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Related Issuers
$45,548,550 8.20% Corporate-Backed Trust Securities Certificates issued by CorTS Trust for First Union Institutional Capital I
ABN AMRO North America Holding Preferred Capital Repackaging Trust I
Auction Pass Through Trust 2007-3
Auction Pass-Through Trust 2006-1
Auction Pass-Through Trust 2006-10
Auction Pass-Through Trust 2006-11
Auction Pass-Through Trust 2006-12
Auction Pass-Through Trust 2006-3
Auction Pass-Through Trust 2006-4
Auction Pass-Through Trust 2006-5
Auction Pass-Through Trust 2006-6
Auction Pass-Through Trust 2006-7
Auction Pass-Through Trust 2006-8
Auction Pass-Through Trust 2007-2
Auction Pass-Through Trust 2007-4
Auction Pass-Through Trust 2007-5
Auction Pass-Through Trust 2007-T1
Auction Pass-Through Trust 2007-T2
Auction Pass-Through Trust 2007-T4
Auction Pass-Through Trust 2007-T5
Auction Rate Securities Trust 2007-2
Auction Rate Trust Securities 2007-1
CABCO Series 2004-1 Trust (Goldman Sachs Capital I)
CABCO Trust Series 2004-101
Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-7 Trust
Corporate Backed Trust Certificates, Series 2004-4, Goldman Sachs Capital I Securities-Backed
Corporate-Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-6 Due 2034
CorTS Trust for Goldman Sachs Capital I
CorTS Trust II for Goldman Sachs Capital I
Fixed Income Pass-Through Trust 2007-C
HSBC - STARS & STRIPES Custodial Receipts (Merrill Series 2)
HSBC - STARS/STRIPES Custodial Receipts (Goldman Series D)
Landmark Primary Trust Series A Interest Certificates
Landmark Primary Trust Series C Interest Certificates
MMP Stock Cust Rcpts, ABN AMRO,Series X
MMP Stock Cust Rcpts, ABN AMRO,Series XI
Pass-Through Auction Market Preferred Securities, Series 2007-1
PPLUS Trust Series GSC-1
PPLUS Trust Series GSC-3
PPLUS Trust Series GSC-4
Saguaro Issuer Trust
SATURNS Goldman Sachs Capital I Debenture Backed Series 2004-4
SATURNS Goldman Sachs Capital I Debenture Backed Series 2004-6
SATURNS Goldman Sachs Capital I Debenture Backed Series 2005-1
Spyglass Trust-1
Spyglass Trust-4
Spyglass Trust-6
Wachovia Fixed Income Pass-Through Trust 2007-B (LeNS)
Wachovia Preferred Pass Through Trust 2006-A
Wachovia Preferred Pass-Through Trust 2006-B
Rating Action:

Moody's takes action on structured notes affected by bank hybrid and subordinate debt methodology revision

10 Dec 2009

New York, December 10, 2009 -- Moody's Investors Service announced today that it has taken rating action on the following structured note transactions listed below (the "Transactions"). Moody's explains that these Transactions are structured as direct pass-throughs of underlying securities each of which have experienced recent rating actions due to the revision to Moody's methodology for rating bank hybrid and subordinate debt announced by Moody's on November 18, 2009.

Today's rating actions are as follows:

1

Deal: $45,548,550 8.20% Corporate-Backed Trust Securities Certificates issued by CorTS Trust for First Union Institutional Capital I

Tranche: $1,821,942 8.20% Corporate-Backed Trust Securities Certificates; Downgraded to Baa2; Previously on April 23, 2009 Downgraded to A3

Underlying security: 8.04% Capital Securities due December 1, 2026 issued by First Union Institutional Capital I

2

Deal: ABN AMRO North America Holding Preferred Capital Repackaging Trust I

Tranche: $850,000,000 6.523% Fixed/Floating Noncumulative Trust Securities; Upgraded to Ba3; Previously on August 21,2009 B3, Placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Company Preferred Securities each issued by an indirect subsidiary of ABN AMRO North America Holding Company

3

Deal: Auction Pass-Through Trust 2006-1

Tranche: $50,600,000 Class A Certificates; A3, Placed on review for downgrade; Previously on June 17, 2009 Downgraded to A3

Tranche: $12,650,000 Class B Certificates; A3, Placed on review for downgrade; Previously on June 17, 2009 Downgraded to A3

Underlying security: Series F Floating Rate Preferred Stock and Series G Floating Rate Preferred Stock issued by HSBC USA Inc.

4

Deal: Auction Pass-Through Trust 2006-3

Tranche: $120,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21,2009 B3, Placed on review for upgrade

Tranche: $30,000,000 Class B Certificates; Upgraded to Ba3; Previously on August 21,2009 B3, Placed on review for upgrade

Underlying security: Series 4 Floating Rate Non-Cumulative Preferred Stock issued by Merrill Lynch

5

Deal: Auction Pass-Through Trust 2006-4

Tranche: $120,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21,2009 B3, Placed on review for upgrade

Tranche: $30,000,000 Class B Certificates; Upgraded to Ba3; Previously on August 21,2009 B3, Placed on review for upgrade

Underlying security: Series 4 Floating Rate Non-Cumulative Preferred Stock issued by Merrill Lynch

6

Deal: Auction Pass-Through Trust 2006-5

Tranche: $120,000,000 Class A Certificates; A2, Placed on review for downgrade; Previously on April 14, 2009 Downgraded to A2;

Tranche: $30,000,000 Class B Certificates; A2, Placed on review for downgrade; Previously on April 14, 2009 Downgraded to A2;

Underlying security: Non-Cumulative Perpetual Preferred Stock, Series 4 issued by U.S Bancorp

7

Deal: Auction Pass-Through Trust 2006-6

Tranche: $120,000,000 Class A Certificates; A2, Placed on review for downgrade; Previously on April 14, 2009 Downgraded to A2;

Tranche: $30,000,000 Class B Certificates; A2, Placed on review for downgrade; Previously on April 14, 2009 Downgraded to A2;

Underlying security: Non-Cumulative Perpetual Preferred Stock, Series 4 issued by U.S Bancorp

8

Deal: Auction Pass-Through Trust 2006-7

Tranche: $96,000,000 Class A Certificates; A3, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to A3;

Tranche: $24,000,000 Class B Certificates; A3, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to A3;

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series A, C, and D issued by Goldman, Sachs Group, Inc.

9

Deal: Auction Pass-Through Trust 2006-8

Tranche: $96,000,000 Class A Certificates; A3, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to A3;

Tranche: $24,000,000 Class B Certificates; A3, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to A3;

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series A, C, and D issued by Goldman, Sachs Group, Inc.

10

Deal: Auction Pass-Through Trust 2006-10

Tranche: $96,000,000 Class A Certificates; Baa1, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to Baa1

Tranche: $24,000,000 Class B Certificates; Baa1, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to Baa1

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series A issued by Morgan Stanley

11

Deal: Auction Pass-Through Trust 2006-11

Tranche: $96,000,000 Class A Certificates; Baa1, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to Baa1

Tranche: $24,000,000 Class B Certificates; Baa1, Placed on review for downgrade; Previously on January 9, 2009 Downgraded to Baa1

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series A issued by Morgan Stanley

12

Deal: Auction Pass-Through Trust 2006-12

Tranche: $70,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Tranche: $35,000,000 Class B Certificates, Upgraded to Ba3; Previously onAugust 21, 2009 B3, placed on review for upgrade

Underlying security: Non-Cumulative Preferred Stock, Series D issued by Bank of America

13

Deal: Auction Pass-Through Trust 2007-2

Tranche: $120,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Tranche: $30,000,000 Class B Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series 5 issued by Merrill Lynch & Co, Inc.

14

Deal: Auction Pass-Through Trust 2007-3

Tranche: $120,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Tranche: $30,000,000 Class B Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series 5 issued by Merrill Lynch & Co, Inc.

15

Deal: Auction Pass-Through Trust 2007-4

Tranche: $120,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Tranche: $30,000,000 Class B Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series 5 issued by Merrill Lynch & Co, Inc.

16

Deal: Auction Pass-Through Trust 2007-5

Tranche: $112,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Tranche: $28,000,000 Class B Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series E issued by Bank of America

17

Deal: Auction Pass-Through Trust 2007-T1

Tranche: $95,000,000 Class A Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 Downgraded to A1

Tranche: $19,000,000 Class B Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 Downgraded to A1

Underlying security: JP Morgan Chase Capital XXI Floating Rate Capital Securities

18

Deal: Auction Pass-Through Trust 2007-T2

Tranche: $60,000,000 Class A Certificates; Baa2, Placed on review for downgrade; Previously on April 23, 2009 Downgraded to Baa2

Tranche: $20,000,000 Class B Certificates; Baa2, Placed on review for downgrade; Previously on April 23, 2009 Downgraded to Baa2

Underlying security: Non-Cumulative Callable Dollar Preference Shares, Series 1 issued by Barclays Bank Plc

19

Deal: Auction Pass-Through Trust 2007-T4

Tranche: $45,000,000 Class A Certificates; Baa2, Placed on review for downgrade; Previously on April 23, 2009 Downgraded to Baa2

Tranche: $15,000,000 Class B Certificates; Baa2, Placed on review for downgrade; Previously on April 23, 2009 Downgraded to Baa2

Underlying security: Non-Cumulative Callable Dollar Preference Shares, Series 1 issued by Barclays Bank Plc

20

Deal: Auction Pass-Through Trust 2007-T5

Tranche: $72,000,000 Class A Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 Downgraded to A1

Tranche: $18,000,000 Class B Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 Downgraded to A1

Underlying security: JP Morgan Chase Capital XXIII Floating Rate Capital Securities, Series W

21

Deal: Auction Rate Securities Trust 2007-1

Tranche: $60,000,000 Class A Auction Rate Trust Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Tranche: $15,000,000 Class B Leveraged Trust Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series 5 issued by Merrill Lynch

22

Deal: Auction Rate Securities Trust 2007-2

Tranche: $40,000,000 Class A Auction Rate Trust Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Tranche: $10,000,000 Class B Leveraged Trust Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series E issued by Bank of America

23

Deal: CABCO Series 2004-1 Trust (Goldman Sachs Capital I)

Tranche: $62,500,000 Certificate Principal Balance, Class A-1 Callable Certificates 6.00% Pass-Through Rate; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

24

Deal: CABCO Series 2004-101 Trust (Goldman Sachs Capital I)

Tranche: $150,000,000 Floating Rate Callable Certificates; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

25

Deal: Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-7 Trust

Tranche: US$30,000,000 Class A-1 Certificates due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

26

Deal: Corporate Backed Trust Certificates, Series 2004-4, Goldman Sachs Capital I Securities-Backed

Tranche: US$85,000,000 6.00% Class A-1 Certificates due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: US$3,656,000 7.00% Class A-2 Certificates Due 02/15/2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

27

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

Tranche: US$25,000,000 Floating Rate Certificates due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

28

Deal: CorTS Trust for Goldman Sachs Capital I

Tranche: Class A Corporate-Backed Trust Securities due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: Class B Corporate-Backed Trust Securities due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

29

Deal: CorTS Trust II for Goldman Sachs Capital I

Tranche: Class A Corporate-Backed Trust Securities due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: Class B Corporate-Backed Trust Securities due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

30

Deal: Fixed Income Pass-Through Trust 2007-C

Tranche: U.S. $110,000,000 Class A Auction Rate Trust Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 Downgraded to A1

Tranche: U.S. $22,000,000 Class B Leveraged Trust Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 Downgraded to A1

Underlying security: JPMorgan Chase Capital XXIII, Floating Rate Capital Securities, Series W

31

Deal: HSBC - STARS & STRIPES Custodial Receipts (Merrill Series 2)

Tranche: $36,400,000 Structured Auction Rate Securities Stock Custodial Receipts, Merrill Series 2; Upgraded to Ba3; Previously on August 21, 2009 B3 placed on review for upgrade

Tranche: $19,600,000 Structured Residual Interest Preferred Enhanced Securities Stock Custodial Receipts, Merrill Series 2; Upgraded to Ba3; Previously on August 21, 2009 B3 placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series 2 issued by Merrill Lynch & Co., Inc.

32

Deal: HSBC - STARS/STRIPES Custodial Receipts (Goldman Series D)

Tranche: $52,000,000 Structured Auction Rate Securities Stock Custodial Receipts, Goldman Series D; A3, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A3

Tranche: $28,000,000 Structured Residual Interest Preferred Enhanced Securities Stock Custodial Receipts, Goldman Series D; A3, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A3

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series D issued by Goldman, Sachs Group, Inc.

33

Deal: Landmark Primary Trust Series A Interest Certificates

Tranche: US $20,000,000 aggregate face amount of Principal Certificates, Series A; Baa1, Placed on review for downgrade; Previously on April 23, 2009 downgraded to Baa1

Underlying security: $20,000,000 face amount of Undated Subordinated Floating Rate Primary Capital Notes, Series 1 issued by Barclays Bank Plc.

34

Deal: Landmark Primary Trust Series C Interest Certificates

Tranche: US $16,000,000 aggregate face amount of Principal Certificates, Series C; Aa3, Placed on review for downgrade; Previously on December 17, 2008 upgraded to Aa3

Underlying security: U.S. $16,000,000 face amount of Undated Subordinated Floating Rate Primary Capital Notes issued by Societe Generale

35

Deal: BAC AAH Capital Funding LLC X

Tranche: $70,000,000 Money Market Preferred Stock Custodial Receipts, Bank of America Corporation, Series X; Upgraded to Ba3; Previously on August 21, 2009 B3, Placed on review for upgrade

Underlying security: Floating Rate Noncumulative Company Preferred Securities X issued by BAC AAH Capital Funding LLC X

36

Deal: BAC AAH Capital Funding LLC XI

Tranche: $70,000,000 Money Market Preferred Stock Custodial Receipts, Bank of America Corporation, Series XI; Upgraded to Ba3; Previously on August 21, 2009 B3, Placed on review for upgrade

Underlying security: Floating Rate Noncumulative Company Preferred Securities XI issued by BAC AAH Capital Funding LLC XI

37

Deal: Pass-Through Auction Market Preferred Securities, Series 2007-1

Tranche: $65,000,000 Class A Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, Placed on review for upgrade

Tranche: $16,250,000 Class B Certificates; Upgraded to Ba3; Previously on August 21, 2009 B3, Placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series 2 and Series 5 issued by Merrill Lynch & Co., Inc.

38

Deal: PPLUS Trust Series GSC-1

Tranche: PPLUS Class A 6.25% Trust Certificates; A2, Placed on review for downgrade, Previously on December 23, 2008 Downgraded to A2

Tranche: PPLUS Class B 0.095% Trust Certificates Series GSC-1; A2, Placed on review for downgrade, Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

39

Deal: PPLUS Trust Series GSC-3

Tranche: PPLUS Class A 6.00% Trust Certificates; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: PPLUS Class B 0.345% Trust Certificates Series GSC-3; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

40

Deal: PPLUS Trust Series GSC-4

Tranche: PPLUS Class A 6.00% Trust Certificates; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: PPLUS Class B 0.345% Trust Certificates Series GSC-4; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

41

Deal: Saguaro Issuer Trust

Tranche: US $15,000,000 aggregate face amount of Principal Units, Series A; Baa1, Placed on review for downgrade; Previously on April 23, 2009 downgraded to Baa1

Underlying Security: $15,000,000 face amount of Undated Subordinated Floating Rate Notes issued by Barclays Bank Plc

Tranche: US $10,000,000 aggregate face amount of Principal Units, Series B; Baa1, Placed on review for downgrade; Previously on April 23, 2009 downgraded to Baa1

Underlying Security: $10,000,000 face amount of Undated Subordinated Floating Rate Notes issued by Barclays Bank Plc

Tranche: US $13,000,000 aggregate face amount of Principal Units, Series C; Baa1, Placed on review for downgrade; Previously on April 23, 2009 downgraded to Baa1

Underlying Security: $13,000,000 face amount of Undated Subordinated Floating Rate Notes issued by Barclays Bank Plc

Tranche: US $11,000,000 aggregate face amount of Principal Units, Series D; A1, Placed on review for downgrade; Previously on September 18, 2009 downgraded to A1;

Underlying Security: U.S. $11,000,000 face amount of Perpetual Floating Rate Subordinated Notes of Den Norske Creditbank

Tranche: U.S. $7,000,000 aggregate face amount of Principal Units, Series E; A1, Placed on review for downgrade; Previously on September 18, 2009 downgraded to A1;

Underlying Security: U.S. $7,000,000 face amount of Floating Rate Capital Notes of Den Norske Creditbank.

Tranche: US $20,000,000 aggregate face amount of Principal Units, Series F; Downgraded to Ba2; Previously on September 18, 2009 Downgraded to Ba1 and Placed on review for downgrade;

Underlying Security: U.S. $20,000,000 face amount of Primary Capital Undated Floating Rate Notes of Lloyds Bank Plc

Tranche: US $20,000,000 aggregate face amount of Principal Units, Series G; Downgraded to Ba2; Previously on September 18, 2009 Downgraded to Ba1 and Placed on Review for downgrade;

Underlying Security: U.S. $20,000,000 face amount of Undated Capital Floating Rate Notes, Series 2 of Lloyds Bank Plc

Tranche: US $14,550,000 aggregate face amount of Principal Units, Series H; A2, Placed on review for downgrade; Previously on April 30,2009 Downgraded to A2;

Underlying Security: U.S. $14,550,000 face amount of Undated Floating Rate Primary Capital Notes of Midland Bank Plc

Tranche: US $20,800,000 aggregate face amount of Principal Units, Series I; A2, Placed on review for downgrade; Previously on April 30,2009 Downgraded to A2;

Underlying Security: U.S. $20,800,000 face amount of Undated Floating Rate Primary Capital Notes of Midland Bank Plc

42

Deal: SATURNS Goldman Sachs Capital I Debenture Backed Series 2004-4

Tranche: US $81,000,000 of 6.00% Deferrable Class A Callable Units due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: US $3,615,000 Initial Notional Amortizing Balance of Interest-Only 7.43% Deferrable Rate Class B Callable Units Due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

43

Deal: SATURNS Goldman Sachs Capital I Debenture Backed Series 2004-6

Tranche: US $80,000,000 of 6.00% Deferrable Class A Callable Units due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: US $3,564,000 Initial Notional Amortizing Balance of Interest-Only 7.44% Deferrable Rate Class B Callable Units Due February 15, 2034; A2, Placed on review for downgrade; Previously on 12/23/2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

44

Deal: SATURNS Goldman Sachs Capital I Debenture Backed Series 2005-1

Tranche: US $60,000,000 of 6.25% Deferrable Class A Callable Units due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Tranche: US $1,574,000 Initial Notional Amortizing Balance of Interest-Only 7.69% Deferrable Rate Class B Callable Units Due February 15, 2034; A2, Placed on review for downgrade; Previously on December 23, 2008 Downgraded to A2

Underlying security: 6.345% Guaranteed Capital Securities issued by Goldman Sachs Capital I

45

Deal: Spyglass Trust-1

Tranche: $70,000,000 Face Amount of Principal Units Due January 28, 2019; Baa1, Placed on review for downgrade; Previously on June 17, 2009 downgraded to Baa1

Underlying security: Undated Subordinated Floating Rate Notes issued by Barclays Bank Plc

46

Deal: Spyglass Trust-4

Tranche: $70,000,000 Face Amount of Principal Units Due January 28, 2019; Downgraded to Ba2; Previously on September 18, 2009 downgraded to Ba1 and placed on review for downgrade

Underlying security: Primary Capital Undated Floating Rate Notes (Series 3) of Lloyds Bank Pl

47

Deal: Spyglass Trust-6

Tranche: $40,000,000 Face Amount of Principal Units Due 2018; Aa3, Placed on review for downgrade; Previously on May 22, 2009 upgraded to Aa3

Underlying security: Undated Subordinated Floating Rate Primary Capital Notes issued by Societe Generale

48

Deal: Wachovia Fixed Income Pass-Through Trust 2007-B (LeNS)

Tranche: $30,600,000 Class A Auction Rate Trust Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 downgraded to A1

Tranche: $6,800,000 Class B Leveraged Trust Certificates; A1, Placed on review for downgrade; Previously on January 30, 2009 downgraded to A1

Underlying security: JP Morgan Chase Capital XXI Floating Rate Underlying Securities, Series U

49

Deal: Wachovia Preferred Pass Through Trust 2006-A

Tranche: $50,000,000 Class A Auction Rate Preferred Trust Certificates; A3, Placed on review for downgrade; Previously on December 23, 2008 downgraded to A3

Tranche: $25,000,000 Class B Leveraged Preferred Trust Certificates; A3, Placed on review for downgrade; Previously on December 23, 2008 downgraded to A3

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series D issued by Goldman, Sachs Group, Inc.

50

Deal: Wachovia Preferred Pass-Through Trust 2006-B

Tranche: $124,000,000 Class A Money Market Preferred Trust Certificates; Upgraded to Ba3; Previously on September 21, 2009 B3 placed on review for upgrade

Tranche: $31,000,000 Class B Leveraged Preferred Trust Certificates; Upgraded to Ba3; Previously on September 21, 2009 B3 placed on review for upgrade

Underlying security: Floating Rate Non-Cumulative Preferred Stock, Series E issued by Bank of America Corporation

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

New York
Ainat Koller
Senior Associate
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on structured notes affected by bank hybrid and subordinate debt methodology revision
No Related Data.
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