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Rating Action:

Moody's lowers ratings of 51 Notes issued by 9 structured finance CDO transactions

30 Jan 2009

New York, January 30, 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 51 Notes issued by 9 collateralized debt obligation transactions which consist of significant exposure to Alt-A, Option-ARM and subprime RMBS securities.

Moody's explained that the rating actions listed below reflect Moody's revised loss projections for Alt-A RMBS securities which were described in a press release titled "Moody's Updated Loss Projections for '06 and '07 Alt-A RMBS," published on January 22, 2009. According to the press release, on average, Moody's is now projecting cumulative losses of about 20% for 2006 securitizations and about 24% for 2007 securitizations. As a result of the revised loss projections, in most cases, subordinate Alt-A RMBS securities are likely to be completely written down. Moody's is likely to downgrade the ratings of these securities to Ca or C. In addition, according to the press release, credit protection from structural features should provide most senior Alt-A RMBS bond holders with fairly high recovery rates, although approximately 80-85% of all senior securities are likely to experience recoveries consistent with ratings lower than B3. For more details on the revised loss projections and Moody's updated Alt-A surveillance methodology, please see "Alt-A RMBS Loss Projection Update: January 2009," available on Moodys.com.

Moody's 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:

Acacia CDO 7, Ltd.

U.S. $231,700,000 Class A First Priority Senior Secured Floating Rate Notes Due 2045, Downgraded to B1; previously on 12/17/2008 Downgraded to A1 Under Review for Possible Downgrade

U.S. $28,100,000 Class B Second Priority Senior Secured Floating Rate Notes Due 2045, Downgraded to Ca; previously on 12/17/2008 Downgraded to A3 Under Review for Possible Downgrade

U.S. $6,000,000 Class C Third Priority Mezzanine Secured Floating Rate Deferrable Interest Notes Due 2045, Downgraded to C; previously on 12/17/2008 Downgraded to Ba2 Under Review for Possible Downgrade

U.S. $16,200,000 Class D Fourth Priority Mezzanine Secured Floating Rate Deferrable Interest Notes Due 2045, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 Under Review for Possible Downgrade

Altius II Funding, Ltd.

Class A-1 Floating Rate Notes, Downgraded to B1; previously on 12/17/2008 Baa1 Under Review for Possible Downgrade

Class A-2 Floating Rate Notes, Downgraded to Ca; previously on 12/17/2008 B3 Under Review for Possible Downgrade

Class B Floating Rate Notes, Downgraded to C; previously on 11/10/2008 Ca

Buckingham CDO II Ltd.

Base Liquidity Advances, Downgraded to Caa2; previously on 12/17/2008 Baa3 Under Review for Possible Downgrade

Class A LT Notes, Downgraded to Caa2; previously on 12/17/2008 Baa3 Under Review for Possible Downgrade

Class B, Downgraded to C; previously on 12/17/2008 Caa3 Under Review for Possible Downgrade

Class C, Downgraded to C; previously on 12/17/2008 Ca

Inman Square Funding I, Ltd

U.S. $165,000,000 Class I Senior Secured Floating Rate Notes Due 2034, Downgraded to Baa2; previously on 12/22/2008 Aaa Placed Under Review for Possible Downgrade

U.S. $30,000,000 Class II Senior Secured Floating Rate Notes Due 2039, Downgraded to Ca; previously on 12/22/2008 A2 Placed Under Review for Possible Downgrade

U.S. $7,000,000 Class II Senior Secured Fixed Rate Notes Due 2039, , Downgraded to Ca; previously on 12/22/2008 A2 Placed Under Review for Possible Downgrade

U.S. $18,000,000 Class III Mezzanine Secured Fixed Rate Notes Due 2039, Downgraded to C; previously on 12/22/2008 Baa3 Placed Under Review for Possible Downgrade

U.S. $15,000,000 Class IV Mezzanine Secured Floating Rate Notes Due 2039, Downgraded to C; previously on 12/22/2008 B1 Under Review for Possible Downgrade

U.S. $4,000,000 Class IV Mezzanine Secured Fixed Rate Notes Due 2039, Downgraded to C; previously on 12/22/2008 B1 Under Review for Possible Downgrade

U.S. $22,000,000 Class A Combination Notes Due 2039, Downgraded to C; previously on 12/22/2008 Baa2 Placed Under Review for Possible Downgrade

U.S. $30,078,370 Class B Combination Notes Due 2039, Downgraded to C; previously on 12/22/2008 B3 Under Review for Possible Downgrade

U.S. $5,824,451 Class C Combination Notes Due 2039, Downgraded to C; previously on 12/22/2008 B3 Under Review for Possible Downgrade

U.S. $11,648,903 Class D Combination Notes Due 2039, Downgraded to C; previously on 12/22/2008 B3 Under Review for Possible Downgrade

U.S. $6,500,000 Class E Combination Notes Due 2039, Downgraded to C; previously on 12/22/2008 Caa2 Under Review for Possible Downgrade

Longport Funding II, Ltd.

U.S.$195,000,000 Class A1S Senior Secured Floating Rate Notes due 2040, Downgraded to Caa1; previously on 12/17/2008 Aa3 Placed Under Review for Possible Downgrade

U.S.$35,000,000 Class A1J Senior Secured Floating Rate Notes due 2040, Downgraded to C; previously on 12/17/2008 A2 Under Review for Possible Downgrade

U.S.$30,000,000 Class A2 Senior Secured Floating Rate Notes due 2040, Downgraded to C; previously on 12/17/2008 Baa3 Under Review for Possible Downgrade

U.S.$13,000,000 Class A3 Secured Deferrable Interest Floating Rate Notes due 2040, Downgraded to C; previously on 12/17/2008 Caa1 Under Review for Possible Downgrade

SUMMER STREET 2005-HG1, LTD.

U.S.$935,000,000 Class A-1 Floating Rate Senior Secured Notes due 2045, Downgraded to Caa2; previously on 12/17/2008 A1 Under Review for Possible Downgrade

U.S.$100,000,000 Class A-2 Floating Rate Senior Secured Notes due 2045, Downgraded to Ca; previously on 12/17/2008 Ba2 Under Review for Possible Downgrade

U.S.$21,500,000 Class B Floating Rate Subordinate Secured Notes due 2045, Downgraded to C; previously on 12/17/2008 B1 Under Review for Possible Downgrade

U.S.$15,000,000 Class C Floating Rate Subordinate Secured Deferrable Notes due 2045, Downgraded to C; previously on 12/17/2008 Caa3 Under Review for Possible Downgrade

U.S.$13,100,000 Class D Floating Rate Subordinate Secured Deferrable Notes due 2045, Downgraded to C; previously on 12/17/2008 Caa3 Under Review for Possible Downgrade

U.S.$15,400,000 Class E Income Notes Due 2045, Downgraded to C; previously on 4/22/2008 Ca

Triaxx Prime CDO 2006-1, Ltd.

U.S.$2,400,000,000 Class A-1 First Priority Senior Secured Floating Rate Notes due March 2039, Downgraded to Caa3; previously on 12/16/2008 Aa2 Placed Under Review for Possible Downgrade

U.S.$213,600,000 Class A-2 Second Priority Senior Secured Floating Rate Notes due March 2039, Downgraded to C; previously on 12/16/2008 Aa3 Placed Under Review for Possible Downgrade

U.S.$32,000,000 Class B Third Priority Senior Secured Floating Rate Notes due March 2039, Downgraded to C; previously on 12/16/2008 A2 Under Review for Possible Downgrade

U.S.$10,700,000 Class X Fourth Priority Junior Secured Amortizing Deferrable Floating Rate Notes due March 2039, Downgraded to C; previously on 12/16/2008 Baa1 Under Review for Possible Downgrade

U.S.$10,700,000 Class C Fifth Priority Junior Secured Deferrable Floating Rate Notes due March 2039, Downgraded to C; previously on 12/16/2008 Baa2 Under Review for Possible Downgrade

Triaxx Prime CDO 2006-2, Ltd.

U.S.$1,500,000,000 Class A-1A First Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to Caa2; previously on 12/16/2008 Aa1 PlacedUnder Review for Possible Downgrade

U.S.$1,499,950,000 Class A-1B1 First Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to Caa2; previously on 12/16/2008 Aa2 Placed Under Review for Possible Downgrade

U.S.$1,499,950,000 Class A-1B2 First Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to Caa2; previously on 12/16/2008 Aa2 Placed Under Review for Possible Downgrade

U.S.$100,000 Class A-1BV First Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to Caa2; previously on 12/16/2008 Aa2 Placed Under Review for Possible Downgrade

U.S.$400,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/16/2008 Aa3 Placed Under Review for Possible Downgrade

U.S.$60,000,000 Class B Third Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/16/2008 A2 Placed Under Review for Possible Downgrade

U.S.$20,000,000 Class C Fifth Priority Junior Secured Deferrable Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/16/2008 Baa2 Under Review for Possible Downgrade

U.S.$20,000,000 Class X Fourth Priority Junior Secured Amortizing Deferrable Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/16/2008 Baa1 Under Review for Possible Downgrade

Triaxx Prime CDO 2007-1, Ltd.

U.S.$825,000,000 Class A-1T First Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to Caa3; previously on 12/11/2008 Aa2 Placed Under Review for Possible Downgrade

U.S.$175,000,000 Class A-1D First Priority Senior Secured Floating Rate Delayed Draw Notes Due October 2039, Downgraded to Caa3; previously on 12/11/2008 Aa2 Placed Under Review for Possible Downgrade

U.S.$78,000,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/11/2008 Aa3 Under Review for Possible Downgrade

U.S.$11,575,000 Class B Third Priority Senior Secured Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/11/2008 A2 Under Review for Possible Downgrade

U.S.$8,925,000 Class C Fifth Priority Junior Secured Deferrable Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/11/2008 Ba2 Under Review for Possible Downgrade

U.S.$12,700,000 Class X Fourth Priority Junior Secured Amortizing Deferrable Floating Rate Notes Due October 2039, Downgraded to C; previously on 12/11/2008 Baa2 Under Review for Possible Downgrade

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

New York
Evan Tepper
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's lowers ratings of 51 Notes issued by 9 structured finance CDO transactions
No Related Data.
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