Moody's: Independence II CDO, Ltd. ratings unaffected by Appointment of Replacement Collateral Manager

New York, October 01, 2013 -- Moody's Investors Service has determined that the appointment of Cairn Capital Limited ("Cairn") as successor Collateral Manager to Independence II CDO, Ltd., (the "Issuer") under the provisions of a replacement Collateral Management Agreement (the "Replacement Agreement") between the Issuer and Cairn dated as of October 1, 2013 (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 rating (including any 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 could have non-credit-related effects.

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