London, 03 July 2009 -- Moody's Investors Service announced today that it has withdrawn
its ratings of notes issued by certain synthetic credit derivative transactions
listed below (the "Transactions") that have exposure to Lehman
Brothers Special Financing Inc. ("LBSFI"). Moody's
explained that LBSFI acts as a credit default swap counterparty in the
Transactions and that its obligations as such are guaranteed by Lehman
Brothers Holdings inc. ("LBHI").
The ratings are withdrawn due to inadequate information. Please
refer to Moody's Withdrawal Policy on moodys.com in the Credit
Policy & Methodologies directory, in the Rating Definitions
subdirectory.
Today's rating actions are as follows:
Onyx Funding Limited
Series 2006-1 USD 15,000,000 Synthetic Portfolio Notes
due 2014, Withdrawn; previously on 21 May 2009 Downgraded to
Caa3
Series 2008-1 USD 20,000,000 Credit Linked Synthetic
Portfolio Notes due 2017, Withdrawn; previously on 20 October
2008 Downgraded to Caa2 and remains on Review for Direction Uncertain
Phoenix 2002-1 Limited
Class A, Withdrawn; previously on 20 October 2008 Downgraded
to Caa2 and Placed Under Review for Direction Uncertain
Class B, Withdrawn; previously on 20 October 2008 Downgraded
to Caa2 and Placed Under Review for Direction Uncertain
Class C, Withdrawn; previously on 20 October 2008 Downgraded
to Caa2 and Placed Under Review for Direction Uncertain
Quartz Finance Plc
Series 2003-1 Eldon Street Class A Notes, Withdrawn;
previously on 20 October 2008 Downgraded to B2 and Placed Under Review
for Direction Uncertain
Series 2003-1 Eldon Street Class B Notes, Withdrawn;
previously on 20 October 2008 Downgraded to B2 and Placed Under Review
for Direction Uncertain
Series 2003-4 Kingsway Floating Rate Credit-Linked Notes,
Withdrawn; previously on 20 October 2008 Downgraded to B3 and remains
on Review for Direction Uncertain
Series 2003-5 Kingsway II Credit-Linked Synthetic Portfolio
Notes, Withdrawn; previously on 20 October 2008 Downgraded
to B3 and remains on Review for Direction Uncertain
Class A Kingsbury Credit-Linked Synthetic Portfolio CDO Notes-1,
Withdrawn; previously on 20 October 2008 Downgraded to Caa3
Class B Kingsbury Credit-Linked Synthetic Portfolio CDO Notes,
Withdrawn; previously on 20 October 2008 Downgraded to Caa3
Series 2005-2 Kingsway Credit-Linked Synthethic Portfolio
Notes, Withdrawn; previously on 20 October 2008 Downgraded
to B2 and remains on Review for Direction Uncertain
Ruby Finance Public Limited Company
Series 2004-1 Class A1 USD 70,000,000 Credit-Linked
Synthetic Portfolio Elbe CDO I Notes Due 2011, Withdrawn; previously
on 20 October 2008 Downgraded to B3 and remains on Review for Direction
Uncertain
Series 2004-1 Class A2 USD 70,000,000 Credit-Linked
Synthetic Portfolio Elbe CDO I Notes Due 2011, Withdrawn; previously
on 20 October 2008 Downgraded to B3 and remains on Review for Direction
Uncertain
Series 2004-3, Credit-Linked Synthetic Portfolio Notes,
Withdrawn; previously on 21 May 2009 Downgraded to Caa1
Series 2005-1 Class A1 EUR 1,000,000 Leveraged Super
Senior Tranche Notes due 2010, Withdrawn; previously on 20
October 2008 Downgraded to B2 and remains on Review for Direction Uncertain
Series 2005-1 Class A10 EUR 2,000,000 Leveraged Super
Senior Tranche Notes due 2010, Withdrawn; previously on 20
October 2008 Downgraded to B2 and remains on Review for Direction Uncertain
Series 2005-1 Class A11 EUR 500,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction Uncertain
Series 2005-1 Class A12 EUR 500,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction Uncertain
Series 2005-1 Class A13 EUR 500,000 Leveraged Super Senior
Tranche Notes due 2010, Withdrawn; previously on 20 October
2008 Downgraded to B2 and remains on Review for Direction Uncertain
Series 2005-1 Class A14 EUR 10,000,000 Leveraged Super
Senior Tranche Notes due 2010, Withdrawn; previously on 20
October 2008 Downgraded to B2 and remains on Review for Direction Uncertain
Series 2005-1 Class A15 EUR 3,000,000 Leveraged Super
Senior Tranche Notes due 2010-1, Withdrawn; previously
on 20 October 2008 Downgraded to B2 and remains on Review for Direction
Uncertain
Series 2005-1 Class A16 EUR 3,000,000 Leveraged Super
Senior Tranche Notes due 2010, Withdrawn; previously on 20
October 2008 Downgraded to B2 and remains on Review for Direction Uncertain
Series 2006-2 EUR 10,000,000 Orion Enhanced Return
Dynamic CDO Credit Linked Synthetic Portfolio Notes due 2013, Withdrawn;
previously on 20 October 2008 Downgraded to B1 and remains on Review for
Possible Downgrade
Series 2006-3 EUR 50,000,000 RIESLING Credit Linked
Synthetic Portfolio Notes due 2016, Withdrawn; previously on
20 October 2008 Downgraded to B1 and remains on Review for Possible Downgrade
Series 2006-4 EUR 50,000,000 Credit Linked Synthetic
Portfolio Notes due 2016, Withdrawn; previously on 20 October
2008 Downgraded to Caa3
Series 2006-5 EUR 150,000,000 Bison Notes due 2013,
Withdrawn; previously on 29 October 2008 Downgraded to B3 and remains
on Review for Direction Uncertain
Series 2007-1 USD 40,000,000 Credit Linked Synthetic
Portfolio Notes due 2014, Withdrawn; previously on 20 October
2008 Downgraded to B3 and remains on Review for Direction Uncertain
Series 2007-3 Snowdon Portfolio Class A-1 Swap Agreement,
Withdrawn; previously on 17 September 2008 Aaa Placed Under Review
for Possible Downgrade
Series 2007-3 Snowdon Portfolio Class A-2 Notes, Withdrawn;
previously on 17 September 2008 Aaa Placed Under Review for Possible Downgrade
Series 2007-3 Snowdon Portfolio Class B Notes, Withdrawn;
previously on 17 September 2008 Aa2 Placed Under Review for Possible Downgrade
Series 2007-3 Snowdon Portfolio Class C Notes, Withdrawn;
previously on 17 September 2008 A2 Placed Under Review for Possible Downgrade
Series 2007-3 Snowdon Portfolio Class D Notes, Withdrawn;
previously on 17 September 2008 Baa2 Placed Under Review for Possible
Downgrade
Series 2007-3 Snowdon Portfolio Class E Notes, Withdrawn;
previously on 17 September 2008 Ba2 Placed Under Review for Possible Downgrade
London
Mizuho Tanaka
Associate Analyst
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
London
Neelam S. Desai
Senior Vice President
Structured Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's withdraws ratings on transactions exposed to Lehman Brothers Special Financing Inc.