Moody's takes action on credit derivative transactions with AIG exposure
New York, September 22, 2008 -- Moody's Investors Service announced today that is has downgraded and left
on review for possible further downgrade its ratings of certain credit
derivative transactions in the nature of structured notes listed below
(the "Transactions") that have direct credit exposure to American International
Group, Inc. ("AIG") or to one or more AIG subsidiaries.
Moody's explained that its rating action is based upon the recent downgrade
of the Moody's senior unsecured debt rating of AIG as well its rating
actions regarding several AIG subsidiaries on September 15, 2008.
AIG or an AIG subsidiary is the obligor of the underlying assets held
by the Transactions or the guarantor of the payments to the noteholders
of the Transactions, and accordingly each Transaction has a direct
pass-through exposure to the credit risk of AIG or an AIG subsidiary.
Moody's rating actions are as follows:
$71,857,125 6.70% Corporate-Backed
Trust Securities Class A Certificates issued by CorTS Trust for SunAmerica
Debentures
(1) Tranche Name: 6.70% Class A Certificates
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 10, 2008
Anthracite Rated Investments (Cayman) Limited linked to Crown Global Investments
Limited
(1) Tranche Name: Series 7 Principal Protected Notes due 2009
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Cayman) Limited Series 10
(1) Tranche Name: Series 10 Principal Protected Notes due 2011
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Cayman) Limited Series 12
(1) Tranche Name: Series 12 Principal Protected Notes due 2009
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Cayman) Limited Series 17
(1) Tranche Name: Principal Protected Notes due 2014 linked to the
HFRX Global Tracker Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Cayman) Limited Series 8
(1) Tranche Name: Series 8 Principal Protected Notes due 2009
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 10
(1) Tranche Name: Series 10 Euro 12,000,000 Principal
Protected Bonds due 2012 linked to the LJH Sanctuary Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 11
(1) Tranche Name: Series 11 US$61,000,000 Principal
Protected Bonds due 2012
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 10, 2008
Anthracite Rated Investments (Jersey) Limited Series 13
(1) Tranche Name: Series 13 Principal Protected Notes due 2013
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 14
(1) Tranche Name: Series 14 Principal Protected Bonds due 2013
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 27
(1) Tranche Name: Principal Protected Bonds due 2012 linked to US
dollar denominated funds
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 28
(1) Tranche Name: Principal Protected Bonds due 2009 linked to Crown
Global Investments Limited
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 29
(1) Tranche Name: Principal Protected Bonds due 2014 linked to the
Hemisphere Defensive Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 5, 2008
Anthracite Rated Investments (Jersey) Limited Series 30
(1) Tranche Name: Principal Protected Bonds due 2012 linked to Anthracite
Master Company (1) Limited and the Nucleus Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 31
(1) Tranche Name: Principal Protected Bonds due 2011 linked to Anthracite
Master Company (1) Limited, Olympia Star II Ltd., and
Nucleus Fund Ltd.
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 33
(1) Tranche Name: Principal Protected Bonds due 2018 linked to a
Portfolio of Funds
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 2, 2008
Anthracite Rated Investments (Jersey) Limited Series 35
(1) Tranche Name: Principal Protected Bonds due 2015 linked to the
Crown Structured Diversified Segregated Portfolio
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 10, 2008
Anthracite Rated Investments (Jersey) Limited Series 36
(1) Tranche Name: Principal Protected Bonds due 2015 linked to the
Crown Structured Diversified Segregated Portfolio
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 10, 2008
Anthracite Rated Investments (Jersey) Limited Series 4
(1) Tranche Name: Series 4 Principal Protected Notes due 2014
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 41
(1) Tranche Name: Principal Protected Bonds due 2014 linked to the
Planetarium Alternative Investments Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 2, 2008
Anthracite Rated Investments (Jersey) Limited Series 42
(1) Tranche Name: Principal Protected Bonds due 2018 linked to a
portfolio of funds
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 43
(1) Tranche Name: Principal Protected Bonds due 2017 linked to the
Crown Structured Diversified Segregated Portfolio
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 45
(1) Tranche Name: Principal Protected Bonds due 2013 linked to the
Global Discovery Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 48
(1) Tranche Name: Principal Protected Bonds due 2013 linked to the
Global Discovery Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 49
(1) Tranche Name: Series 49 Pound sterling denominated Minimum Redemption
Amount Bonds due 2013 linked to a portfolio of funds of hedge funds and
mutual funds
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 2, 2008
Anthracite Rated Investments (Jersey) Limited Series 50
(1) Tranche Name: Series 50 Euro 23,000,000 Principal
Protected Bonds due 2016 linked to a basket of hedge funds
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 51
(1) Tranche Name: Series 51 Euro 59,400,000 Principal
Protected Bonds due 2016 linked to a basket of funds of hedge funds
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Jersey) Limited Series 59
(1) Tranche Name: Series 59 €30,000,000 Principal
Protected Bonds due 2018 linked to a basket of funds of hedge funds
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: September 11, 2008
Anthracite Rated Investments (Jersey) Limited Series 60
(1) Tranche Name: Series 60 US$12,890,000 130%
Auto-Callable Principal Protected Bonds due 2014 Linked To Crown
Global Investments Limited
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: September 11, 2008
Anthracite Rated Investments (Jersey) Limited Series 7
(1) Tranche Name: Series 7 Principal Protected Bonds due 2012
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: May 30, 2008
Anthracite Rated Investments (Cayman) Limited Series 14
(1) Tranche Name: Series 14 Principal Protected Notes due 2009
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 21, 2005
Anthracite Rated Investments (Cayman) Limited Series 15
(1) Tranche Name: Series 15 Principal Protected Notes due 2010
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 21, 2005
(2) Tranche Name: Series 15 Principal Protected Notes due 2010 (New
Notes)
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 21, 2005
Anthracite Rated Investments (Jersey) Limited Series 12
(1) Tranche Name: Series 12 Principal Protected Bonds due 2013
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 21, 2005
(2) Tranche Name: Series 12 Principal Protected Bonds due 2013 (New
Notes)
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 21, 2005
Anthracite Rated Investments (Jersey) Limited Series 8
(1) Tranche Name: Series 8 €19,000,000 Principal
Protected Bonds due 2009 linked to the GAIM Hedge Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 21, 2005
Anthracite Rated Investments (Jersey) Limited Series 9
(1) Tranche Name: Series 9 Principal Protected Bonds due 2012
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 21, 2005
CBTC American General Institutional Capital A Capital Securities-Backed
Series 2002-17
(1) Tranche Name: 6.125% Class A-1 Certificates
Current Rating: A3, on review for possible downgrade
Prior Rating: A1
Prior Rating Date: May 30, 2008
(2) Tranche Name: 1.445% Class A-2 Certificates
Current Rating: A3, on review for possible downgrade
Prior Rating: A1
Prior Rating Date: May 30, 2008
Corporate-Backed Trust Certificates, AIG Debenture-Backed,
Series 2002-10
(1) Tranche Name: 6.70% Class A-1 Certificates
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 10, 2008
(2) Tranche Name: 0.5683% Class A-1 Certificates
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa3
Prior Rating Date: June 10, 2008
SATURNS AIG Capital Security Backed Series 2002-11
(1) Tranche Name: Class A Callable Units Due 2030
Current Rating: A3, on review for possible downgrade
Prior Rating: A1
Prior Rating Date: June 10, 2008
(2) Tranche Name: Class B Callable Units Due 2030
Current Rating: A3, on review for possible downgrade
Prior Rating: A1
Prior Rating Date: June 10, 2008
TIERS Corporate Bond-Backed Certificates Series AGC 1997-10
(1) Tranche Name: US $79,665,000 Amortizing Class
Certificates
Current Rating: A3, on review for possible downgrade
Prior Rating: A1
Prior Rating Date: June 3, 2008
Suetone Investments Limited Series 2
(1) Tranche Name: Series 2 100% Principal Protected Bonds
due 2015 linked to Crown Structured Diversified Segregated Portfolio
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 25, 2005
Suetone Investments Limited Series 3
(1) Tranche Name: Series 3 100% Principal Protected Bonds
due 2012 linked to Crown Structured Diversified Segregated Portfolio Fund
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 25, 2005
Suetone Investments Limited, Series 1
(1) Tranche Name: Series 1 100% Principal Protected Bonds
due 2012 linked to Crown Structured Diversified Segregated Portfolio
Current Rating: A2, on review for possible downgrade
Prior Rating: Aa2
Prior Rating Date: October 25, 2005
Briarwood Commercial Paper Trust
(1) Tranche Name: Briarwood Commercial Paper Trust Certificates
due 4/16/2043
Current Rating: Aa3, on review for possible downgrade
Prior Rating: Aaa
Prior Rating Date: April 16, 2003
(2) Tranche Name: Class A
Current Rating: P-1, on review for possible downgrade
Prior Rating: P-1
Prior Rating Date: April 16, 2003
(3) Tranche Name: Class B-1
Current Rating: P-1, on review for possible downgrade
Prior Rating: P-1
Prior Rating Date: April 16, 2003
(4) Tranche Name: Class B-2
Current Rating: P-1, on review for possible downgrade
Prior Rating: P-1
Prior Rating Date: April 16, 2003
(5) Tranche Name: Class B-3
Current Rating: P-1, on review for possible downgrade
Prior Rating: P-1
Prior Rating Date: April 16, 2003
(6) Tranche Name: Class C
Current Rating: P-1, on review for possible downgrade
Prior Rating: P-1
Prior Rating Date: April 16, 2003
(7) Tranche Name: Class D
Current Rating: P-1, on review for possible downgrade
Prior Rating: P-1
Prior Rating Date: April 16, 2003
New York
Rodrigo Araya
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Suzanna Sava
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
