Rating Actions PREVIO

GRP_NM CLASS COUNTRY ASSET_CLASS US_RATI RATING RTNG_ACTN_DESC

JULY 2008 NG
BBB+
Beryl Finance 2006-9 HONG KONG Investment Grade CDO RWN B- Downgrade
Beryl Finance 2006-11 HONG KONG Investment Grade CDO A RWN B- Downgrade
Beryl Finance
Corsair (Cayman2006-10
Islands) No 4 Limited HONG KONG Investment Grade CDO A- RWN B- Downgrade
Series 6 AUSTRALIA Investment Grade CDO AA- RWN B+ Downgrade
Corsair (Jersey) Limited Series 334 JAPAN Investment Grade CDO AAA RWN
AA+ BBB- Downgrade
Corsair (Jersey) Limited Series 336 JAPAN Investment Grade CDO RWN BBB- Downgrade
Cypress Tree Synthetic AUSTRALIA High Yield CDO AA A- Downgrade
E.Sun CBO SPT 2007-2 B TAIWAN Cash CBO A(twn) BBB+(twn) Downgrade
BBB+
Eirles Two Limited Series 323 HONG KONG Investment Grade CDO BBB+ RWN Rating Watch Negative
Helium Capital 60 Limited JAPAN Investment Grade CDO A RWN BB- Downgrade
Helium Capital 77 Limited HONG KONG Investment Grade
Equipment CDO A RWN B Downgrade
Mobius ELR-01 Trust A AUSTRALIA Leasing/Loans
Equipment AAA BBB Downgrade
B AUSTRALIA Leasing/Loans
Equipment BB+ C Downgrade
C AUSTRALIA Leasing/Loans
Equipment B C Downgrade
Omega Capital Investments plc: Series D AUSTRALIA Leasing/Loans CCC C Downgrade
40 A AUSTRALIA Investment Grade CDO AAA RWN BB Downgrade
B BBB RWN
BBB+ B- Downgrade
Omega Series 44 SINGAPORE Investment Grade CDO RWN BB-
BBB+ Downgrade
Omega 45 (EM at 10%) SINGAPORE Investment Grade CDO BBB+ RWN Rating Watch Negative
Queenstown CDO 1 Trust Series 2007-2 HONG KONG Investment Grade CDO BBB+ BB- Downgrade
Zircon Finance 2007-1 A AUSTRALIA Investment Grade CDO AA RWN B+ Downgrade
B BBB RWN B- Downgrade
Zircon Finance 2007-3 AUSTRALIA Investment Grade CDO AA RWN BB- Downgrade &
Zircon Finance 2007-8 HONG KONG Investment Grade CDO A RWN BB & WD Withdrawn
Zircon Finance 2007-9 A AUSTRALIA Investment Grade CDO AA RWN BB- Downgrade
B BBB RWN B- Downgrade &
Zircon Finance 2007-10 HONG KONG Investment Grade CDO AA- RWN B+ & WD Withdrawn
Zircon Finance 2007-12 HONG KONG Investment Grade CDO A- RWN B- Downgrade
Zircon Finance 2007-13 HONG KONG Investment Grade CDO A- RWN B- Downgrade
AUGUST 2008
Beryl Finance 2006-12 HONG KONG Investment Grade CDO A RWN B+ Downgrade &
Helium Capital Limited Series 79 HONG KONG Investment Grade CDO A RWN BB+ & WD Withdrawn
JLOC XXVIII Mezzanine Specified Bonds TMK1 Mezzanine SB JAPAN Multiborrower BB B+ Downgrade
JLOC XXXIII Trust Class D TBI JAPAN Multiborrower BBB BB Downgrade
Mobius NCM-04 Trust C AUSTRALIA Non-conforming RMBS A A- Downgrade
D AUSTRALIA Non-conforming RMBS BBB CCC Downgrade
E AUSTRALIA Non-conforming RMBS B C Downgrade
F AUSTRALIA Non-conforming RMBS CC C Downgrade
Rated Mortgage CM 2006-1 Trust 2006-1 NEW ZEALAND Prime RMBS BBB BBB- Downgrade
Rated Mortgage RML 2006-2 Trust 2006-2 NEW ZEALAND Prime RMBS BBB BB Downgrade
Seiza Augustus Series 2007–1 D AUSTRALIA Small Balance BBB BB+ Downgrade
Siam Panich SPV 1 Company Limited Tranche A debentures no.1/2006THAILAND Auto Loans AAA AAA Rating Watch On
Tranche B debentures no. 2/2006
THAILAND Auto Loans AAA AAA Rating Watch On
SEPTEMBER 2008
Rating Actions PREVIO
GRP_NM CLASS COUNTRY ASSET_CLASS US_RATI RATING RTNG_ACTN_DESC
Beryl Finance 2005-10 HONG KONG Investment Grade CDO A+ NG
RWN CCC Downgrade
Beryl Finance 2005-11 HONG KONG Investment Grade CDO A+ RWN CCC Downgrade
Beryl Finance 2005-12 HONG KONG Investment Grade CDO A+ RWN CCC Downgrade
Beryl Finance 2005-15 HONG KONG Investment Grade CDO A+ RWN CCC Downgrade
Beryl Finance 2006-10 HONG KONG Investment Grade CDO B- B- RWN Rating Watch Negative
Beryl Finance 2006-11 HONG KONG Investment Grade CDO B- B- RWN Rating Watch Negative
Beryl Finance 2006-12 HONG KONG Investment Grade CDO B+ B+ RWN Rating Watch Negative
Beryl Finance 2007-1 HONG KONG Investment Grade CDO B B RWN Rating Watch Negative
Beryl Finance 2008-16 HONG KONG Investment Grade CDO B- B- RWN Rating Watch Negative
Beryl Finance 2008-11 HONG KONG Investment Grade CDO BB- BB- RWN Rating Watch Negative
Beryl Finance 2008-12 HONG KONG Investment Grade CDO BB BB RWN Rating Watch Negative
Beryl Finance 2008-13 HONG KONG Investment Grade CDO BB+ BB+ RWN Rating Watch Negative
Elva Funding Plc Series 2005-3 HONG KONG Investment Grade CDO A RWN B- Downgrade
JLOC XI Limited B JAPAN Multiborrower AA AA+ Upgrade
C JAPAN Multiborrower A A+ Upgrade
Sapphire III NZ Series 2006-1 Trust CA NEW ZEALAND Non-conforming RMBS B B- Downgrade
Sapphire IV NZ Series 2007-1 Trust CA NEW ZEALAND Non-conforming RMBS B B- Downgrade
Sapphire VIII Series 2005-2 Trust BZ AUSTRALIA Non-conforming RMBS BB BB- Downgrade
CA AUSTRALIA Non-conforming RMBS B CCC+ Downgrade
Sapphire IX Series 2006-1 Trust CA AUSTRALIA Non-conforming RMBS B B- Downgrade
Sapphire X Series 2007-1 Trust BZ AUSTRALIA Non-conforming RMBS BB BB- Downgrade
CA AUSTRALIA Non-conforming RMBS B B- Downgrade
Seiza Augustus Series 2007–1 A AUSTRALIA Small Balance AAA AAA Rating Watch On
B AUSTRALIA Small Balance AA AA Rating Watch On
C AUSTRALIA Small Balance A A Rating Watch On
D AUSTRALIA Small Balance BB+
F2(twn) BB+ Rating Watch On
Taishin CBO SPT 1 TAIWAN CBO RWN
F2(twn) C(twn) Downgrade
Taishin CBO SPT 2 TAIWAN CBO RWN
F2(twn) C(twn) Downgrade
Taishin CBO SPT 3 TAIWAN CBO RWN
F2(twn) C(twn) Downgrade
Taishin CBO SPT 5 TAIWAN CBO RWN C(twn) Downgrade
Zircon Finance 2007-1 A AUSTRALIA Investment Grade CDO B+ B+ RWN Rating Watch Negative
Zircon Finance 2007-1 A AUSTRALIA Investment Grade CDO B+ C Downgrade
Zircon Finance 2007-1 B AUSTRALIA Investment Grade CDO B- B- RWN Rating Watch Negative
Zircon Finance 2007-1 B AUSTRALIA Investment Grade CDO B- C Downgrade
Zircon Finance 2007-3 AUSTRALIA Investment Grade CDO BB- BB- RWN Rating Watch Negative
Zircon Finance 2007-3 AUSTRALIA Investment Grade CDO BB- C Downgrade
Zircon Finance 2007-9 A AUSTRALIA Investment Grade CDO BB- BB- RWN Rating Watch Negative
Zircon Finance 2007-9 B AUSTRALIA Investment Grade CDO B- B- RWN Rating Watch Negative
Zircon Finance 2007-9 A AUSTRALIA Investment Grade CDO BB- C Downgrade
Zircon Finance 2007-9 B AUSTRALIA Investment Grade CDO B- C Downgrade
Zircon Finance 2007-11 JAPAN Investment Grade CDO AAA AAA RWN Rating Watch Negative
Zircon Finance 2007-12 HONG KONG Investment Grade CDO B- B- RWN Rating Watch Negative
Zircon Finance 2007-13 HONG KONG Investment Grade CDO B- B- RWN Rating Watch Negative