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Rating Action:

Moody's takes rating actions on structured notes affected by the reviews of BofA and Citi's ratings

22 Sep 2011

New York, September 22, 2011 -- Moody's Investors Service announced today that it has taken rating actions on the following structured note transactions listed below (the "Transactions"):

Deal Name: Structured Investments Corporation III

$273,000,000 SIC III Series 2005-7 ESUN Notes Due 2012, Confirmed at A3 (sf); previously on June 3, 2011 A3 (sf), Placed Under Review for Possible Downgrade;

Underlying securities: $273,000,000 Zero Coupon Notes due 28 November 2012 issued by Citigroup Funding Inc.

Deal Name: Currency-ADjusted Enhanced Trust Securities

U.S. $335,000,000 4.80% Currency-ADjusted Enhanced Trust Securities, Series 2003-1 due 2013; Confirmed at A1; previously on June 3, 2011 A1, Placed Under Review for Possible Downgrade;

Underlying securities: Swap Counterparty, Citibank, N.A.

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

U.S. $65,000,000 Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

U.S. $16,250,000 Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: Merrill Lynch & Co., Inc. Non-Cum. Pfd. Stk. Series 2 & 5

Deal Name: Wachovia Preferred Pass-Through Trust 2006-B

Class A Money Market Preferred Trust Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Class B Leveraged Preferred Trust Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: BANK OF AMERICA CORPORATION Ser. E

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

6.473% Fixed/Floating Noncummulative Trust Securities, Confirmed at Ba3; previously on June 3, 2011 Ba3, Placed Under Review for Possible Upgrade;

Underlying securities: BAC AAH Capital Funding LLC II

Deal Name: Auction Pass-Through Trust 2006-12

$70,000,000 Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

$35,000,000 Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: BANK OF AMERICA CORPORATION Ser. D

Deal Name: Auction Pass-Through Trust 2006-3

$120,000,000 Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

$30,000,000 Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: MERRILL LYNCH & CO., INC. Ser. 4

Deal Name: Auction Pass-Through Trust 2006-4

$120,000,000 Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

$30,000,000 Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: MERRILL LYNCH & CO., INC. Ser. 4

Deal Name: Auction Pass-Through Trust 2007-2

$120,000,000 Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

$30,000,000 Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: Merrill Lynch & Co., Inc. Non-Cum. Pfd. Stk. Series 5

Deal Name: Auction Pass Through Trust 2007-3

$120,000,000 Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

$30,000,000 Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: Merrill Lynch & Co., Inc. Non-Cum. Pfd. Stk. Series 5

Deal Name: Auction Pass-Through Trust 2007-4

$120,000,000 Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

$30,000,000 Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: Merrill Lynch & Co., Inc. Non-Cum. Pfd. Stk. Series 5

Deal Name: Auction Pass-Through Trust 2007-5

Class A Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Class B Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: Bank of America Corporation Cum Non-Pref, Ser E

Deal Name: Auction Rate Securities Trust 2007-1

U.S. $60,000,000 Class A Auction Rate Trust Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

U.S. $15,000,000 Class B Leveraged Trust Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: Merrill Lynch Floating Rate Non-Cumulative Preferred Stock, Series 5

Deal Name: Auction Rate Securities Trust 2007-2

U.S. $40,000,000 Class A Auction Rate Trust Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

U.S. $10,000,000 Class B Leveraged Trust Certificates, Confirmed at Ba3 (sf); previously on June 3, 2011 Ba3 (sf), Placed Under Review for Possible Upgrade;

Underlying securities: BANK OF AMERICA CORPORATION Ser. E

Deal Name: MMP Stock Cust Rcpts, ABN AMRO,Series X

$70 MMP Stock Cust Rcpts, ABN AMRO, Series X, Confirmed at Ba3; previously on June 3, 2011 Ba3, Placed Under Review for Possible Upgrade;

Underlying securities: BAC AAH Capital Funding LLC X

Deal Name: MMP Stock Cust Rcpts, ABN AMRO,Series XI

$70 MMP Stock Cust Rcpts, ABN AMRO, Series XI, Confirmed at Ba3; previously on June 3, 2011 Ba3, Placed Under Review for Possible Upgrade;

Underlying securities: BAC AAH Capital Funding LLC XI

Deal Name: SATURNS Trust No. 2001-6

U.S. $63,370,000 Certificates Due 2026; Downgraded to Ba1; previously on April 23, 2009 downgraded to Baa3;

Underlying securities: BankAmerica Institutional Capital A

Deal Name: PREFERREDPLUS Trust Series CCR-1

PREFERREDPLUS 8.05% Trust Certificates Series CCR-1, Downgraded to Ba1; previously on May 14, 2009 downgraded to Baa3;

Underlying securities: COUNTRYWIDE CAPITAL III Ser. B

RATINGS RATIONALE

The transactions are structured note whose ratings are based on the ratings of the Underlying Securities and the legal structure of the transaction. Today's rating action of Bofa/Merrill Lynch and Citibank underlying securities whose ratings were affirmed or downgraded on September 21, 2011. See link to the September 21 rating action:

http://www.moodys.com/research/Moodys-downgrades-Citigroup-Inc-to-P-2-Citibank-Prime-1--PR_226520

http://www.moodys.com/research/Moodys-downgrades-Bank-of-America-Corp-to-Baa1P-2-Bank--PR_226511

The principal methodology used in this rating was "Moody's Approach to Rating Repackaged Securities" published in April 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Further information on Moody's analysis of this transaction is available on www.moodys.com.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, and public information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Ainat Koller
Associate Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Leon Mogunov
VP - Senior Credit Officer
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes rating actions on structured notes affected by the reviews of BofA and Citi's ratings
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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