Moody's takes action on Galleria CBO V

(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 Galleria CBO V (formerly Beacon Hill III)
Class Description: Class A-1 Senior Secured Floating Rate Term
Notes, due 2037
Prior Rating: Aaa
Current Rating: Baa2, on review for possible downgrade
Class Description: Class A-2 Senior Secured Floating Rate
Revolving Notes, due 2037
Prior Rating: Aaa
Current Rating: Baa2, on review for possible downgrade
Additionally, Moody's downgraded the following notes:
Class Description: Class B Second Priority Floating Rate Term
Notes, due 2037
Prior Rating: Aa2, on review for possible downgrade
Current Rating: Ca
Class Description: Class C-1 Third Priority Floating Rate Term
Notes, due 2037
Prior Rating: B2, on review for possible downgrade
Current Rating: Ca
Class Description: Class C-2 Third Priority Fixed Rate Term
Notes, due 2037
Prior Rating: B2, 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.