New York, September 25, 2013 -- Moody's Investors Service has determined that entry by Halcyon 2005-2, Ltd. (the "Issuer") into a novation confirmation among the Issuer, FMS Wertmanagement, as transferee, and Depfa Bank PLC ("DEPFA Bank"), as transferor, relating to existing credit default swap transactions ("CDS") pursuant to the ISDA Master Agreements, dated as of October 7, 2005 (collectively the "Novation Confirmation") 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 by Moody's (including any private or confidential ratings or credit estimates) of any Class or Sub-Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether the Novation Confirmation could have non-credit-related effects.

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