Moody's Investors Service said today that it the ratings currently assigned to notes issued by Cherry Creek CDO II, will not, at this time, be reduced or withdrawn just because of the appointment of Princeton Advisory Group as the replacement collateral manager.
Princeton's assumption of collateral manager duties and responsibilities, as seen by the execution of the Collateral Management Agreement between the Cherry Creek and Princeton as of Oct. 12.
Cherry Creek experienced an event of default under the indenture as of November 14, 2007. Its previous collateral manager was Surge Capital Management.
