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;
$21.0M Class II-B Senior Secured Fixed Rate Notes downgraded to Baa3 to Baa1;
$9.0M Class III Mezzanine Secured Fixed Rate Notes downgraded to Caa1 from Ba1;
$17.0M Class IV-A Mezzanine Secured Floating Rate Notes downgraded to Caa3 from Caa2
$5.0M Class IV-B Mezzanine Secured Fixed Rate Notes to Caa3 from Caa2
