New York, September 01, 2009 -- Moody's Investors Service announced today that it has withdrawn its ratings
of 66 securities listed below subsequent to the modified rating methodology
it applies to structured finance securities insured by financial guarantors.
Specifically, starting September 1, 2009, Moody's will
withdraw the ratings on those structured finance securities insured by
guarantors that have financial strength ratings below Baa3 (that is non-investment
grade) if either of two conditions are met: Moody's is unable to
determine an underlying rating (i.e., absent consideration
of the guaranty) on the security or the issuer has requested that the
guaranty constitute the sole credit consideration.
Moody's rating on a structured finance security insured by a financial
guarantor will continue to be at the higher of (i) the guarantor's financial
strength rating and (ii) providing that an underlying rating can be determined
the current underlying rating on the security, regardless of whether
the underlying rating is published or not. If the underlying rating
cannot be determined or if the issuer has requested that the guaranty
constitute the sole credit consideration, and a) providing the guarantor's
financial strength rating is Baa3 or higher, Moody's rating on a
structured finance security shall continue to be equal to the guarantors
financial strength rating, otherwise, b) as detailed above,
Moody's will withdraw the rating.
In December 2007 Moody's published its practices for assigning ratings
to securities wrapped by financial guarantors in the December 2007 special
comment "Rating of Transactions Wrapped by Financial Guarantors:
Frequently Asked Questions." Moody's published an addendum to that
report in February 2008 called "Assignment of Wrapped Ratings When Financial
Guarantor Falls Below Investment Grade." Both reports are available
on Moodys.com.
Complete list of rating actions as follows
Issuer: Aleutian Investment LLC, 2002 Series B
2002 Series B, Withdrawn; previously on Jul 29, 2009
Downgraded to Caa2
Issuer: Aleutian Investments LLC, 2001 Series A and B
2001 Ser. A, Withdrawn; previously on Jul 29,
2009 Downgraded to Caa2
Medium Term Notes, Withdrawn; previously on Jul 29, 2009
Downgraded to Caa2
Issuer: Aleutian Investments LLC, 2002 Series A
2002 Series A, Withdrawn; previously on Jul 29, 2009
Downgraded to Caa2
Issuer: Aleutian Investments LLC, 2003 Series A
2003 Ser. A, Withdrawn; previously on Jul 29,
2009 Downgraded to Caa2
Issuer: Aleutian Investments LLC, 2004 Series A
2004 Ser. A, Withdrawn; previously on Jul 29,
2009 Downgraded to Caa2
Issuer: Aleutian Investments LLC, 2006 Series A
2006 Ser. A, Withdrawn; previously on Jul 29,
2009 Downgraded to Caa2
Issuer: GESB plc
GESB plc, Withdrawn; previously on Jul 29, 2009 Downgraded
to Caa2
Issuer: Juneau Investment LLC 2000A
Ser. 2001-A-1, Withdrawn; previously on
Jul 29, 2009 Downgraded to Caa2
Ser. 2001-A-2, Withdrawn; previously on
Jul 29, 2009 Downgraded to Caa2
Issuer: Juneau Investments LLC 2000 B
Ser. 2000-B, Withdrawn; previously on Jul 29,
2009 Downgraded to Caa2
Issuer: Juneau Investments LLC
MTN Programme Medium Term Note Programme, Withdrawn; previously
on Jul 29, 2009 Downgraded to Caa2
Issuer: Long Beach Asset Holdings Corp. CI 2006-WL2
NIM Notes, Series 2006-WL2
Cl. N-2, Withdrawn; previously on Aug 18,
2009 Downgraded to B1
Issuer: MBIA Global Funding, LLC - Global Medium-Term
Note Program
Global Medium-Term Note Program, Withdrawn; previously
on Feb 18, 2009 Downgraded to B3
Ser. EMTN, Withdrawn; previously on Feb 18, 2009
Downgraded to B3 (18 tranches)
Ser. MTN, Withdrawn; previously on Feb 18, 2009
Downgraded to B3 (23 tranches)
Issuer: Meridian Funding Company LLC, Series 2006-B
2006-B, Withdrawn; previously on Feb 18, 2009
Downgraded to B3
Issuer: Meridian Funding Company LLC, Series 2007-B
Ser. 2007-B, Withdrawn; previously on Feb 18,
2009 Downgraded to B3
Issuer: Meridian Funding Company, LLC
Notes, Withdrawn; previously on Feb 18, 2009 Downgraded
to B3
Issuer: Meridian Funding Company, LLC 1999-C
Notes, Withdrawn; previously on Feb 18, 2009 Downgraded
to B3
Issuer: Meridian Funding Company, LLC 2000-B
Notes, Withdrawn; previously on Feb 18, 2009 Downgraded
to B3
Issuer: Meridian Funding Company, LLC 2000-E
Notes, Withdrawn; previously on Feb 18, 2009 Downgraded
to B3
Issuer: Meridian Funding Company, LLC MTN Programme
Class A, Withdrawn; previously on Feb 18, 2009 Downgraded
to B3
Issuer: Meridian Funding Company, LLC, Series 2002-E
Float Rate Notes, Withdrawn; previously on Feb 18, 2009
Downgraded to B3
Issuer: Meridian Funding Company, LLC, Series 2004-B
Float Rate Notes, Withdrawn; previously on Feb 18, 2009
Downgraded to B3
Issuer: Meridian Funding Company, LLC, Series 2006-A
Flt Rt Notes, Withdrawn; previously on Feb 18, 2009 Downgraded
to B3
Issuer: Meridian Funding Company, LLC, Series 2007-A
Ser. 2007-A, Withdrawn; previously on Feb 18,
2009 Downgraded to B3
For more information please see www.moodys.com
New York
John Park
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Aron Bergman
Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's withdraws ratings of 66 securities insured by financial guarantors