Moody's: Millstone III CDO, Ltd. ratings unaffected by Appointment of Successor Trustee

New York, July 13, 2015 -- Moody's Investors Service has determined that the appointment of Wilmington Trust, National Association as successor Trustee (the "Appointment") pursuant to an Agreement of Appointment and Acceptance dated as of July 13, 2015 by and among Millstone III CDO, Ltd. (the "Issuer"), an SF CDO, Millstone III CDO, LLC, (the "Co-Issuer") and the prior 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 rating (including any private of confidential rating) of the 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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