New York, September 27, 2016 -- Moody's Investors Service has determined that (i) the amendment and restatement dated as of September 27, 2016 of the existing portfolio management agreement to which Sherwood Funding CDO II, Ltd. (the "Issuer") is a party (the "Amendment and Restatement") and (ii) the appointment of Dock Street Capital Management, LLC ("Dock Street") as replacement Portfolio Manager (the "Appointment") 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 public rating by Moody's of any Class of Secured Notes issued by the Issuer. Moody's does not express an opinion as to whether the Amendment and Restatement and the Appointment could have non-credit-related effects.

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