DBRS Downgrades Currus XXI Limited and Currus XXII Limited

DBRS Ratings Limited (“DBRS”) has today downgraded the Senior Loans issued by Currus XXI Limited and Currus XXII Limited (the “Issuers”) from BBB (sf) to BBB (low) (sf) and the Subordinated Loans from B (high) (sf) to CCC (sf). The transactions are collateralized primarily by a portfolio of Spanish residential mortgage-backed securities (RMBS). The DBRS ratings address the Issuers ability to make timely payments of interest and full payment of principal on or before the legal maturity.

The principal methodology is Rating Global Structured Finance CDO Restructurings, which can be found on our website under Methodologies.

The sources of information used for these ratings include parties involved in the rating, including but not limited to Currus XXI Limited and Currus XXII Limited, Wells Fargo Bank International, and Deutsche Trustee Company Limited. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

For additional information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Glen Leppert
Surveillance Analyst: Michael Moriarty
Rating Committee Chair: Jerry van Koolbergen
Initial Rating Date: 19 December 2007

Note:
All figures are in Euros unless otherwise noted.