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Rampart CLO 2007 Ltd.
Red River CLO Ltd.
Regatta Funding Ltd.
Regent's Park CDO B.V.
Riverside Park CLO Ltd.
RMF Euro CDO III PLC
RMF Euro CDO IV PLC
RMF Euro CDO V plc
Rockwall CDO II Ltd.
Rockwall CDO Ltd.
Rosedale CLO II Ltd.
Rosedale CLO Ltd.
Rosemont CLO, Ltd.
Sagamore CLO, Ltd.
San Gabriel CLO I Ltd.
Sandelman Finance 2006-2 Ltd.
Sands Point Funding Ltd.
Sapphire Valley CDO I, Ltd.
Saratoga CLO I, Limited
Sargas CLO I
Saturn CLO, Ltd.
Schiller Park CLO Ltd.
Shasta CLO I Ltd.
Shinnecock CLO 2006-1, Ltd.
Sierra CLO II Ltd.
Signature 6 Limited
Signature 7 LP
Silver Birch CLO I B.V.
Silver Creek Funding Ltd.
Silverado CLO 2006-I Limited
Silverado CLO 2006-II Limited
Skellig Rock B.V.
Skye CLO I Limited
Skytop CLO Ltd.
Southfork CLO Ltd
Southport CLO, Limited
SPF CDO I, LTD.
Spring Road CLO 2007-1, Ltd.
St Paul's CLO I B.V.
St. James River CLO, Ltd.
St. James's Park CDO B.V.
Stanfield Carrera CLO, LTD.
Static Loan Funding 2007-1 Limited
Stedman Loan Fund II, Ltd.
Stone Tower CDO II LTD.
Stone Tower CDO Ltd.
Stone Tower CLO III Ltd.
Stone Tower CLO IV Ltd.
Stone Tower CLO V Ltd.
Stone Tower CLO VI Ltd.
Stone Tower CLO VII Ltd.
Stoney Lane Funding I Ltd.
Stratford CLO Ltd.
Strawinsky I P.L.C.
Structured Investments Corporation Series 71
Structured Investments Corporation Series 81
Summit Lake CLO, Ltd.
Symphony CLO I, Ltd.
Symphony CLO IV, Ltd.
Symphony CLO VI Ltd.
T2 Income Fund CLO I Ltd.
Tara Hill B.V.
TELOS CLO 2006-1, Ltd.
TELOS CLO 2007-2, Ltd.
Theseus European CLO S.A.
TIERS Octagon VIII Trust, Series 2009-1
Tralee CDO I Ltd.
Tribeca Park CLO Ltd.
Trimaran CLO IV
Trimaran CLO V Ltd.
TRIMARAN CLO VI LTD.
Trimaran VII CLO Ltd.
UNION SQUARE CDO LTD.
Valhalla CLO, Ltd.
Vallauris II CLO PLC
Veer Cash Flow CLO Limited
Velocity CLO, Ltd.
Venture II CDO 2002, Limited
Venture III CDO Limited
Venture IV CDO Limited
Venture IX CDO, Limited
Venture V CDO Limited
Venture VI CDO Limited
Venture VII CDO Limited
Venture VIII CDO, Limited
Veritas CLO I, Ltd.
Veritas CLO II, Ltd.
Versailles Assets, LLC
Versailles CLO M.E. I p.l.c.
VICTORIA FALLS CLO, LTD.
Vinacasa CLO, Ltd.
Vitesse CLO Ltd.
Voya CLO I, Ltd.
Voya CLO II, Ltd.
Voya CLO III, Ltd.
Voya CLO IV, Ltd.
Voya CLO V, Ltd.
Wasatch CLO Ltd.
Washington Boulevard 2009-1
Waterfront CLO 2007-1, Ltd.
WAVELAND-INGOTS, LTD.
Westbrook CLO Ltd.
Westchester CLO, Ltd.
Westwood CDO I, Ltd.
Westwood CDO II, Ltd.
WG Horizons CLO I
WhiteHorse I Ltd.
Whitehorse II Ltd
Whitehorse III Ltd
WhiteHorse IV Ltd.
Whitney CLO I, Ltd.
Wind River CLO I Ltd.
Wind River CLO II _ Tate Investors, Ltd.
Windmill CLO I Limited
Wood Street CLO 1 B.V.
Wood Street CLO II B.V.
Wood Street CLO III B.V.
Wood Street CLO IV B.V.
Zohar CDO 2003-1 Limited
Zohar II 2005-1, Limited
Zohar III, Limited
Related Research
Announcement:

Moody's places 4,220 tranches from 611 U.S. and 171 European CLO transactions on review for upgrade

22 Jun 2011

Approximately $237 billion of securities affected

New York, June 22, 2011 -- Moody's Investors Service announced today that it has placed nearly all tranches currently rated Aa1 and below of U.S. and European cash flow collateralized loan obligations (CLOs) on review for possible upgrade. The link to the list of securities affected by today's actions appears at the end of this announcement.

Today's rating actions affect 4,220 tranches including 3,153 tranches in the US and 1,067 tranches in Europe. The tranches are from 782 transactions, including 611 transactions in the US and 171 transactions in Europe, and they total to approximately $237 billion based on their current outstanding balance, including $175 billion in the US and $62 billion in Europe. The total amount of CLO tranches that Moody's placed on review for upgrade today represents roughly 80% of the total universe of outstanding Moody's rated CLO tranches.

RATINGS RATIONALE

The actions are the result of the revisions to the methodology that the agency uses to rate and monitor cash flow CLOs. The revised methodology incorporates Moody's view that credit conditions are relatively more stable and default rate projections are much lower for corporate credits now than during the credit crisis. As a result, Moody's will both remove the temporary 30% default probability stress it had used since February 2009 and institute methodology adjustments, reflecting a review of historical default rates that include experience from the recent credit crisis. Please see Moody's separate press announcement today on the CLO methodology revisions, "Moody's finalizes CLO rating methodology update and expects upgrades."

Change Will Result in Upgrades

Using the updated methodology, Moody's will immediately begin reassessing all of its outstanding ratings on CLO transactions across the US and Europe. At the conclusion of these ratings reviews, Moody's expects upgrades on the ratings of nearly all tranches currently rated Aa1 and below, with the magnitude of ratings upgrades ranging from one to three notches on the most senior tranches and from one to five notches on mezzanine and junior tranches. The upgrades resulting from the methodology revisions would be in addition to any rating actions taken recently as a result of improvement in the performance of the collateral pools backing CLOs.

Moody's expects to complete its review within six months. Moody's says that it intends to first review transactions with the greatest changes in key performance metrics over the last year. In addition, as a second order criteria, Moody's will review transactions that are still in their reinvestment period before it reviews amortizing transactions. Moody's will publish its rating actions as it completes its analysis of each transaction and will publish a summary of its rating actions after its review of all ratings in the sector.

Tranches not placed under watch for upgrade

In assessing the likely impact on existing ratings from the CLO methodology changes, Moody's has decided not to place certain rated tranches under review for upgrade. These include tranches from a handful of old vintage CBOs and a number of CLOs with low diversity. The ratings of the tranches in the old vintage CBO deals are in general either very low and significantly undercollateralized. The ratings of the tranches in CLOs with low diversity are highly sensitive to the creditworthiness of individual underlying credits because the number of credits in the portfolio is small. In addition, Moody's has not placed under review ratings from a small number of synthetic CBOs and deals with a significant percentage of European mezzanine loan exposures. In all these cases, Moody's does not expect the changes in CLO methodology that it now applies to typical cash flow CLOs to have a direct positive or negative impact on these ratings. Moody's will continue to monitor these excluded transactions based on a combination of existing methodologies and analytic judgment.

The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst name is available on the issuer page and the rating office is available on the ratings tab of the issuer on www.moodys.com.

A list of actions can be found at:

Excel: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF253128

Pdf: http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF253127

The lead analyst and rating office for each of the transactions affected are generally different from the contact and office listed at the end of this press release. For each transaction, the lead analyst name is available on the issuer page and the rating office is available on the ratings tab of the issuer on www.moodys.com.

New York
Suzanna Sava
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jian Hu
MD - Structured Finance
Structured Finance Group
Moody's Investors Service, Inc.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places 4,220 tranches from 611 U.S. and 171 European CLO transactions on review for upgrade
No Related Data.
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