New York, November 03, 2014 -- Moody's Investors Service has determined that the appointment of Dock Street Capital Management, LLC as Replacement Collateral Manager to Monterey CDO, Ltd. (the "Issuer") under the provisions of an amended and restated Collateral Management Agreement between the Issuer and Dock Street Capital Management, LLC, dated as of November 3, 2014 (the "Appointment and Amendment") 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 ratings) by Moody's of any Class of Notes issued by the Issuer. Moody's does not express an opinion as to whether the Appointment and Amendment could have non-credit-related effects.

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