Moody's takes action on Orchid Structured Finance CDO II, 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 Orchid Structured Finance CDO II, LTD
Class Description: U.S. $204,000,000 Class A-1 Floating Rate
Senior Secured Notes Due 2043
Prior Rating: Aaa
Current Rating: Aa1, on review for possible downgrade
Class Description: U.S. $40,000,000 Class A-2 Floating Rate
Senior Secured Notes Due 2043
Prior Rating: Aaa
Current Rating: A3, on review for possible downgrade
Class Description: U.S. $26,000,000 Class A-3 Floating Rate
Senior Secured Notes Due 2043
Prior Rating: Aa2
Current Rating: Ba1, on review for possible downgrade
Additionally, Moody's downgraded the following notes:
Class Description: U.S. $15,000,000 Class B Floating Rate
Deferrable Subordinated Secured Notes Due 2043
Prior Rating: A3
Current Rating: Ca
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.