Moody's: No negative rating impact on Panther CDO III B.V. following swap novation

London, 03 October 2013 -- Moody's Investors Service has determined that the proposed novation of the swap counterparty from Merrill Lynch International Bank Limited (NR) to Merrill Lynch International (NR) as contemplated by the Novation Agreement to be executed shortly (the "Proposal") will not, in and of itself and at this time, cause the current Moody's ratings of the remaining notes to be reduced or withdrawn. Moody's believes that the proposed swap novation does not have an adverse effect on the credit quality of the securities such that the Moody's rating is impacted. Moody's does not express an opinion as to whether the amendment could have other, non credit-related effects.

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