Moody's takes action on REVE SPC Series 2007
New York, November 04, 2008 -- Moody's Investors Service announced today that it has downgraded its ratings
on the following notes issued by REVE SPC:
Class Description: Segregated Portfolio Series 10, USD 25,000,000
Dryden XVII Notes of Series 2007-1, Class B-2 due
September 20, 2014
Prior Rating: Baa1
Prior Rating Date: 9/26/2008
Current Rating: Baa2
Class Description: Segregated Portfolio Series 11, EUR 10,000,000
Dryden XVII Notes of Series 2007-1, Class B-2 due
September 20, 2014
Prior Rating: Baa1
Prior Rating Date: 9/26/2008
Current Rating: Baa2
Class Description: Segregated Portfolio Series 12, EUR 5,000,000
Dryden XVII Notes of Series 2007-2, Class C-2 due
September 20, 2014
Prior Rating: Ba1
Prior Rating Date: 9/26/2008
Current Rating: Ba2
Class Description: Segregated Portfolio Series 13, USD 20,000,000
Dryden XVII Notes of Series 2007-1, Class C-2 due
September 20, 2014
Prior Rating: Ba1
Prior Rating Date: 9/26/2008
Current Rating: Ba2
Class Description: Segregated Portfolio Series 14, JPY 1,000,000,000
Dryden XVII Notes of Series 2007-2, Class D due September
20, 2014
Prior Rating: B1
Prior Rating Date: 9/26/2008
Current Rating: B2
Class Description: Segregated Portfolio Series 15, USD 10,000,000
Dryden XVII Notes of Series 2007-1, Class E due September
20, 2014
Prior Rating: Caa2
Prior Rating Date: 9/26/2008
Current Rating: Caa3
Class Description: Segregated Portfolio Series 17, EUR 5,000,000
Dryden XVII Notes, Series 2007-2 Class JSS due March 20,
2017
Prior Rating: Aa1
Prior Rating Date: 9/26/2008
Current Rating: Aa2
Class Description: Segregated Portfolio Series 21, USD 90,000,000
Dryden XVII Notes of Series 2007-1, Class B-2 due
March 20, 2017
Prior Rating: A3
Prior Rating Date: 9/26/2008
Current Rating: Baa1
Class Description: Segregated Portfolio Series 22, USD 30,000,000
Dryden XVII Notes of Series 2007-1, Class B-2 due
March 20, 2017
Prior Rating: A3
Prior Rating Date: 9/26/2008
Current Rating: Baa1
Class Description: Segregated Portfolio Series 23, USD 80,000,000
Dryden XVII Notes of Series 2007-1, Class JSS due September
20, 2014
Prior Rating: Aa1
Prior Rating Date: 9/26/2008
Current Rating: Aa2
Class Description: Segregated Portfolio Series 24, USD 15,000,000
Dryden XVII Notes of Series 2007-2, Class E due March 20,
2017
Prior Rating: Caa1
Prior Rating Date: 9/26/2008
Current Rating: Caa2
Class Description: Segregated Portfolio Series 25, USD 30,000,000
Dryden XVII Notes of Series 2007-1, Class B-2 due
March 20, 2017
Prior Rating: A3
Prior Rating Date: 9/26/2008
Current Rating: Baa1
Class Description: Segregated Portfolio Series 35(b), U.S.
$10,000,000 Dryden XVII Synthetic CDO Variable Spread
Notes of Series 2008-3, Class C-2 due March 20,
2017
Prior Rating: A3
Prior Rating Date: 3/28/2008
Current Rating: Ba2
Class Description: Segregated Portfolio Series 38, U.S.
$6,000,000 Dryden XVII Notes Series 2007-1,
Class B-2 due March 20, 2017
Prior Rating: A1
Prior Rating Date: 9/26/2008
Current Rating: A3
Class Description: Segregated Portfolio Series 39, U.S.
$25,000,000 Dryden XVII Notes of Series 2007-1,
Class G due March 20, 2017
Prior Rating: A2
Prior Rating Date: 9/26/2008
Current Rating: A3
Class Description: Segregated Portfolio Series 40, U.S.
$50,000,000 Dryden XVII Variable Spread Notes of Series
2007-2, Class G due March 20, 2017
Prior Rating: A2
Prior Rating Date: 9/26/2008
Current Rating: A3
Class Description: Segregated Portfolio Series 41, JPY 1,000,000,000
Dryden XVII Notes of Series 2007-1, Class B-2 due
September 20, 2014
Prior Rating: Baa1
Prior Rating Date: 9/26/2008
Current Rating: Baa2
Class Description: Segregated Portfolio Series 43, U.S.
$3,000,000 Dryden XVII Variable Spread Notes of Series
2007-2, Class E due March 20, 2017
Prior Rating: B2
Prior Rating Date: 7/23/2008
Current Rating: Caa2
According to Moody's, the rating actions are the result of deterioration
in the credit quality of the transaction's reference portfolio,
which includes but is not limited to exposure to Lehman Brothers Holdings
Inc., which filed for protection under Chapter 11 of the
U.S. Bankruptcy Code on September 15, 2008,
and Fannie Mae and Freddie Mac, which were placed into the conservatorship
of the U.S. government on September 8, 2008.
New York
Rodrigo Araya
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Hongfei Zhang
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653