New York, May 26, 2015 -- Moody's Investors Service has determined that the appointment of Cairn Capital North America Inc.("Cairn") as replacement Collateral Manager to Reservoir Funding Ltd. (the "Issuer") under the provisions of an amended and restated Collateral Management Agreement (the "Agreement") between the Issuer and Cairn dated as of May 26, 2015 (the "Appointment and Amendment") 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 a private or confidential rating) by Moody's of any Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether the Appointment and Amendment could have non-credit-related effects.

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