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Related Issuers
AMAC CDO Funding I
Arbor Realty Mortgage Securities Series 2004-1
Arbor Realty Mortgage Securities Series 2005-1
Arbor Realty Mortgage Securities Series 2006-1
Brascan Real Estate CDO 2004-1
Brascan Structured Notes 2005-2, Ltd.
Capital Trust RE CDO 2004-1 Ltd.
CapitalSource Real Estate Loan Trust 2006-A
CapLease CDO 2005-1 Ltd. Collateralized Debt Obligations
CAPMARK VII - CRE LTD.
Carbon Capital II Real Estate CDO 2005-1
Concord Real Estate CDO 2006-1 Ltd.
CRESS 2008-1, Ltd.
CW Capital COBALT I, Ltd.
CW Capital COBALT II, Ltd.
FMC Real Estate CDO 2005-1 Ltd.
Gramercy Real Estate CDO 2005-1 Ltd.
Gramercy Real Estate CDO 2006-1, Ltd.
Gramercy Real Estate CDO 2007-1
Guggenheim Structured Real Estate Funding 2005-1
Hartford Mezzanine Investors I - CRE CDO 2007-1, Ltd.
Highland Park CDO I
Legg Mason Real Estate CDO I, Ltd
Legg Mason Real Estate CDO II, Corp.
Marathon Real Estate CDO 2006-1, Ltd.
Mesa West Capital CDO, Ltd. 2007-1
Morgan Stanley 2007-XLC1, Ltd.
Newcastle CDO IX 1, Limited
Newcastle CDO VIII 1, Limited and Newcastle CDO VIII 2, Limited
Nomura CRE CDO 2007-2 Ltd.
N-Star REL CDO IV Ltd.
N-Star REL CDO VI Ltd.
N-Star REL CDO VIII Ltd.
Petra CRE CDO 2007-1, Ltd.
Prima Capital CDO 2005-1 Ltd. Collateralized Debt Obligations
Prima Capital CRE Securitization 2006-1 Ltd.
RAIT CRE CDO I, Ltd.
RAIT Preferred Funding II. Ltd.
Resource Real Estate Funding CDO 2006-1, Ltd.
Resource Real Estate Funding CDO 2007-1 Ltd.
RFC CDO 2006-1, Ltd
RFC CDO 2007-1, Ltd
ROCK 1 - CRE CDO 2006, Ltd.
Sandelman Realty CRE CDO I
SASCO 2008-C2, LLC
Sorin Real Estate CDO IV Ltd.
Spring Asset Funding LTD.
Talmage Structured Real Estate Funding 2005-2, Ltd.
Talmage Structured Real Estate Funding 2006-3, Ltd.
Talmage Structured Real Estate Funding 2006-4, Ltd.
Wachovia CRE CDO 2006-1
Wrightwood Capital Real Estate CDO 2005-1
Rating Action:

Moody's places 52 US CRE CDOs on review for possible downgrade

12 Mar 2009

Approximately $36 billion of structured securities affected

New York, March 12, 2009 -- Moody's Investors Service (Moody's) announced today that it has placed 52 U.S. commercial real estate collateralized debt obligation transactions ("CRE CDOs") on review for possible downgrade due to weakening commercial real estate market fundamentals and updates to revised key modeling parameter assumptions. The transactions placed on review for possible downgrade represent the final phase of a U.S. CRE CDO ratings sweep previously announced on December 19, 2008. Moody's anticipates completion of the 52 reviews by March 31, 2009.

The 52 U.S. CRE CDOs placed on review for possible downgrade are revolving cash flow CDOs with collateral quality and coverage tests that are backed by a significant percentage of non-CMBS collateral such as whole loans, B-notes and mezzanine debt. Moody's is concerned about the likely future performance of this non-CMBS collateral. Rapid economic deterioration is expected to stress property cash flows over the next few years increasing term default risk. For loans with near-term maturities, refinance risk will also rise as cash flows deteriorate and higher risk premiums are required to secure financing. The whole loans, B-notes, and mezzanine debt included in these CRE CDOs were often backed by transitional assets where future income growth was expected to occur to facilitate refinancing the existing debt at maturity. Absent an expanding economy, the likelihood of this future income growth is more remote.

KEY MODELING PARAMETERS

As previously announced, the revised parameters in Moody's model for rating and monitoring CRE CDOs are related to asset correlation, default probability, and recovery rate. These revisions are generally consistent with recent revisions to key parameters for rating and monitoring other collateralized debt obligation transactions backed by asset backed securities ("SF CDOs").

Asset Correlation As part of the revised parameters, Moody's updated its asset correlation assumption for the commercial real estate sector to be consistent with the February 3, 2009 release of one of its CRE CDO rating models, CDOROM v2.5 (for more details on the model please refer to Moody's Special Report "CDOROM v2.5 User Guide" available at www.moodys.com). In using this model, non-CMBS collateral is defined as secured corporate debt. Previously, the cumulative average asset correlations for non-CMBS collateral were approximately 15%. In light of the systemic seizure of the credit markets, as well as higher intra industry and inter industry asset correlations, the updated correlation parameters for revolving non-CMBS cash flow CRE CDOs result in average asset correlations of approximately 30%. This result reflects Moody's reduction of one of the correlation factors - the maximum over concentration stress - by half due to the diversity of tenants, property types, and geographic locations inherent in the collateral pools. For those deals that are significantly less diversified, we will add back over concentration stress as warranted.

Default Probability Default probability is typically captured in Moody's models in the collateral weighted average rating factor (WARF). For CRE CDOs with non-CMBS collateral, Moody's is eliminating the additional default probability stress in CDOROM v2.5 that is applied to corporate debt as we anticipate that the underlying non-CMBS collateral will experience lower default rates and higher recovery rates.

Default Timing In Moody's analysis of cash flow CRE CDOs, it employs one of its CRE CDO rating models, CDOEdge v3.2 (for more details on the model please refer to Moody's Special Report "Moody's CDOEdge User Manual" available at www.moodys.com). CDO Edge historically employed six default timing scenarios in analyzing the expected loss at each tranche. In this ratings sweep, Moody's will assume a delay in the default timing to better reflect its expectation of how the underlying real estate collateral will perform in this recession.

These changes bring into alignment Moody's modeling of revolving non-CMBS cash flow CRE CDOs with its expectations for the performance of the underlying real estate collateral.

LIKELY MAGNITUDE OF RATINGS TRANSITIONS

Moody's anticipates that the downgrades on all rated classes will range from 7 to 12 notches in most cases. The actual magnitude of the ratings migration will vary based on the collateral performance, coverage tests, current credit enhancement, bond thickness, excess spread, and ratings distribution of the underlying collateral. If the deals are still in their revolving period, the collateral manager strategy can also influence the outcome.

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).

AMAC CDO Funding I

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned Aa2

Cl. C, A2 and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned A2

Cl. D-1, Baa2 and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned Baa2

Cl. D-2, Baa2 and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned Baa2

Cl. E, Baa3 and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned Baa3

Cl. F, Ba2 and Placed Under Review for Possible Downgrade; previously on 12/11/2006 Assigned Ba2

Arbor Realty Mortgage Securities Ser 2005-1

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

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 1/17/2006 Assigned Baa3

Arbor Realty Mortgage Securities Ser 2006-1

Cl. A-1A, Aaa and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aaa

Cl. A-1AR, Aaa and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Baa3

Arbor Realty Mtge Secs Ser. 2004-1, Ltd

Cl. A, Aaa and Placed Under Review for Possible Downgrade; previously on 1/28/2005 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 1/28/2005 Assigned Aa2

Cl. C, A3 and Placed Under Review for Possible Downgrade; previously on 1/28/2005 Assigned A3

Cl. D, Baa2 and Placed Under Review for Possible Downgrade; previously on 1/28/2005 Assigned Baa2

Brascan Real Estate CDO 2004-1, Ltd.

Cl. A, Aaa and Placed Under Review for Possible Downgrade; previously on 11/2/2004 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 11/2/2004 Assigned Aa2

Cl. C, A3 and Placed Under Review for Possible Downgrade; previously on 11/2/2004 Assigned A3

Cl. D, Baa3 and Placed Under Review for Possible Downgrade; previously on 11/2/2004 Assigned Baa3

Cl. E, Ba2 and Placed Under Review for Possible Downgrade; previously on 11/2/2004 Assigned Ba2

Brascan Structured Notes 2005-2, Ltd.

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

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 1/3/2006 Assigned Aa2

Cl. C, A2 and Placed Under Review for Possible Downgrade; previously on 1/3/2006 Assigned A2

Cl. D, Baa2 and Placed Under Review for Possible Downgrade; previously on 1/3/2006 Assigned Baa2

Cl. E, Baa3 and Placed Under Review for Possible Downgrade; previously on 1/3/2006 Assigned Baa3

Capital Trust RE CDO 2004-1 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 10/12/2004 Assigned Aaa

CapitalSource Real Estate Loan Trust 2006-A

Cl. A-1A, Aaa and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aaa

Cl. A-1R, Aaa and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aaa

Cl. A-2A, Aaa and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aaa

Cl. A-2B, Aaa and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Ba2

CapLease CDO 2005-1 Ltd.

Cl. A, Aaa and Placed Under Review for Possible Downgrade; previously on 3/11/2005 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 3/11/2005 Assigned Aa2

Cl. C, A2 and Placed Under Review for Possible Downgrade; previously on 3/11/2005 Assigned A2

Cl. D, Baa2 and Placed Under Review for Possible Downgrade; previously on 3/11/2005 Assigned Baa2

Cl. E, Baa3 and Placed Under Review for Possible Downgrade; previously on 3/11/2005 Assigned Baa3

CAPMARK VII - CRE LTD.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned B2

Carbon Capital II Real Estate CDO 2005-1

Cl. A, Aaa and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned Baa3

Cl. I, Ba1 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned Ba1

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 10/7/2005 Assigned Ba2

Concord Real Estate CDO 2006-1 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Aaa

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

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

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

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

Cl. E, Baa1 and Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Baa1

Cl. F, Baa3 and Placed Under Review for Possible Downgrade; previously on 12/21/2006 Assigned Baa3

CRESS 2008-1, Ltd.

Class A-1 Notes, Aaa and Placed Under Review for Possible Downgrade; previously on 1/28/2008 Assigned Aaa

Class A-2 Notes, Aaa and Placed Under Review for Possible Downgrade; previously on 1/28/2008 Assigned Aaa

Class B Notes, Aa2 and Placed Under Review for Possible Downgrade; previously on 1/28/2008 Assigned Aa2

Class C Notes, A1 and Placed Under Review for Possible Downgrade; previously on 1/28/2008 Assigned A1

Class D Notes, A2 and Placed Under Review for Possible Downgrade; previously on 1/28/2008 Assigned A2

Class E Notes, A3 and Placed Under Review for Possible Downgrade; previously on 1/28/2008 Assigned A3

CW Capital COBALT II, Ltd.

Cl. A-1A, Aaa and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Aaa

Cl. A-1AR, Aaa and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Aaa

Cl. A-1B, Aaa and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Aaa

Cl. A-2A, Aaa and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Aaa

Cl. A-2B, Aaa and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Baa3

Cl. J, Ba1 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Ba1

Cl. K, Ba2 and Placed Under Review for Possible Downgrade; previously on 5/17/2006 Assigned Ba2

CWCapital COBALT I, Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Aaa

Cl. B-1, Aa2 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Aa2

Cl. B-2, Aa2 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Aa2

Cl. C, A2 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned A2

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned A3

Cl. E-1, Baa1 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Baa1

Cl. E-2, Baa1 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Baa1

Cl. F-1, Baa2 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Baa2

Cl. F-2, Baa2 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Baa2

Cl. G, Baa3 and Placed Under Review for Possible Downgrade; previously on 5/17/2005 Assigned Baa3

FMC Real Estate CDO 2005-1 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Aa2

Cl. C, A2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned A2

Cl. D, Baa1 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Baa1

Cl. E, Baa2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Baa2

Cl. F, Baa3 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Baa3

Cl. G, Ba2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Ba2

Cl. H, B2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned B2

Gramercy Real Estate CDO 2005-1 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 7/20/2005 Assigned B2

Gramercy Real Estate CDO 2006-1

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 8/31/2006 Assigned B2

Gramercy Real Estate CDO 2007-1, Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 8/15/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 8/15/2007 Assigned Aaa

Cl. A-3, Aaa and Placed Under Review for Possible Downgrade; previously on 8/15/2007 Assigned Aaa

Cl. B-FL, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/15/2007 Assigned Aa2

Cl. B-FX, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/15/2007 Assigned Aa2

Guggenheim Str. Real Estate Fund. 2005-1 Ltd.

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

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

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 7/26/2007 Upgraded to A1

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 7/26/2007 Upgraded to A3

Cl. E, Baa2 and Placed Under Review for Possible Downgrade; previously on 7/26/2007 Upgraded to Baa2

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

Guggenheim Struct. Real Estate Fund 2005-2

Cl. A, Aaa and Placed Under Review for Possible Downgrade; previously on 8/25/2005 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/25/2005 Assigned Aa2

Cl. C, A2 and Placed Under Review for Possible Downgrade; previously on 8/25/2005 Assigned A2

Cl. D, Baa2 and Placed Under Review for Possible Downgrade; previously on 8/25/2005 Assigned Baa2

Cl. E, Baa3 and Placed Under Review for Possible Downgrade; previously on 8/25/2005 Assigned Baa3

Cl. F, Ba2 and Placed Under Review for Possible Downgrade; previously on 8/25/2005 Assigned Ba2

Cl. S, Aaa and Placed Under Review for Possible Downgrade; previously on 8/25/2005 Assigned Aaa

Guggenheim Struct. Real Estate Fund 2006-3

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

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

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

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

Cl. D, Baa1 and Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Baa1

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

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

Cl. G, B2 and Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned B2

Cl. S, Aaa and Placed Under Review for Possible Downgrade; previously on 8/17/2006 Assigned Aaa

Guggenheim Struct. Real Estate Fund 2006-4

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned Aaa

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

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

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

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 2/2/2007 Assigned B2

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

Hartford Mezz Investors I CRE CDO 2007-1, Ltd

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Aaa

Cl. A-3, Aaa and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 8/13/2007 Assigned B2

Highland Park CDO I, LLC

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Aa2

Cl. C, A2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned A2

Cl. D, Baa2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Baa2

Cl. E, Baa3 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Baa3

Cl. F, Ba2 and Placed Under Review for Possible Downgrade; previously on 1/4/2007 Assigned Ba2

Legg Mason Real Estate CDO I, Ltd.

Cl. A1-R, Aaa and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned Aaa

Cl. A1-T, Aaa and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned Aaa

Cl. A2, Aaa and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned A3

Cl. F-1, Baa1 and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned Baa1

Cl. F-2, Baa1 and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 8/14/2006 Assigned Baa2

Legg Mason Real Estate CDO II, Corp.

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

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

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

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 5/23/2007 Assigned Aa2

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

Marathon Real Estate CDO 2006-1, Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned Baa3

Cl. J, Ba3 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned Ba3

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 5/22/2006 Assigned B2

Mesa West Capital CDO, Ltd. 2007-1

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned Aaa

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

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 2/28/2007 Assigned B2

Morgan Stanley 2007-XLC1, Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 5/9/2007 Assigned B2

Newcastle CDO IX 1, Limited

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Aaa

Cl. B, Aa1 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Aa1

Cl. C, Aa2 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Aa2

Cl. D, Aa3 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Aa3

Cl. E, A1 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned A1

Cl. F, A2 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned A2

Cl. G, A3 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned A3

Cl. H, Baa1 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Baa1

Cl. J, Baa2 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Baa2

Cl. K, Baa3 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Baa3

Cl. L, Ba2 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Ba2

Cl. M, B2 and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned B2

Cl. S, Aaa and Placed Under Review for Possible Downgrade; previously on 5/21/2007 Assigned Aaa

Newcastle CDO VIII Limited

Cl. I-A, Aaa and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Aaa

Cl. I-AR, Aaa and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Aaa

Cl. I-B, Aaa and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Aaa

Cl. II, Aa1 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Aa1

Cl. III, Aa2 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Aa2

Cl. IV, Aa3 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Aa3

Cl. IX-FL, Baa2 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Baa2

Cl. IX-FX, Baa2 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Baa2

Cl. S, Aaa and Placed Under Review for Possible Downgraded; previously on 12/18/2006 Assigned Aaa

Cl. V, A1 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned A1

Cl. VI, A2 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned A2

Cl. VII, A3 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned A3

Cl. VIII, Baa1 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Baa1

Cl. X, Baa3 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Baa3

Cl. XII, Ba2 and Placed Under Review for Possible Downgrade; previously on 12/18/2006 Assigned Ba2

Nomura CRE CDO 2007-2 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Aaa

Cl. A-R, Aaa and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Aa2

Cl. C, Aa3 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Aa3

Cl. D, A1 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned A1

Cl. E, A2 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned A2

Cl. F, A3 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned A3

Cl. G, Baa1 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Baa1

Cl. H, Baa2 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Baa2

Cl. J, Baa3 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Baa3

Cl. K, Ba1 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Ba1

Cl. L, Ba2 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Ba2

Cl. M, Ba3 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned Ba3

Cl. N, B1 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned B1

Cl. O, B3 and Placed Under Review for Possible Downgrade; previously on 4/10/2007 Assigned B3

N-Star REL CDO IV Ltd.

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

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned Aa2

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

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

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

Cl. F, Ba2 and Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned Ba2

Cl. G, B2 and Placed Under Review for Possible Downgrade; previously on 7/27/2005 Assigned B2

N-Star REL CDO VI Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Aaa

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

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

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned A1

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

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

Cl. F, Baa2 and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Baa2

Cl. G, Baa3 and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Baa3

Cl. H, Ba2 and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Ba2

Cl. J, Ba3 and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned Ba3

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 3/22/2006 Assigned B2

N-Star REL CDO VIII Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aaa

Cl. A-R, Aaa and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aaa

Cl. B, Aa1 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aa1

Cl. C, Aa2 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aa2

Cl. D, Aa3 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Aa3

Cl. E, A1 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned A1

Cl. F, A2 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned A2

Cl. H, Baa1 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Baa1

Cl. J, Baa2 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Baa2

Cl. K, Baa3 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Baa3

Cl. L, Ba1 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Ba1

Cl. M, Ba2 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Ba2

Cl. N, Ba3 and Placed Under Review for Possible Downgrade; previously on 12/20/2006 Assigned Ba3

Petra CRE CDO 2007-1, Ltd.

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

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

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 6/28/2007 Assigned B2

Prima Capital CDO 2005-1 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 6/1/2005 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 6/1/2005 Assigned Aaa

Cl. B, Aaa and Placed Under Review for Possible Downgrade; previously on 10/8/2007 Upgraded to Aaa

Cl. C, Aa2 and Placed Under Review for Possible Downgrade; previously on 10/8/2007 Upgraded to Aa2

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 6/1/2005 Assigned A3

Cl. E, Baa2 and Placed Under Review for Possible Downgrade; previously on 6/1/2005 Assigned Baa2

Cl. F, Baa3 and Placed Under Review for Possible Downgrade; previously on 6/1/2005 Assigned Baa3

Cl. G, Ba2 and Placed Under Review for Possible Downgrade; previously on 6/1/2005 Assigned Ba2

Cl. H, B2 and Placed Under Review for Possible Downgrade; previously on 6/1/2005 Assigned B2

Prima Capital CRE Securitization 2006-1 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned A1

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned A3

Cl. E, Baa1 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Baa1

Cl. F, Baa2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Baa2

Cl. G, Baa3 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Baa3

Cl. H, Ba2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Ba2

Cl. J, B2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned B2

Cl. K, B3 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned B3

RAIT CRE CDO I, Ltd.

Cl. A-1A, Aaa and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aaa

Cl. A-1B, Aaa and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 11/20/2006 Assigned Ba2

RAIT Preferred Funding II. Ltd.

Cl. A-1R, Aaa and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Aaa

Cl. A-1T, Aaa and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 6/13/2007 Assigned Ba2

Resource Real Estate Funding CDO 2006-1, Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned A1

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned A3

Cl. E, Baa1 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned Baa1

Cl. F, Baa2 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned Baa2

Cl. G, Baa3 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 8/22/2006 Assigned B2

Resource Real Estate Funding CDO 2007-1 Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Aaa

Cl. A-1R, Aaa and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Aaa

Cl. B, Aa1 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Aa1

Cl. C, Aa2 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Aa2

Cl. D, Aa3 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Aa3

Cl. E, A1 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned A1

Cl. F, A2 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned A2

Cl. G, A3 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned A3

Cl. H, Baa1 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Baa1

Cl. J, Baa2 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Baa2

Cl. K, Baa3 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Baa3

Cl. L, Ba2 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned Ba2

Cl. M, B2 and Placed Under Review for Possible Downgrade; previously on 6/27/2007 Assigned B2

RFC CDO 2006-1, Ltd

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned A1

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned A3

Cl. E, Baa1 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned Baa1

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned Baa1

Cl. G, Baa3 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 3/29/2006 Assigned B2

RFC CDO 2007-1, Ltd

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Aaa

Cl. A-1R, Aaa and Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Aaa

Cl. A-2R, Aaa and Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Aaa

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

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned A1

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

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

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

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 4/25/2007 Assigned Baa2

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

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

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

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

ROCK 1 CRE CDO

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Baa3

Cl. J, Ba1 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Ba1

Cl. K, Ba2 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Ba2

Cl. L, Ba3 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned Ba3

Cl. M, B1 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned B1

Cl. N, B2 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned B2

Cl. O, B3 and Placed Under Review for Possible Downgrade; previously on 12/19/2006 Assigned B3

Sandelman Realty CRE CDO I

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

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Baa3

Cl. J, Ba2 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Ba2

Cl. K, B2 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned B2

Cl. L, B3 and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned B3

Cl. S, Aaa and Placed Under Review for Possible Downgrade; previously on 3/23/2007 Assigned Aaa

SASCO 2008-C2, LLC

SASCO 2008-C2, LLC Secured Floating Rate Term Note, B3 and Placed Under Review for Possible Downgrade; previously on 9/18/2008 Downgraded to B3

Sorin Real Estate CDO IV Ltd.

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned Aaa

Cl. A-2, Aaa and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned Aaa

Cl. A-3, Aa1 and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned Aa1

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned A1

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned A3

Cl. E, Baa1 and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned Baa1

Cl. F, Baa3 and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned Baa3

Cl. G, Ba2 and Placed Under Review for Possible Downgrade; previously on 9/11/2006 Assigned Ba2

Spring Asset Funding LTD.

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

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

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

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

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

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

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

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

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

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

Cl. L, Ba3 and Placed Under Review for Possible Downgrade; previously on 11/3/2006 Assigned Ba3

Wachovia CRE CDO 2006-1

Cl. A-1A, Aaa and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Aaa

Cl. A-1B, Aaa and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Aaa

Cl. A-2A, Aaa and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Aaa

Cl. A-2B, Aaa and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned A1

Cl. D, A2 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned A2

Cl. E, A3 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned A3

Cl. F, Baa1 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Baa1

Cl. G, Baa2 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Baa2

Cl. H, Baa3 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Baa3

Cl. J, Ba1 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Ba1

Cl. K, Ba2 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Ba2

Cl. L, Ba3 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned Ba3

Cl. M, B1 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned B1

Cl. N, B2 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned B2

Cl. O, B3 and Placed Under Review for Possible Downgrade; previously on 7/19/2006 Assigned B3

Wrightwood Capital Real Estate CDO 2005-1

Cl. A-1, Aaa and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned Aaa

Cl. A-R, Aaa and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned Aaa

Cl. B, Aa2 and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned Aa2

Cl. C, A1 and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned A1

Cl. D, A3 and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned A3

Cl. E, Baa1 and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned Baa1

Cl. F, Baa3 and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned Baa3

Cl. G, Ba1 and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned Ba1

Cl. H, Ba3 and Placed Under Review for Possible Downgrade; previously on 11/29/2005 Assigned Ba3

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

• "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.

For more information please see www.moodys.com.

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

New York
Michael M. Gerdes
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places 52 US CRE CDOs on review for possible downgrade
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