New York, December 09, 2013 -- Moody's Investors Service has determined that termination by Orchid Structured Finance CDO III, Ltd.(the "Issuer"), an SF CDO, effective as of December 6, 2013, of existing interest rate hedge cap (the "Cap") and interest rate swap (the "Swap") agreements dated as of March 9, 2006 entered into by the Issuer and The Bank of New York (the "Hedge Termination") and performance of the activities contemplated therein will not in and of themselves and at this time result in the withdrawal, reduction or other adverse action with respect to any current rating by Moody's of any Class of Secured Notes issued by the Issuer. Moody's does not express an opinion as to whether the Hedge Termination could have non-credit-related effects.

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