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Announcement:

Moody's takes action on 17 structured notes affected by the reviews of BofA and Citi's ratings

03 Jun 2011

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
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