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Rating Action:

Moody's takes action on U.S. credit derivative transactions with Lehman exposure

18 Sep 2008
Moody's takes action on U.S. credit derivative transactions with Lehman exposure

New York, September 18, 2008 -- Moody's Investors Service announced today that is has placed its ratings of certain U.S. credit derivative transactions listed below (the "Transactions") that have exposure to Lehman Brothers Holdings Inc. ("LBHI") and certain UK Lehman companies, including Lehman Brothers International (Europe) ("LB-UK" and collectively with LBHI, the "LBHI Entities"), on watch for possible downgrade. Moody's explained that its rating action is based upon LBHI seeking protection under Chapter 11 of the U.S. Bankruptcy Code and LB-UK being placed into administration, a procedure governed by the Insolvency Act of 1986, on September 15, 2008.

The exposure of the Transactions to LBHI Entities arises from various roles performed by them in the Transactions, including (without limitation):

-counterparty under interest rate, currency, and coupon swaps

-counterparty under credit default swaps

-guarantor

The Moody's ratings of the following Transactions have been placed on review for possible downgrade:

RACERS, Series 2005-6-A:

(1) RACERS, Series 2005-6-A Certificates:

Current Rating: Baa3, on review for downgrade

Prior Rating: Baa3

Prior Rating Date: April 28, 2005

RACERS, Series 2005-21-C

(1) RACERs, Series 2005-21-C Certificates:

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: October 25, 2005

RACERS, Series 2005-2-TR:

(1) RACERs, Series 2005-2-TR Certificates

Current Rating: Baa3, on review for downgrade

Prior Rating: Baa3

Prior Rating Date: February 17, 2005

RACERS, Series 2005-3-TR:

(1) RACERs, Series 2005-3-TR Certificates

Current Rating: Ba1, on review for downgrade

Prior Rating: Ba1

Prior Rating Date: October 25, 2005

RACERS, Series 2007-5-TR Trust:

(1) $10,000,000 Restructured Asset Certhimtes with Enhanced Returns, Series 7007-5-TR Certificates

Current Rating: Baa3, on review for downgrade

Prior Rating: Baa3

Prior Rating Date: March 21, 2007

Corporate-Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Due 2034:

(1) US$25,000,000 Floating Rate Certificates due February 15, 2034

Current Rating: A2, on review for downgrade

Prior Rating: A2

Prior Rating Date: March 29, 2004

RACERS, Series 2006-18-C (ABX-A-06-1-i):

(1) RACERs, Series 2006-18-C (ABX-A-06-1-i) Certificates

Current Rating: A2, on review for downgrade

Prior Rating: A2

Prior Rating Date: December 22, 2006

RACERS, Series 2006-18-C (ABX-A-06-1-ii):

(1) RACERs, Series 2006-18-C (ABX-A-06-1-ii) Certificates

Current Rating: A2, on review for downgrade

Prior Rating: A2

Prior Rating Date: December 22, 2006

RACERS, Series 2006-18-C (ABX-A-06-1-iii):

(1) RACERs, Series 2006-18-C (ABX-A-06-1-iii) Certificates

Current Rating: A2, on review for downgrade

Prior Rating: A2

Prior Rating Date: December 22, 2006

RACERS, Series 2006-18-C (ABX-A-06-2-i):

(1) RACERs, Series 2006-18-C (ABX-A-06-2-i) Certificates

Current Rating: A2, on review for downgrade

Prior Rating: A2

Prior Rating Date: December 22, 2006

RACERS, Series 2006-18-C (ABX-A-06-2-ii):

(1) RACERs, Series 2006-18-C (ABX-A-06-2-ii) Certificates

Current Rating: A2, on review for downgrade

Prior Rating: A2

Prior Rating Date: December 22, 2006

RACERS, Series 2006-18-C (ABX-A-06-2-iii):

(1) RACERs, Series 2006-18-C (ABX-A-06-2-iii) Certificates

Current Rating: A2, on review for downgrade

Prior Rating: A2

Prior Rating Date: December 22, 2006

Repackaged American General Floating Rate Trust Certificates, Series 2003-1:

(1) US $10,000,000 Floating Rate Certificates due 7/15/2025:

Current Rating: Aa3, on review for downgrade

Prior Rating: Aa3

Prior Rating Date: May 30, 2008

RACERS Series 2001-13-C:

(1) Class A Certificates:

Current Rating: Baa3, on review for downgrade

Prior Rating: Baa3

Prior Rating Date: September 17, 2002

(2) Class F Certificates:

Current Rating: Ba1, on review for downgrade

Prior Rating: Ba1

Prior Rating Date: September 17, 2002

RACERS, Series 2003-7-A:

(1) U.S. $12,275,000 RACERS, Series 2003-7-A Certificates due February 22, 2033:

Current Rating: Aa3, on review for downgrade

Prior Rating: Aa3

Prior Rating Date: March 31, 2003

Washington Structured Products Trust Series 2003-1:

(1) Washington Structured Products Trust Series 2003-1 Notes:

Current Rating: Aa2, on review for downgrade

Prior Rating: Aa2

Prior Rating Date: October 30, 2003

RACERS, Series 2004-25-TR Trust:

(1) Class A-1 Notes-1:

Current Rating: Ba2, on review for downgrade

Prior Rating: Ba2

Prior Rating Date: January 6, 2005

(2) Class A-2 Notes-1:

Current Rating: Ba2, on review for downgrade

Prior Rating: Ba2

Prior Rating Date: January 6, 2005

(3) Class A-3 Notes-1:

Current Rating: Ba2, on review for downgrade

Prior Rating: Ba2

Prior Rating Date: January 6, 2005

(4) Class A-4 Notes-1:

Current Rating: Ba2, on review for downgrade

Prior Rating: Ba2

Prior Rating Date: January 6, 2005

(5) Class A-6 Notes-1:

Current Rating: Ba2, on review for downgrade

Prior Rating: Ba2

Prior Rating Date: January 6, 2005

(6) Class A-7 Notes:

Current Rating: Ba2, on review for downgrade

Prior Rating: Ba2

Prior Rating Date: January 6, 2005

AMMC CLO III, Limited:

(1) U.S. $18,750,000 Class D Floating Rate Notes Due 2016

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: August 13, 2004

AMMC CLO IV, Limited:

(1) Class D

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: June 14, 2005

AMMC CLO V, Limited:

(1) Class D

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: December 28, 2005

AMMC CLO VI, Limited:

(1) Class D Notes

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: June 30, 2006

Ares IIR CLO Ltd.:

(1) Class D-1

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: December 28, 2005

(2) Class D-2

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: December 28, 2005

Ares IX CLO Ltd.:

(1) Class D-1 Floating Rate Deferrable Notes Due 2017

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: April 4, 2005

(2) Class D-2 Fixed Rate Deferrable Notes Due 2017

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: April 4, 2005

(3) Combination Securities Due 2017

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: April 4, 2005

Ares VIR CLO:

(1) Class D Floating Rate Deferrable Notes Due 2018

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: March 24, 2006

Boston Harbor CLO 2004-1, Ltd.:

(1) Class D Floating Rate Deferrable Notes

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: May 24, 2004

Carlyle High Yield Partners IX, Ltd.:

(1) Class D Floating Rate Notes

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: September 28, 2006

Eaton Vance CDO IX, Ltd.:

(1) $35,000,000 Class D Floating Rate Deferrable Notes Due 2019

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: April 27, 2007

(2) $6,000,000 Class 2 Combination Notes Due 2019

Current Rating: Baa3, on review for downgrade

Prior Rating: Baa3

Prior Rating Date: April 27, 2007

Gulf Stream - Compass CLO 2004-1, Ltd.:

(1) Class D Floating Rate Deferrable Notes Due 2016

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: August 13, 2004

Gulf Stream - Compass CLO 2005-1, Ltd.:

(1) Class D Floating Rate Deferrable Notes Due 2017

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: May 31, 2005

Gulf Stream - Sextant CLO 2006-1, Ltd.:

(1) $28,000,000 Class D Floating Rate Deferrable Notes Due 2020

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: August 31, 2006

Gulf Stream - Sextant CLO 2007-1, Ltd.:

(1) U.S. $31,250,000 Class D Floating Rate Deferrable Notes Due 2021

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: June 28, 2007

ING CLO I:

(1) Class D Notes

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: December 19, 2005

ING Investment Management CLO II, Ltd.:

(1) $32,500,000 Class D Floating Rate Deferrable Notes Due 2020

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: August 15, 2006

Mt. Wilson CLO II, Ltd.:

(1) U.S. $32,000,000 Class D Floating Rate Deferrable Notes Due 2020

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: July 26, 2007

Primus CLO I, Ltd.:

(1) Class D Floating Rate Deferrable Notes

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: December 27, 2006

Race Point IV CLO, Ltd.:

(1) U.S. $39,900,000 Class D Floating Rate Deferrable Notes Due 2021

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: August 30, 2007

Schiller Park CLO, Ltd.:

(1) U.S. $25,000,000 Class D Deferrable Floating Rate Notes Due 2021

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: May 18, 2007

Stanfield Modena CLO, Ltd.:

(1) Class D Floating Rate Deferrable Notes

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: October 7, 2004

STANFIELD VANTAGE CLO, Ltd.:

(1) $30,000,000 Class D Floating Rate Deferrable Notes Due 2017

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: May 6, 2005

Stanfield Veyron CLO, Ltd.:

(1) Class D

Current Rating: Baa2, on review for downgrade

Prior Rating: Baa2

Prior Rating Date: June 30, 2006

Pine CCS, Ltd.:

(1) US $1,025,000,000 Class A-1 Notes due 2014

Current Rating: A3, on review for possible downgrade

Prior Rating: A3

Prior Rating Date: June 26, 2008

(2) US $488,600,000 Class A-2 Notes due 2014

Current Rating: A3, on review for possible downgrade

Prior Rating: A3

Prior Rating Date: June 26, 2008

(3) US $132,400,000 Class B Notes due 2014

Current Rating: B2, on review for possible downgrade

Prior Rating: B2

Prior Rating Date: June 26, 2008

Spruce CCS, Ltd.:

(1) US$1,462,050,000 Senior Notes due 2017

Current Rating: A2, on review for possible downgrade

Prior Rating: A2

Prior Rating Date: May 8, 2008

(2) US$243,670,000 Mezzanine Notes due 2017

Current Rating: B1, on review for possible downgrade

Prior Rating: B1

Prior Rating Date: May 8, 2008

Verano CCS, Ltd.:

(1) US $1,352,600,000 Senior Notes due 2016

Current Rating: A3, on review for possible downgrade

Prior Rating: A3

Prior Rating Date: July 31, 2008

(2) US $180,400,000 Mezzanine Notes due 2016

Current Rating: B2, on review for possible downgrade

Prior Rating: B2

Prior Rating Date: July 31, 2008

New York
Jian Hu
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
John Park
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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