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Rating Action:

Moody's upgrades the ratings of $113MM of CLO notes issued by Oak Hill Credit Partners II, Limited

09 Aug 2010

New York, August 09, 2010 -- Moody's Investors Service announced today that it has upgraded the ratings of the following notes issued by Oak Hill Credit Partners II, Limited:

U.S.$5,000,000 Class A-2a Senior Secured Floating Rate Notes Due 2015, Upgraded to Aa1 (sf); previously on October 13, 2009 Confirmed at Aa2 (sf);

U.S.$32,000,000 Class A-2b Senior Secured Fixed Rate Notes Due 2015, Upgraded to Aa1 (sf); previously on October 13, 2009 Confirmed at Aa2 (sf);

U.S.$32,000,000 Class B Senior Secured Deferrable Floating Rate Notes Due 2015, Upgraded to A2 (sf); previously on October 13, 2009 Upgraded to Baa1 (sf);

U.S.$8,500,000 Class C-1 Senior Secured Deferrable Floating Rate Notes Due 2015, Upgraded to Baa3 (sf); previously on October 13, 2009 Upgraded to Ba2 (sf);

U.S.$22,500,000 Class C-2 Senior Secured Deferrable Floating Rate Notes Due 2015, Upgraded to Baa3 (sf); previously on October 13, 2009 Upgraded to Ba2 (sf);

U.S.$2,000,000 Class D-1 Senior Secured Deferrable Floating Rate Notes Due 2015, Upgraded to B2 (sf); previously on October 13, 2009 Confirmed at B3 (sf);

U.S.$5,500,000 Class D-2 Senior Secured Deferrable Floating Rate Notes Due 2015, Upgraded to B2 (sf); previously on October 13, 2009 Confirmed at B3 (sf);

U.S.$5,000,000 Class D-3 Senior Secured Deferrable Fixed Rate Notes Due 2015, Upgraded to B2 (sf); previously on October 13, 2009 Confirmed at B3 (sf).

According to Moody's, the rating actions taken on the notes result primarily from improvement in the credit quality of the underlying portfolio and a significant increase in the overcollateralization of the notes due to delevering since the last rating action in October 2009.

Moody's notes that the transaction benefited from the substantial delevering of the Class A-1a and Class A-1b Notes, which have been paid down by approximately $94MM since the last rating action, accounting for roughly 32% of the total Class A-1a and Class A-1b Notes' outstanding balances reported in September 2009. As a result of the delevering, the overcollateralization ratios have increased significantly since the rating action in October 2009. In particular, based on the trustee report, dated July 1, 2010, the Class A, Class B, Class C and Class D overcollateralization ratios are reported at 145.41%, 128.24%, 115.07%, and 110.50%, respectively, versus the September 2009 levels of 125.93%, 114.88%, 105.88%, and 102.64%, respectively, and all related overcollateralization tests are currently in compliance. A substantial proportion of the delevering is attributable to collateral sales and principal prepayments on the underlying loans. Moody's expects delevering to continue as a result of the end of the deal's reinvestment period in February 2009.

Improvement in the credit quality is observed through an improvement in the average credit rating (as measured by the weighted average rating factor) and a decrease in the proportion of securities from issuers rated Caa1 and below. As of the latest trustee report, dated July 1, 2010, the weighted average rating factor is 2133 compared to 2586 in September 2009, and securities rated Caa1/CCC+ or lower make up approximately 7.7% of the underlying portfolio versus 19.3% in September 2009. Additionally, the dollar amount of defaulted securities has decreased to about $0.6MM from approximately $26MM in September 2009. Due to the impact of revised and updated key assumptions referenced in "Moody's Approach to Rating Collateralized Loan Obligations" and "Annual Sector Review (2009): Global CLOs," key model inputs used by Moody's in its analysis, such as par, weighted average rating factor, diversity score, and weighted average recovery rate, may be different from the trustee's reported numbers.

While the transaction has benefited from delevering and improvement in the credit quality of the underlying portfolio, Moody's noted that the portfolio includes a number of investments in securities that mature after the maturity date of the notes. As of the latest trustee report, dated July 1, 2010, securities that mature after the maturity date of the notes make up approximately 13.6% of the underlying portfolio versus 1.2% in September 2009. These investments potentially expose the notes to market risk in the event of liquidation at the time of the notes' maturity.

Oak Hill Credit Partners II, Limited, issued on February 27, 2003, is a collateralized loan obligation backed primarily by a portfolio of senior secured loans.

The principal methodology used in rating and monitoring the transaction is described in the following publication, which can be found at www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab:

Moody's Approach to Rating Collateralized Loan Obligations (August 12, 2009).

Other methodologies and factors that may have been considered in the process of rating this issue can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

New York
Ramon O. Torres
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Shan Lai
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
USA

Moody's upgrades the ratings of $113MM of CLO notes issued by Oak Hill Credit Partners II, Limited
No Related Data.
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