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Rating Action:

Moody's lowers ratings of 172 Notes issued by 41 structured finance CDO transactions issued in 2003

23 Dec 2008
Moody's lowers ratings of 172 Notes issued by 41 structured finance CDO transactions issued in 2003

New York, December 23, 2008 -- Moody's Investors Service announced today that it has downgraded its ratings of 172 Notes issued by certain collateralized debt obligation transactions backed by structured finance securities ("SF CDOs"), each of which originated in 2003.

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 initially analyzed and continues to monitor these transactions using primarily the methodology and its supplements for ABS CDOs as described in Moody's Special Reports below:

Moody's Approach to Rating Multisector CDOs (9/15/2000)

Moody's Approach To Rating Synthetic Resecuritizations (10/29/2003)

Moody's Revisits its Assumptions Regarding Structured Finance Default (and Asset) Correlations for CDOs (6/27/2005)

Moody's Modeling Approach to Rating Structured Finance Cash Flow CDO Transactions (9/26/2005)

For more information please see www.moodys.com

Today's rating actions are as follows:

ACA ABS 2003-1, Limited

U.S. $ 80,000,000 Class A-R Floating Rate Revolving Notes, due June 10, 2038, Downgraded to Caa2 and Under Review for Possible Downgrade; previously on 5/8/2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

U.S. $210,000,000 Class A-T Floating Rate Term Notes, due June 10, 2038, Downgraded to Caa2 and Under Review for Possible Downgrade; previously on 5/8/2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

ACA ABS 2003-2, Limited

U.S. $10,000,000 Class A1-SW Floating Rate Notes, due December 10 , 2038, Downgraded to B1 and Under Review for Possible Downgrade; previously on 9/11/2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

U.S. $108,000,000 Class A1-J Floating Rate Notes, due December 10 , 2038, Downgraded to Caa1 and Under Review for Possible Downgrade; previously on 5/18/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

U.S. $146,500,000 Class A1-SD Floating Rate Notes, due December 10, 2038, Downgraded to B1 and Under Review for Possible Downgrade; previously on 5/18/2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

U.S. $315,000,000 Class A1-SU Floating Rate Notes, due December 10 , 2038, Downgraded to B1 and Under Review for Possible Downgrade; previously on 5/18/2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

U.S. $51,000,000 Class A2 Floating Rate Notes, due December 10 , 2038, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 5/18/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Blue Bell Funding, Ltd/Blue Bell Funding Corp.

Class A-1 Notes, Downgraded to Ba1 and Under Review for Possible Downgrade; previously on 7/8/2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

Class A-2 Notes, Downgraded to B1 and Under Review for Possible Downgrade; previously on 7/8/2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Comm. Paper, Downgraded to A1 and Under Review for Possible Downgrade; previously on 7/10/2008 Aa1 Placed Under Review for Possible Downgrade

Blue Heron Funding V Ltd.

U.S.$85,000,000 Class B Blue Heron Funding V Cash Flow Contingent Interest Notes, Series 2003-1, due February 25, 2041, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 5/8/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Blue Heron Funding VI, Ltd.

U.S. $1,113, 750,000 Class A-1 Blue Heron Funding VI Notes, due May 21, 2047, Downgraded to Ba1 and Under Review for Possible Downgrade; previously on 5/16/2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

U.S. $25,000,000 Class A-2 Blue Heron Funding VI Notes, due May 21, 2047, Downgraded to Ca; previously on 5/16/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Blue Heron Funding VII Ltd.

U.S. $1,113,750,000 Class A-1 Blue Heron Funding VII Notes, due May 30, 2047, Downgraded to Ba3 and Under Review for Possible Downgrade; previously on 5/30/2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

U.S. $25,000,000 Class A-2 Blue Heron Funding Vll Notes, due May 30, 2047, Downgraded to Ca; previously on 5/30/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

Breithorn ABS Funding, p.l.c

Class A-2 Notes, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 6/20/2008 Downgraded to Aa1

Class B Notes, Downgraded to Baa3 and Placed Under Review for Possible Downgrade; previously on 6/20/2008 Downgraded to A3

C-BASS CBO VII Ltd.

U.S.$20,000,000 Class B Second Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 9/1/2005 Upgraded to Aaa

U.S.$20,000,000 Class C Third Priority Secured Floating Rate Deferrable Interest Notes Due 2038, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 9/1/2005 Upgraded to Aa1

U.S.$27,000,000 Class D Fourth Priority Secured Floating Rate Deferrable Interest Notes Due 2038, Downgraded to Baa3 and Placed Under Review for Possible Downgrade; previously on 9/1/2005 Upgraded to A3

U.S.$300,000,000 Class A First Priority Senior Secured Floating Rate Notes Due 2028, Downgraded to Aa1 and Placed Under Review for Possible Downgrade; previously on 7/30/2003 Assigned Aaa

C-BASS CBO VIII Ltd

U.S. $ 12,000,000 Class D-1 Fifth Priority Secured Floating Rate Deferrable Interest Notes Due 2038, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on 5/16/2006 Upgraded to Aa2

U.S. $ 18,350,000 Class B Third Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 5/16/2006 Upgraded to Aaa

U.S. $ 20,700,000 Class C Fourth Priority Secured Floating Rate Deferrable Interest Notes Due 2038, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 5/16/2006 Upgraded to Aaa

U.S. $ 4,950,000 Class D-2 Fifth Priority Secured Fixed Rate Deferrable Interest Notes Due 2038, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on 5/16/2006 Upgraded to Aa2

U.S.$239,400,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due November 2028, Downgraded to Aa1 and Placed Under Review for Possible Downgrade; previously on 11/18/2003 Assigned Aaa

U.S.$26,600,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due November 2028, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 11/18/2003 Assigned Aaa

Commodore CDO II Ltd./Commodore CDO II Corp.

U.S. $ 37,800,000 Class A-2(a) Floating Rate Notes due December 2038, Downgraded to Caa1 and Placed Under Review for Possible Downgrade; previously on 6/25/2008 Downgraded to B1

U.S. $1,200,000 Class A-2(b) 4.74% Fixed Rate Notes due December 2038, Downgraded to Caa3 and Placed Under Review for Possible Downgrade; previously on 6/25/2008 Downgraded to B3

U.S. $186,000,000 Class A-1MM Floating Rate Notes due December 2038, Downgraded to Baa2 and Placed Under Review for Possible Downgrade; previously on 6/25/2008 Downgraded to A2

Connecticut Valley Structured Credit CDO II, LTD.

Class A-1 Gtd. Floating Rate Notes, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 5/8/2003 Assigned Aaa

Class A-2 Floating Rate Notes, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 5/8/2003 Assigned Aaa

Class B-1 Deferrable Floating Rate Notes, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 5/8/2003 Assigned Aa1

Class B-2 Deferrable Fixed Rate Notes, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 5/8/2003 Assigned Aa1

Class C-1 Deferrable Floating Rate Notes, Downgraded to Baa2 and Placed Under Review for Possible Downgrade; previously on 5/8/2003 Assigned A2

Class C-2 Deferrable Fixed Rate Notes, Downgraded to Baa2 and Placed Under Review for Possible Downgrade; previously on 5/8/2003 Assigned A2

Composite Securities, Downgraded to Ba1 and Placed Under Review for Possible Downgrade; previously on 5/8/2003 Assigned Baa1

CORONADO CDO, LTD./CORONADO CDO, CORP.

CLASS A-1 FLOATING RATE NOTES, Downgraded to A2 and Placed Under Review for Possible Downgrade; previously on 6/30/2008 Upgraded to Aa2

CLASS A-2 FIXED RATE NOTES, Downgraded to A2 and Placed Under Review for Possible Downgrade; previously on 6/30/2008 Upgraded to Aa2

CLASS B-1 FLOATING RATE NOTES, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on 9/5/2003 Assigned Aa2

CLASS B-2 FIXED RATE NOTES, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on 9/5/2003 Assigned Aa2

CLASS C-1 FLOATING RATE NOTES, Downgraded to Ba2 and Placed Under Review for Possible Downgrade; previously on 9/5/2003 Assigned Baa2

CLASS C-2 FIXED RATE NOTES, Downgraded to Ba2 and Placed Under Review for Possible Downgrade; previously on 9/5/2003 Assigned Baa2

Crest Dartmouth Street 2003-1, Ltd.

U.S. $280,000,000 Class A Senior Secured Floating Rate Term Notes Due 2018, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 4/11/2003 Assigned Aaa

U.S.$21,000,000 Class B-2 Second Priority Deferrable Interest Fixed Rate Term Notes, Due 2038, Downgraded to Baa2 and Placed Under Review for Possible Downgrade; previously on 4/11/2003 Assigned A2

US $13,125,000 Class B-1 Second Priority Deferrable Interest Floating Rate Term Notes, Due 2038, Downgraded to Baa2 and Placed Under Review for Possible Downgrade; previously on 4/11/2003 Assigned A2

Davis Square Funding I, Ltd.

U.S. $100,000,000 Class A-1MT-a Medium Term Floating Rate Notes Due 2038, Downgraded to A3 and Under Review for Possible Downgrade; previously on 5/12/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S.$192,500,000 Class A-1MT-b Medium Term Floating Rate Notes Due 2038, Downgraded to A3 and Under Review for Possible Downgrade; previously on 5/12/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S.$192,500,000 Class A-1MT-c Medium Term Floating Rate Notes Due 2038, Downgraded to A3 and Under Review for Possible Downgrade; previously on 5/12/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S.$192,500,000 Class A-1MT-d Medium Term Floating Rate Notes Due 2038, Downgraded to A3 and Under Review for Possible Downgrade; previously on 5/12/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S.$192,500,000 Class A-1MM-e Money Market Floating Rate Notes Due 2038, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on 10/30/2003 Assigned Aaa

U.S.$50,000,000 Class A-2 Floating Rate Notes Due 2038, Downgraded to Ba3 and Under Review for Possible Downgrade; previously on 5/12/2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

U.S.$75,000,000 Class B Participating Notes Due 2038, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 5/12/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Duke Funding IV, Ltd.

Class A-1 First Priority Senior Secured Flt. Rt. Notes due 2023, Downgraded to Ba3 and Under Review for Possible Downgrade; previously on 6/30/2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

Class A-2 First Priority Senior Secured Flt. Rt. Notes due 2023, Downgraded to Ba3 and Under Review for Possible Downgrade; previously on 6/30/2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

Class-B Second Priority Senior Secured Flt. Rt Notes due 2038, Downgraded to Caa2 and Under Review for Possible Downgrade; previously on 6/30/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Composite 2 Securities, Downgraded to Ba3 and Under Review for Possible Downgrade ; previously on 6/30/2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

Composite Securities, Downgraded to A3 Under Review for Possible Downgrade; previously on 6/30/2008 Aa3 Placed Under Review for Possible Downgrade

Duke Funding V, Ltd.

U.S. $27,040,000 Class A Combination Securities Due 2038, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 4/22/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

U.S. $6,000,000 Class I-B Senior Secured Fixed Rate Notes Due 2033 (the "Class I-B Notes"), Downgraded to A3 and Under Review for Possible Downgrade; previously on 4/22/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S. $15,000,000 Class II Senior Secured Floating Rate Notes Due 2033 (the "Class II Notes"), Downgraded to Baa2 and Under Review for Possible Downgrade; previously on 4/22/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

U.S. $69,000,000 Class I-A2 Senior Secured Floating Rate Notes Due 2033 (the "Class I-A2 Notes"), Downgraded to A1 and Under Review for Possible Downgrade; previously on 4/22/2008 Downgraded to Aa1 and Placed Under Review for Possible Downgrade

U.S. $125,000,000 Class I-W Senior Secured Floating Rate Notes Due 2033 (the "Class I-W Notes"), Downgraded to Aa3 and Under Review for Possible Downgrade; previously on 12/4/2008 Aaa Placed Under Review for Possible Downgrade

U.S. $175,000,000 Class I-A1 Senior Secured Floating Rate Notes Due 2033 (the "Class I-A1 Notes"), Downgraded to A1 and Under Review for Possible Downgrade; previously on 4/22/2008 Downgraded to Aa1 and Placed Under Review for Possible Downgrade

U.S. $59,000,000 Class III Senior Secured Floating Rate Notes Due 2038 (the "Class III Notes"), Downgraded to Ba2 and Under Review for Possible Downgrade; previously on 4/22/2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

U.S. $9,000,000 Class B Combination Securities Due 2038, Downgraded to Ba3 Placed Under Review for Possible Downgrade; previously on 8/26/2003 Assigned Baa3

Fort Point CDO II, LTD.

Class A1 Floating Rate Notes, Downgraded to A2 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Class A2 Floating Rate Notes, Downgraded to Ba1 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to Baa1 and Placed Under Review for Possible Downgrade

Class A3 Floating Rate Notes, Downgraded to B1 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

Class B Floating Rate Notes, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to Caa2 and Placed Under Review for Possible Downgrade

Grenadier Funding, Limited

Class A-1 Floating Rate Senior Subordinate Secured Notes, Downgraded to Ca; previously on 6/4/2008 Downgraded to B1and Placed Under Review for Possible Downgrade

Class A-2 Floating Rate Subordinate Secured Notes, Downgraded to Ca; previously on 6/4/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Gresham Street CDO Funding 2003-1, Ltd.

U.S. $5,300,000 Class D Dourth Priority Floating Rate Term Notes Due 11/7/33, Downgraded to Baa1 and Placed Under Review for Possible Downgrade; previously on 12/21/2006 Upgraded to A2

U.S. $8,600,000 Class C Third Priority Floating Rate Deferrable interest Term Notes Due 11/7/33, Downgraded to Aa1 and Placed Under Review for Possible Downgrade; previously on 12/21/2006 Upgraded to Aaa

G-STAR 2003-3, Ltd.

U.S.$18,000,000 Class A-3 Floating Rate Senior Notes Due 2038, Downgraded to Ba2 and Under Review for Possible Downgrade; previously on 5/30/2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

U.S.$340,000,000 Class A-1 Floating Rate Senior Notes Due 2038, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 3/14/2003 Assigned Aaa

U.S.$48,000,000 Class A-2 Floating Rate Senior Notes Due 2038, Downgraded to A2 and Under Review for Possible Downgrade; previously on 5/30/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Independence IV CDO, Ltd./CCN (Independence IV) LLC

US $120MM Class A-1 (Series 1) First Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to Caa1 and Placed Under Review for Possible Downgrade; previously on 9/19/2008 Downgraded to B1

US $120MM Class A-1 (Series 2) First Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to Caa1 and Placed Under Review for Possible Downgrade; previously on 9/19/2008 Downgraded to B1

Lakeside CDO I, LTD.

Class A-1 First Priority Senior Secured Floating Rate Notes, Downgraded to A2 and Under Review for Possible Downgrade; previously on 7/2/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Class A-2 Second Priority Senior Secured Floating Rate Notes, Downgraded to Caa2 and Under Review for Possible Downgrade; previously on 7/2/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Longport Funding Ltd.

14,000 Preference Shares, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 5/9/2008 Downgraded to Caa1 and Placed Under Review for Possible Downgrade

Class A Participating Notes, Downgraded to Aa2 Placed Under Review for Possible Downgrade; previously on 2/3/2003 Assigned Aaa

Class A-1 Senior Secured Interest Only Notes, Downgraded to Aa3 and Under Review for Possible Downgrade; previously on 5/9/2008 Aaa Placed Under Review for Possible Downgrade

Class A-1A Senior Secured Floating Rate Notes, Downgraded to Aa3 and Under Review for Possible Downgrade; previously on 5/9/2008 Aaa Placed Under Review for Possible Downgrade

Class A-1B Senior Secured Floating Rate Notes, Downgraded to A2 and Under Review for Possible Downgrade; previously on 5/9/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Class A-2I Senior Secured Interest Only Notes, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 2/3/2003 Assigned Aaa

Class A-3 Senior Secured Floating Rate Notes, Downgraded to Baa3 and Under Review for Possible Downgrade; previously on 5/9/2008 Downgraded to A3 and Placed Under Review for Possible Downgrade

Class B Senior Secured Floating Rate Notes, Downgraded to Ba2 and Under Review for Possible Downgrade; previously on 5/9/2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Class C Senior Secured Floating Rate Notes, Downgraded to B2 and Under Review for Possible Downgrade; previously on 5/9/2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

Class D-1 Mezzanine Secured Floating Rate Notes, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 5/9/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Class D-2 Mezzanine Secured Fixed Rate Notes, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 5/9/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

MULBERRY STREET CDO II, LTD.

U.S. $195,000,000 Class A-1A Floating Rate Notes Due August 12, 2038 (the "Class A-1A Notes"), Downgraded to Baa1 and Under Review for Possible Downgrade; previously on 9/18/2008 A2 Placed Under Review for Possible Downgrade

U.S. $283,000,000 Class A-1W Floating Rate Notes Due August 12, 2038 (the "Class A-1W Notes"), Downgraded to Baa2 and Under Review for Possible Downgrade; previously on 9/18/2008 A2 Placed Under Review for Possible Downgrade

U.S. $30,000,000 Class A-1U Floating Rate Notes Due August 12, 2038 (the "Class A-1U Notes'), Downgraded to B1 and Under Review for Possible Downgrade; previously on 6/9/2008 Downgraded to Ba1 and Placed Under Review for Possible Downgrade

U.S. $41,500,000 Class A-1B Floating Rate Notes Due August 12, 2038 (the "Class A-1B Notes"), Downgraded to Baa2 and Under Review for Possible Downgrade; previously on 9/18/2008 A2 Placed Under Review for Possible Downgrade

North Street Referenced Linked Notes, 2003-5 Ltd.

U.S.$140,000,000 Class C Floating Rate Notes, Downgraded to Baa3 and Placed Under Review for Possible Downgrade; previously on 8/20/2003 Assigned A3

U.S.$25,000,000 Class B-1 Floating Rate Notes, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 8/20/2003 Assigned Aaa

U.S.$25,000,000 Class B-2 Floating Rate Notes, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 8/20/2003 Assigned Aaa

U.S.$50,000,000 Class A-1 Floating Rate Notes, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 8/20/2003 Assigned Aaa

U.S.$50,000,000 Class A-2 Floating Rate Notes, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 8/20/2003 Assigned Aaa

NorthLake CDO I, Limited

U.S. $174,000,000 Class I-MM Floating Rate Notes Due 2033, Downgraded to Baa2 and Under Review for Possible Downgrade; previously on 7/10/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

US $56,000,000 Class I-A Floating Rate Notes, Due 2033, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 7/10/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

N-Star Real Estate CDO I Ltd.

U.S.$10,000,000 Class B-2 Floating Rate Senior Notes due 2038, Downgraded to A2 and Placed Under Review for Possible Downgrade; previously on 10/17/2006 Upgraded to Aa2

U.S.$15,000,000 Class A-2B Fixed Rate Senior Notes due 2038, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/17/2006 Upgraded to Aaa

U.S.$250,000,000 Class A-1 Floating Rate Senior Notes due 2038, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 9/9/2003 Assigned Aaa

U.S.$45,000,000 Class A-2A Floating Rate Senior Notes due 2038, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/17/2006 Upgraded to Aaa

U.S.$5,000,000 Class C-1A Floating Rate Subordinate Notes due 2038, Downgraded to Baa3 and Placed Under Review for Possible Downgrade; previously on 10/17/2006 Upgraded to A3

U.S.$5,000,000 Class C-1B Fixed Rate Subordinate Notes due 2038, Downgraded to Baa3 and Placed Under Review for Possible Downgrade; previously on 10/17/2006 Upgraded to A3

Orchid Structured Finance CDO, Ltd.

Class A-1MM Floating Rate Term Notes, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 12/17/2003 Assigned Aaa

Class A-2 Floating Rate Term Notes, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 9/19/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Pacific Bay CDO, Ltd.

Class A-1 First Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to A3 and Placed Under Review for Possible Downgrade; previously on 11/11/2003 Assigned Aaa

Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to Baa1 and Placed Under Review for Possible Downgrade; previously on 11/11/2003 Assigned Aaa

Class B Third Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to Baa2 and Placed Under Review for Possible Downgrade; previously on 11/11/2003 Assigned Aa2

Class C Mezzanine Secured Floating Rate Notes Due 2038, Downgraded to B2 and Placed Under Review for Possible Downgrade; previously on 11/11/2003 Assigned Baa2

Preference Shares, Downgraded to Caa3 and Placed Under Review for Possible Downgrade; previously on 11/11/2003 Assigned Ba3

Porter Square CDO I, Ltd.

U.S.$16,000,000 Class C Mezzanine Secured Floating Rate Notes Due 2038, Downgraded to Baa1 and Under Review for Possible Downgrade; previously on 5/18/2008 A1 Placed Under Review for Possible Downgrade

U.S.$24,000,000 Class B Senior Secured Floating Rate Notes Due 2038, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 3/20/2007 Upgraded to Aaa

U.S.$26,000,000 Class A-3 Senior Secured Floating Rate Notes Due 2038, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 8/29/2003 Assigned Aaa

U.S.$78,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2038, Downgraded to Aa1 and Placed Under Review for Possible Downgrade; previously on 8/29/2003 Assigned Aaa

Putnam Structured Product Funding 2003-1 Ltd/Putnam Structured Product Funding 2003-1 LLC

A-1, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 10/23/2003 Assigned Aaa

A-2, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/23/2003 Assigned Aaa

B, Downgraded to A2 and Placed Under Review for Possible Downgrade; previously on 10/23/2003 Assigned Aa2

C, Downgraded to B2 and Placed Under Review for Possible Downgrade; previously on 4/18/2008 Downgraded to Ba2

Cl. A-1ST-a, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 7/8/2008 Assigned Aaa

Cl. A-1ST-b, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 7/8/2008 Assigned Aaa

Cl. A-1ST-c, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 7/8/2008 Assigned Aaa

Saturn Ventures I, Ltd.

Class A-1 Floating Rate Senior Notes, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 10/30/2003 Assigned Aaa

Class A-2 Floating Rate Senior Notes, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/30/2003 Assigned Aaa

Class A-3 Floating Rate Senior Notes, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 10/30/2003 Assigned Aa1

Class B Floating Rate Subordinate Notes, Downgraded to Caa3 and Under Review for Possible Downgrade; previously on 4/2/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Solstice ABS III, Ltd.

U.S. $107,500,000 Class A-2 Senior Secured Floating Rate Notes due 2033, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 11/14/2003 Assigned Aaa

U.S. $346,500,000 Class A-1 Senior Secured Floating Rate Notes due 2033, Aaa and Placed Under Review for Possible Downgrade; previously on 11/14/2003 Assigned Aaa

U.S. $47,500,000 Class B Senior Secured Floating Rate Notes due 2039, Downgraded to Baa1 and Under Review for Possible Downgrade; previously on 5/30/2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

U.S. $8,000,000 Pass-Through Notes due 2039, Downgraded to Ca; previously on 5/30/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

South Coast Funding III Ltd.

U.S.$107,000,000 Class A-1B Floating Rate Senior Notes Due 2038, Downgraded to Ca; previously on 5/9/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

U.S.$12,000,000 Class A-3A Floating Rate Senior Notes Due 2038, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

U.S.$270,000,000 Class A-1A Floating Rate Senior Notes Due 2038, Downgraded to Ca; previously on 5/9/2008 Downgraded to B1 and Placed Under Review for Possible Downgrade

U.S.$38,000,000 Class A-2 Floating Rate Senior Notes Due 2038, Downgraded to C; previously on 5/9/2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

U.S.$9,000,000 Class A-3B Fixed Rate Senior Notes Due 2038, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

South Coast Funding IV Ltd.

Class A-1 First Priority Senior Secured Floating Rate Notes Due 2034, Downgraded to Aa1 and Placed Under Review for Possible Downgrade; previously on 12/18/2003 Assigned Aaa

Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 12/18/2003 Assigned Aaa

Class B Third Priority Senior Secured Floating Rate Notes Due 2038, Downgraded to A2 and Under Review for Possible Downgrade; previously on 4/2/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Class C Mezzanine Secured Floating Rate Notes Due 2038, Downgraded to Caa2 and Under Review for Possible Downgrade; previously on 5/20/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

STACK 2004-1, LTD

U.S $ 8,000,000 Class C Floating Rate Deferrable Interest Term Notes, due May 10, 2039, Downgraded to Baa2 and Placed Under Review for Possible Downgrade; previously on 5/17/2004 Assigned A2

U.S. $ 11,500,000 Class D Floating Rate Deferrable Interest Term Notes, due May 10, 2038, Downgraded to Ba2 and Placed Under Review for Possible Downgrade; previously on 5/17/2004 Assigned Baa2

U.S. $ 27,000,000 Class B Floating Rate Term Notes, due May 10, 2039, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 5/17/2004 Assigned Aa1

U.S. $240,000,000 Class A Floating Rate Term Notes, due May 10, 2034, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 5/17/2004 Assigned Aaa

STANTON CDO I S.A.

€15,000,000 Class A-1 EUR Senior Secured Floating Rate Notes due 2018, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned Aaa

€25,000,000 Class A-2 EUR Senior Secured Fixed Rate Notes due 2018, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned Aaa

€8,000,000 Class A-2 EUR Senior Secured Floating Rate Notes due 2018, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned Aaa

U.S.$132,285,000 Class A-1 USD Senior Secured Floating Rate Notes due 2018, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned Aaa

U.S.$150,000,000 Class A-1U Senior Secured Floating Rate Notes due 2018, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned Aaa

U.S.$25,000,000 Class C Deferrable Interest Secured Floating Rate Notes due 2040, Downgraded to Baa1 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned A1

U.S.$40,000,000 Class B Senior Secured Floating Rate Notes due 2040, Downgraded to A1 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned Aa1

U.S.$56,027,000 Class A-2 USD Senior Secured Floating Rate Notes due 2018, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/29/2003 Assigned Aaa

TIAA Real Estate CDO 2003-1 Ltd.

Class A-1MM Secured Floating Rate Notes Due December 2018, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 11/7/2003 Assigned Aaa

Class B-1 Secured Deferrable Interest Floating Rate Notes Due December 2038, Downgraded to A2 and Placed Under Review for Possible Downgrade; previously on 11/7/2003 Assigned Aa2

Class B-2 5.4802% Secured Deferrable Interest Fixed Rate Notes Due December 2038, Downgraded to A2 and Placed Under Review for Possible Downgrade; previously on 11/7/2003 Assigned Aa2

Class C-1 Secured Deferrable Interest Floating Rate Notes Due December 2038, Downgraded to Baa3 and Placed Under Review for Possible Downgrade; previously on 11/7/2003 Assigned A3

Class C-2 5.9169% Secured Deferrable Interest Fixed Rate Notes Due December 2038, Downgraded to Baa3 and Placed Under Review for Possible Downgrade; previously on 11/7/2003 Assigned A3

TIAA Structured Finance CDO II, Limited

$21,000,000 Class B Floating Rate Term Notes, Due 2038, Downgraded to Baa2 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

$225,000,000 Class A-1 Floating Rate Term Notes, Due 2038, Downgraded to Aa2 and Placed Under Review for Possible Downgrade; previously on 5/20/2003 Assigned Aaa

$25,000,000 Class A-2 Floating Rate Term Notes, Due 2038, Downgraded to Aa3 and Under Review for Possible Downgrade; previously on 6/2/2008 Aaa Placed Under Review for Possible Downgrade

Trainer Wortham First Republic CBO III, Limited

Class A-1 Senior Secured Floating Rate NotesDue 2033 (the "Class A-1 Notes"), Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 2/28/2003 Assigned Aaa

Class A-2 Senior Secured Floating Rate Notes Due 2038 (the "Class A-2 Notes"), Downgraded to Ba2 and Under Review for Possible Downgrade; previously on 5/8/2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Class B Senior Secured Floating Rate Notes Due 2038 (the "Class B Notes"), Downgraded to Caa2 and Under Review for Possible Downgrade; previously on 5/8/2008 Downgraded to B2 and Placed Under Review for Possible Downgrade

Vertical CDO 2003-1 Ltd.

Class A Floating Rate Notes, Downgraded to Aa3 and Placed Under Review for Possible Downgrade; previously on 10/22/2003 Assigned Aaa

Class B Floating Rate Notes, Downgraded to Baa2 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Class C-1 Floating Rate Notes, Downgraded to B3 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to Ba3 and Placed Under Review for Possible Downgrade

Class C-2 Floating Rate Notes, Downgraded to B3 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to Ba3 and Placed Under Review for Possible Downgrade

Preference Shares, Downgraded to Caa1 and Under Review for Possible Downgrade; previously on 6/2/2008 Downgraded to B1 and 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

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