction's reference portfolio. The revisions affect key parameters in Moody's model for rating Corporate Synthetic CDOs: default probability, asset correlation, and other credit indicators such as ratings reviews and outlooks. Moody's announced the changes to these assumptions in a press release titled "Moody's Updates its Key Assumptions for Rating Corporate Synthetic CDOs," published on January 15, 2009.

Moody's initially analyzed and continues to monitor this transaction using primarily the methodology for Corporate Synthetic CDOs as described in Moody's Special Report below:

-- Moody's Approach to Rating Corporate Collateralized Synthetic Obligations (December 2008)

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:

Arch One Finance Limited - Series 2006-3

EUR 5,000,000 Secured Floating Rate Notes due September 2011, Downgraded to Ca; previously on 02 June 2008 Downgraded to Caa1

Arosa Funding Limited - Series 2004-7

Series 2004-7 Notes, Downgraded to Caa2; previously on 01 March 2007 Downgraded to A3

Arosa Funding Limited - Series 2004-10

Series 2004-10 Notes, Downgraded to Caa1; previously on 12 December 2008 Downgraded to Baa1

Aphex Capital Plc - Series No: 2005-15

Eur 15,000,000 DESIGN Secured Portfolio Credit-Linked Leveraged Fixed Rate Notes due 2015, Downgraded to Aa1; previously on 16 November 2005 Assigned Aaa

Aphex Capital Plc - Series 2005-16

Series 2005-16 Eur 10,000,000 DESIGN Secured Portfolio Credit-Linked Fixed Rate Notes due 2012, Downgraded to Caa3; previously on 03 October 2008 Downgraded to B2

Betsen CDO Limited

A, Downgraded to Baa2; previously on 22 December 2008 Downgraded to Aa2

B, Downgraded to Ba2; previously on 22 December 2008 Downgraded to A2

BNP Paribas, London Branch - Bifrost 4

Class A MZ 7 year, Downgraded to Aa2; previously on 31 March 2003 Assigned Aaa

Class B MZ 7 year, Downgraded to Baa1; previously on 13 June 2006 Downgraded to Aa2

Class E MZ 10 year, Downgraded to A1; previously on 31 March 2003 Assigned Aaa

Class F MZ 10 Year, Downgraded to Baa3; previously on 23 April 2008 Downgraded to Aa3

BNP Paribas, London Branch - Bifrost 5

Class B MZ 7 year, Downgraded to Aa3; previously on 06 May 2005 Upgraded to Aaa

Class E MZ 10 year, Downgraded to Aa1; previously on 31 March 2003 Assigned Aaa

Class F MZ 10 Year, Downgraded to A2; previously on 06 May 2005 Upgraded to Aaa

BNP Paribas, London Branch - Bifrost 6

Class A MZ 7 year, Downgraded to Aa3; previously on 31 March 2003 Assigned Aaa

Class B MZ 7 year, Downgraded to Baa3; previously on 28 November 2008 Downgraded to A3

Class E MZ 10 year, Downgraded to A3; previously on 28 November 2008 Downgraded to Aa2

Class F MZ 10 Year, Downgraded to Ba2; previously on 28 November 2008 Downgraded to Baa2

BNP Paribas, London Branch - Bifrost 7

Class A MZ 7 year, Downgraded to A2; previously on 31 March 2003 Assigned Aaa

Class B MZ 7 year, Downgraded to Ba2; previously on 16 January 2009 Downgraded to A2

Class E MZ 10 year, Downgraded to Baa2; previously on 16 January 2009 Downgraded to Aa1

Class F MZ 10 Year, Downgraded to B1; previously on 16 January 2009 Downgraded to A3

BNP Paribas, London Branch - Bifrost Legolas 1

Class A MZ 7 year, Downgraded to Aa3; previously on 31 March 2003 Assigned Aaa

Class B MZ 7 year, Downgraded to Baa3; previously on 28 November 2008 Downgraded to A1

Class E MZ 10 year, Downgraded to A3; previously on 31 March 2003 Assigned Aaa

Class F MZ 10 Year, Downgraded to Ba2; previously on 28 November 2008 Downgraded to A2

BNP Paribas, London Branch - Bifrost Legolas 2

Class B MZ 7 year, Downgraded to A2; previously on 06 May 2005 Upgraded to Aaa

Class E MZ 10 year, Downgraded to Aa2; previously on 31 March 2003 Assigned Aaa

Class F MZ 10 Year, Downgraded to Baa1; previously on 10 March 2008 Upgraded to Aaa

BNP Paribas, London Branch - Bifrost Legolas 3

Class A MZ 7 year, Downgraded to Aa1; previously on 06 May 2005 Upgraded to Aaa

Class B MZ 7 year, Downgraded to A3; previously on 09 August 2006 Upgraded to Aa3

Class E MZ 10 year, Downgraded to A1; previously on 06 May 2005 Upgraded to Aaa

Class F MZ 10 Year, Downgraded to Baa3; previously on 08 June 2007 Downgraded to A1

BNP Paribas, London Branch - Bifrost Investment Plc series 11 to 20

10A 11, Downgraded to Baa1; previously on 14 October 2003 Assigned Aaa

10A 12, Downgraded to Aa3; previously on 14 October 2003 Assigned Aaa

10A 13, Downgraded to A1; previously on 14 October 2003 Assigned Aaa

10A 14, Downgraded to Aa2; previously on 14 October 2003 Assigned Aaa

10A 15, Downgraded to Aa2; previously on 14 October 2003 Assigned Aaa

10A 16, Downgraded to Baa2; previously on 14 October 2003 Assigned Aaa

10A 17, Downgraded to Aa3; previously on 14 October 2003 Assigned Aaa

10A 18, Downgraded to A2; previously on 14 October 2003 Assigned Aaa

10A 19, Downgraded to A3; previously on 14 October 2003 Assigned Aaa

10A 20, Downgraded to Aa2; previously on 14 October 2003 Assigned Aaa

10B 11, Downgraded to Ba3; previously on 07 February 2007 Downgraded to Aa3

10B 12, Downgraded to Baa2; previously on 08 August 2008 Downgraded to Aa2

10B 13, Downgraded to Baa2; previously on 07 February 2007 Downgraded to Aa3

10B 14, Downgraded to Baa1; previously on 07 February 2007 Upgraded to Aa1

10B 15, Downgraded to Baa1; previously on 07 February 2007 Upgraded to Aa1

10B 16, Downgraded to B1; previously on 08 August 2008 Downgraded to A1

10B 17, Downgraded to Baa3; previously on 23 April 2008 Upgraded to Aa2

10B 18, Downgraded to Ba1; previously on 08 August 2008 Downgraded to Aa3

10B 19, Downgraded to Ba3; previously on 08 August 2008 Downgraded to A1

10B 20, Downgraded to A3; previously on 14 October 2003 Assigned Aa2

10C 11, Downgraded to Caa2; previously on 07 February 2007 Downgraded to Baa2

10C 12, Downgraded to Ba3; previously on 08 August 2008 Downgraded to Baa1

10C 13, Downgraded to Ba3; previously on 07 February 2007 Downgraded to Baa2

10C 14, Downgraded to Ba2; previously on 23 April 2008 Downgraded to A2

10C 15, Downgraded to Ba2; previously on 29 June 2007 Upgraded to Aa3

10C 16, Downgraded to Caa2; previously on 23 April 2008 Downgraded to Baa2

10C 17, Downgraded to B1; previously on 23 April 2008 Upgraded to A3

10C 18, Downgraded to B3; previously on 08 August 2008 Downgraded to Baa1

10C 19, Downgraded to Caa2; previously on 08 August 2008 Downgraded to Baa2

10C 20, Downgraded to Ba1; previously on 08 August 2008 Upgraded to A2

10D 11, Downgraded to Caa3; previously on 07 February 2007 Downgraded to Ba2

10D 12, Downgraded to Caa1; previously on 08 August 2008 Downgraded to Ba1

10D 13, Downgraded to Caa1; previously on 07 February 2007 Downgraded to Ba2

10D 14, Downgraded to B3; previously on 23 April 2008 Downgraded to Baa3

10D 15, Downgraded to B2; previously on 07 February 2007 Upgraded to Baa1

10D 16, Downgraded to Caa3; previously on 08 August 2008 Downgraded to Ba2

10D 17, Downgraded to Caa1; previously on 16 February 2007 Downgraded to Ba1

10D 18, Downgraded to Caa3; previously on 08 August 2008 Downgraded to Ba1

10D 19, Downgraded to Caa3; previously on 08 August 2008 Downgraded to Ba2

10D 20, Downgraded to Ba3; previously on 16 February 2007 Downgraded to Baa3

7A 11, Downgraded to A2; previously on 14 October 2003 Assigned Aaa

7A 12, Downgraded to Aa1; previously on 14 October 2003 Assigned Aaa

7A 13, Downgraded to Aa1; previously on 14 October 2003 Assigned Aaa

7A 14, Downgraded to Aa1; previously on 14 October 2003 Assigned Aaa

7A 15, Downgraded to Aa1; previously on 14 October 2003 Assigned Aaa

7A 16, Downgraded to A3; previously on 14 October 2003 Assigned Aaa

7A 17, Downgraded to Aa1; previously on 14 October 2003 Assigned Aaa

7A 18, Downgraded to Aa3; previously on 14 October 2003 Assigned Aaa

7A 19, Downgraded to Aa3; previously on 14 October 2003 Assigned Aaa

7B 11, Downgraded to Ba1; previously on 14 October 2003 Assigned Aa2

7B 12, Downgraded to A3; previously on 29 June 2007 Upgraded to Aa1

7B 13, Downgraded to A2; previously on 23 April 2008 Upgraded to Aa2

7B 14, Downgraded to A1; previously on 07 February 2007 Upgraded to Aaa

7B 15, Downgraded to A1; previously on 07 February 2007 Upgraded to Aaa

7B 16, Downgraded to Ba3; previously on 08 August 2008 Downgraded to Aa3

7B 17, Downgraded to A3; previously on 23 April 2008 Upgraded to Aa1

7B 18, Downgraded to Baa2; previously on 16 February 2007 Upgraded to Aa1

7B 19, Downgraded to Baa3; previously on 14 October 2003 Assigned Aa2

7B 20, Downgraded to Aa3; previously on 23 April 2008 Upgraded to Aaa

7C 11, Downgraded to B3; previously on 23 April 2008 Upgraded to A3

7C 12, Downgraded to Ba1; previously on 19 December 2008 Downgraded to A3

7C 13, Downgraded to Baa3; previously on 23 April 2008 Upgraded to A3

7C 14, Downgraded to Baa3; previously on 07 February 2007 Upgraded to Aa3

7C 15, Downgraded to Baa2; previously on 29 June 2007 Upgraded to Aa2

7C 16, Downgraded to Caa2; previously on 23 April 2008 Downgraded to Baa1

7C 17, Downgraded to Ba1; previously on 19 December 2008 Downgraded to A3

7C 18, Downgraded to Ba3; previously on 16 February 2007 Upgraded to A1

7C 19, Downgraded to B3; previously on 08 August 2008 Downgraded to Baa1

7C 20, Downgraded to A3; previously on 23 April 2008 Upgraded to Aa3

7D 11, Downgraded to Caa3; previously on 23 April 2008 Upgraded to Baa3

7D 12, Downgraded to B1; previously on 07 February 2007 Downgraded to Baa3

7D 13, Downgraded to Ba3; previously on 07 February 2007 Downgraded to Ba1

7D 14, Downgraded to Ba3; previously on 29 June 2007 Upgraded to A3

7D 15, Downgraded to Ba2; previously on 29 June 2007 Upgraded to A2

7D 16, Downgraded to Caa3; previously on 23 April 2008 Downgraded to Ba1

7D 17, Downgraded to B2; previously on 23 April 2008 Upgraded to Baa2

7D 18, Downgraded to Caa1; previously on 23 April 2008 Downgraded to Baa2

7D 19, Downgraded to Caa3; previously on 08 August 2008 Downgraded to Ba1

7D 20, Downgraded to Baa3; previously on 23 April 2008 Upgraded to Baa1

Citigroup Global Markets Limited - Cayenne Court 2004-1

Credit Default Swap - Cayenne 2004-1, Downgraded to Ba1; previously on 19 March 2004 Assigned Aa2

Citigroup Global Markets Limited - St Catherine 2004-1

Credit Default Swap - St Catherine 2004-1 CDO^2, Downgraded to Ba2; previously on 19 March 2004 Assigned Aa2

Classic Finance B.V. Series 2004-1

EUR 125,000,000 Class A Secured Floating Rate Notes, Series 2004-1A, Downgraded to Ba2; previously on 19 November 2008 Downgraded to Baa1

EUR 25,000,000 Class B Secured Floating Rate Notes, Series 2004-1B, Downgraded to B1; previously on 19 November 2008 Downgraded to Baa2

Corsair Finance (Ireland) No. 2 Limited - Series 12

Eur 125,000,000 Senior Secured Floating Rate Note due 25 September 2009, Downgraded to A3; previously on 04 November 2004 Assigned Aa1

Eur 6,600,000 Subordinated Secured Floating Rate Notes due 25 September 2009, Downgraded to A3; previously on 11 March 2008 Upgraded to Aa1

Corsair (Jersey) No. 3 Limited Series 13

Corsair (Jersey) No. 3 Limited - Series 13, Downgraded to Ca; previously on 20 November 2008 Downgraded to B3

Corsair Finance (Ireland) No. 2 Limited - Series 13

Series 13 Floating Rate Secured Portfolio Credit -Linked Notes, Downgraded to A1; previously on 10 May 2007 Upgraded to Aaa

Corsair (Jersey) No. 4 Limited - Series 2

Series 2 USD 150,000,000 Floating Rate Step-down Secured Portfolio Credit-linked Notes due 2021, Downgraded to Ba2; previously on 30 July 2008 Downgraded to A3

Eirles Two Limited - Series 228

Series 228 Floating Rate Portfolio Credit Linked Secured Notes, Downgraded to Baa2; previously on 01 March 2006 Assigned Aaa

Emilius Company Limited

Credit Linked Notes Due 3 December 2011, Downgraded to B2; previously on 29 September 2008 Downgraded to Baa2

Heather Finance Limited Series 2002-2

Series 2002-2 Secured Credit-Linked Floating Rate Notes due 2009, Downgraded to A1; previously on 15 August 2007 Upgraded to Aaa

Heather Finance Limited Series 2002-3

Series 2002-3 Secured Credit-Linked Floating Rate Notes, Downgraded to Baa3; previously on 15 August 2007 Upgraded to A2

Heather Finance Limited Series 2002-7

Series 2002-7 Secured Credit-Linked Floating Rate Notes due 2009, Downgraded to A1; previously on 15 August 2007 Upgraded to Aaa

Heather Finance Limited Series 2004-5

Class A, Downgraded to B3; previously on 28 November 2008 Downgraded to Aa3

Class B, Downgraded to B2; previously on 28 November 2008 Downgraded to Aa3

Heather Finance Limited - Series 2004-6

Series 2004-6 Secured Credit-Linked Floating Rate Notes, Downgraded to Ca; previously on 26 September 2007 Downgraded to Ba2

Heather Finance Limited Series 2004-12

Class A1 Secured Credit-Linked Fixed Rate Note, Downgraded to Baa3; previously on 13 July 2004 Assigned Aaa

Class A2 Secured Credit-Linked Floating Rate Notes, Downgraded to Baa3; previously on 13 July 2004 Assigned Aaa

HSBC Bank plc/USA Five Leveraged Super Senior CDS maturing 20th September 2010

USD 10,000,000 HSBC Bank plc Swap with K2 Corporation number 100278, Downgraded to A3; previously on 25 August 2005 Assigned Aaa

USD 20,000,000 HSBC Bank plc Swap with K2 Corporation 100277, Downgraded to A3; previously on 25 August 2005 Assigned Aaa

USD 20,000,000 HSBC Bank plc Swap with K2 Corporation number 98681, Downgraded to A3; previously on 25 August 2005 Assigned Aaa

USD 20,000,000 HSBC Bank USA Swap with Desjardins Financial Security Life Assurance Co number 94738, Downgraded to A3; previously on 25 August 2005 Assigned Aaa

USD 50,000,000 HSBC Bank plc Swap with K2 Corporation number 98377, Downgraded to A3; previously on 25 August 2005 Assigned Aaa

iBond Securities PLC: iBoxx Series 4A / 4B / 4C

Series 4A - iBoxx 100 CLN, Downgraded to B3; previously on 25 April 2008 Downgraded to Baa3

Series 4B - iBoxx Corp CLN, Downgraded to Caa1; previously on 12 August 2008 Downgraded to Ba1

Series 4C iBoxx Diversified CLN, Downgraded to Ba1; previously on 01 March 2007 Downgraded to Baa3

Ixis Structured Products Limited - Champommi CDO

Class A2, Downgraded to Ba2; previously on 04 November 2008 Downgraded to Ba1

IXIS Corporate & Investment Bank, Series 2430 Tranche N°1 (Raphael)

Series 2430 Tranche N°1 (Raphael), Downgraded to Ba2; previously on 28 September 2006 Assigned Aaa

Kalmar Structured Finance A/S Secured Notes II due 2010

Class A Secured Fixed Rate Notes due 2010, Downgraded to Ba3; previously on 23 October 2008 Downgraded to Baa1

Class B1 Secured Floating Rate Notes due 2010, Downgraded to B3; previously on 23 October 2008 Downgraded to Ba1

Class B2 Secured Floating Rate Notes due 2010, Downgraded to B3; previously on 23 October 2008 Downgraded to Ba1

Class C Secured Floating Rate Notes due 2010, Downgraded to Caa3; previously on 23 October 2008 Downgraded to B2

Kalmar Structured Finance A/S - Secured Notes III

Class A1 Secured Notes III due 2011, Downgraded to Ba3; previously on 17 November 2008 Downgraded to Baa1

Class A2 Secured Notes III due 2011, Downgraded to Ba3; previously on 17 November 2008 Downgraded to Baa1

Class B1 Secured Notes III due 2011, Downgraded to Caa1; previously on 17 November 2008 Downgraded to Ba2

Class B2 Secured Notes III due 2011, Downgraded to Caa1; previously on 17 November 2008 Downgraded to Ba2

Class C Secured Notes III due 2011, Downgraded to Caa3; previously on 17 November 2008 Downgraded to Caa1

Kalmar Structured Finance A/S - Principal Rated Credit-Linked Notes IV due 2013

Principal Rated Credit-Linked Notes IV due 2013, Downgraded to Ca; previously on 02 April 2008 Downgraded to Baa3

Magnolia Finance IV Plc series 2007-01

Series 2007-01 Credit Linked Notes due September 2012, Downgraded to B1; previously on 11 September 2007 Assigned Aaa

Merrill Lynch International Credit Default Swaps (Shamrock)

EUR 50,000,000 Shamrock Class 1 (Reference N° 06ML19662A), Downgraded to A2; previously on 29 September 2008 Downgraded to Aa1

Mondriaan Limited - Series 1

Series 1 Limited Recourse Secured Credit-Linked Notes due 2010, Downgraded to Aa1; previously on 21 December 2005 Assigned Aaa

SEA CDO Limited 2004-3 "Grande II"

Secured Floating Rate "Grande II" Notes due 2014, Downgraded to B1; previously on 07 April 2008 Downgraded to Aa3

SEA CDO LIMITED Series 2004-4 to 6 "Grande III", "Grande IV" & "Grande V"

SEA CDO 2004-4 DKK 90,000,000 Secured Floating Rate Notes due 25 September 2009, Downgraded to A3; previously on 11 August 2004 Assigned Aaa

SEA CDO 2004-5 SGD20,000,000 Secured Floating Rate Tranche A Notes due 25 September 2009, Downgraded to A3; previously on 11 August 2004 Assigned Aaa

SEA CDO 2004-5 SGD20,000,000 Secured Floating Rate Tranche B Notes due 25 September 2009, Downgraded to Baa2; previously on 11 August 2004 Assigned Aa1

SEA CDO 2004-6 USD20,000,000 Secured Floating Rate Notes due 25 September 2009, Downgraded to A3; previously on 11 August 2004 Assigned Aaa

Skylark Limited Series 2004-10 Tannebaum

Class A Series 2004-10A, Downgraded to Aa1; previously on 15 September 2004 Assigned Aaa

Class B Series 2004-10B, Downgraded to A3; previously on 15 September 2004 Assigned Aa2

Skylark Limited Series 2004-4 (USD Rhodes)

USD 50,000,000 Class A1 "Rhodes" Secured Floating Rate Credit Linked Notes, Downgraded to Baa2; previously on 17 April 2008 Downgraded to Aa1

STARTS (Cayman) Limited Series 2005-3 EUR 30,000,000 Leveraged Super Senior

STARTS (Cayman) Limited Series 2005-3 EUR 30,000,000 Leveraged Super Senior Credit-Linked Notes due 2012, Downgraded to Baa3; previously on 17 April 2008 Downgraded to Aa1

STARTS (Cayman) Limited Series 2005-4

Series 2005-4 USD 20,000,000 Leveraged Super Senior Credit-Linked Notes due 2010, Downgraded to Ba2; previously on 18 December 2008 Downgraded to A2

STARTS (Cayman) Limited Series 2005-6

Series 2005-6 USD 25,000,000 Leveraged Super Senior Credit-Linked Notes due 2010, Downgraded to Ba3; previously on 17 April 2008 Downgraded to Aa2

Starts (Ireland) plc Series 2005-22 - Leveraged TIGERS 2005-VIII

STARTS (Ireland) plc Series 2005-22 USD 20,000,000 Leveraged Super Senior Credit-Linked Notes due 2012, Downgraded to Baa3; previously on 16 September 2005 Assigned Aaa

Starts (Ireland) plc Series 2005-23 - Leveraged TIGERS 2005-VIII

STARTS (Ireland) plc Series 2005-23 EUR 30,000,000 Leveraged Super Senior Credit-Linked Notes due 2012, Downgraded to Ba1; previously on 17 April 2008 Downgraded to Aa2

Starts (Ireland) plc Series 2005-25 - Leveraged TIGERS 2005-VIII

STARTS (Ireland) plc Series 2005-25 USD 15,000,000 Leveraged Super Senior Credit-Linked Notes due 2010, Downgraded to Ba1; previously on 13 October 2005 Assigned Aaa

XELO IV plc - Series 2006 (PAVON I)

Xelo IV - Series 2006 (Pavon I), Downgraded to Ca; previously on 03 October 2008 Downgraded to Ba2

London
Neelam S. Desai
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

London
Son Nguyen
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's lowers ratings of 169 notes issued by 50 Corporate Synthetic CDO transactions
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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

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

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

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

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

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