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Announcement:

Moody's places the ratings of 53 tranches in 14 European CLOs under review for possible upgrade

23 Dec 2010

Approximately EUR 1.451 billion of debt securities affected

London, 23 December 2010 -- Moody's Investors Service announced today that it has placed the ratings of 53 tranches in 14 European CLOs under review for possible upgrade. Today's rating actions are summarized in an Excel spreadsheet, which is posted as a link at the bottom of this announcement.

Moody's explained that today's rating review considers the positive implications of improvement in certain deal collateral quality metrics since the time of the previous rating actions, including WARF (weighted average rating factor) and OC (overcollateralization) levels. In identifying this list of transactions and tranches, Moody's examined the OC and WARF levels in conjunction with the current tranche rating level as well as the significance of changes in the key performance metrics.

Moody's also paid attention to deals that have shown the largest positive moves in key metrics since last rating action, structural features and other deal characteristics in the consideration of today's actions. Moody's recognizes that improved credit performance of the underlying collateral and favorable market conditions have had a positive impact on European CLOs. In many transactions Moody's observed successful reinvestment of principal repayments and sale proceeds into substitute assets with below-par purchase price and/or higher ratings. The CLOs also typically benefited from a reduction in par value haircuts due to a decrease in exposure to defaulted securities and/or Caa-rated securities.

Moody's says that today's review affects a majority of junior notes because they have one or more of the following attributes:

• Adequate OC coverage for the affected notes, which was considered in relation to the WARF level;

• A substantial improvement in OC and WARF levels since last rating action;

• The affected notes have either never deferred interest or have resumed paying interest;

• Sufficient OC test "cushion" exists for the notes senior to the affected notes, which makes it less likely for the affected notes to defer interest in the near future;

• Some of the affected notes benefit from a "turbo" amortization feature that enables them to delever ahead of more senior notes under certain conditions.

While in many cases not all tranches from the same deal are placed under watch for upgrade, Moody's will review the entire capital structure when it conducts full analysis of each deal and take rating action when warranted. Moody's endeavors to complete full analysis of all affected deals within 90 days.

The deals affected today are collateralized loan obligations backed primarily by portfolios of senior secured loans.

The principal methodology used in rating and monitoring the deals affected today was the "Moody's Approach to Rating Collateralized Loan Obligations" rating methodology published in August 2009. Other methodologies and factors that may have been considered in the process of rating these deals can also be found in the Rating Methodologies sub-directory on Moody's website.

Further information on Moody's analysis of this transaction is available on www.moodys.com. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our web site, at www.moodys.com/SFQuickCheck.

A list of the reviews associated with this announcement may be found at:

http://www.moodys.com/cust/getdocumentByNotesDocId.asp?criteria=PBS_SF230186

Issuer: Bacchus 2006-1 plc

....EUR34M Class B Senior Secured Floating Rate Notes due 2022, Ba3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 16, 2010 Downgraded to Ba3 (sf)

....EUR25.54M Class C Senior Secured Deferrable Floating Rate Notes due 2022, Caa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 16, 2010 Downgraded to Caa3 (sf)

....EUR14.8M Class X Combination Notes, Ca (sf) Placed Under Review for Possible Upgrade; previously on Apr 16, 2010 Downgraded to Ca (sf)

....EUR5M Class W Combination Notes, B3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 16, 2010 Downgraded to B3 (sf)

....EUR69M Class Y Combination Notes, Ca (sf) Placed Under Review for Possible Upgrade; previously on Apr 16, 2010 Downgraded to Ca (sf)

Issuer: CELF Loan Partners IV plc

....EUR42M Class B Senior Secured Deferrable Floating Rate Notes due 2023, A3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 23, 2009 Downgraded to A3 (sf)

....EUR39M Class C Senior Secured Deferrable Floating Rate Notes due 2023, Ba1 (sf) Placed Under Review for Possible Upgrade; previously on Oct 23, 2009 Downgraded to Ba1 (sf)

....EUR33M Class D Senior Secured Deferrable Floating Rate Note due 2023, B1 (sf) Placed Under Review for Possible Upgrade; previously on Oct 23, 2009 Confirmed at B1 (sf)

....EUR25.5M Class E Senior Secured Deferrable Floating Rate Notes due 2023, Caa2 (sf) Placed Under Review for Possible Upgrade; previously on Oct 23, 2009 Downgraded to Caa2 (sf)

Issuer: EUROCREDIT CDO VII PLC

....EUR31.2M Class C Senior Secured Deferrable Floating Rate Notes due 2023, Ba2 (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to Ba2 (sf)

....EUR29.1M Class D Senior Secured Deferrable Floating Rate Notes due 2023, Caa1 (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to Caa1 (sf)

....EUR19.8M Class E Senior Secured Deferrable Floating Rate Notes due 2023-1, Ca (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to Ca (sf)

....EUR8M Class Q Combination Notes due 2023, Caa1 (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to Caa1 (sf)

....EUR15M Class R Combination Notes due 2023, Ba3 (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to Ba3 (sf)

....EUR3M Class V Combination Notes due 2023, Caa2 (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to Caa2 (sf)

Issuer: Hamlet I Leveraged Loan Fund B.V.

....EUR222M Class A Senior Secured Floating Rate Notes due 2020, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on Feb 10, 2010 Upgraded to Aa2 (sf)

....EUR78M Class B Subordinated Notes due 2020, B1 (sf) Placed Under Review for Possible Upgrade; previously on Feb 10, 2010 Upgraded to B1 (sf)

Issuer: Harvest CLO III plc

....EUR30.75M Euro 30,750,000 Class C-1 Senior Subordinated Deferrable Floating Rate Notes due 2021, Ba2 (sf) Placed Under Review for Possible Upgrade; previously on Dec 15, 2009 Downgraded to Ba2 (sf)

....EUR12M Euro 12,000,000 Class C-2 Senior Subordinated Deferrable Fixed Rate Notes due 2021, Ba2 (sf) Placed Under Review for Possible Upgrade; previously on Dec 15, 2009 Downgraded to Ba2 (sf)

....EUR16.75M Euro 16,750,000 Class D-1 Senior Subordinated Deferrable Floating Rate Notes due 2021, B2 (sf) Placed Under Review for Possible Upgrade; previously on Dec 15, 2009 Downgraded to B2 (sf)

....EUR9.25M Euro 9,250,000 Class D-2 Senior Subordinated Deferrable Fixed Rate Notes due 2021, B2 (sf) Placed Under Review for Possible Upgrade; previously on Dec 15, 2009 Downgraded to B2 (sf)

....EUR15.75M Euro 15,750,000 Class E-1 Senior Subordinated Deferrable Floating Rate Notes due 2021, Caa3 (sf) Placed Under Review for Possible Upgrade; previously on Dec 15, 2009 Downgraded to Caa3 (sf)

....EUR3M Euro 3,000,000 Class E-2 Senior Subordinated Deferrable Fixed Rate Notes due 2021, Caa3 (sf) Placed Under Review for Possible Upgrade; previously on Dec 15, 2009 Downgraded to Caa3 (sf)

....EUR10M Euro 10,000,000 Class V Combination Notes due 2021, B3 (sf) Placed Under Review for Possible Upgrade; previously on Dec 15, 2009 Downgraded to B3 (sf)

Issuer: Hudson CLO 1 B.V.

....EUR27.5M Class A-3 Deferrable Senior Secured Floating Rate Notes due 2023, Ba2 (sf) Placed Under Review for Possible Upgrade; previously on Dec 11, 2009 Downgraded to Ba2 (sf)

....EUR24M Class B-1 Deferrable Senior Secured Floating Rate Notes due 2023, Caa1 (sf) Placed Under Review for Possible Upgrade; previously on Dec 11, 2009 Confirmed at Caa1 (sf)

Issuer: Iron Hill CLO Limited

....US$14.007M Class B Senior Secured Deferrable Floating Rate Notes due 2025, Ba3 (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to Ba3 (sf)

....US$16.342M Class C Senior Secured Deferrable Floating Rate Notes due 2025, B2 (sf) Placed Under Review for Possible Upgrade; previously on Aug 18, 2009 Downgraded to B2 (sf)

Issuer: Laurelin B.V.

....EUR36M Class C Notes, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Aug 28, 2009 Upgraded to Baa1 (sf)

....EUR24M Class D Notes, Ba2 (sf) Placed Under Review for Possible Upgrade; previously on Aug 28, 2009 Upgraded to Ba2 (sf)

Issuer: Leopard CLO V B.V.

....EUR13M Class E-1 Secured Deferrable Floating Rate Notes due 2023, Caa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 17, 2009 Downgraded to Caa3 (sf)

....EUR3M Class E-2 Secured Deferrable Fixed Rate Notes due 2023, Caa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 17, 2009 Downgraded to Caa3 (sf)

....EUR7M Class F Secured Deferrable Floating Rate Notes due 2023-1, Ca (sf) Placed Under Review for Possible Upgrade; previously on Nov 17, 2009 Downgraded to Ca (sf)

Issuer: Magi Funding I plc

....EUR33.8M Euro 33,800,000 Class B Deferrable Floating Rate Notes due 2021, Ba3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 24, 2009 Confirmed at Ba3 (sf)

....EUR7.5M Euro 7,500,000 Class C Deferrable Floating Rate Notes due 2021, B3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 24, 2009 Confirmed at B3 (sf)

Issuer: Prospero CLO I B.V.

....US$15.3M USD 15,300,000 Class A-2 Senior Secured Floating Rate Notes Due 2017, A1 (sf) Placed Under Review for Possible Upgrade; previously on Dec 23, 2009 Downgraded to A1 (sf)

....US$15.3M USD 15,300,000 Class B Senior Secured Deferrable Interest Floating Rate Notes Due 2017, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Dec 23, 2009 Downgraded to Baa3 (sf)

....US$15.3M USD 15,300,000 Class C Senior Secured Deferrable Interest Floating Rate Notes Due 2017, Ba3 (sf) Placed Under Review for Possible Upgrade; previously on Dec 23, 2009 Downgraded to Ba3 (sf)

....US$7.7M USD 7,700,000 Class D Senior Secured Deferrable Interest Floating Rate Notes Due 2017, Caa1 (sf) Placed Under Review for Possible Upgrade; previously on Dec 23, 2009 Downgraded to Caa1 (sf)

Issuer: Prospero CLO II B.V.

....US$25M B Notes, Ba1 (sf) Placed Under Review for Possible Upgrade; previously on Jan 7, 2010 Downgraded to Ba1 (sf)

....US$15M C Notes, B1 (sf) Placed Under Review for Possible Upgrade; previously on Jan 7, 2010 Downgraded to B1 (sf)

....US$13.5M D Notes, Caa2 (sf) Placed Under Review for Possible Upgrade; previously on Jan 7, 2010 Downgraded to Caa2 (sf)

Issuer: RMF Euro CDO III PLC

....EUR252M Class I Senior Secured Floating Rate Notes, due 2021, Aa2 (sf) Placed Under Review for Possible Upgrade; previously on Nov 20, 2009 Downgraded to Aa2 (sf)

....EUR20.1M Class II Senior Secured Floating Rate Notes, due 2021, A3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 20, 2009 Downgraded to A3 (sf)

....EUR14.7M Class III Deferrable Mezzanine Floating Rate Notes, due 2021, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 20, 2009 Confirmed at Baa3 (sf)

....EUR23.3M Class IV Deferrable Mezzanine Floating Rate Notes, due 2021, B1 (sf) Placed Under Review for Possible Upgrade; previously on Nov 20, 2009 Downgraded to B1 (sf)

Issuer: RMF Euro CDO IV PLC

....EUR15.3M Class III Deferrable Mezzanine Floating Rate Notes, due 2022, Ba1 (sf) Placed Under Review for Possible Upgrade; previously on Nov 26, 2009 Confirmed at Ba1 (sf)

....EUR21.6M Class IV-A Deferrable Mezzanine Floating Rate Notes, due 2022, B2 (sf) Placed Under Review for Possible Upgrade; previously on Nov 26, 2009 Confirmed at B2 (sf)

....EUR12.6M Class V Deferrable Mezzanine Floating Rate Notes, due 2022, Caa2 (sf) Placed Under Review for Possible Upgrade; previously on Nov 26, 2009 Confirmed at Caa2 (sf)

....EUR3.5M Class IV-B Deferrable Mezzanine Fixed Rate Notes, due 2022, B2 (sf) Placed Under Review for Possible Upgrade; previously on Nov 26, 2009 Confirmed at B2 (sf)

....EUR6M Class R Combination Notes, due 2022 Notes, Caa3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 26, 2009 Downgraded to Caa3 (sf)

....EUR6M Class S Combination Notes, due 2022 Notes, B3 (sf) Placed Under Review for Possible Upgrade; previously on Nov 26, 2009 Downgraded to B3 (sf)

....EUR4M Class Q Combination Notes, due 2022 Notes, Caa1 (sf) Placed Under Review for Possible Upgrade; previously on Nov 26, 2009 Downgraded to Caa1 (sf)

Paris
Guillaume Jolivet
Vice President - Senior Analyst
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Florence Tadjeddine
VP - Senior Credit Officer
Structured Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's places the ratings of 53 tranches in 14 European CLOs under review for possible upgrade
No Related Data.
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