Moody's takes action on credit derivative transactions with Lehman exposure
New York, September 18, 2008 -- Moody's Investors Service announced today that is has downgraded
and left under review for further possible downgrade its ratings of certain
credit derivative transactions listed below (the "Transactions")
that have exposure to Lehman Brothers Holdings Inc. ("LBHI").
Moody's explained that its rating action is based upon the recent
downgrade of Moody's rating of LBHI from A1 to B3 on watch for possible
downgrade.
LBHI is the obligor of the underlying obligations held by the Transactions,
and accordingly each transaction has a direct pass-through exposure
of the credit risk of LBHI.
Moody's rating actions are as follows:
Anthracite Rated Investments (Cayman) Limited Series 20
(1) First Tranche 10,000,000 Capital Protected Notes
due 2022
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
(2) Second Tranche 9,800,000 Capital Protected Notes
due 2022
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
(3) Third Tranche 15,200,000 Capital Protected Notes
due 2022
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Cayman) Limited Series 22:
(1) Capital Protected Notes due 2018/21 linked to a Portfolio of Funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Cayman) Limited Series 24:
(1) Principal Protected Notes due 2015 linked to a Portfolio of Funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Cayman) Limited Series 25
(1) Minimum Redemption Amount Notes due 2019/22 linked to a Portfolio
of Funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Cayman) Limited Series 26
Principal Protected Notes due 2023 linked to a Portfolio of Funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: September 11, 2008
Anthracite Rated Investments (Jersey) Limited Series 15
(1) Series 15 Principal Protected Bonds due 2013
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Jersey) Limited Series 38
(1) Capital Protected Bonds due 2017 linked to a Portfolio of Funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Jersey) Limited Series 52
(1) Principal Protected Bonds due 2017 linked to a Basket of Hedge Funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Jersey) Limited Series 58
(1) Principal Protected Bonds due 2012 linked to a Basket of Hedge funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Anthracite Rated Investments (Jersey) Series 54
(1) Principal Protected Bonds due 2017 linked to a Basket of Hedge Funds
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: June 26, 2008
Aspen Ambrose, Limited
(1) Aspen Ambrose, Limited Notes Due October 30, 2019
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 24, 2008
Aspen Bell, Limited
(1) Aspen Bell, Limited Notes Due October 30, 2019
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Aspen Lucian, Limited
(1) Aspen Lucian, Limited Notes Due October 30, 2019
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Aspen Noah, Limited
(1) Aspen Noah, Limited Notes Due October 30, 2019
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Banyan Tree 2004-1, Limited
(1) Banyan Tree Note Due January 20, 2017
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 24, 2008
Pinyon Tree 2005-1, Limited
(1) Pinyon Tree 2005-1 Note Due July 25, 2017
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Quartz Finance Limited
(1) Zero Coupon Fund-Linked Principal Protected Notes due 2009
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 17, 2001
Quartz Finance Limited Series 2001-1
(1) Zero Coupon Fund-Linked Principal-Protected Notes due
2009
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: April 06, 2001
Quartz Finance Limited Series 2001-3
(1) Zero Coupon Fund-Linked Principal-Protected Notes due
2009
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: November 30, 2001
RACERS 2000-16-P-Strong
(1) RACERS 2000-16-P-Strong Trust Certificates
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: December 12, 2002
RACERS SERIES 2000-13-P-MADISON AVENUE TRUST
(1) US $5,420,155 Series 2000-13-P-Madison
Avenue Trust Certificates
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: July 22, 2008
Restructured Asset Securities With Enhanced Returns, Series 2007-7-MM
Trust
(1) US $5,000,000,000 Restructured Asset Securities
With Enhanced Returns, Series 2007-7-MM Notes
Current Rating: NP
Prior Rating: P-1
Prior Rating Date: August 23, 2007
Ruby Finance Public Limited Company Series 2007-4
(1) 2007-4 USD 50,000,000 Partly Paid Notes due 2019
Current Rating: B3, on review for possible downgrade
Prior Rating: A2
Prior Rating Date: August 22, 2008
Zais Zephyr A-3, Ltd.
(1) Up to Euros 10,000,000 Zais Zephyr A-3,
Ltd. Principal Protected Notes
Current Rating: B3, on review for possible downgrade
Prior Rating: A1
Prior Rating Date: October 19, 2007
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