New York, July 03, 2013 -- Moody's Investors Service has determined that the appointment (the "Appointment") of BlueMountain Capital Management, LLC ("BlueMountain") as replacement Investment Manager to Channel Capital Plc (the "Company"), under the provisions of a new Investment Management Agreement (the "Agreement") entered into between the Company and BlueMountain dated as of July 2, 2013, and performance of the activities contemplated therein, will not in and of themselves and at this time result in the immediate qualification, reduction, suspension or withdrawal with respect to the current ratings by Moody's of any class of Company Debt Securities or the Company's counterparty obligations. Moody's does not express an opinion as to whether the Appointment and Agreement could have non-credit-related effects.

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