New York, December 04, 2012 -- Moody's Investors Service announced today the following rating action on Greylock Synthetic CDO 2006, a collateralized debt obligation transaction (the " Collateralized Synthetic Obligation" or "CSO"). The CSO references a portfolio of synthetic corporate senior unsecured and subordinated bonds.

Series 1 $105,000,000 Sub-Class A3-$LMS Notes Due 2014 (current outstanding balance $20,000,000), Upgraded to Ba2 (sf); previously on May 16, 2012 Upgraded to B1 (sf)

Series 1 $87,000,000 Sub-Class A4-$L Notes Due 2014 (current outstanding balance $63,800,000), Upgraded to B1 (sf); previously on May 16, 2012 Upgraded to B3 (sf)

Series 6 $100,000,000 Sub-Class A1A-$LMS Notes Due 2014 (current outstanding balance $12,799,352), Upgraded to Baa2 (sf); previously on May 16, 2012 Upgraded to Baa3 (sf)

Series 3 EUR 15,000,000 Sub-Class A1-ELMS Notes Due 2014, Upgraded to Baa2 (sf); previously on May 16, 2012 Upgraded to Baa3 (sf)

Series 2 $51,000,000 Sub-Class A3-$LMS Notes Due 2017 (current outstanding balance $45,000,000), Upgraded to B1 (sf); previously on June 3, 2011 Upgraded to B3 (sf)

Series 2 $5,000,000 Sub-Class A3-$FMS Notes Due 2017, Upgraded to B1 (sf); previously on June 3, 2011 Upgraded to B2 (sf)

Series 2 $20,000,000 Sub-Class A3A-$FMS Notes Due 2017, Upgraded to B1 (sf); previously on June 3, 2011 Upgraded to B2 (sf)

Series 2 $20,000,000 Sub-Class A3B-$LMS Notes Due 2017, Upgraded to B1 (sf); previously on June 3, 2011 Upgraded to B3 (sf)

Series 5 $20,000,000 Sub-Class A1-$LMS Notes Due 2017, Upgraded to Ba1 (sf); previously on June 3, 2011 Upgraded to Ba2 (sf)

RATINGS RATIONALE

Moody's rating action today is the result of the shortened time to maturity of the CSO and the level of credit enhancement remaining in the transaction. In addition to these positive factors is the stable credit quality of the reference portfolio.

Since the last rating review in May 2012, the ten year weighted average rating factor (WARF) of the portfolio has declined marginally, from 925 to 908 currently, excluding settled credit events. The percentage of investment grade reference credits has also increased marginally from 75% in May 2012 to 77.2% currently. There are 27 reference entities with a negative outlook compared to 8 that are positive, and 4 entities on watch for downgrade compared to 2 on watch for upgrade. Compared to May 2012, there were 14 reference entities with a negative outlook compared to 9 that are positive, and 10 entities on watch for downgrade compared to none on watch for upgrade.

There has been no new credit event since the last rating action in May 2012. The portfolio has experienced six credit events overall, equivalent to 4.2% of the portfolio based on the portfolio notional value at closing. Since inception, the subordination of the rated tranches have been reduced by approximately1.7% due to credit events on Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, Lehman Brothers, Station Casinos, CIT Group Inc. and Ambac Assurance Corp. In addition, the portfolio is exposed to Clear Channel, which is not a credit event, but is nonetheless currently rated Ca.

The CSO has a remaining life of 1.3 years for tranches maturing on March 20, 2014 and 4.3 years for tranches maturing on March 20, 2017.

The principal methodology used in this rating was "Moody's Approach to Rating Corporate Collateralized Synthetic Obligations" published in September 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Moody's analysis for this transaction is based on CDOROM v2.8.

Moody's rating action today factors in a number of sensitivity analyses and stress scenarios, discussed below. Results are given in terms of the number of notches' difference versus the base case, where higher notches correspond to lower expected losses, and vice-versa:

o Moody's reviews a scenario consisting of reducing the maturity of the CSO by six months, keeping all other things equal. The results of this run is between zero to two notches higher than in the base case.

o Market Implied Ratings ("MIRS") are modeled in place of the corporate fundamental ratings to derive the default probability of the reference entities in the portfolio. The gap between an MIR and a Moody's corporate fundamental rating is an indicator of the extent of the divergence in credit view between Moody's and the market. The result of this run is between zero to one notch lower than in the base case.

o Moody's conducts a sensitivity analysis consisting of notching down by one the ratings of reference entities in the Banking, Finance, and Real Estate sectors. The result from this run is between zero to two notches lower than the one modeled under the base case.

Due to the impact of revised and updated key assumptions referenced in "Moody's Approach to Rating Corporate Synthetic Obligations", key model inputs used by Moody's in its analysis may be different from the manager/arranger's reported numbers. In particular, rating assumptions for all publicly rated corporate credits in the underlying portfolio have been adjusted for "Review for Possible Downgrade", "Review for Possible Upgrade", or "Negative Outlook".

Moody's does not run a separate loss and cash flow analysis other than the one already done by the CDOROM model. For a description of the analysis, refer to the methodology and the CDOROM user's guide on Moody's website.

Moody's analysis of CSOs is subject to uncertainties, the primary sources of which include complexity, governance and leverage. Although the CDOROM model captures many of the dynamics of the Corporate CSO structure, it remains a simplification of the complex reality. Of greatest concern are (a) variations over time in default rates for instruments with a given rating, (b) variations in recovery rates for instruments with particular seniority/security characteristics and (c) uncertainty about the default and recovery correlations characteristics of the reference pool. Similarly on the legal/structural side, the legal analysis although typically based in part on opinions (and sometimes interpretations) of legal experts at the time of issuance, is still subject to potential changes in law, case law and the interpretations of courts and (in some cases) regulatory authorities. The performance of this CSO is also dependent on on-going decisions made by one or several parties, including the Manager and the Trustee. Although the impact of these decisions is mitigated by structural constraints, anticipating the quality of these decisions necessarily introduces some level of uncertainty in our assumptions. Given the tranched nature of CSO liabilities, rating transitions in the reference pool may have leveraged rating implications for the ratings of the CSO liabilities, thus leading to a high degree of volatility. All else being equal, the volatility is likely to be higher for more junior or thinner liabilities.

The base case scenario modeled fits into the central macroeconomic scenario predicted by Moody's of a sluggish recovery scenario in the corporate universe. Should macroeconomics conditions evolve, the CSO ratings will change to reflect the new economic developments.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Jacqueline Yuen Analyst Structured Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Rodrigo Araya Senior Vice President Structured Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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