New York, November 21, 2016 -- Moody's Investors Service has determined that the deemed assignment of the Collateral Management Agreement entered into by Knollwood CDO Ltd., (the "Issuer"), currently managed by Deerfield Capital Management LLC. ("DCM"), as a result of a change in ownership control of the parent of DCM (the "Deemed Assignment"), and performance of the activities contemplated thereby, will not in and of themselves and at this time result in the withdrawal, reduction or other adverse action with respect to the Moody's current rating of any Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether the Deemed Assignment could have non-credit-related effects.

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