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Related Issuers
ABACUS 2005-1, Ltd.
ABACUS 2005-2
ABACUS 2005-3, Ltd Class A2
Abacus 2005-3, Ltd. Class A-1
ABACUS 2005-3, Ltd. Class B
ABACUS 2005-3, Ltd. Class C
ABACUS 2005-3, Ltd. Class D
ABACUS 2005-3, Ltd. Class E
ABACUS 2005-5
ABSpoke 2005-IA, Ltd.
ABSpoke 2005-IC, Ltd.
ABSpoke 2005-IC2, Ltd.
ABSpoke 2005-IVA, Ltd.
ABSpoke 2005-VIA, Ltd.
ABSpoke 2005-X, Ltd.
ACA ABS 2005-1, Limited
ACA ABS 2005-2, Limited
Acacia CDO 7, Ltd.
Adirondack 2005-1
Adirondack 2005-2 Ltd
Altius Funding I
Altius II Funding, Ltd.
Ambassador Structured Finance CDO, Ltd.
Ashford CDO I Ltd.
Athos Funding, Ltd.
Ayresome CDO I,Ltd.
Barrington CDO Ltd.
Belle Haven ABS CDO 2005-1
Benazzi CDO 2005-1, Ltd.
Broderick CDO 1 Ltd.
Buckingham CDO II Ltd.
Buckingham CDO LTD.
Camber 3 plc
Capella Funding, Ltd.
Class V Funding, Ltd.
CLOSpoke 2005-IA, Ltd.
Commodore CDO III, Ltd.
Commodore IV CDO
Coolidge Funding, LTD.
Crystal River CDO 2005-1, Ltd.
Dallaglio CDO 2005-1, LTD.
Dallaglio CDO 2005-2 LTD
Dallaglio CDO 2005-3 Ltd.
Davis Square Funding IV, Ltd.
Davis Square Funding V, Ltd.
Diogenes CDO I Ltd.
Duke Funding High Grade I, Ltd.
Duke Funding High Grade III Ltd.
Duke IX
Dutch Hill Funding I
E*TRADE ABS CDO IV, LTD.
Fort Dearborn CDO I Ltd.
FORT SHERIDAN ABS CDO, LTD.
G Street Finance Ltd.
Gemstone CDO II Ltd.
Gemstone CDO III
Glacier Funding CDO III, LTD.
Gloucester Street ABS CDO I, Ltd.
Grand Avenue CDO I Ltd
Hereford Street ABS CDO I, Ltd.
High Grade Structured Credit CDO 2005-1 Ltd
Highgate ABS CDO, Ltd.
House of Europe Funding I, Ltd.
House of Europe Funding IV PLC
Huntington CDO, Ltd.
Independence VI CDO, Ltd.
Inman Square Funding II
Ischus CDO II, Ltd.
IXIS ABS CDO 1 LTD.
Jupiter High Grade CDO II, Ltd.
Jupiter High-Grade CDO III, LTD
Kenmare 2005-I, Ltd.
Kent Funding, Ltd.
Khaleej II CDO, Ltd.
Kleros Preferred Funding, Ltd.
Klio III Funding, Ltd.
Lenox CDO, Ltd.
Lexington Capital Funding, LTD
Liberty Harbour CDO Ltd, 2005-1
Longport Funding II, Ltd.
Manasquan CDO 2005-1, Ltd.
McKinley II Funding, Ltd.
Mercury CDO II, Ltd.
MKP CBO IV Inc.
MKP CBO V, LTD.
Monroe Harbor CDO 2005-1 LTD.
Morgan Stanley ACES SPC, Series 2005-12
Morgan Stanley ACES SPC, Series 2005-5
Neptune CDO 2004-1 LTD
Neptune CDO II, Ltd.
Newcastle CDO VI, Limited
Newcastle CDO VII, Limited
NORTH COVE CDO LTD.
North Street Referenced Linked Notes, 2005-7 Limited
North Street Referenced Linked Notes, 2005-8 Limited
NORTHWALL FUNDING CDO I, LTD.
Orchid Structured Finance CDO II, LTD
Orient Point CDO, Ltd.
Pascal CDO, LTD.
Pine Mountain CDO Ltd.
Pinetree CDO LTD.
Pioneer Valley Structured Credit CDO I Ltd.
Porter Square CDO III, Ltd.
Portfolio CDS Trust 61
Raffles Place Funding, Ltd.
Repacs Trust Series: Warwick
River North CDO Ltd.
Rutland Rated Investments Series 13 (Villa 2005-1)
Rutland Rated Investments Series 14 (Villa 2005-1)
Saturn Ventures 2005-1, Ltd
Sherwood Funding CDO II, Ltd.
Skybox CDO, Ltd.
Sorin Real Estate CDO I Ltd
South Coast Funding VII Ltd
Static Residential CDO 2005-B Ltd.
Static Residential Trust 2005-A, Ltd.
SUMMER STREET 2005-1, LTD.
SUMMER STREET 2005-HG1, LTD.
TABS 2005-3, Ltd.
TORO ABS CDO I, LTD.
Tourmaline CDO I Ltd.
Tremonia CDO 2005-1 PLC
Tricadia CDO 2005-3 Ltd.
Trinity CDO, Ltd.
Verde CDO Ltd.
Vertical ABS CDO 2005-1
Zais Investment Grade Limited VII
Rating Action:

Moody's lowers ratings of 382 Notes issued by 127 structured finance CDO transactions issued in 2005

17 Dec 2008
Moody's lowers ratings of 382 Notes issued by 127 structured finance CDO transactions issued in 2005

New York, December 17, 2008 -- Moody's Investors Service announced today that it has downgraded its ratings of 382 Notes issued by certain collateralized debt obligation transactions backed by structured finance securities ("SF CDOs"), each of which originated in 2005.

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)

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:

Grand Avenue CDO I Ltd

Class Description: Class A-1A Floating Rate Term Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/23/2008

Class Description: Class A-1B Floating Rate Delayed Draw Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/23/2008

Class Description: Class A-2 Floating Rate Notes

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 5/23/2008

Dutch Hill Funding I

Class Description: Class A-1A

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: Class A-1B

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: Class A-2L

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: Class A-2X

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: Class B

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/9/2008

Manasquan CDO 2005-1, Ltd.

Class Description: U .S. $195,000,000 Class A-ILA Floating Rate Notes Due 2045-1

Current Rating: Ba1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S. $23,000,000 Class A-1LB Floating Rate Notes Due 2045

Current Rating: B1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 7/11/2008

Barrington CDO Ltd.

Class Description: U.S. $701,000,000 Class A-1M(A) Floating Rate Notes Due 2045

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S. $701,000,000 Class A-1M(B) Fixed Rate Notes Due 2045

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S. $99,000,000 Class A-1Q(A) Floating Rate Notes Due 2045

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S. $99,000,000 Class A-1Q(B) Fixed Rate Notes Due 2045

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S. $8,200,000 Class X Floating Rate Notes Due 2045

Current Rating: Aaa, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 12/28/2005

IXIS ABS CDO 1 LTD.

Class Description: Class X Notes Due January 2013

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 11/5/2008

Class Description: Class A-1LA Investor Swap

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/5/2008

Newcastle CDO VII, Limited

Class Description: Class I-A

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 12/21/2005

Class Description: Class I-B

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 12/21/2005

Class Description: Class II

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 12/21/2005

Class Description: Class III

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3

Prior Rating Date: 12/21/2005

Class Description: Class IV-FL

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/30/2008

Class Description: Class IV-FX

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/30/2008

Highgate ABS CDO, Ltd.

Class Description: U.S. $601,200,000 Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2046

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S. $71,918,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2046

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S. $50,201,000 Class B Third Priority Secured Floating Rate Notes Due 2046

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 5/30/2008

SUMMER STREET 2005-HG1, LTD.

Class Description: U.S.$935,000,000 Class A-1 Floating Rate Senior Secured Notes due 2045-1

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 4/22/2008

Class Description: U.S.$100,000,000 Class A-2 Floating Rate Senior Secured Notes due 2045

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 4/22/2008

Class Description: U.S.$21,500,000 Class B Floating Rate Subordinate Secured Notes due 2045

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 4/22/2008

Class Description: U.S.$15,000,000 Class C Floating Rate Subordinate Secured Deferrable Notes due 2045

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 4/22/2008

Class Description: U.S.$13,100,000 Class D Floating Rate Subordinate Secured Deferrable Notes due 2045

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 4/22/2008

Sherwood II CDO

Class Description: A-1

Current Rating: Caa1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: A-2

Current Rating: Ca

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: B

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: Combo Note

Current Rating: Ca

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Tricadia CDO 2005-4, Ltd.

Class Description: Class A-1LA

Current Rating: Aa2, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 12/22/2005

Class Description: Class A-1LB

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 12/22/2005

Class Description: Class A-2L

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 12/22/2005

Class Description: Class A-3L

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2

Prior Rating Date: 12/22/2005

Class Description: Class B-1L

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2

Prior Rating Date: 12/22/2005

Benazzi CDO 2005-1, Ltd.

Class Description: Class A

Current Rating: Ca

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class B

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class C

Current Rating: Ca

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 4/23/2008

Broderick CDO 1 Ltd.

Class Description: $250,000 Class A-1V First Priority Senior Secured Voting Floating Rate Notes due 2043

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: $354,750,000 Class A-1NVA First Priority Senior Secured Non-Voting Floating Rate Notes due 2043

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: $485,000,000 Class A-1NVB First Priority Senior Secured Non-Voting Floating Rate Delayed Draw Notes due 2043

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: $85,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due 2043

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/9/2008

Class Description: $43,000,000 Class B Third Priority Senior Secured Floating Rate Notes due 2043

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 5/9/2008

Lenox CDO, Ltd.

Class Description: U.S.$70,000,000 Class A-1S First Priority Senior Secured Floating Rate Delayed Draw Notes due 2043-1

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S.$75,000,000 Class A-1J Second Priority Senior Secured Floating Rate Notes due 2043

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/30/2008

MKP CBO V, LTD.

Class Description: U.S.$ 486,500,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due January 2046-1

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S.$ 94,500,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due January 2046

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 6/18/2008

ABSpoke 2005-X, Ltd.

Class Description: Yen2,000,000,000 Variable Floating Rate Notes Due 2015

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 4/23/2008

North Street Referenced Linked Notes, 2005-8 Limited

Class Description: Class A Floating Rate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 10/30/2008

Ambassador Structured Finance CDO, Ltd.

Class Description: U.S.$800,000,000 Class A-1 Floating Rate Notes Due July 2041

Current Rating: Ba1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: U.S.$112,000,000 Class A-2 Floating Rate Notes Due July 2041

Current Rating: Caa1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: U.S.$35,000,000 Class B Floating Rate Notes Due July 2041

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Buckingham CDO II Ltd.

Class Description: Class B

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 7/30/2008

Class Description: Class C

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 7/30/2008

Class Description: Class A LT Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 7/30/2008

Class Description: Base Liquidity Advances

Current Rating: Baa3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 7/30/2008

E*TRADE ABS CDO IV, LTD.

Class Description: U.S.$ 7,000,000 Class A-1A First Priority Senior Secured Floating Rate Notes Due 2042-1

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: U.S .$ 152,800,000 Class A-1B-1 First P riority Senior Secured Floa ting Rate Delayed Draw Notes Due 2042

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: U.S .$ 38,200,000 Class A-1B-2 First P riority Senior Secured Floating Rate Notes Due 2042

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: U.S .$ 21,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2042

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 6/2/2008

Hereford Street ABS CDO I, Ltd.

Class Description: Class A-1

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: Class A-2

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 11/7/2008

Mercury CDO II, Ltd.

Class Description: U.S. $855,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2045

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/22/2008

Crystal River CDO 2005-1, Ltd.

Class Description: U.S.$ 109,750,000 Class A Floating Rate Notes due 2046

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 11/3/2008

Class Description: U.S.$ 20,500,000 Class C Floating Rate Notes due 2046

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/3/2008

Pinetree CDO LTD.

Class Description: U.S.$195,000,000 Class A-1S Senior Secured Floating Rate Notes due 2045

Current Rating: B1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S.$33,000,000 Class A-1J Senior Secured Floating Rate Notes due 2045

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S.$27,000,000 Class A-2 Senior Secured Floating Rate Notes due 2045

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 5/30/2008

Ayresome CDO I,Ltd.

Class Description: Class A-1a Notes

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 10/28/2008

Class Description: Class A-1b Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 10/28/2008

Class Description: Class A-2 Notes

Current Rating: Ca

Prior Rating: Caa3, under review for possible downgrade

Prior Rating Date: 10/28/2008

Class Description: Class A-3 Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 10/28/2008

Skybox CDO, Ltd.

Class Description: U.S.$38,000,000 Class A Senior Secured Floating Rate Notes Due 2040

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: U.S.$61,000,000 Class B Senior Secured Floating Rate Notes Due 2040

Current Rating: Ca

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: U.S.$54,000,000 Class C Senior Secured Deferrable Floating Rate Notes Due 2040

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: U.S.$5,000,000 Class D Senior Secured Deferrable Floating Rate Notes due 2040

Current Rating: Ca

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Super Senior Swap

Current Rating: Caa2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Verde CDO Ltd.

Class Description: Class A-1 Floating Rate Notes

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 5/29/2008

Class Description: Class A-2 Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 5/29/2008

Raffles Place Funding, Ltd.

Class Description: Funding Notes/CP Notes-1

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 7/11/2008

Class Description: Class A-1a

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 7/11/2008

Class Description: Class A-1b Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 7/11/2008

Adirondack 2005-2 Ltd

Class Description: U.S.$ 271,920,000 Class A-1LT-a Floating Rate Notes Due 2041

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: U.S.$ 61,800,000 Class A-2 Floating Rate Notes Due 2041

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: U.S.$58,710,000 Class B Floating Rate Notes Due 2041

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: U.S.$30,900,000 Class C Floating Rate Notes Due 2041

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: U.S.$ 24,720,000 Class D Floating Rate Notes Due 2041

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: U.S.$ 0 Class A-1LT-b Floating Rate Notes Due 2041

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 11/7/2008

Altius II Funding, Ltd.

Class Description: Class A-1 Floating Rate Notes

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class A-2 Floating Rate Notes

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Duke IX

Class Description: Senior Swap

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: A1

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: A2V

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: A2F

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Combo Notes

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 4/24/2008

Pine Mountain CDO Ltd.

Class Description: Class A-1

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Class A-2

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Class A-3

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Class B

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Class C

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Diogenes CDO I

Class Description: Class A-1

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/29/2008

Class Description: Class A-2

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 5/29/2008

Class Description: Class B

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 5/29/2008

Tremonia CDO 2005-1 PLC

Class Description: U.S. $825,000,000 Class A-1 Tremonia CDO 2005-1 PLC Floating Rate Notes Due 2045

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 12/1/2008

ABACUS 2005-5

Class Description: A

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Klio III Funding, Ltd.

Class Description: US $3,583,142,000 Class F Float Rate Funded Note Due 11/1/2040

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 12/4/2008

Static Residential CDO 2005-B Ltd.

Class Description: Class A-1

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class A-2

Current Rating: Ba2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class B Floating Rate Notes

Current Rating: Caa1, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class C Deferrable Interest Floating Rate Notes

Current Rating: Caa2, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class D Deferrable Interest Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 4/24/2008

Lexington Capital Funding, LTD

Class Description: U.S. $135,000,000 Class A-1AV First Priority Senior Secured Voting Floating Rate Notes Due May 6, 2042

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 5/8/2008

Class Description: U.S. $72,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due May 6, 2042

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/8/2008

Class Description: U.S. $44,000,000 Class B Third Priority Senior Secured Floating Rate Notes Due May 6, 2042

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/8/2008

Class Description: U.S. $10,000,000 Class C Fourth Priority Senior Deferrable Secured Floating Rate Notes Due May 6, 2042

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 5/8/2008

Class Description: U.S. $250,000 Class A-1B First Priority Senior Secured Floating Rate Notes Due May 6, 2042

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 5/8/2008

Class Description: U.S. $199,750,000 Class A-1ANV First Priority Senior Secured Non-Voting Floating Rate Notes Due May 6, 2042

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 5/8/2008

Orient Point CDO, Ltd.

Class Description: Class A-1V First Priority Senior Secured Voting Floating Rate

Current Rating: B2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class A-1NVA First Priority Senior Secured Non-Voting Floating Rate Delayed Draw Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class A 1NVB First Priority Senior Secured Non-Voting Floating Rate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class B Third Priority Senior Secured Floating Rate Notes

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class A-2 Second Priority Senior Secured Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 6/9/2008

Porter Square CDO III, Ltd.

Class Description: U.S.$240,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2041

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: U.S.$56,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2041

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: U.S.$48,000,000 Class B Senior Secured Floating Rate Notes Due 2041

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 6/9/2008

G Street Finance Ltd.

Class Description: U.S.$ 266,000,000 Class A-1LT-a Floating Rate Notes Due 2041

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S.$ 50,900,000 Class A-2 Floating Rate Notes Due 2041

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S.$57,000,000 Class B Floating Rate Notes Due 2041

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S.$ 0 Class A-1LT-b Floating Rate Notes Due 2041

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/10/2008

SUMMER STREET 2005-1, LTD.

Class Description: U.S.$279,000,000 Class A-1 Floating Bate Senior Secured Notes due 2045

Current Rating: B2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: U.S.$38, 000,000 Class A-2 Floating Rate Senior Secured Notes due 2045

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: U.S.$33, 000,000 Class A-3 Floating Rate Senior Secured Notes due 2045

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Zais Investment Grade Limited VII

Class Description: U.S. $215,000,000 Class A-1A Senior Secured Floating Rate Notes due 2040

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 6/5/2008

Class Description: U.S. $15,000,000 Class A-1B Senior Secured Fixed Rate Notes due 2040

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 6/5/2008

Class Description: U.S. $27,000,000 Class A-2 Senior Secured Floating Rate Notes due 2040

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 6/5/2008

Class Description: U.S. $72,000,000 Class A-3 Senior Secured Floating Rate Notes due 2040

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 6/5/2008

Class Description: U.S.$61,200,000 Type I Composite Obligations Due 2040

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 6/5/2008

Class Description: U.S.$10,000,000 Type III Composite Obligations Due 2040

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 6/5/2008

Davis Square Funding V, Ltd.

Class Description: Up to U.S. $1,740,000,000 Class A-1-a Floating Rate Notes Due 2040

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 10/27/2008

Class Description: Up to U.S. $1,740,000,000 Class A-1-b Floating Rate Notes Due 2040

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 10/27/2008

Class Description: U.S. $18,000,000 Class S Floating Rate Note Due 2016

Current Rating: Aaa, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 10/31/2005

Class Description: U.S. $80,000,000 Class A-2 Floating Rate Notes Due 2040

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 10/27/2008

Tourmaline CDO I Ltd.

Class Description: U.S.$487,500,000 Class I Senior Variable Funding Floating Rate Notes Due 2040-1

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 7/30/2008

Class Description: U.S.$112,500,000 Class II Senior Floating Rate Notes Due 2040

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 7/30/2008

TABS 2005-3, Ltd.

Class Description: U.S.$195,000,000 Class A-1 Senior Secured Floating Rate Delayed Draw Term Notes Due 2045

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: U.S.$35,000,000 Class A-2 Senior Secured Floating Rate Term Notes Due 2045

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: U.S.$33,000,000 Class B Senior Secured Floating Rate Term Notes Due 2045

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Khaleej II CDO, Ltd.

Class Description: Khaleej II CDO Super Senior US $502,5000,000 33%-100% Tranche

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 5/30/2008

Inman Square Funding II

Class Description: Class I Senior Secured Floating Rate Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Class II Senior Secured Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Class III Mezzanine Secured Floating Rate Notes

Current Rating: Ca

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: Class III Mezzanine Secured Fixed Rate Notes

Current Rating: Ca

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/18/2008

House of Europe Funding IV PLC

Class Description: EUR 740,000,000 Class A1 House of Europe Funding IV PLC Floating Rate Notes due 2090

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 9/29/2005

Class Description: EUR 130,000,000 Class A2 House of Europe Funding IV PLC Floating Rate Notes due 2090

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa, under review for possible downgrade

Prior Rating Date: 11/19/2008

Class Description: EUR 62,500,000 Class B House of Europe Funding IV PLC Floating Rate Notes due 2090

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/19/2008

Class Description: EUR 5,000,000 Class C House of Europe Funding IV PLC Floating Rate Notes due 2090

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 11/19/2008

Dallaglio CDO 2005-3 Ltd.

Class Description: Class B Fixed Rate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 6/9/2008

ACA ABS 2005-2, Limited

Class Description: Class A1S Senior Floating Rate Notes Due December 2044-1

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class A1J Senior Floating Rate Notes Due December 2044

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class A2F Senior Fixed Rate Notes Due December 2044

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class A2V Senior Floating Rate Notes Due December 2044

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class A3 Deferrable Floating Rate Notes Due December 2044

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class B Deferrable Floating Rate Notes Due December 2044

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 4/23/2008

Capella Funding, Ltd.

Class Description: Class A Floating Rate Notes due 2045

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa, under review for possible downgrade

Prior Rating Date: 12/1/2008

Class Description: Class B Floating Rate Notes due 2045

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa, under review for possible downgrade

Prior Rating Date: 12/1/2008

Class Description: Class C Floating Rate Notes due 2045

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 12/1/2008

Kenmare 2005-I, Ltd.

Class Description: Variable Floating Rate Notes due 2048

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 4/23/2008

Altius Funding I

Class Description: U.S.$ 354,000,000 Class A-1LT-a Floating Rate Notes Due 2040

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: U.S.$ 75,000,000 Class A-2 Floating Rate Notes Due 2040

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: U.S.$ 85,000,000 Class B Floating Rate Notes Due 2040

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: U.S.$ 0 Class A-1LT-b Floating Rate Notes Due 2040

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 10/31/2008

Commodore IV CDO

Class Description: Class A-1(a) Floating Rate Variable Funding Notes

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa, under review for possible downgrade

Prior Rating Date: 11/3/2008

Class Description: Class A-1(b) Floating Rate Notes

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/3/2008

Class Description: Class A-2 Floating Rate Notes

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 11/3/2008

McKinley II Funding, Ltd.

Class Description: U.S. $71,000,000 Class A-1 Floating Rate Notes Due 2045

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 8/15/2008

Monroe Harbor CDO 2005-1 LTD.

Class Description: Class A-1A Floating Rate Notes Due December 2040

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/28/2008

Class Description: Class A-1B Floating Rate Notes Due December 2040

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/28/2008

Jupiter High-Grade CDO III, LTD

Class Description: Class A-1

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class A-2A

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class A-2B

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class B

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Fort Dearborn CDO I Ltd.

Class Description: Class A-1LB Floating Rate Notes Due September 2040

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 10/27/2008

Class Description: Class X Notes Due September 2012

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 10/27/2008

Class Description: Class A-1LA Super Senior

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 10/27/2008

Pascal CDO, LTD.

Class Description: U.S.$70,000,000 Class A First Priority Senior Secured Floating Rate Notes Due 2045-1

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 10/23/2008

Class Description: U.S.$44,000,000 Class B Second Priority Senior Secured Floating Rate Notes Due 2045

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/8/2008

Duke Funding High Grade III Ltd.

Class Description: A-1A Senior Secured Floating Rate Notes Due 2049

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 11/5/2008

Class Description: A-1B1 Senior Secured Floating Rate Notes Due 2049

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 11/5/2008

Class Description: A-1B2 Senior Secured Floating Rate Interest Only Notes Due 2049

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 11/5/2008

Glacier Funding CDO III, LTD.

Class Description: Class A-1 First Priority Senior Secured Floating Rate Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: Class A-2 Second Priority Senior Secured Floating Rate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: Class B Third Priority Senior Secured Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 6/2/2008

ABACUS 2005-3, Ltd Class A2

Class Description: A-2

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 6/6/2008

ABACUS 2005-3, Ltd. Class B

Class Description: B

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 6/6/2008

ABACUS 2005-3, Ltd. Class C

Class Description: Class C Series 1 Floating Rate Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 6/6/2008

Class Description: Class C Series 2 Floating Rate Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 6/6/2008

ABACUS 2005-3, Ltd. Class D

Class Description: Class D

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 6/6/2008

Class Description: U.S.$37,000,000 Class D Series 2 Floating Rate Notes, Due 2039

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 6/6/2008

Class Description: U.S.$15,000,000 Class D Series 3 Floating Rate Notes, Due 2039

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 6/6/2008

ABACUS 2005-3, Ltd. Class E

Class Description: E

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 6/6/2008

Abacus 2005-3, Ltd. Class A-1

Class Description: A-1

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 5/9/2008

Buckingham CDO LTD.

Class Description: Class A LT Notes

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Base Liquidity Advances

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Pioneer Valley Structured Credit CDO I Ltd.

Class Description: Class A-1A Floating Rate Notes Due 2045

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: Class A-2 Floating Rate Notes Due 2045

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: Class X Notes Due 2010 (with a Class X Fixed Notional Amount of $23,478,000)

Current Rating: Aaa, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 9/30/2005

Class Description: Class A-1B Floating Rate Notes Due 2045

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Ischus CDO II, Ltd.

Class Description: U.S. $214,000,000 Class A-1A First Priority Senior Secured Floating Rate Notes Due 2040 (the "Class A-1A Notes")

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 10/28/2008

Class Description: U.S. $50,000,000 Class A-1B First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2040 (the "Class A-1B Notes")

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 10/28/2008

CLOSpoke 2005-IA, Ltd.

Class Description: Variable Floating Rate Notes due 2019

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 8/4/2008

Gemstone CDO III

Class Description: Class A-1 Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 11/3/2008

Class Description: Class A-2 Notes

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/3/2008

Class Description: Class A-3 Notes

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/3/2008

Neptune CDO II, Ltd.

Class Description: U.S.$198,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2045

Current Rating: B1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 7/17/2008

Class Description: U.S.$52,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2045

Current Rating: Ca

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 7/17/2008

Portfolio CDS Trust 61

Class Description: Super Senior

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 7/29/2005

NORTH COVE CDO LTD.

Class Description: Supersenior

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: Class A First Priority Secured Floating Rate Notes

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: Class B Second Priority Secured Floating Rate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: Class C Third Priority Secured Deferrable Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 6/2/2008

Sorin Real Estate CDO I Ltd

Class Description: Class A1 Floating Rate Senior Notes

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 8/9/2005

Class Description: Class A2 Floating Rate Senior Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1

Prior Rating Date: 8/9/2005

Class Description: Class B Floating Rate Senior Notes

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 8/9/2005

Class Description: Class C Floating Rate Subordinate Notes

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2

Prior Rating Date: 8/9/2005

Class Description: Class D Floating Rate Subordinate Notes

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2

Prior Rating Date: 8/9/2005

Class Description: Class E Floating Rate Subordinate Notes

Current Rating: Ba3, under review for possible downgrade

Prior Rating: Baa3

Prior Rating Date: 8/9/2005

Class Description: Class F Fixed Rate Subordinate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2

Prior Rating Date: 8/9/2005

Dallaglio CDO 2005-2 LTD

Class Description: Class B Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class C Floating Rate Notes

Current Rating: Ca

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class D Floating Rate Notes

Current Rating: Ca

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 4/23/2008

ABSpoke 2005-VIA, Ltd.

Class Description: Variable Floating Rate Notes due 2039

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 4/23/2008

Rutland Rated Investments Series 13 (Villa 2005-1)

Class Description: Secured Floating Rate Credit Linked Notes due 2042

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 5/23/2008

Rutland Rated Investments Series 14 (Villa 2005-1)

Class Description: Secured Floating Rate Credit Linked Notes due 2042

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 5/23/2008

Independence VI CDO, Ltd.

Class Description: U.S.$675,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2041

Current Rating: Ba1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 5/6/2008

Class Description: U.S.$94,500,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2041

Current Rating: B3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 5/6/2008

Class Description: U.S.$92,000,000 Class B Third Priority Senior Secured Floating Rate Notes Due 2041

Current Rating: Ca

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 6/2/2008

TORO ABS CDO I, LTD.

Class Description: U.S.$895,000,000 Class A First Priority Senior Secured Floating Rate Delayed Draw Notes Due 2042

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 11/21/2008

Static Residential Trust 2005-A, Ltd.

Class Description: Class A-1

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class A-2

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class B

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class C

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 4/24/2008

Class Description: Class D

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 4/24/2008

Vertical ABS CDO 2005-1

Class Description: Class A-1 SENIOR SECURED FLOATING RATE TERM NOTES-1

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 5/29/2008

Class Description: Class A-2 SENIOR SECURED FLOATING RATE TERM NOTES-2

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/29/2008

Class Description: Class B SENIOR SECURED FLOATING RATE TERM NOTES-3

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/29/2008

Class Description: Class C SENIOR SECURED FLOATING RATE DEFERRABLE INTEREST TERM NOTES-4

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/29/2008

Belle Haven ABS CDO 2005-1

Class Description: Class A-1

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Coolidge Funding, LTD.

Class Description: Class A-1 Floating Rate Notes

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class A-2 Floating Rate Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 6/4/2008

Class Description: Class B Floating Rate Notes

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class C Dererrable Floating Rate Notes

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class D Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 11/10/2008

House of Europe Funding I, Ltd.

Class Description: Class A

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 11/21/2008

Saturn Ventures 2005-1, Ltd

Class Description: Class A-1 Floating Rate Senior Secured Notes-1

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class A-2 Floating Rate Senior Secured Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Tricadia CDO 2005-3 Ltd.

Class Description: Class A-1L Floating Rate Notes Due June 2041-1

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 6/30/2005

Class Description: Class A-2L Floating Rate Notes Due June 2041

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2

Prior Rating Date: 6/30/2005

Class Description: Class A-3L Floating Rate Notes Due June 2041

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: Class B-1L Floating Rate Notes Due June 2041-1

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: Class X Notes Due June 2010

Current Rating: Aaa, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 6/30/2005

ABACUS 2005-2

Class Description: Class A-2

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class B

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: Class A-3

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 6/9/2008

Class Description: U.S $72,500,000 Class A-1 Floating Rate Notes Due 2045

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 6/9/2008

Kleros Preferred Funding, Ltd.

Class Description: Class A-1 Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: Class A-2 Notes

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: Class B Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/7/2008

Gloucester Street ABS CDO I, Ltd.

Class Description: U.S.$890,000,000 Class A-1 Floating Rate Notes Due June 2040

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S.$37,000,000 Class A-2 Floating Rate Notes Due June 2040

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S.$31,500,000 Class B Floating Rate Notes Due June 2040

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 5/30/2008

Class Description: U.S.$15,500,000 Class C Floating Rate Deferrable Interest Notes Due June 2040

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 5/30/2008

South Coast Funding VII Ltd

Class Description: U.S.$45,000,000 Class A-1AV First Priority Senior Secured Voting Floating Rate Notes Due 2041-1

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S.$773,750,000 Class A-1ANV First Priority Senior Secured Non-Voting Floating Rate Notes Due 2041

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: U.S.$250,000 Class A-1B First Priority Senior Secured Floating Rate Notes Due 2041

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Repacs Trust Series: Warwick

Class Description: Class A Debt Unit

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3

Prior Rating Date: 7/17/2008

Class Description: Class B Debt Unit

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1

Prior Rating Date: 7/17/2008

NORTHWALL FUNDING CDO I, LTD.

Class Description: Class A-1 First Priority Senior Secured Floating Rate Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 5/8/2008

Athos Funding, Ltd.

Class Description: U.S. $40,000,000 Class A-1 Floating Rate Notes Due 2043

Current Rating: Ca

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 6/11/2008

Adirondack 2005-1

Class Description: U.S.$ 267,500,000 Class A-1LT-a Floating Rate Notes Due 2040

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 11/20/2008

Class Description: U.S.$ 60,800,000 Class A-2 Floating Rate Notes Due 2040

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 11/20/2008

Class Description: U.S.$ 57,700,000 Class B Floating Rate Notes Due 2040

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 11/20/2008

Class Description: U.S.$ 1,070,100,000 Class A-1LT-b Floating Rate Notes Due 2040

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 11/20/2008

Gemstone CDO II Ltd.

Class Description: Class A-1 Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 5/1/2008

Class Description: Class A-2 Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 12/23/2007

Class Description: Class A-3 Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 5/1/2008

Class Description: Class B Notes

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 12/23/2007

Class Description: Class C Notes

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 12/23/2007

Class Description: Class D Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 12/23/2007

Class Description: Class E Notes

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 12/23/2007

Class Description: Class F Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 12/23/2007

Morgan Stanley ACES SPC, Series 2005-12

Class Description: U.S.$10,000,000 Secured Floating Rate Notes due 2014

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 5/30/2008

ABSpoke 2005-IC2, Ltd.

Class Description: Variable Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 4/23/2008

Longport Funding II, Ltd.

Class Description: U.S.$195,000,000 Class A1S Senior Secured Floating Rate Notes due 204

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 6/16/2005

Class Description: U.S.$35,000,000 Class A1J Senior Secured Floating Rate Notes due 2040

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: U.S.$30,000,000 Class A2 Senior Secured Floating Rate Notes due 2040

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 11/25/2008

Class Description: U.S.$13,000,000 Class A3 Secured Deferrable Interest Floating Rate Notes due 2040,

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 11/25/2008

ABSpoke 2005-IVA, Ltd.

Class Description: Variable Floating Rate Notes due 2039

Current Rating: Caa1, under review for possible downgrade

Prior Rating: B1, under review for possible downgrade

Prior Rating Date: 4/30/2008

Camber 3 plc

Class Description: S

Current Rating: Aaa, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 5/3/2005

Class Description: A-1

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: A-2

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 11/7/2008

Newcastle CDO VI, Limited

Class Description: Class I-MM Floating Rate Notes

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 4/26/2005

Orchid Structured Finance CDO II, LTD

Class Description: U.S. $204,000,000 Class A-1 Floating Rate Senior Secured Notes Due 2043

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: U.S. $40,000,000 Class A-2 Floating Rate Senior Secured Notes Due 2043

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 5/18/2008

Class Description: U.S. $26,000,000 Class A-3 Floating Rate Senior Secured Notes Due 2043

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/18/2008

Trinity CDO, Ltd.

Class Description: Class A-1 Notes

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: Class A-2 Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: Class A-3 Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class V Funding, Ltd.

Class Description: Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes due 2045

Current Rating: Ba2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 7/30/2008

Class Description: Class A-2 Second Priority Senior Secured Floating Rate Notes due 2045

Current Rating: Ca

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 7/30/2008

High Grade Structured Credit CDO 2005-1 Ltd

Class Description: the U.S. $674,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes Due 2040

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: the U.S.$50,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2040

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: the U.S. $17,650,000 Class B Third Priority Senior SEcured Floating Rate Notes Due 2040

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: the U.S.$30,000,000 Class X Mezzanine Secured Deferrable Fixed Rate Notes Due 2040

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 10/31/2008

Class Description: the U.S.$21,000,000 Class C Mezzanine Secured Deferrable Floating Rate Notes Due 2040

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 10/31/2008

ABSpoke 2005-IA, Ltd.

Class Description: Variable Floating Rate Notes due 2042

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 4/23/2008

Davis Square Funding IV, Ltd.

Class Description: U.S. $ 387,000,000 Class A-1LT-a Floating Rate Notes Due 2040

Current Rating: Baa2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 5/23/2008

Class Description: U.S. $ 40,000,000 Class A-2 Floating Rate Notes Due 2040

Current Rating: B3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 5/23/2008

Class Description: U.S. $ 64,875,000 Class B Floating Rate Notes Due 2040

Current Rating: B3, under review for possible downgrade

Prior Rating: Baa3, under review for possible downgrade

Prior Rating Date: 5/23/2008

Class Description: Class A-1LT-b Floating Rate Notes Due 2040

Current Rating: Baa2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 5/23/2008

Class Description: U.S. $ 2,000,000 Class E Deferrable Floating Rate Notes Due 2040

Current Rating: A2

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 4/3/2008

Kent Funding, Ltd.

Class Description: Class A-1 Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/28/2008

Class Description: Funding Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/28/2008

FORT SHERIDAN ABS CDO, LTD.

Class Description: Class A-1 Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: Class A-2 Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 6/2/2008

Class Description: Class B Notes

Current Rating: Caa1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 6/2/2008

Huntington CDO, Ltd.

Class Description: Class A-1A First Priority Senior Secured Floating Rate Notes Due 2040

Current Rating: Aa2, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 4/5/2005

Class Description: Class A-1B First Priority Senior Secured Floating Rate Notes Due 2040

Current Rating: Aa2, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 4/5/2005

Class Description: Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2040

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 4/5/2005

Class Description: Class B Third Priority Senior Secured Floating Rate Notes Due 2040

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 10/30/2008

Class Description: Class C-1 Fourth Priority Senior Secured Floating Rate Deferrable Notes Due 2040

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/30/2008

Class Description: Class C-2 Fourth Priority Senior Secured Fixed Rate Deferrable Notes Due 2040

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 10/30/2008

Jupiter High Grade CDO II, Ltd.

Class Description: Class A-1

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: Class A-2

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 11/7/2008

Class Description: Class B

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 11/7/2008

ABSpoke 2005-IC, Ltd.

Class Description: Fixed Rate Notes due 2042

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 4/23/2008

Acacia CDO 7, Ltd.

Class Description: Class A Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class B Notes

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class C Notes

Current Rating: Ba2, under review for possible downgrade

Prior Rating: Baa2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class D Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 11/10/2008

North Street Referenced Linked Notes, 2005-7 Limited

Class Description: Class A Floating Rate Notes

Current Rating: Baa2, under review for possible downgrade

Prior Rating: A2, under review for possible downgrade

Prior Rating Date: 4/29/2008

Class Description: Class B-1 Floating Rate Notes

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 4/29/2008

Class Description: Class B-2 Floating Rate Notes

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 4/29/2008

Class Description: Class C Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 4/29/2008

MKP CBO IV Inc.

Class Description: Class A-1 First Priority Senior Secured Floating Rate Notes, Due 2040

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 3/25/2005

Class Description: Class A-2 Second Priority Senior Secured Floating Rate Notes, Due 2040

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 10/30/2008

Class Description: Class B Third Priority Senior Secured Floating Rate Notes, Due 2040

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 10/30/2008

ABACUS 2005-1, Ltd.

Class Description: Class A-1

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 11/5/2008

Class Description: Class A-2

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 11/5/2008

Class Description: Class B

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 11/5/2008

ACA ABS 2005-1, Limited

Class Description: Class A-1 Notes

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 3/31/2005

Class Description: Class A-2 Notes

Current Rating: Baa1, under review for possible downgrade

Prior Rating: A1, under review for possible downgrade

Prior Rating Date: 11/19/2008

Class Description: Class B Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: B3, under review for possible downgrade

Prior Rating Date: 11/19/2008

Commodore CDO III, Ltd.

Class Description: Class A-1A First Priority Senior Secured Floating Rate Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class A-1B First Priority Senior Secured Floating Rate Notes

Current Rating: Aa3, under review for possible downgrade

Prior Rating: Aaa

Prior Rating Date: 3/2/2005

Class Description: Class A-1C First Priority Senior Secured Floating Rate Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class A-2 Second Priority Senior Secured Floating Rate Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 11/10/2008

Class Description: Class B Third Priority Secured Floating Rate Notes

Current Rating: Caa2, under review for possible downgrade

Prior Rating: B2, under review for possible downgrade

Prior Rating Date: 11/10/2008

Morgan Stanley ACES SPC, Series 2005-5

Class Description: Notes Due July 7, 2014

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 5/18/2008

Duke Funding High Grade I, Ltd.

Class Description: $660,000,000 Class A-1 LT-a Senior Secured Floating Rate Notes Due 2040

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/5/2008

Class Description: Class A-1 LT-b1 Senior Secured Floating Rate Notes Due 2045

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/5/2008

Class Description: Class A-1 LT-b2 Senior Secured Floating Rate Notes Due 2045

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 11/5/2008

Neptune CDO 2004-1 LTD

Class Description: Class A-1LA Floating Rate Notes

Current Rating: A1, under review for possible downgrade

Prior Rating: Aa1, under review for possible downgrade

Prior Rating Date: 5/16/2008

Class Description: Class A-1LB Floating Rate Notes

Current Rating: A3, under review for possible downgrade

Prior Rating: Aa3, under review for possible downgrade

Prior Rating Date: 5/16/2008

Class Description: Class A-2L Floating Rate Notes

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 5/16/2008

Class Description: Class A-3L Floating Rate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 5/16/2008

Class Description: Class B-1L Floating Rate Notes

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 5/16/2008

River North CDO Ltd.

Class Description: U.S. $193,500,000 Class A-1 Senior Secured Floating Rate Notes Due 2040

Current Rating: Ba1, under review for possible downgrade

Prior Rating: Baa1, under review for possible downgrade

Prior Rating Date: 5/8/2008

Class Description: U.S. $37,500,000 Class A-2 Senior Secured Floating Rate Notes Due 2040

Current Rating: B3, under review for possible downgrade

Prior Rating: Ba3, under review for possible downgrade

Prior Rating Date: 5/8/2008

Class Description: U.S. $33,000,000 Class B Senior Secured Floating Rate Notes Due 2040

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 5/8/2008

Dallaglio CDO 2005-1, LTD.

Class Description: Class B Floating Rate Notes

Current Rating: A2, under review for possible downgrade

Prior Rating: Aa2, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class C Floating Rate Notes

Current Rating: Baa3, under review for possible downgrade

Prior Rating: A3, under review for possible downgrade

Prior Rating Date: 4/23/2008

Class Description: Class D Floating Rate Notes

Current Rating: B2, under review for possible downgrade

Prior Rating: Ba2, under review for possible downgrade

Prior Rating Date: 4/23/2008

Liberty Harbour CDO Ltd, 2005-1

Class Description: U.S.$117,600,000 Class B Secured Floating Rate Notes Due 2040

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa1, under review for possible downgrade

Prior Rating Date: 4/22/2008

Class Description: U.S.$84,000,000 Class C Secured Floating Rate Notes Due 2040-1

Current Rating: Caa3, under review for possible downgrade

Prior Rating: Caa2, under review for possible downgrade

Prior Rating Date: 4/22/2008

Class Description: Class A LT-1 Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/20/2008

Class Description: Class A LT-2 Notes

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/20/2008

Class Description: Base Liquidity Advances

Current Rating: B1, under review for possible downgrade

Prior Rating: Ba1, under review for possible downgrade

Prior Rating Date: 5/20/2008

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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