Moody's downgrades Neptune CDO IV notes

(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 Neptune CDO IV, Ltd.
Class Description: U.S.$550,000,000 Class A-1 Swap Transaction
Prior Rating: A1, on review for possible downgrade
Current Rating: Caa1, on review for possible downgrade
Additionally, Moody's downgraded the following notes:
Class Description: Class A-2 Senior Floating Rate Notes due
October 2046
Prior Rating: B2, on review for possible downgrade
Current Rating: Ca
Class Description: Class B Senior Floating Rate Notes due October
2046
Prior Rating: Ca
Current Rating: C
Class Description: Class C Senior Floating Rate Notes due October
2046
Prior Rating: Ca
Current Rating: C
Class Description: Class D Floating Rate Deferrable Notes due
October 2046
Prior Rating: Ca
Current Rating: C
Class Description: Class E Floating Rate Deferrable Notes due
October 2046
Prior Rating: Ca
Current Rating: C
Class Description: Class X Senior Amortizing Floating Rate Notes
due April 2015
Prior Rating: Baa3, on review for possible downgrade
Current Rating: Ca
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.