New York, June 03, 2011 -- Moody's Investors Service announced today that it has taken rating
actions on the following structured note transactions listed below (the
"Transactions"). Moody's explains that these
Transactions are direct pass-through of Bofa/Merrill Lynch and
Citi securities which were placed on review for upgrade or downgrade on
June 2, 2011. See link to the June 2 rating action -
http://www.moodys.com/research/Moodys-reviews-BofA-Citi-Wells-Fargo-supported-ratings-for-downgrade?lang=en&cy=global&docid=PR_219798.
Deal Name: Structured Investments Corporation III
$273,000,000 SIC III Series 2005-7 ESUN Notes
Due 2012, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Mar 12, 2009 Downgraded to A3 (sf)
Underlying securities: $273,000,000 Zero Coupon
Notes due 28 November 2012 issued by Citigroup Funding Inc.
Deal Name: Merrill Lynch Series TNP Taxable P-FLOATs Trust
- Series TNP-004
$153,710,000 Puttable Floating Option Taxable Notes,
Series TNP-004, A2 (sf) Placed Under Review for Possible
Downgrade; previously on Apr 8, 2009 Downgraded to A2 (sf)
Credit Enhancer: Merrill Lynch & Co.
Deal Name: Wachovia Subordinated Debt Pass-Through Trust
2006-C
Class A Certificates, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 15, 2009 Downgraded to A3 (sf)
Class B Certificates, A3 (sf) Placed Under Review for Possible Downgrade;
previously on Apr 15, 2009 Downgraded to A3 (sf)
Underlying securities: MERRILL LYNCH & CO., INC.
12/01/2026
Deal Name: Pass-Through Auction Market Preferred Securities,
Series 2007-1
U.S. $65,000,000 Class A Certificates,
Ba3 (sf) Placed Under Review for Possible Upgrade; previously on
Dec 10, 2009 Upgraded to Ba3 (sf)
U.S. $16,250,000 Class B Certificates,
Ba3 (sf) Placed Under Review for Possible Upgrade; previously on
Dec 10, 2009 Upgraded to Ba3 (sf)
Underlying securities: Merrill Lynch & Co., Inc.
Non-Cum. Pfd. Stk. Series 2 & 5
Deal Name: Wachovia Preferred Pass-Through Trust 2006-B
Class A Money Market Preferred Trust Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Class B Leveraged Preferred Trust Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Underlying securities: BANK OF AMERICA CORPORATION Ser. E
Deal Name: ABN AMRO North America Holding Preferred Capital Repackaging
Trust I
6.473% Fixed/Floating Noncummulative Trust Securities,
Ba3 Placed Under Review for Possible Upgrade; previously on Dec 10,
2009 Upgraded to Ba3
Underlying securities: BAC AAH Capital Funding LLC II
Deal Name: Auction Pass-Through Trust 2006-12
$70,000,000 Class A Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
$35,000,000 Class B Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Underlying securities: BANK OF AMERICA CORPORATION Ser. D
Deal Name: Auction Pass-Through Trust 2006-3
$120,000,000 Class A Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
$30,000,000 Class B Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Underlying securities: MERRILL LYNCH & CO., INC.
Ser. 4
Deal Name: Auction Pass-Through Trust 2006-4
$120,000,000 Class A Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
$30,000,000 Class B Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Underlying securities: MERRILL LYNCH & CO., INC.
Ser. 4
Deal Name: Auction Pass-Through Trust 2007-2
$120,000,000 Class A Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
$30,000,000 Class B Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Underlying securities: Merrill Lynch & Co., Inc.
Non-Cum. Pfd. Stk. Series 5
Deal Name: Auction Pass Through Trust 2007-3
$120,000,000 Class A Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
$30,000,000 Class B Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Underlying securities: Merrill Lynch & Co., Inc.
Non-Cum. Pfd. Stk. Series 5
Deal Name: Auction Pass-Through Trust 2007-4
$120,000,000 Class A Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
$30,000,000 Class B Certificates, Ba3 (sf) Placed
Under Review for Possible Upgrade; previously on Dec 10, 2009
Upgraded to Ba3 (sf)
Underlying securities: Merrill Lynch & Co., Inc.
Non-Cum. Pfd. Stk. Series 5
Deal Name: Auction Pass-Through Trust 2007-5
Class A Certificates, Ba3 (sf) Placed Under Review for Possible
Upgrade; previously on Dec 10, 2009 Upgraded to Ba3 (sf)
Class B Certificates, Ba3 (sf) Placed Under Review for Possible
Upgrade; previously on Dec 10, 2009 Upgraded to Ba3 (sf)
Underlying securities: Bank of America Corporation Cum Non-Pref,
Ser E
Deal Name: Auction Rate Securities Trust 2007-1
U.S. $60,000,000 Class A Auction Rate
Trust Certificates, Ba3 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 10, 2009 Upgraded to Ba3 (sf)
U.S. $15,000,000 Class B Leveraged Trust
Certificates, Ba3 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 10, 2009 Upgraded to Ba3 (sf)
Underlying securities: Merrill Lynch Floating Rate Non-Cumulative
Preferred Stock, Series 5
Deal Name: Auction Rate Securities Trust 2007-2
U.S. $40,000,000 Class A Auction Rate
Trust Certificates, Ba3 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 10, 2009 Upgraded to Ba3 (sf)
U.S. $10,000,000 Class B Leveraged Trust
Certificates, Ba3 (sf) Placed Under Review for Possible Upgrade;
previously on Dec 10, 2009 Upgraded to Ba3 (sf)
Underlying securities: BANK OF AMERICA CORPORATION Ser. E
Deal Name: MMP Stock Cust Rcpts, ABN AMRO,Series X
$70 MMP Stock Cust Rcpts, ABN AMRO, Series X,
Ba3 Placed Under Review for Possible Upgrade; previously on Dec 10,
2009 Upgraded to Ba3
Underlying securities: BAC AAH Capital Funding LLC X
Deal Name: MMP Stock Cust Rcpts, ABN AMRO,Series XI
$70 MMP Stock Cust Rcpts, ABN AMRO, Series XI,
Ba3 Placed Under Review for Possible Upgrade; previously on Dec 10,
2009 Upgraded to Ba3
Underlying securities: BAC AAH Capital Funding LLC XI
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The principal methodology used in this rating was Moody's Approach to
Rating Repackaged Securities published in April 2010.
Further information on Moody's analysis of this transaction is available
on www.moodys.com.
New York
Ainat Koller
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Rodrigo Araya
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's takes action on 17 structured notes affected by the reviews of BofA and Citi's ratings