Moody's takes action on Inman Square Funding II, Ltd.

(The following statement was released by the rating agency)

May 19 - Moody's Investors Service announced today that it
has downgraded and placed on review for possible further
downgrade the ratings on the following notes issued by Inman
Square Funding II, Ltd. Class Description: Class I Senior Secured
Floating Rate Notes
Prior Rating: Aaa
Current Rating: Baa1, on review for possible downgrade
Class Description: Class II Senior Secured Floating Rate Notes
Prior Rating: Aa2
Current Rating: Ba3, on review for possible downgrade
Class Description: Class III Mezzanine Secured Fixed Rate Notes
Prior Rating: A2
Current Rating: Caa2, on review for possible downgrade
Class Description: Class III Mezzanine Secured Floating Rate Notes
Prior Rating: A2
Current Rating: Caa2, on review for possible downgrade
Additionally, Moody's downgraded the following notes:
Class Description: Class IV Mezanine Secured Floating Rate Notes
Prior Rating: Baa2
Current Rating: C
Class Description: Class V Mezzanine Secured Floating Rate Notes
Prior Rating: Ba1
Current Rating: C
According to Moody's, the rating actions reflect increased
deterioration in the credit quality of the underlying portfolio.