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Rating Action:

Moody's lowers ratings of 56 Notes issued by 13 structured finance CDO transactions

10 Feb 2009

New York, February 10, 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 56 Notes issued by 13 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 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:

Cascade Funding CDO I, Inc.

Class A-1 First Priority Senior Secured Floating Rate Delayed Draw Notes due March 2042, Downgraded to B1; previously on 12/22/2008 Downgraded to Baa3 Placed Under Review for Possible Downgrade

Class A-2 Second Priority Senior Secured Floating Rate Notes due March 2042, Downgraded to Ca; previously on 12/22/2008 Downgraded to Caa3 Under Review for Possible Downgrade

Charles River CDO I, Ltd.

U.S.$214,000,000 Class A-1A Floating Rate Notes Due December 9, 2037, Downgraded to Ca; previously on 5/18/2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

U.S.$15,000,000 Class A-1B Principal Only Notes Due December 9, 2037, Downgraded to Ca; previously on 5/18/2008 Downgraded to Ba2 and Placed Under Review for Possible Downgrade

U.S.$20,000,000 Class A-2F Fixed Rate Notes Due December 9, 2037, Downgraded to C; previously on 5/18/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

U.S.$15,000,000 Class A-2V Floating Rate Notes Due December 9, 2037, Downgraded to C; previously on 5/18/2008 Downgraded to B3 and Placed Under Review for Possible Downgrade

Dunhill ABS CDO, Ltd.

U.S.$250,000 Class A-1VA First Priority Senior Secured Voting Floating Rate Notes Due 2041-1, Downgraded to Ba2; previously on 12/22/2008 Downgraded to A1 Under Review for Possible Downgrade

U.S.$327,250,000 Class A-1NV First Priority Senior Secured Non-Voting Floating Rate Delayed Draw Notes Due 2041, Downgraded to Ba2; previously on 12/22/2008 Downgraded to A1 Under Review for Possible Downgrade

U.S.$20,000,000 Class A-1VB First Priority Senior Secured Voting Floating Rate Notes Due 2041, Downgraded to Ba2; previously on 12/22/2008 Downgraded to A1 Under Review for Possible Downgrade

U.S.$57,500,000 Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2041, Downgraded to Ca; previously on 12/22/2008 Downgraded to Baa1 Under Review for Possible Downgrade

U.S.$55,000,000 Class B Third Priority Secured Floating Rate Notes Due 2041, Downgraded to C; previously on 12/22/2008 Downgraded to B2 Under Review for Possible Downgrade

U.S.$21,500,000 Class C Mezzanine Secured Floating Rate Notes Due 2041, Downgraded to C; previously on 5/9/2008 Downgraded to Ca

Fort Dearborn CDO I Ltd.

Class A-1LA Super Senior, Downgraded to Ca; previously on 12/17/2008 Downgraded to A2 Under Review for Possible Downgrade

Class A-1LB Floating Rate Notes Due September 2040, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 Under Review for Possible Downgrade

Class X Notes Due September 2012, Downgraded to Caa3; previously on 12/17/2008 Downgraded to Ba1 Under Review for Possible Downgrade

Fort Duquesne CDO 2006-1 Ltd.

U.S.$450,000,000 Class A-1A Senior Secured Floating Rate Notes Due 2046, Downgraded to Ba3; previously on 12/16/2008 Downgraded to Baa1 Under Review for Possible Downgrade

U.S.$400,000,000 Class A-1B Senior Secured Floating Rate Notes Due 2046, Downgraded to Ca; previously on 12/16/2008 Downgraded to Caa3 Under Review for Possible Downgrade

U.S.$100,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 10/27/2008 Downgraded to Ca

U.S.$26,500,000 Class B Senior Secured Floating Rate Notes Due 2046, Downgraded to C; previously on 6/17/2008 Downgraded to Ca

U.S.$11,000,000 Class X Senior Secured Notes Due 2046, Confirmed at B3; previously on 12/16/2008 Downgraded to B3 Under Review for Possible Downgrade

G Street Finance Ltd.

U.S.$ 266,000,000 Class A-1LT-a Floating Rate Notes Due 2041, Downgraded to Caa1; previously on 12/17/2008 Downgraded to Baa1 Under Review for Possible Downgrade

U.S.$ 0 Class A-1LT-b Floating Rate Notes Due 2041, Downgraded to Caa1; previously on 12/17/2008 Downgraded to Baa1 Under Review for Possible Downgrade

U.S.$ 50,900,000 Class A-2 Floating Rate Notes Due 2041, Downgraded to C; previously on 12/17/2008 Downgraded to B2 Under Review for Possible Downgrade

U.S.$57,000,000 Class B Floating Rate Notes Due 2041, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 Under Review for Possible Downgrade

Jupiter High-Grade CDO Ltd.

U.S. $ 489,950,000 Class A-1A First Priority Senior Floating Rate Notes Due 2041, Downgraded to Ba2; previously on 12/17/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S. $ 113,800,000 Class A-1B First Priority Senior Floating Rate Notes Due 2041, Downgraded to Ba2; previously on 12/17/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S. $ 82,500,000 Class A-2 Second Priority Senior Floating Rate Notes Due 2041, Downgraded to Caa3; previously on 12/17/2008 Downgraded to Baa1 and remains Under Review for Possible Downgrade

U.S. $ 41,250,000 Class B Third Priority Floating Rate Notes Due 2041, Downgraded to C; previously on 12/17/2008 Downgraded to Ba1 and remains Under Review for Possible Downgrade

U.S. $ 14,250,000 Class C Fourth Priority Mezzanine Floating Rate Notes Due 2041, Downgraded to C; previously on 11/14/2008 Downgraded to Ca

Jupiter High Grade CDO III Ltd.

U.S.$1,700,000,000 Class A-1 First Priority Senior Secured Notes due 2042, Downgraded to Caa2; previously on 12/17/2008 Downgraded to A3 and remains Under Review for Possible Downgrade

U.S.$80,000,000 Class A-2A Second Priority Senior Secured Floating Rate Notes due 2042, Downgraded to C; previously on 12/17/2008 Downgraded to Ba3 and remains Under Review for Possible Downgrade

U.S.$70,000,000 Class A-2B Second Priority Senior Secured Floating Rate Notes due 2042, Downgraded to C; previously on 12/17/2008 Downgraded to Ba3 and remains Under Review for Possible Downgrade

U.S.$90,000,000 Class B Third Priority Senior Secured Floating Rate Notes due 2042, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 and remains Under Review for Possible Downgrade

U.S.$43,000,000 Class C Fourth Priority Mezzanine Deferrable Secured Floating Rate Notes due 2042, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

27,000 Preferred Shares (having an Aggregate Liquidation Preference of U.S.$27,000,000), Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Kleros Preferred Funding, Ltd.

Class A-1 Notes, Downgraded to B2; previously on 12/17/2008 Downgraded to A1 Under Review for Possible Downgrade

Class A-2 Notes, Downgraded to Ca; previously on 12/17/2008 Downgraded to Baa2 Under Review for Possible Downgrade

Class B Notes, Downgraded to C; previously on 12/17/2008 Downgraded to B2 Under Review for Possible Downgrade

MCKINLEY FUNDING, LTD.

ABCP Notes/Funding Notes, Downgraded to Caa1; previously on 12/22/2008 Downgraded to A1 Under Review for Possible Downgrade

Class A-1 Notes, Downgraded to C; previously on 12/22/2008 Downgraded to Ba2 Under Review for Possible Downgrade

Class A-2 Notes, Downgraded to C; previously on 12/22/2008 Downgraded to B3 Under Review for Possible Downgrade

Class A-3 Notes, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 Under Review for Possible Downgrade

Class B Notes, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Class C Notes, Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Trainer Wortham First Republic CBO III, Limited

Class A-1 Senior Secured Floating Rate NotesDue 2033, Downgraded to Ba1; previously on 12/23/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A-2 Senior Secured Floating Rate Notes Due 2038, Downgraded to Ca; previously on 12/23/2008 Downgraded to Ba2 Under Review for Possible Downgrade

Class B Senior Secured Floating Rate Notes Due 2038, Downgraded to C; previously on 12/23/2008 Downgraded to Caa2 Under Review for Possible Downgrade

Verde CDO Ltd.

Class A-1 Floating Rate Notes, Downgraded to Caa2; previously on 12/17/2008 Downgraded to Baa1 Under Review for Possible Downgrade

Class A-2 Floating Rate Notes, Downgraded to C; previously on 12/17/2008 Downgraded to Caa3 Under Review for Possible Downgrade

Class B Floating Rate Notes, Downgraded to C; previously on 5/29/2008 Downgraded to Ca

Whately CDO I, Ltd.

U.S. $261,000,000 Class A-1A Floating Rate Notes Due June 2044, Downgraded to Ba1; previously on 12/22/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S. $63,000,000 Class A-1BV Floating Rate Notes Due June 2044, Downgraded to Ca; previously on 12/22/2008 Downgraded to Baa3 Under Review for Possible Downgrade

U.S. $6,000,000 Class A-1BF Fixed Rate Notes Due June 2044, Downgraded to Ca; previously on 12/22/2008 Downgraded to Baa3 Under Review for Possible Downgrade

U.S. $27,000,000 Class A-2 Floating Rate Notes Due June 2044, Downgraded to C; previously on 12/22/2008 Downgraded to B2 Under Review for Possible Downgrade

U.S. $12,000,000 Class A-3 Floating Rate Deferrable Interest Notes Due June 2044, Downgraded to C; previously on 12/22/2008 Downgraded to Ca Under Review for Possible Downgrade

U.S. $15,000,000 Combination B Notes Due June 2044, Downgraded to C; previously on 12/22/2008 Downgraded to Caa2 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 56 Notes issued by 13 structured finance CDO transactions
No Related Data.
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