Four classes of notes issued by Battery Park CDO Limited were downgraded today by Moody's Investors Service. Moody's stated that the transaction, which closed in December 1999, is currently failing the Average Portfolio Rating Test, the Senior Par ValueTest, the Class IV Mezzanine  Par Value Test and the Class V Mezzanine Par Value Test. Tranches affected are:

$15.0M Class II-A Senior Secured Floating Rate Notes, downgraded to Baa3 from Baa1; 

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