New York, January 23, 2015 -- Moody's Investors Service has determined that entry by Kleros Preferred Funding, Ltd. (the "Issuer"), an SF CDO, into a new Administration Agreement by and among the Issuer and Fund Fiduciary Partners, Limited, dated as of January 23, 2015 (the "New Administration Agreement") and performance of the activities contemplated therein, will not in and of themselves and at this time result in the withdrawal, reduction or other adverse action with respect to any current rating (including any private or confidential rating) by Moody's rating of any Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether the New Administration Agreement could have non-credit-related effects.

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