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Related Issuers
ABACUS 2005-4, Ltd.
ABACUS 2006-10 LTD
ABACUS 2006-13, Ltd.
ABACUS 2006-17, Ltd.
Abacus 2006-NS1
Abacus 2006-NS2, Ltd.
ABACUS 2007-18, LTD.
ACAS CRE CDO 2007-1, Ltd.
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Ansonia CDO 2006-1 Ltd.
Ansonia CDO 2007-1 Ltd.
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Rating Action:

Moody's places 109 US CRE CDOs on review for possible downgrade

19 Dec 2008
Moody's places 109 US CRE CDOs on review for possible downgrade

Approximately $76 billion of structured securities affected

New York, December 19, 2008 -- Moody's Investors Service ("Moody's") today announced that it has placed 109 US commercial real estate collateralized debt obligation transactions ("CRE CDOs") on review for possible downgrade because of weakening commercial real estate market fundamentals and revised key modeling parameter assumptions.

The magnitude of the potential downgrade will depend upon numerous factors, including transaction vintage distribution, current rating, portfolio composition, tranche thickness, and credit enhancement. For Aaa-rated CRE CDO tranches, ratings may be lowered from 2 to 6 notches. For other investment grade and below investment grade rated tranches, which are generally thinner, the number of notches lowered may be greater, from 4 to 8. Moody's expects to complete these rating actions by the end of February 2009, beginning with transactions with more than 75% pool concentration in CMBS collateral.

Most of the remaining deals are revolving transactions with non-CMBS collateral, including whole loans, B-Notes, mezzanine debt, and other types of debt. We expect to complete a review of the underlying collateral for this group of transactions prior to taking any further rating action. As the structure for these deals does not incorporate the same degree of leverage inherent in re-securitization transactions, we do not anticipate as significant an impact on ratings.

The deepening recession and the reduced availability of financing have heightened the risks for the US commercial real estate sector. The headwinds faced by the retail segment in particular appear to be strengthening as every day brings more bad news about consumer spending and consensus projections of a gloomy holiday shopping season. The hotel sector has been re-pricing for several months, and demand for office space also appears to be declining in many markets. Multifamily properties are buffeted by cross currents relating to growing unemployment, shadow rentals that increase the supply of rental housing, relative home affordability, and reduced rates of household formation. Industrial properties have been adversely affected by slowing trade and retail sales.

Moody's expects the aggregate default rate on CMBS loans (0.75% as of November 2008) to revert to its long-term historical average of 1.5% to 2.0% in 2009, and most likely to surpass this level as the market begins to form a bottom in 2010 and 2011. Commercial property values, which have declined about 10% from the peak reached in October 2007, are expected to decline an additional 10 to 20% over the next 18 to 24 months.

Furthermore, we anticipate that the 2006 through 2008 vintages of CMBS, both fixed and floating rate, will experience even more downward pressure on ratings than earlier vintages. We are particularly concerned about fixed rate CMBS deals with concentrations of "pro forma" loans, which were often aggressively underwritten assuming continued strong macroeconomic tailwinds. Moody's has previously commented on aggressive underwriting and growing weakness in the commercial real estate market in various quarterly publications. We have already taken rating actions on a number of deals from the 2006 through 2008 vintages as signs of stress appear and we will continue to take such actions as issues develop.

Moody's has also revised three key parameters in Moody's model for rating and monitoring CRE CDOs -- asset correlation, default probability, and recovery rate. These revisions are consistent with recent revisions to the key parameter assumptions for rating and monitoring other collateralized debt obligation transactions backed by structured finance securities ("ABS CDOs").

We have updated our asset correlation assumption for the commercial real estate sector to be consistent with an upcoming release of our CDO rating model, CDOROM v2.5, which will incorporate these new parameters. Previously, the average asset correlations used for CMBS within CRE CDO deals ranged between 15% and 35%, depending on vintage and issuer diversity. In light of the systematic seizure of the credit markets, as well as higher intra industry and inter industry asset correlations, the updated correlation parameters for CRE CDOs will imply an average range of asset correlations of between 30% and 60% for CMBS collateral.

Moody's has previously stated that CRE CDO deals with collateral concentrations in below-investment-grade CMBS certificates will likely be among the first transactions to be affected by credit issues that arise, and that the additional leverage inherent in these deals creates the potential for greater ratings transitions compared to that of a first order transaction (i.e., those containing non-CUSIP assets). In 2007 we began applying a default probability stress on late-vintage CMBS collateral to partially offset the leverage effect in CRE CDO deals that can amplify the effect of adverse changes in their underlying collateral performance. Moody's has noted in the past that tenant, property type, and loan size diversification may help performance at the bond level; however, the nature of the current recession is likely to be different from prior recessions, potentially muting the benefits of diversification. Based on our current negative outlook for commercial property performance, we therefore intend to double the probability of default stress for CMBS certificates rated during the period from 2006 through 2008 in our analysis of CRE CDOs.

In our analysis of CRE CDOs, we historically have employed a fixed recovery rate by original tranche rating. Going forward in our modeling of CRE CDOs, we will use a floating recovery rate model that uses a mean recovery rate determined by the rating of the subject asset and that simulates a range of potential recovery rates around the mean. With this more robust approach, we expect to capture in our ratings more of the tail risk associated with variability of recovery rates.

As always, Moody's ratings are determined by a committee process that considers both quantitative and qualitative factors. The rating outcome may differ from the model output.

The following transactions are impacted by our action today (listed by issuer name in alphabetical order).

ABACUS 2005-4 Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 10/21/2005 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 10/21/2005 Assigned Aaa

Cl. B, Aa3 Placed Under Review for Possible Downgrade; previously on 10/21/2005 Assigned Aa3

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 10/21/2005 Assigned A3

Cl. D, Baa1 Placed Under Review for Possible Downgrade; previously on 10/21/2005 Assigned Baa1

Cl. E-1, Baa1 Placed Under Review for Possible Downgrade; previously on 10/21/2005 Assigned Baa1

Cl. E-2, Baa1 Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Baa1

Cl. E-3, Baa1 Placed Under Review for Possible Downgrade; previously on 1/3/2006 Assigned Baa1

ABACUS 2006-10 LTD

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Aa1

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Aa3

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned A2

Cl. G, A3 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned A3

Cl. H, Baa1 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Baa1

Cl. J, Baa2 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Baa2

Cl. K, Baa3 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Baa3

Cl. L, Ba2 Placed Under Review for Possible Downgrade; previously on 3/31/2006 Assigned Ba2

ABACUS 2006-13, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Aa1

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Aa3

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned A2

Cl. G, A3 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned A3

Cl. H, Baa1 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Baa1

Cl. J, Baa2 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Baa2

Cl. K, Baa3 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Baa3

Cl. L, Ba1 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Ba1

Cl. M, Ba2 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Ba2

Cl. N, Ba3 Placed Under Review for Possible Downgrade; previously on 10/23/2006 Assigned Ba3

ABACUS 2006-17, Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Aa1

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Aa3

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned A2

Cl. G, A3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned A3

Cl. H, Baa1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Baa1

Cl. J, Baa2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Baa2

Cl. K, Baa3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Baa3

Cl. L, Ba1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Ba1

Cl. M, Ba2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Ba2

Cl. N, Ba3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Ba3

Cl. O, B1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned B1

Cl. P, B2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned B2

Cl. Q, B3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned B3

Abacus 2006-NS1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 8/18/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Aa2

Cl. C, Aa3 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Aa3

Cl. D, A1 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to A1

Cl. E, A2 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to A2

Cl. F, A3 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to A3

Cl. G, Baa2 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Baa2

Cl. H, Baa3 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Baa3

Cl. J, Ba1 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Ba1

Cl. K, Ba3 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Ba3

Abacus 2006-NS2, Ltd.

Cl. L, B1 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to B1

Cl. M, B2 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to B2

Cl. N, B3 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to B3

Cl. O, Caa1 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Caa1

Cl. P, Caa2 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Caa2

Cl. Q, Caa3 Placed Under Review for Possible Downgrade; previously on 9/26/2008 Downgraded to Caa3

ABACUS 2007-18, LTD.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. B-1, Aa1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa1

Cl. B-2, Aa1 Placed Under Review for Possible Downgrade; previously on 10/24/2007 Assigned Aa1

Acacia CRE CDO 1, Ltd.

Cl. A, Aa3 Placed Under Review for Possible Downgrade; previously on 11/06/2008 Placed Under Review for Possible Downgrade

Cl. B, A3 Placed Under Review for Possible Downgrade; previously on 11/06/2008 Placed Under Review for Possible Downgrade

Cl. C, Baa2 Placed Under Review for Possible Downgrade; previously on 11/06/2008 Placed Under Review for Possible Downgrade

Cl. Ba1, Aa3 Placed Under Review for Possible Downgrade; previously on 11/06/2008 Placed Under Review for Possible Downgrade

Cl. E, Ba2 Placed Under Review for Possible Downgrade; previously on 11/06/2008 Placed Under Review for Possible Downgrade

Cl. F, B1 Placed Under Review for Possible Downgrade; previously on 11/06/2008 Placed Under Review for Possible Downgrade

Cl. G, Caa1 Placed Under Review for Possible Downgrade; previously on 11/06/2008 Placed Under Review for Possible Downgrade

ACAS CRE CDO 2007-1, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa1

Cl. C-FL, Aa2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

Cl. C-FX, Aa2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa3

Cl. E-FL, A1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A1

Cl. E-FX, A1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A1

Cl. F-FL, A2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

Cl. F-FX, A2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

Cl. G-FL, A3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A3

Cl. G-FX, A3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A3

Cl. H, Baa1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa1

Cl. J, Baa2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa2

Cl. K, Baa3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa3

Cl. L, Ba1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Ba1

Cl. M, Ba2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Ba2

Cl. N, Ba3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Ba3

AMP CMBS 2006-2

AMP CMBS 2006-2 USD 30,000,000 Variable Notes due 2047, Aaa Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aaa

Ansonia CDO 2006-1

Cl. A-FL, Aaa Placed Under Review for Possible Downgrade; previously on 11/14/2006 Assigned Aaa

Cl. A-FX, Aaa Placed Under Review for Possible Downgrade; previously on 11/14/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 11/14/2006 Assigned Aa2

Cl. C, A1 Placed Under Review for Possible Downgrade; previously on 11/14/2006 Assigned A1

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Baa1

Cl. F, Baa3 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Baa3

Cl. G, Ba1 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Ba1

Cl. H, Ba2 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Ba2

Ansonia CDO 2007-1 Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa1

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa3

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

Cl. G, A3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A3

Cl. H, Baa1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa1

Cl. J, Baa2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa2

Cl. K, Baa3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa3

Cl. L, Ba1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Ba1

Cl. M, Ba2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Ba2

Cl. N, Ba3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Ba3

Cl. O, B1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned B1

Cl. P, B2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned B2

Cl. Q, B3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned B3

Anthracite 2005-HY2 Ltd. Commercial Mortgage-Related Securities, Series 2005-HY2

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 6/14/2007 Upgraded to Aa1

Cl. C-FL, A2 Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned A2

Cl. C-FX, A2 Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned A2

Cl. D-FL, Baa2 Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned Baa2

Cl. D-FX, Baa2 Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned Baa2

Cl. E-FL, Baa3 Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned Baa3

Anthracite CDO I Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 5/29/2002 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 2/20/2007 Upgraded to Aaa

Cl. B-FL, Aaa Placed Under Review for Possible Downgrade; previously on 2/20/2007 Upgraded to Aaa

Cl. C, Aa1 Placed Under Review for Possible Downgrade; previously on 2/20/2007 Upgraded to Aa1

Cl. C-FL, Aa1 Placed Under Review for Possible Downgrade; previously on 2/20/2007 Upgraded to Aa1

Cl. D, A2 Placed Under Review for Possible Downgrade; previously on 2/20/2007 Upgraded to A2

Cl. D-FL, A2 Placed Under Review for Possible Downgrade; previously on 2/20/2007 Upgraded to A2

Anthracite CDO II Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 12/10/2002 Assigned to Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 11/30/2005 Upgraded to Aaa

Cl. B-FL, Aaa Placed Under Review for Possible Downgrade; previously on 11/30/2005 Upgraded to Aaa

Cl. C, Aa1 Placed Under Review for Possible Downgrade; previously on 02/20/2007 Upgraded to Aa1

Cl. C-FL, Aa1 Placed Under Review for Possible Downgrade; previously on 02/20/2007 Upgraded to Aa1

Cl. D, A1 Placed Under Review for Possible Downgrade; previously on 08/25/2008 Upgraded to A1

Anthracite CDO III Collateralized Debt Obligations

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 4/2/2004 Assigned Aaa

Cl. B-FL, Aaa Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Aaa

Cl. B-FX, Aaa Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Aaa

Cl. C-FL, Aaa Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Aaa

Cl. C-FX, Aaa Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Aaa

Cl. D-FL, Aa3 Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Aa3

Cl. D-FX, Aa3 Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Aa3

Cl. E-FL, Baa1 Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Baa1

Cl. E-FX, Baa1 Placed Under Review for Possible Downgrade; previously on 3/6/2007 Upgraded to Baa1

Anthracite CRE CDO 2006-HY3, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Aaa

Cl. B-FL, Aa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Aa2

Cl. B-FX, Aa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Aa2

Cl. C-FL, A2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned A2

Cl. C-FX, A2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned A3

Cl. E-FL, Baa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Baa2

Cl. E-FX, Baa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Baa2

Cl. F, Baa3 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Baa3

Cl. G, Ba2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Ba2

Aphex Capital NSCR 2007-4, Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 6/14/2007 Assigned Aaa

Cl. A-2, Aa1 Placed Under Review for Possible Downgrade; previously on 6/14/2007 Assigned Aa1

Aphex Capital NSCR 2007-7SR, Ltd.

U.S. $10,000,000 Class A-1B Credit Linked Variable Floating Rate Notes Due December 2038, Aaa Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned Aaa

U.S. $10,350,000 Class F Credit Linked Variable Floating Rate Notes Due December 2038, A3 Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned A3

U.S. $116,000,000 Class A-1A Credit Linked Variable Floating Rate Notes Due December 2038, Aaa Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned Aaa

U.S. $12,150,000 Class E Credit Linked Variable Floating Rate Notes Due December 2038, A2 Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned A2

U.S. $13,500,000 Class B Credit Linked Variable Floating Rate Notes Due December 2038, Aa1 Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned Aa1

U.S. $15,750,000 Class C Credit Linked Variable Floating Rate Notes Due December 2038, Aa2 Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned Aa2

U.S. $5,000,000 Class D-A Credit Linked Variable Floating Rate Notes Due December 2038, A1 Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned A1

U.S. $54,000,000 Class A-2 Credit Linked Variable Floating Rate Notes Due December 2038, Aaa Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned Aaa

U.S. $8,500,000 Class D-B Credit Linked Variable Floating Rate Notes Due December 2038, A1 Placed Under Review for Possible Downgrade; previously on 12/12/2007 Assigned A1

ARCap 2003-1 Resecuritization Trust Collateralized Debt Obligation Certificates, Series 2003-1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 9/3/2003 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Aaa

Cl. C, Aa1 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Aa1

Cl. D, Aa2 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Aa2

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to A2

ARCap 2004-1 Resecuritization Trust Collateralized Debt Obligation Certificates, Series 2004-1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 5/3/2004 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Aaa

Cl. C, Aa3 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Aa3

Cl. D, A1 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to A1

Cl. E, A3 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to A3

Cl. F, Baa1 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Baa1

ARCap 2005-1 Resecuritization Trust Collateralized Debt Obligation Certificates, Series 2005-1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 3/16/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 3/16/2006 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 3/16/2006 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 3/16/2006 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 3/16/2006 Assigned Baa1

Cl. F, Baa2 Placed Under Review for Possible Downgrade; previously on 3/16/2006 Assigned Baa2

Cl. G, Baa3 Placed Under Review for Possible Downgrade; previously on 3/16/2006 Assigned Baa3

CALCULUS CMBS Resecuritization Trust

Credit Default Swap Class A, Aaa Placed Under Review for Possible Downgrade; previously on 9/7/2006

Series 2006-1 Trust Units, Baa2 Placed Under Review for Possible Downgrade; previously on 9/7/2006

Series 2006-2 Trust Units, Baa2 Placed Under Review for Possible Downgrade; previously on 10/23/2006

Series 2006-3 Trust Units, A3 Placed Under Review for Possible Downgrade; previously on 9/7/2006

Series 2006-4 Trust Units, A3 Placed Under Review for Possible Downgrade; previously on 9/7/2006

Series 2006-5 Trust Units, A1 Placed Under Review for Possible Downgrade; previously on 9/7/2006

Series 2006-6 Trust Units, A1 Placed Under Review for Possible Downgrade; previously on 9/7/2006

CALCULUS CMBS Resecuritization Trust 2007, dated 3/27/2007

Series 2007-1 Trust Units, A2 Placed Under Review for Possible Downgrade; previously on 6/8/2007

CALCULUS SCRE Trust

Credit Default Swap 1, Aaa Placed Under Review for Possible Downgrade; previously on 2/2/2007

Credit Default Swap 2, Aa1 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-1 Trust Units, Aaa Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-10 Trust Units, Baa3 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-11 Trust Units, Aa1 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-2 Trust Units, Aaa Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-3 Trust Units, Aa1 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-4 Trust Units, Aa2 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-5 Trust Units, A1 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-6 Trust Units, A2 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-7 Trust Units, A3 Placed Under Review for Possible Downgrade; previously on 2/2/2007

Series 2006-8 Variable Distribution Trust Certificates, Baa2 Placed Under Review for Possible Downgrade;

previously on 2/2/2007 Assigned Baa2

Cedarwoods CRE CDO II, Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aaa

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned A2

Cl. D, Baa2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Baa2

Cl. E, Baa3 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Baa3

Cl. F, Ba2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Ba2

Cedarwoods CRE CDO, Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Aaa

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned A2

Cl. D, Baa2 Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Baa2

Cl. E, Baa3 Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Baa3

Cl. F, Ba2 Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Ba2

Centerline 2007-1 Resecuritization Trust

Cl. A-1, Aa1 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Aa1

Cl. A-2, A1 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to A1

Cl. B, A2 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to A2

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to A3

Cl. D, Baa1 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Baa1

Cl. E, Baa2 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Baa2

Cl. F, Baa3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Baa3

Cl. G, Ba1 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Ba1

Cl. H, Ba2 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Ba2

Cl. J, Ba3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Ba3

Cl. K, B2 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to B2

Cl. L, B3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to B3

Cl. M, Caa1 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Caa1

Cl. N, Caa2 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Caa2

Cl. O, Caa3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Caa3

Cl. P, Caa3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Caa3

Centerline 2007-SRR5, Ltd.

U.S. $10,000,000 Class J Floating Rate Deferrable Interest Notes Due 2052, Ba2 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Ba2

U.S. $10,000,000 Class L Floating Rate Deferrable Interest Notes Due 2052, B1 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned B1

U.S. $128,000,000 Class A-2 Senior Secured Floating Rate Notes Due 2052, Aaa Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Aaa

U.S. $17,000,000 Class F Floating Rate Deferrable Interest Notes Due 2052, Baa1 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Baa1

U.S. $200,000,000 Class A-1 Senior Secured Floating Rate Notes Due 2052, Aaa Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Aaa

U.S. $24,000,000 Class D Floating Rate Deferrable Interest Notes Due 2052, A1 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned A1

U.S. $34,000,000 Class G Floating Rate Deferrable Interest Notes Due 2052, Baa3 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Baa3

U.S. $39,000,000 Class C Senior Secured Floating Rate Notes Due 2052, Aa3 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Aa3

U.S. $4,000,000 Class H Floating Rate Deferrable Interest Notes Due 2052, Ba1 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Ba1

U.S. $4,000,000 Class N Floating Rate Deferrable Interest Notes Due 2052, B3 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned B3

U.S. $42,000,000 Class B Senior Secured Floating Rate Notes Due 2052, Aa1 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Aa1

U.S. $42,000,000 Class E Floating Rate Deferrable Interest Notes Due 2052, A3 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned A3

U.S. $7,000,000 Class M Floating Rate Deferrable Interest Notes Due 2052, B2 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned B2

U.S. $8,000,000 Class K Floating Rate Deferrable Interest Notes Due 2052, Ba3 Placed Under Review for Possible Downgrade; previously on 8/23/2007 Assigned Ba3

Cloverie Plc, Series 2005-56 EUR 25,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes

Series 2005-56 EUR 25,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025, Aa2 Placed Under Review for Possible Downgrade; previously on 9/29/2005 Assigned Aa2

CMBSpoke 2006-I

Cl. A, Aa2 Placed Under Review for Possible Downgrade; previously on 8/9/2006 Assigned Aa2

Cl. B, A2 Placed Under Review for Possible Downgrade; previously on 8/9/2006 Assigned A2

Cl. C, Baa3 Placed Under Review for Possible Downgrade; previously on 8/9/2006 Assigned Baa3

COMM 2008-RS3 Commercial Mortgage Related Securities, Series 2008-RS3

Cl. A-2A, Aaa Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Aaa

Cl. A-2B, Aaa Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Aa2

Cl. C, A1 Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned A1

Cl. D, A2 Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned A2

Cl. E, A3 Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned A3

Cl. F, Baa1 Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Baa1

Cl. G, Baa2 Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Baa2

Cl. H, Baa3 Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Baa3

Cl. X-B, Aaa Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Aaa

Cl. X-W, Aaa Placed Under Review for Possible Downgrade; previously on 6/30/2008 Assigned Aaa

COMM Resecuritization 2003-J2R, CMBS Trust Certificates, Series 2003-J2R

Cl. A-1A, Aaa Placed Under Review for Possible Downgrade; previously on 5/30/2003 Assigned Aaa

Cl. A-1AIO, Aaa Placed Under Review for Possible Downgrade; previously on 5/30/2003 Assigned Aaa

Cl. A-1B, Aaa Placed Under Review for Possible Downgrade; previously on 5/30/2003 Assigned Aaa

Cl. A-1BIO, Aaa Placed Under Review for Possible Downgrade; previously on 5/30/2003 Assigned Aaa

Crest 2003-1 Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 03/20/2003 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 03/20/2003 Assigned Aaa

Cl. B-1, Aaa Placed Under Review for Possible Downgrade; previously on 08/10/2006 Upgraded to Aaa

Cl. B-2, Aaa Placed Under Review for Possible Downgrade; previously on 08/10/2006 Upgraded to Aaa

Cl. C-1, Aa3 Placed Under Review for Possible Downgrade; previously on 08/10/2006 Upgraded to Aa3

Cl. C-2, Aa3 Placed Under Review for Possible Downgrade; previously on 08/10/2006 Upgraded to Aa3

Crest 2003-2

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 12/19/2003 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 12/19/2003 Assigned Aaa

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 12/19/2003 Assigned Aaa

Cl. B-1, Aaa Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Aaa

Cl. B-2, Aaa Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Aaa

Cl. C-1, Aa2 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Aa2

Cl. C-2, Aa2 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Aa2

Cl. D-1, A3 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to A3

Cl. D-2, A3 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to A3

Cl. E-1, Ba1 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Ba1

Cl. E-2, Ba1 Placed Under Review for Possible Downgrade; previously on 9/21/2006 Upgraded to Ba1

Crest 2004-1. Collateralized Debt Obligations

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 11/22/2004 Assigned Aaa

Cl. B-1, Aaa Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Aaa

Cl. B-2, Aaa Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Aaa

Cl. C-1, Aa1 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Aa1

Cl. C-2, Aa1 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Aa1

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Aa3

Cl. E-1, A3 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to A3

Cl. E-2, A3 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to A3

Cl. F, Baa1 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Baa1

Cl. G-1, Baa3 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Baa3

Cl. G-2, Baa3 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Baa3

Cl. H-1, Ba2 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Ba2

Cl. H-2, Ba2 Placed Under Review for Possible Downgrade; previously on 8/22/2006 Upgraded to Ba2

Crest Exeter Street Solar 2004-1. Collateralized Debt Obligations

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 5/3/2004 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 5/3/2004 Assigned Aaa

Cl. B-1, Aaa Placed Under Review for Possible Downgrade; previously on 9/15/2006 Upgraded to Aaa

Cl. B-2, Aaa Placed Under Review for Possible Downgrade; previously on 9/15/2006 Upgraded to Aaa

Cl. C-1, Aa2 Placed Under Review for Possible Downgrade; previously on 9/15/2006 Upgraded to Aa2

Cl. C-2, Aa2 Placed Under Review for Possible Downgrade; previously on 9/15/2006 Upgraded to Aa2

Crystal River Resecuritization 2006-1 Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned Aa2

Cl. C, A1 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned A1

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned Baa1

Cl. F, Baa2 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned Baa2

Cl. G, Baa3 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned Baa3

Cl. J, Ba2 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned Ba2

Cl. K, B2 Placed Under Review for Possible Downgrade; previously on 1/23/2007 Assigned B2

CTX CDO I, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Baa1

Cl. F, Baa2 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Baa2

Cl. G, Baa3 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Baa3

Cl. H, Ba1 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Ba1

Cl. J, Ba2 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Ba2

Cl. K, Ba3 Placed Under Review for Possible Downgrade; previously on 6/22/2007 Assigned Ba3

CW Capital Cobalt III Synthetic CDO, LTD.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 12/1/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 12/1/2006 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 12/1/2006 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 12/1/2006 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 12/1/2006 Assigned Baa1

Cl. F, Baa3 Placed Under Review for Possible Downgrade; previously on 12/1/2006 Assigned Baa3

Cl. G, Ba2 Placed Under Review for Possible Downgrade; previously on 12/1/2006 Assigned Ba2

CWCAPITAL COBALT Vr LTD.

CL. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 11/21/2007 Assigned Aaa

CL. A-2, Aa2 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Aa2

CL. B, Aa3 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Aa3

CL. C, A1 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to A1

CL. D, A2 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to A2

CL. E, Baa1 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Baa1

CL. F, Baa2 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Baa2

CL. G, Baa3 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Baa3

Dillon Read CMBS CDO 2006-1 Ltd

Cl. A1, Aaa Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Aaa

Cl. A2, Aa2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Aa2

Cl. A3, A2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A2

Cl. A4, A3 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A3

Cl. A-S1VF, Aaa Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Aaa

Cl. B1, Baa2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Baa2

Cl. B2, Baa3 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Baa3

Cl. B3, Ba1 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Ba1

Cl. B4, Ba2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Ba2

Eirles Two Limited Series 193

Series 193 USD 40,000,000 Floating Rate Credit Linked Secured Notes due 2046, Aa3 Placed Under Review for Possible Downgrade; previously on 6/29/2005 Assigned Aa3

Eirles Two Limited Series 194

Series 194 USD 38,500,000 Floating Rate Credit Linked Secured Notes due 2042, Aa3 Placed Under Review for Possible Downgrade; previously on 6/27/2005 Assigned Aa3

Eirles Two Limited Series 196

Series 196 USD 50,000,000 Floating Rate Credit Linked Secured Notes due 2056, Aa3 Placed Under Review for Possible Downgrade; previously on 7/29/2005 Assigned Aa3

Fairfield Street Solar 2004-1 Ltd. Collateralized Debt Obligations

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Aaa

Cl. A-2a, Aaa Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Aaa

Cl. A-2b, Aaa Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Aa2

Cl. B-2, Aa2 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned A2

Cl. C-2, A2 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned A2

Cl. D, Baa3 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Baa3

Cl. D-2, Baa3 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Baa3

Cl. E, Ba3 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Ba3

Cl. E-2, Ba3 Placed Under Review for Possible Downgrade; previously on 12/21/2004 Assigned Ba3

G-FORCE CDO 2006-1 Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 10/2/2006 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 10/2/2006 Assigned Aaa

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 10/2/2006 Assigned Aaa

Cl. B, Aa3 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Aa3

Cl. C, A1 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to A1

Cl. D, Baa1 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Baa1

Cl. JRFL, Aaa Placed Under Review for Possible Downgrade; previously on 10/2/2006 Assigned Aaa

Cl. SSFL, Aaa Placed Under Review for Possible Downgrade; previously on 10/2/2006 Assigned Aaa

Greenwich Capital Commercial Mortgage Trust 2007-RR2

Cl. A-1FL, Aaa Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Aaa

Cl. A-1FX, Aaa Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Aaa

Cl. X, Aaa Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Aaa

GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-CC1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Aa2

GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-CC1

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Baa1

Cl. F, Baa2 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Baa2

Cl. G, Baa3 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Baa3

Cl. H, Ba1 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Ba1

Cl. J, Ba2 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Ba2

Cl. K, Ba3 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned Ba3

Cl. L, B1 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned B1

Cl. M, B2 Placed Under Review for Possible Downgrade; previously on 4/13/2006 Assigned B2

GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-RR2

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 8/16/2006 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 8/16/2006 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 8/16/2006 Assigned Aa1

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 8/16/2006 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 8/16/2006 Assigned Aa3

Cl. E, A2 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to A2

Cl. F, A3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to A3

Cl. G, Baa1 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Baa1

Cl. H, Baa2 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Baa2

Cl. J, Baa3 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Baa3

Cl. K, Ba1 Placed Under Review for Possible Downgrade; previously on 9/25/2008 Downgraded to Ba1

Cl. L, Ba2 Placed Under Review for Possible Downgrade; previously on 8/1/2008 Downgraded to Ba2

Cl. M, Ba3 Placed Under Review for Possible Downgrade; previously on 8/1/2008 Downgraded to Ba3

Cl. N, B1 Placed Under Review for Possible Downgrade; previously on 8/1/2008 Downgraded to B1

Cl. O, B3 Placed Under Review for Possible Downgrade; previously on 8/1/2008 Downgraded to B3

Cl. P, Caa1 Placed Under Review for Possible Downgrade; previously on 8/1/2008 Downgraded to Caa1

Cl. Q, Caa2 Placed Under Review for Possible Downgrade; previously on 8/1/2008 Downgraded to Caa2

GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2006-RR3

Cl. A1-S, Aaa Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aaa

Cl. A1-P, Aaa Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aa1

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aa3

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned A2

Cl. G, A3 Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned A3

Cl. O, Ba3 Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Ba3

Cl. X, Aaa Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aaa

GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 2007-GKK1

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned Aa2

Cl. C, A1 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned A1

Cl. D, A2 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned A2

Cl. E, A3 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned A3

Cl. F, Baa1 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned Baa1

Cl. G, Baa2 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned Baa2

Cl. H, Baa3 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned Baa3

Cl. J, Ba2 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned Ba2

Cl. K, B2 Placed Under Review for Possible Downgrade; previously on 5/24/2007 Assigned B2

HALCYON 2005-2, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 10/20/2005 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 10/20/2005 Assigned Aa2

Cl. C, Baa1 Placed Under Review for Possible Downgrade; previously on 10/20/2005 Assigned Baa1

HARBOR Series 2006-1 LLC

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 7/28/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 7/28/2006 Assigned Aa2

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 7/28/2006 Assigned A3

Cl. D, Baa2 Placed Under Review for Possible Downgrade; previously on 7/28/2006 Assigned Baa2

HARBOR Series 2006-2 LLC

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 10/4/2006 Assigned Aaa

Cl. B, A1 Placed Under Review for Possible Downgrade; previously on 10/4/2006 Assigned A1

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 10/4/2006 Assigned A3

Cl. D, Baa3 Placed Under Review for Possible Downgrade; previously on 10/4/2006 Assigned Baa3

J.P. Morgan-CIBC Commercial Mortgage-Backed Securities Trust 2006-RR1

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned Baa1

Cl. F, Baa2 Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned Baa2

Cl. G, Baa3 Placed Under Review for Possible Downgrade; previously on 7/12/2006 Assigned Baa3

Cl. H, Ba2 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Ba2

Cl. J, Ba3 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Ba3

Cl. K, B2 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to B2

Cl. L, Caa1 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Caa1

JER CRE CDO 2005-1, Limited

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 11/17/2005 Assigned Aaa

Cl. B-1, Aa2 Placed Under Review for Possible Downgrade; previously on 11/17/2005 Assigned Aa2

Cl. B-2, Aa2 Placed Under Review for Possible Downgrade; previously on 11/17/2005 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 11/17/2005 Assigned A2

Cl. D, Baa3 Placed Under Review for Possible Downgrade; previously on 11/20/2008 Downgraded to Baa3

Cl. E, Ba2 Placed Under Review for Possible Downgrade; previously on 11/20/2008 Downgraded to Ba2

Cl. F, B1 Placed Under Review for Possible Downgrade; previously on 11/20/2008 Downgraded to B1

Cl. G, Caa1 Placed Under Review for Possible Downgrade; previously on 11/20/2008 Downgraded to Caa1

JER CRE CDO 2006-2, Limited

Cl. A-FL, Aaa Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Aaa

Cl. B-FL, Aa2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Aa2

Cl. C-FL, A1 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A1

Cl. C-FX, A1 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A1

Cl. D-FL, A2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A2

Cl. D-FX, A2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A2

Cl. E-FL, A3 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A3

Cl. E-FX, A3 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned A3

Cl. F-FL, Baa1 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Baa1

Cl. G-FL, Baa2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Baa2

Cl. H-FL, Baa2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Baa2

Cl. J-FX, Baa3 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Baa3

Cl. K, Ba2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Ba2

Cl. L, B2 Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned B2

Kimberlite CDO I, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned Aa2

Cl. C, A1 Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned A1

Cl. D, A2 Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned A2

Cl. E, A3 Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned A3

Cl. F, Baa1 Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned Baa1

Cl. G, Baa3 Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned Baa3

Cl. H, Ba2 Placed Under Review for Possible Downgrade; previously on 10/17/2006 Assigned Ba2

LEAFs CMBS I Ltd.

Cl. A-1B, Aaa Placed Under Review for Possible Downgrade; previously on 11/22/2002 Assigned Aaa

Cl. A-1C, Aaa Placed Under Review for Possible Downgrade; previously on 01/21/2003 Assigned Aaa

Cl. A-1MF, Aaa Placed Under Review for Possible Downgrade; previously on 01/21/2003 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 11/22/2002 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 02/08/2006 Upgraded Aaa

Cl. C, Aa3 Placed Under Review for Possible Downgrade; previously on 02/08/2006 Assigned Aa3

Cl. D, Baa2 Placed Under Review for Possible Downgrade; previously on 02/08/2006 Assigned Baa2

Lenox Street 2007-1, LTD.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Baa1

Cl. F, Baa3 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Baa3

Cl. G, Ba1 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Ba1

Cl. H, Ba2 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Ba2

Cl. J, Ba3 Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Ba3

LNR CDO 2002-1 Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 7/9/2002 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 3/15/2007 Upgraded to Aaa

Cl. C, Aa1 Placed Under Review for Possible Downgrade; previously on 3/15/2007 Upgraded to Aa1

Cl. D-FL, A2 Placed Under Review for Possible Downgrade; previously on 3/15/2007 Upgraded to A2

Cl. D-FX, A2 Placed Under Review for Possible Downgrade; previously on 3/15/2007 Upgraded to A2

Cl. E-FL, Baa3 Placed Under Review for Possible Downgrade; previously on 7/9/2002 Assigned Baa3

Cl. E-FX, Baa3 Placed Under Review for Possible Downgrade; previously on 7/9/2002 Assigned Baa3

Cl. E-FXD, Baa3 Placed Under Review for Possible Downgrade; previously on 7/9/2002 Assigned Baa3

LNR CDO 2003-1 Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 7/3/2003 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Aaa

Cl. C-FL, Aa1 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Aa1

Cl. C-FX, Aa1 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Aa1

Cl. D-FL, Aa2 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Aa2

Cl. D-FX, Aa2 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Aa2

Cl. E-FL, Baa1 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Baa1

Cl. E-FX, Baa1 Placed Under Review for Possible Downgrade; previously on 10/12/2006 Upgraded to Baa1

LNR CDO III Ltd. Collateralized Debt Obligations, Series 2005-1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned A2

Cl. D-FL, A3 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned A3

Cl. E-FL, Baa1 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned Baa1

Cl. E-FX, Baa1 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned Baa1

Cl. F-FL, Baa2 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned Baa2

Cl. F-FX, Baa2 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned Baa2

Cl. G-FL, Baa3 Placed Under Review for Possible Downgrade; previously on 9/1/2005 Assigned Baa3

LNR CDO IV Ltd. Collateralized Debt Obligations, Series 2006-1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Aaa

Cl. B-FL, Aa2 Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Aa2

Cl. B-FX, Aa2 Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Aa2

Cl. C-FL, A2 Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned A2

Cl. C-FX, A2 Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned A2

Cl. D-FL, A3 Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned A3

Cl. D-FX, A3 Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned A3

Cl. E, Baa2 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Baa2

Cl. F-FL, Baa3 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to

Cl. F-FX, Baa3 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to

Cl. G, Ba1 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Ba1

Cl. H, Ba3 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to Ba3

Cl. J, B1 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to B1

Cl. K, B2 Placed Under Review for Possible Downgrade; previously on 7/25/2008 Downgraded to B2

LNR CDO V LTD. Collateralized Debt Obligations, Series 2007-1

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Aa2

Cl. C-FL, A1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned A1

Cl. C-FX, A1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned A1

Cl. D, A2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned A2

Cl. E, A3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned A3

Cl. F, Baa1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Baa1

Cl. G, Baa2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Baa2

Cl. H, Baa3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Baa3

Cl. J, Ba1 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Ba1

Cl. K, Ba2 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Ba2

Cl. L, Ba3 Placed Under Review for Possible Downgrade; previously on 3/16/2007 Assigned Ba3

Maclaurin SPC 2007-2 Segregated Portfolio

Cl. A1, Aaa Placed Under Review for Possible Downgrade; previously on 8/24/2007 Assigned Aaa

Cl. A2, Aaa Placed Under Review for Possible Downgrade; previously on 8/24/2007 Assigned Aaa

Magnolia Finance II plc Series 2007-2A

USD 150,000,000 CMBS Portfolio Variable Rate Notes due November 2052, Aaa Placed Under Review for Possible Downgrade; previously on 7/27/2007 Assigned Aaa

Magnolia Finance II plc Series 2007-5

USD 18,000,000 CMBS Portfolio Variable Rate Notes due October 2045, Aaa Placed Under Review for Possible Downgrade; previously on 9/18/2007 Assigned Aaa

Magnolia Finance II Series 2005-6

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 1/3/2006 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 1/3/2006 Assigned Aaa

Magnolia Finance II Series 2007-2

Cl. D CMBS Portfolio Variable Rate Notes due November 2052, Baa3 Placed Under Review for Possible Downgrade; previously on 7/27/2007 Assigned Baa3

Cl. E CMBS Portfolio Variable Rate Notes due November 2052, Ba2 Placed Under Review for Possible Downgrade; previously on 7/27/2007 Assigned Ba2

MAX CMBS I Ltd.

CL. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 11/14/2007 Assigned Aaa

MAX CMBS I Ltd., Series 2008-1

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Aaa

Cl. A-2A, Aaa Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Aaa

Cl. A-2B, Aaa Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Aaa

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Aa2

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned A2

Cl. G, A3 Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned A3

Cl. H, Baa1 Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Baa1

Cl. J, Baa2 Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Baa2

Cl. K, Baa3 Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Baa3

Cl. X-B, Aaa Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Aaa

Cl. X-C, Aaa Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Aaa

Cl. X-W, Aaa Placed Under Review for Possible Downgrade; previously on 6/25/2008 Assigned Aaa

Morgan Stanley Capital I Inc 2005-RR6

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aaa

Cl. A-2FL, Aaa Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aaa

Cl. A-2FX, Aaa Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aaa

Cl. A-3FL, Aaa Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aaa

Cl. A-3FX, Aaa Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aaa

Cl. A-J, Aaa Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned A2

Cl. D, A3 Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned A3

Cl. E, Baa1 Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Baa1

Cl. F, Baa2 Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Baa2

Cl. G, Baa3 Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Baa3

Cl. H, Ba3 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Ba3

Cl. J, B1 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to B1

Cl. K, B2 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to B2

Cl. L, Caa1 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Caa1

Cl. M, Caa2 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Caa2

Cl. N, Caa3 Placed Under Review for Possible Downgrade; previously on 11/6/2008 Downgraded to Caa3

Cl. X, Aaa Placed Under Review for Possible Downgrade; previously on 1/25/2006 Assigned Aaa

MSC 2006-SRR1

Cl. A2, Aaa Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Aaa

Cl. A2-S, Aa1 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Aa1

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Aa2

Cl. B-S, Aa3 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Aa3

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned A2

Cl. C-S, A3 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned A3

Cl. D, Baa1 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Baa1

Cl. D-S, Baa2 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Baa2

Cl. E, Baa2 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Baa2

Cl. E-S, Baa3 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Baa3

Cl. F, Baa3 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Baa3

Cl. F-S, Ba1 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Ba1

Cl. G, Ba1 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Ba1

Cl. H, Ba2 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Ba2

Cl. J, Ba3 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned Ba3

Cl. K, B1 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned B1

Cl. L, B2 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned B2

Cl. M, B3 Placed Under Review for Possible Downgrade; previously on 9/5/2006 Assigned B3

MSC 2007-SRR3

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned Aaa

Cl. B, Aa1 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned Aa1

Cl. C, Aa2 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned Aa2

Cl. D, Aa3 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned Aa3

Cl. E, A1 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned A1

Cl. F, A2 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned A2

Cl. G, A3 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned A3

Cl. H, Baa1 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned Baa1

Cl. J, Baa2 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned Baa2

Cl. K, Baa3 Placed Under Review for Possible Downgrade; previously on 3/21/2007 Assigned Baa3

MSC 2007-SRR4 Segregated Portfolio

U.S. $13,800,000 Class B Variable Floating Rate Notes Due 2052, Aa3 Placed Under Review for Possible Downgrade; previously on 7/9/2007 Assigned Aa3

U.S. $18,400,000 Class C Variable Floating Rate Notes Due 2052, A1 Placed Under Review for Possible Downgrade; previously on 7/9/2007 Assigned A1

Newcastle CDO X, Limited

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. B, Aa3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa3

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A3

Cl. S, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

N-Star Real Estate CDO VII Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 9/18/2008 Placed Under Review for Possible Downgrade

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 9/18/2008 Placed Under Review for Possible Downgrade

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 9/18/2008 Placed Under Review for Possible Downgrade

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 9/18/2008 Placed Under Review for Possible Downgrade

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 9/18/2008 Placed Under Review for Possible Downgrade

Cl. D-FL, Baa2 Placed Under Review for Possible Downgrade; previously on 9/18/2008 Placed Under Review for Possible Downgrade

Cl. D-FX, Baa2 Placed Under Review for Possible Downgrade; previously on 9/18/2008 Placed Under Review for Possible Downgrade

N-Star Real Estate CDO IX, Ltd.

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aaa

Cl. A-3, Aaa Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Aa2

Cl. C, A1 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned A1

Cl. D, A2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned A2

Cl. E, A3 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned A3

Cl. F, Baa1 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Baa1

Cl. G, Baa2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Baa2

Cl. H, Baa3 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Baa3

Cl. J, Ba1 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Ba1

Cl. K, Ba2 Placed Under Review for Possible Downgrade; previously on 3/7/2007 Assigned Ba2

Salisbury International Investments Limited Series 2005-04 USD 15,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025

Series 2005-04 USD 15,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025, Aa2 Placed Under Review for Possible Downgrade; previously on 9/29/2005 Assigned Aa2

Salisbury International Investments Limited Series 2005-05 USD 20,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025

Series 2005-05 USD 20,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025, Aa2 Placed Under Review for Possible Downgrade; previously on 9/29/2005 Assigned Aa2

Salisbury International Investments Limited Series 2005-06 USD 27,500,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025

Series 2005-06 USD 27,500,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025, Aa2 Placed Under Review for Possible Downgrade; previously on 9/29/2005 Assigned Aa2

Salisbury International Investments Limited Series 2005-07 USD 15,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025

Series 2005-07 USD 15,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025, Aa2 Placed Under Review for Possible Downgrade; previously on 9/29/2005 Assigned Aa2

Salisbury International Investments Limited Series 2005-08 USD 15,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025

Series 2005-08 USD 15,000,000 Class A Secured Floating Rate Portfolio Credit Linked Notes due 2025, Aa2 Placed Under Review for Possible Downgrade; previously on 9/29/2005 Assigned Aa2

SASCO 2007-BHC1 Trust, Commercial Mortgage-Backed Securities Pass-Through Certificates, Series 2007-BHC1

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Aaa

Seawall 2006-1, Ltd.

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 2/13/2006 Assigned Aaa

Cl. B, Aa3 Placed Under Review for Possible Downgrade; previously on 2/13/2006 Assigned Aa3

Cl. C-1, A1 Placed Under Review for Possible Downgrade; previously on 2/13/2006 Assigned A1

Cl. C-2, A3 Placed Under Review for Possible Downgrade; previously on 2/13/2006 Assigned A3

Seawall 2006-4, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Aaa

Cl. B, Aa3 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Aa3

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned A3

Cl. D-1, Baa2 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Baa2

Cl. D-2, Baa3 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Baa3

Cl. E-1, Ba1 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Ba1

Cl. E-2, Ba2 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Ba2

Cl. E-3, Ba3 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Ba3

Cl. E-4, B2 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned B2

Super Senior, Aaa Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Aaa

Seawall 2006-4a, Ltd.

Cl. D-1, Baa2 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Baa2

Cl. D-2, Baa3 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Baa3

Cl. E-1, Ba1 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Ba1

Cl. E-2, Ba2 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Ba2

Cl. E-3, Ba3 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned Ba3

Cl. E-4, B2 Placed Under Review for Possible Downgrade; previously on 10/31/2006 Assigned B2

Seawall 2007-1, Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned Aa2

Cl. C-1, A1 Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned A1

Cl. C-2, A3 Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned A3

Cl. D-1, Baa1 Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned Baa1

Cl. D-2, Baa3 Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned Baa3

Cl. E-1, Ba2 Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned Ba2

Cl. E-2, Ba3 Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned Ba3

Super Senior, Aaa Placed Under Review for Possible Downgrade; previously on 5/2/2007 Assigned Aaa

Seawall SPC - Paired Notes

Series 2008 CMBS CDO-2 U.S. $62,125,964 Class A Floating Rate Notes Due 2049, Aaa Placed Under Review for Possible Downgrade; previously on 6/17/2008 Assigned Aaa

Seawall SPC - Series 2005-1

Series 2005-1 $20,000,000 Floating Rate Credit Linked Notes due February 2046, Aa3 Placed Under Review for Possible Downgrade; previously on 8/12/2005 Assigned Aa3

Seawall SPC - Series 2005-2

Cl. C-1, A1 Placed Under Review for Possible Downgrade; previously on 10/20/2005 Assigned A1

Cl. C-2, A3 Placed Under Review for Possible Downgrade; previously on 10/20/2005 Assigned A3

Seawall SPC - Series 2007-1 D2

$16,000,000 Floating Rate Notes Due 2042, Baa3 Placed Under Review for Possible Downgrade; previously on 6/25/2007 Assigned Baa3

Seawall SPC - Series 2008-39

Seawall SPC - Series 2008-39 U.S.$ 20,000,000 Floating Rate Notes Due 2045, Aaa Placed Under Review for Possible Downgrade; previously on 7/17/2008 Assigned Aaa

Slate CDO 2007-1, Ltd.

U.S.$ 13,500,000 Class B2 Mezzanine Secured Deferrable Interest Floating Rate Notes Due 2052, Baa3 Placed Under Review for Possible Downgrade; previously on 6/26/2007 Assigned Baa3

U.S.$ 132,000,000 Class A1SB Senior Secured Floating Rate Notes Due 2052, Aaa Placed Under Review for Possible Downgrade; previously on 6/26/2007 Assigned Aaa

U.S.$ 18,000,000 Class B1 Mezzanine Secured Deferrable Interest Floating Rate Notes Due 2052, Baa2 Placed Under Review for Possible Downgrade; previously on 6/26/2007 Assigned Baa2

U.S.$ 27,800,000 Class A3 Secured Deferrable Interest Floating Rate Notes Due 2052, A2 Placed Under Review for Possible Downgrade; previously on 6/26/2007 Assigned A2

U.S.$ 38,200,000 Class A2 Senior Secured Floating Rate Notes Due 2052, Aa2 Placed Under Review for Possible Downgrade; previously on 6/26/2007 Assigned Aa2

U.S.$ 67,500,000 Class A1J Senior Secured Floating Rate Notes Due 2052, Aaa Placed Under Review for Possible Downgrade; previously on 6/26/2007 Assigned Aaa

U.S.$270,000,000 Class A1SA Variable Funding Senior Secured Floating Rate Notes Due 2052, Aaa Placed Under Review for Possible Downgrade; previously on 6/26/2007 Assigned Aaa

Sorin Real Estate CDO II Ltd.

Cl. A, Aaa Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Aa2

Cl. C, A2 Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned A2

Cl. D, Baa2 Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Baa2

Cl. E, Baa3 Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Baa3

Cl. F, Ba1 Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Ba1

Cl. G, Ba2 Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Ba2

Cl. H, Ba3 Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Ba3

Cl. X, Aaa Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned Aaa

Investor Swap, Aaa Placed Under Review for Possible Downgrade; previously on 12/28/2005 Assigned

Sorin Real Estate CDO III

Cl. A-1A, Aaa Placed Under Review for Possible Downgrade; previously on 4/26/2006 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 4/26/2006 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 4/26/2006 Assigned Aa2

Cl. C-FL, A2 Placed Under Review for Possible Downgrade; previously on 4/26/2006 Assigned A2

Cl. C-FX, A2 Placed Under Review for Possible Downgrade; previously on 4/26/2006 Assigned A2

Cl. D, Baa2 Placed Under Review for Possible Downgrade; previously on 4/26/2006 Assigned Baa2

SRRSpoke 2007-IA

U.S. $4,095,000 Subordinated Variable Floating Rate Notes Due 2037, Aaa Placed Under Review for Possible Downgrade; previously on 9/25/2007 Assigned Aaa

U.S. $76,050,000 Class I Variable Floating Rate Notes Due 2037, Aaa Placed Under Review for Possible Downgrade; previously on 9/25/2007 Assigned Aaa

SRRSpoke 2007-IB

U.S. $13,162,500 Class I Variable Floating Rate Notes Due 2037, Aa1 Placed Under Review for Possible Downgrade; previously on 9/25/2007 Assigned Aa1

STEERS High-Grade CMBS Resecuritization Trust

Credit Default Swap Class A, Aaa Placed Under Review for Possible Downgrade; previously on 5/24/2006

Credit Default Swap Class B, Aa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006

Series 2006-1, Aaa Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Aaa

Series 2006-2, Aa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Aa2

Series 2006-3, Aa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Aa2

Series 2006-4, A3 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned A3

Series 2006-5, Aa2 Placed Under Review for Possible Downgrade; previously on 5/24/2006 Assigned Aa2

STEERS High-Grade CMBS Resecuritization Trust 2

Credit Default Swap Class C, A3 Placed Under Review for Possible Downgrade; previously on 09/07/2006 Assigned A3

Series 2006-10, Aa2 Placed Under Review for Possible Downgrade; previously on 09/07/2006 Assigned Aa2

Series 2006-11, A3 Placed Under Review for Possible Downgrade; previously on 09/07/2006 Assigned A3

Series 2006-6, A3 Placed Under Review for Possible Downgrade; previously on 09/07/2006 Assigned A3

Series 2006-8, A3 Placed Under Review for Possible Downgrade; previously on 09/07/2006 Assigned A3

TIERS Synthetic CDO-Linked Variable Coupon Trust, Series 2008-1

U.S.$ 36,000,000 TIERS Synthetic CDO-Linked Variable Coupon Trust Certificates, Series 2008-1, Aaa Placed Under Review for Possible Downgrade; previously on 7/22/2008 Assigned Aaa

Vertical Millbrook 2007-1 - Series 56

U.S. $90,000,000 Class A-1 Variable Floating Rate Credit-Linked Notes Due October 12, 2052, Aaa Placed Under Review for Possible Downgrade; previously on 10/3/2007 Assigned Aaa

Vertical Millbrook 2007-1 - Series 57

U.S. $40,000,000 Class A-1A Veriable Rate Credit-Linked Notes due August 25, 2037, Aaa Placed Under Review for Possible Downgrade; previously on 10/3/2007 Assigned Aaa

WAVE 2007-1

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 5/23/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 5/23/2007 Assigned Aaa

Cl. B, Aa3 Placed Under Review for Possible Downgrade; previously on 5/23/2007 Assigned Aa3

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 5/23/2007 Assigned A3

Cl. D, Baa3 Placed Under Review for Possible Downgrade; previously on 5/23/2007 Assigned Baa3

WAVE 2007-2

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. B, Aaa Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aaa

Cl. C-FL, Aa2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

Cl. C-FX, Aa2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Aa2

Cl. D-FL, A2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

Cl. D-FX, A2 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned A2

Cl. E-FL, Baa1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa1

Cl. E-FX, Baa1 Placed Under Review for Possible Downgrade; previously on 7/26/2007 Assigned Baa1

WAVE 2007-3

Cl. A-1, Aaa Placed Under Review for Possible Downgrade; previously on 9/12/2007 Assigned Aaa

Cl. A-2, Aaa Placed Under Review for Possible Downgrade; previously on 9/12/2007 Assigned Aaa

Cl. B, Aa2 Placed Under Review for Possible Downgrade; previously on 9/12/2007 Assigned Aa2

Cl. C, A3 Placed Under Review for Possible Downgrade; previously on 9/12/2007 Assigned A3

Cl. D, Baa3 Placed Under Review for Possible Downgrade; previously on 9/12/2007 Assigned Baa3

This press release updates the modeling parameters in Moody's current CRE CDO methodologies:

• "U.S. CMBS: Moody's Approach to Rating Synthetic CMBS Resecuritizations" dated December 19, 2005;

• "U.S. CMBS: Moody's Approach to Rating Static CDOs Backed by Commercial Real Estate Securities" dated June 17, 2004; and

• "CMBS: Moody's Approach to Revolving Facilities in CDOs Backed by Commercial Real Estate Interests" dated July 29, 2004.

These methodologies 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.

A list of these actions including CUSIP identifiers may be found at:

Excel: http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF151479

For more information please see www.moodys.com.

New York
James Duca
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Deryk Meherik
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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