Moody's: Grand Avenue CDO II ratings unaffected by Supplemental Indenture

New York, April 24, 2014 -- Moody's Investors Service has determined that entry by Grand Avenue CDO II, Ltd. (the "Issuer"), an SF CDO, into a supplemental indenture dated as of April 24, 2014 (the "Third Supplemental Indenture") by and among the Issuer, Grand Avenue CDO II, Corp., as Co-Issuer and U.S. Bank National Association, as successor to The Bank of New York Mellon Trust Company National Association, as Trustee, and performance of the activities contemplated therein, will not in and of themselves and at this time result in the immediate withdrawal, reduction or other adverse action with respect to any current long term rating (including any private or confidential rating) of the Notes issued by the Issuer. Moody's does not express an opinion as to whether the Third Supplemental Indenture could have non-credit-related effects.

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