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Rating Action:

Moody's lowers ratings of 95 Notes issued by 24 structured finance CDO transactions

18 Mar 2009

New York, March 18, 2009 -- Moody's Investors Service announced today that it has downgraded its ratings of 95 Notes issued by 24 collateralized debt obligation transactions which consist of significant exposure to one or more of Alt-A, Option-ARM and subprime RMBS securities, CLOs, or CMBS. Moody's explained that the rating actions listed below reflect certain updates and projections and recent rating actions on underlying assets on these asset classes as described below.

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. 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 revised loss projections for Option ARMs RMBS securities issued in the US since 2004 which were described in a press release titled "Moody's updates loss projections for Option ARMs RMBS" published on February 5, 2009. According to the press release, on average, Moody's is now projecting cumulative losses of 27% for 2006 and 30% for 2007 vintage Option ARM securitizations. For more details on the revised loss projections and Moody's updated Option ARMs surveillance methodology, please see "Option ARMs Loss Projection Update: February 2009" available on Moodys.com.

Moodys announced revisions and updates to certain key assumptions, including Default Probability and Diversity Score, that it uses to rate and monitor collateralized loan obligations (CLOs) in a Press Release titled "Moody's updates key assumptions for rating CLOs" published on February 4, 2009. According to the press release, Moody's expects that the revised assumptions will have a significant impact on mezzanine and junior CLO tranches, resulting in a downgrade of their ratings by three to six notches on average. On March 4, 2009, Moody's placed all but the senior-most CLO tranches on review for downgrade.

Moody's also announced a ratings review of all U.S. commercial mortgage backed securities (CMBS) conduit and fusion transactions rated during the period from 2006 through 2008, and all large loan and single borrower transactions regardless of vintage in a Press Release titled " Ratings review of certain U.S. CMBS" on February 5, 2009.

Moody's revised loss projections for subprime RMBS issued from 2005 to 2007 were described in a press release titled "2005-7 subprime RMBS on downgrade review" published on February 26, 2009. According to the press release, the revised loss projection for 2006 vintage subprime pools is expected to fall within the range of 28% to 32% of the original balance of such pools, whereas Moody's previous estimate was 22%. For 2005 and 2007 pools, such projections are expected to range from 12% to 14% and 33% to 37% of original balance, respectively. According to the press release, the anticipated actions will vary by vintage, but based on average loss projections, it is likely that the vast majority of mezzanine and subordinate certificates currently rated B or above would be downgraded to ratings of Caa or below, particularly for bonds issued in 2006 and 2007. Actions on senior bonds will differ based on payment priority and protection relative to projected losses. Given the level of losses currently being projected, a majority of senior certificates will likely be downgraded below investment grade. Many are expected to be downgraded to Caa or below, particularly longer duration bonds from 2006 and 2007.

In addition, Moody's explained that the rating actions taken today incorporate the application of revised and updated key modeling 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 initially analyzed and continues to monitor these transactions using primarily the methodology and its supplements for ABS CDOs as described in Moody's Special Report below:

- Moody's Approach to Rating SF CDOs (March 2009)

This report can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Credit Policy & Methodologies directory.

Today's rating actions are as follows:

Abacus 2005-3, Ltd.

Class A-1, Downgraded to Ca; previously on 12/17/2008 Downgraded to A1 and remains on Review for Possible Downgrade

ABACUS 2005-3, Ltd

Class A2, Downgraded to Ca; previously on 12/17/2008 Downgraded to A3 and remains on Review for Possible Downgrade

ABACUS 2005-3, Ltd.

Class B, Downgraded to C; previously on 12/17/2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

ABACUS 2005-3, Ltd.

Class C Series 1 Floating Rate Notes, Downgraded to C; previously on 12/17/2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class C Series 2 Floating Rate Notes, Downgraded to C; previously on 12/17/2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

ABACUS 2005-3, Ltd.

Class D, Downgraded to C; previously on 12/17/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S.$37,000,000 Class D Series 2 Floating Rate Notes, Due 2039, Downgraded to C; previously on 12/17/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

U.S.$15,000,000 Class D Series 3 Floating Rate Notes, Due 2039, Downgraded to C; previously on 12/17/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

ABACUS 2005-3, Ltd.

Class E, Downgraded to C; previously on 12/17/2008 Downgraded to B3 and remains on Review for Possible Downgrade

Belle Haven ABS CDO, Ltd.

Class A1SB-1, Downgraded to Caa2; previously on 12/22/2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Class A1SB-2, Downgraded to Caa2; previously on 12/22/2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

U.S.$344,000,000 Class A1ST Senior Secured Floating Rate Notes Due 2044-1, Downgraded to Caa2; previously on 12/22/2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

U.S.$48,000,000 Class A1J Senior Secured Floating Rate Notes Due 2044, Downgraded to C; previously on 12/22/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

U.S.$35,000,000 Class A2 Senior Secured Floating Rate Notes Due 2044, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$35,000,000 Class A3 Senior Secured Deferrable Interest Floating Rate Notes Due 2044, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

Galleria CBO V (formerly Beacon Hill III)

Class A-1 Senior Secured Floating Rate Term Notes, due 2037, Downgraded to Caa2; previously on 5/18/2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Class A-2 Senior Secured Floating Rate Revolving Notes, due 2037, Downgraded to Caa2; previously on 5/18/2008 Downgraded to Baa2 and Placed Under Review for Possible Downgrade

Class B Second Priority Floating Rate Term Notes, due 2037, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Class C-1 Third Priority Floating Rate Term Notes, due 2037, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Class C-2 Third Priority Fixed Rate Term Notes, due 2037, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Helios Series I Multi Asset CBO, LTD

U.S.$443,000,000 Class A Floating Rate Notes Due December 13, 2036, Downgraded to A2; previously on 2/7/2005 Downgraded to Aa2

U.S.$27,000,000 Class B Floating Rate Notes Due December 13, 2036, Downgraded to B2; previously on 2/7/2005 Downgraded to Baa2

U.S.$24,000,000 Class C Floating Rate Notes Due December 13, 2036, Downgraded to C; previously on 2/7/2005 Downgraded to Caa2

Hillcrest CDO I Ltd

Class A-1a Floating Rate Senior Secured Notes Due 2039, Downgraded to Caa2; previously on 12/22/2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class A-1b Fixed Rate Senior Secured Notes Due 2039, Downgraded to Caa2; previously on 12/22/2008 Downgraded to B3 and remains on Review for Possible Downgrade

Class A-2 Floating Rate Senior Secured Notes Due 2039, Downgraded to C; previously on 10/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B-1 Floating Rate Senior Secured Notes Due 2039, Downgraded to C; previously on 10/22/2008 Downgraded to Ca

Class B-2 Fixed Rate Senior Secured Notes Due 2039, Downgraded to C; previously on 10/22/2008 Downgraded to Ca

Class 2 Composite Notes, Confirmed at Caa2; previously on 12/22/2008 Downgraded to Caa2 and remains on Review for Possible Downgrade

Class 3 Composite Notes, Downgraded to Ba1; previously on 12/22/2008 Downgraded to Baa2 and remains on Review for Possible Downgrade

House of Europe Funding V PLC

EUR 200,000,000 Class A1 House of Europe Funding V PLC Delayed Draw Note due 2090, Downgraded to Ba2; previously on 12/16/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

EUR 580,000,000 Class A1 House of Europe Funding V PLC Floating Rate Notes due 2090, Downgraded to Ba2; previously on 12/16/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

EUR 70,000,000 Class A2 House of Europe Funding V PLC Floating Rate Notes due 2090, Downgraded to Ca; previously on 12/16/2008 Downgraded to A2 and remains on Review for Possible Downgrade

EUR 70,000,000 Class A3-a House of Europe Funding V PLC Floating Rate Notes due 2090, Downgraded to C; previously on 12/16/2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

EUR 15,000,000 Class A3-b House of Europe Funding V PLC Fixed Rate Notes due 2090, Downgraded to C; previously on 12/16/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

EUR 21,000,000 Class B House of Europe Funding V PLC Floating Rate Notes due 2090, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Huntington CDO, Ltd.

Class A-1A First Priority Senior Secured Floating Rate Notes Due 2040, Downgraded to Baa1; previously on 12/17/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Class A-1B First Priority Senior Secured Floating Rate Notes Due 2040, Downgraded to Baa1; previously on 12/17/2008 Downgraded to Aa2 and Placed Under Review for Possible Downgrade

Class A-2 Second Priority Senior Secured Floating Rate Notes Due 2040, Downgraded to Caa1; previously on 12/17/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class B Third Priority Senior Secured Floating Rate Notes Due 2040, Downgraded to Ca; previously on 12/17/2008 Downgraded to A3 and remains on Review for Possible Downgrade

Class C-1 Fourth Priority Senior Secured Floating Rate Deferrable Notes Due 2040, Downgraded to C; previously on 12/17/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Class C-2 Fourth Priority Senior Secured Fixed Rate Deferrable Notes Due 2040, Downgraded to C; previously on 12/17/2008 Downgraded to B1 and remains on Review for Possible Downgrade

MKP CBO III Ltd

Class A-2 Second Priority Senior Secured Floating Rate Notes, Due 2039, Downgraded to Baa1; previously on 12/22/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class B Third Priority Senior Secured Floating Rate Notes, Due 2039, Downgraded to Ba2; previously on 12/22/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Class C Mezzanine Secured Floating Rate Notes, Due 2039, Downgraded to Ca; previously on 12/22/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Newcastle CDO VII, Limited

Class I-A, Downgraded to Ba2; previously on 12/17/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class I-B, Downgraded to B1; previously on 12/17/2008 Downgraded to A1 and Placed Under Review for Possible Downgrade

Class II, Downgraded to Caa1; previously on 12/17/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Class III, Downgraded to Ca; previously on 12/17/2008 Downgraded to Baa3 and Placed Under Review for Possible Downgrade

Class IV-FL, Downgraded to C; previously on 12/17/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Class IV-FX, Downgraded to C; previously on 12/17/2008 Downgraded to B1 and remains on Review for Possible Downgrade

Pine Mountain CDO Ltd.

Class A-1, Downgraded to Ca; previously on 12/17/2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class A-2, Downgraded to C; previously on 12/17/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class A-3, Downgraded to C; previously on 12/17/2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class B, Downgraded to C; previously on 12/17/2008 Downgraded to Caa1 and remains on Review for Possible Downgrade

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

Class D, Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Portfolio CDS Trust 61

Super Senior, Downgraded to Ba1; previously on 12/17/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Saturn Ventures 2005-1, Ltd

Class A-1 Floating Rate Senior Secured Notes-1, Downgraded to B3; previously on 12/17/2008 Downgraded to Aa3 and remains on Review for Possible Downgrade

Class A-2 Floating Rate Senior Secured Notes, Downgraded to Ca; previously on 12/17/2008 Downgraded to B2 and remains on Review for Possible Downgrade

Class A-3 Floating Rate Senior Secured Notes, Downgraded to C; previously on 11/10/2008 Downgraded to Ca

SLSpoke 2006-1

U.S.$30,000,000 Variable Floating Rate Notes Due 2041, Downgraded to B3; previously on 12/16/2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

Solstice ABS CBO, Ltd./Solstice ABS CBO Inc.

U.S. $225,000,000 Class A First Priority Senior Secured Floating Rate Notes Due 2036, Downgraded to B3; previously on 12/26/2007 Downgraded to Baa2

U.S. $50,000,000 Class B Second Priority Senior Secured Floating Rate Notes Due 2036, Downgraded to Ca; previously on 12/26/2007 Downgraded to B3

U.S.$12,500,000 Class C Mezzanine Floating Rate Notes Due 2036, Downgraded to C; previously on 10/18/2005 Downgraded to Ca

U.S. $9,750,000 Class 1 Pass-Through Notes Due 2036, Downgraded to C; previously on 10/18/2005 Downgraded to Ca

Stockbridge CDO Ltd.

Class A-1 Floating Rate Senior Notes Due November 18, 2039, Downgraded to Ba3 and remains on Review for Possible Downgrade; previously on 12/22/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A-2 Floating Rate Senior Notes Due November 18, 2039, Downgraded to Ca; previously on 12/22/2008 Downgraded to Ba3 and remains on Review for Possible Downgrade

Class A-3 Floating Rate Senior Notes Due November 18, 2039, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class B Fixed Rate Senior Subordinate Notes Due November 18, 2039, Downgraded to C; previously on 6/9/2008 Downgraded to Ca and Placed Under Review for Possible Downgrade

TABS 2004-1, Ltd.

Class A-1 Notes, Downgraded to Caa3; previously on 12/22/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

Class A-2 Notes, Downgraded to C; previously on 12/22/2008 Downgraded to Ba2 and remains on Review for Possible Downgrade

Class B Notes, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class C Notes, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Class D Notes, Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Tricadia CDO 2006-5, Ltd.

Class B, Downgraded to Caa1 and remains on Review for Possible Downgrade; previously on 12/16/2008 Downgraded to A3 and remains on Review for Possible Downgrade

Class C, Downgraded to Caa2 and remains on Review for Possible Downgrade; previously on 12/16/2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

Class D, Downgraded to C; previously on 12/16/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

Class E, Downgraded to C; previously on 10/1/2008 Downgraded to Ca

Witherspoon CDO Funding, Ltd.

U.S.$258,000,000 Class A-1 LT-a Floating Rate Notes Due 2039, Downgraded to Caa1; previously on 12/22/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S. 602,001,000 Class A-1 LT-b Floating Rate Notes Due 2039-1, Downgraded to Caa1; previously on 12/22/2008 Downgraded to Aa3 and Placed Under Review for Possible Downgrade

U.S.$50,000,000 Class A-2 Floating Rate Notes Due 2039-1, Downgraded to Ca; previously on 12/22/2008 Downgraded to A1 and remains on Review for Possible Downgrade

U.S.$40,000,000 Class B Floating Rate Notes Due 2039-1, Downgraded to C; previously on 12/22/2008 Downgraded to A3 and remains on Review for Possible Downgrade

U.S.$23,000,000 Class C Floating Rate Deferrable Interest Notes Due 2039-1, Downgraded to C; previously on 12/22/2008 Downgraded to B1 and remains on Review for Possible Downgrade

U.S.$9,000,000 Class D Floating Rate Deferrable Interest Notes Due 2039-1, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$5,000,000 Combination Securities Due 2039, Downgraded to C; previously on 12/22/2008 Downgraded to Caa3 and remains on Review for Possible Downgrade

U.S.$18,000,000 Aggregate Liquidation Preference of Preference Shares, Downgraded to C; previously on 5/23/2008 Downgraded to Ca

ZAIS Investment Grade Limited IX

Class A-1A Senior Secured Floating Rate Notes Due 2052, Downgraded to B1 and remains on Review for Possible Downgrade; previously on 12/11/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Class A-1B Senior Secured Floating Rate Notes Due 2052, Downgraded to B1 and remains on Review for Possible Downgrade; previously on 12/11/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

Class A-1C Senior Secured Floating Rate Notes Due 2052, Downgraded to B1 and remains on Review for Possible Downgrade; previously on 12/11/2008 Downgraded to A2 and Placed Under Review for Possible Downgrade

U.S. $54,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2052, Downgraded to Caa1 and remains on Review for Possible Downgrade; previously on 12/11/2008 Downgraded to Baa1 and remains on Review for Possible Downgrade

U.S. $58,000,000 Class B Senior Secured Floating Rate Notes Due 2052, Downgraded to Caa2 and remains on Review for Possible Downgrade; previously on 12/11/2008 Downgraded to Baa3 and remains on Review for Possible Downgrade

U.S. $33,500,000 Class C Senior Secured Deferrable Interest Floating Rate Notes Due 2057, Downgraded to C; previously on 10/6/2008 Downgraded to Caa3 and Placed Under Review for Possible Downgrade

U.S. $20,500,000 Class D Senior Secured Deferrable Interest Floating Rate Notes Due 2057, Downgraded to C; previously on 6/2/2008 Downgraded to Ca

U.S. $1,000,000 Class Y Combination Notes Due 2057, Downgraded to C; previously on 12/11/2008 Downgraded to Caa1 and remains on 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
Sindhu Veluri
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's lowers ratings of 95 Notes issued by 24 structured finance CDO transactions
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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

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

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

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