Moody's Investors Service has downgraded its ratings of 188 notes issued by 91
European CDO transactions that have significant exposure to U.S. and European RMBS and other ABS. Moody's also confirmed the ratings of 27 notes.

The rating actions are a response to credit deterioration in the underlying portfolio due to expectations of increased losses in the underlying RMBS and ABS assets.

These changes also reflect the rating agency's revised loss projections for RMBS and Moody's updated key assumptions for rating structured finance CDOs.

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