Moody's: Portola CLO Ltd. Ratings unaffected by Change in Settlement Method.

New York, August 10, 2015 -- Moody's Investors Service has determined that the entry by Portola CLO Ltd. (the "Issuer") into a supplement to the Indenture, dated as of December 12, 2007 among the Issuer, Portola CLO, LLC, as Co-Issuer and The Bank of New York Mellon Trust Company, National Association as Trustee dated as of August 10, 2015 (the " Supplemental Indenture No. 1") and performance of the activities contemplated therein will not in and of themselves and at this time result in the withdrawal, reduction or suspension 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 Supplemental Indenture No. 1 could have non-credit-related effects.

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