NOTES-US/RATINGS

(The following statement was released by the rating agency)

April 8 - Moody's Investors Service announced today that it
has placed on review for possible downgrade the ratings on the
following notes issued by Solstice ABS CBO II, Ltd.:
Class Description: U.S.$237,000,000 Class A-1 First Priority
Senior Secured Floating Rate Delayed Draw Notes due 2038
Prior Rating: Aaa
Current Rating: Aaa, on review for possible downgrade
Class Description: U.S.$96,000,000 Class A-2 First Priority
Senior Secured Floating Rate Term Notes due 2038
Prior Rating: Aaa
Current Rating: Aaa, on review for possible downgrade
Moody's also downgraded and left on review for possible further
downgrade the ratings on the following notes:
Class Description: U.S.$66,500,000 Class B Second Priority Senior
Secured Floating Rate Notes due 2038
Prior Rating: Aa2, on review for possible downgrade
Current Rating: A3, on review for possible downgrade
Additionally, Moody's downgraded the following notes:
Class Description: U.S.$22,000,000 Class C Mezzanine Floating
Rate Notes due 2038
Prior Rating: Caa2, on review for possible downgrade
Current Rating: Ca
Class Description: U.S. $7,500,000 Preference Shares due 2038
Prior Rating: Caa2, 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.