Moody's: Millstone III CDO, Ltd. ratings unaffected by the substitution of the Administrator.

New York, January 23, 2015 -- Moody's Investors Service has determined that entry by Millstone III CDO , Ltd. (the "Issuer"), an SF CDO, into a new Administration Agreement by and among the Issuer and Fund Fiduciary Partners Limited, dated as of January 23, 2015 (the "New Administration Agreement") and performance of the activities contemplated therein will not in and of themselves and at this time adversely affect the current Moody's rating of any Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether the New Administration Agreement could have non-credit-related effects.

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