By k on July 29, 2009

Tokyo, July 29, 2009 -- Moody's Investors Service announced today that it
has downgraded the rating of the credit default swap ("CDS") entered into
between JPMorgan Chase Bank NA ("JPMorgan") and Alto Credit Products Co.,
Ltd. This CDS primarily references global corporate entities.

The rating action taken today is the result of the deteriorating credit
quality of the transaction's reference portfolio. Some names suffered
downward credit rating migration greater than had been anticipated by
its forward looking measures, which includes but is not limited to
Syncora Guarantee Inc. and CIT Group Inc.

Moody's initially analyzed, and continues to monitor this transaction
primarily using the methodology for corporate synthetic CDOs as described
in Moody's Special Report:

-- Moody's Approach to Rating Corporate Collateralized Synthetic
Obligations (March 2009).

The report can be found at www.moodys.com in the Credit Policy &
Methodologies directory, in the Ratings Methodologies subdirectory.

Other methodologies and factors that may have been considered in the
process of rating this issue can also be found in the Credit Policy &
Methodologies directory.

Today's rating action is as follows:

(1) Credit Derivative Swap Transaction relating to various Reference
Entities (Scheduled Termination Date: 20 June 2014)

Current Rating: A2

Prior Rating: Aa3

Prior Rating Action Date: 2 March 2009, downgraded to Aa3 from Aaa

Moody's Investors Service is a publisher of rating opinions and research.
It is not involved in the offering or sale of any securities, nor is it
acting on behalf of the offering party. This release is not a
solicitation or a recommendation to buy, hold, or sell securities.

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