Moody's takes action on Hamilton Gardens CDO Ltd.

(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 further downgrade the ratings on
the following
notes issued by Hamilton Gardens CDO Ltd.:
Class Description: Up to US$315,000,000 Class A-1 Floating Rate
Variable Funding Notes Due 2046
Prior Rating: Aa3, on review for possible downgrade
Current Rating: Baa3, on review for possible downgrade
Class Description: US$54,250,000 Class A-2 Floating Rate Notes
Due 2046
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: US$56,500,000 Class B Floating Rate Notes Due
2046
Prior Rating: Ba1, on review for possible downgrade
Current Rating: Ca
Class Description: US$25,000,000 Class C Deferrable Floating Rate
Notes Due 2046
Prior Rating: Caa1, on review for possible downgrade
Current Rating: C
Class Description: US$27,500,000 Class D Deferrable Floating Rate
Notes Due 2046
Prior Rating: Ca
Current Rating: C
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.