Moody's acts on Halcyon Securitised Products Investors ABS

(The following statement was released by the rating agency)

May 19 - Moody's Investors Service announced today that it
has downgraded and left on review for possible downgrade the
ratings on the following notes issued by Halcyon Securitized
Products Investors ABS CDO I Ltd.:
Class Description: U.S. $236,400,000 Class A-1 Senior Secured
Floating Rate Notes, due 2050
Prior Rating: A1, on review for possible downgrade
Current Rating: Baa3, on review for possible downgrade
Class Description: U.S. $76,000,000 Class A-2 Senior Secured
Floating Rate Notes, due 2050
Prior Rating: Baa2, on review for possible downgrade
Current Rating: Caa1, on review for possible downgrade
Additionally, Moody's downgraded the following notes:
Class Description: U.S. $28,400,000 Class B Senior Secured
Floating Rate Notes, due 2050
Prior Rating: Baa3, on review for possible downgrade
Current Rating: Ca
Class Description: U.S. $19,600,000 Class C Senior Secured
Deferrable Interest Floating Rate Notes, due 2050
Prior Rating: B1, on review for possible downgrade
Current Rating: C
Class Description: U.S. $19,600,000 Class D Senior Secured
Deferrable Interest Floating Rate Notes, due 2050
Prior Rating: Caa1, on review for possible downgrade
Current Rating: C
Class Description: U.S. $4,000,000 Class E Senior Secured
Deferrable Interest Floating Rate Notes, due 2050
Prior Rating: Ca
Current Rating: C
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the structured finance
securities.