NEW YORK & CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has downgraded three rated notes of Attentus CDO II, Ltd/LLC (Attentus II) as follows:

--$60,000,000 class A-2 notes to 'D' from 'B';

--$55,000,000 class A-3A notes to 'D' from 'CCC';

--$5,000,000 class A-3B notes to 'D' from 'CCC.

The class A-1 notes are affirmed at 'AA' on Rating Watch Evolving based upon the financial guaranty insurance policy provided by Assured Guaranty Corp. (Insurer Financial Strength 'AA'; Rating Watch Evolving). The class B, C, D, E-1, E-2, F-1, F-2 and subordinated notes are all affirmed at 'C'.

The downgrades are a result of the transaction's non-payment of current interest to the class A-2, A-3A and A-3B notes on the July 9, 2009 payment date. Attentus II entered into an Event of Default in April 2009 as a result of an overcollateralization ratio breaching a specified default threshold. Senior noteholders subsequently voted to accelerate payments to the class A-1 notes. As a result of the acceleration, all interest and principal proceeds available to the notes after distributions for fees and expenses will be paid toward the class A-1 noteNEW YORK & CHICAGO--(BUSINESS WIRE)-- Fitch Ratings has downgraded three rated notes of Attentus CDO II, Ltd/LLC (Attentus II) as follows:

--$60,000,000 class A-2 notes to 'D' from 'B';

--$55,000,000 class A-3A notes to 'D' from 'CCC';

--$5,000,000 class A-3B notes to 'D' from 'CCC.

The class A-1 notes are affirmed at 'AA' on Rating Watch Evolving based upon the financial guaranty insurance policy provided by Assured Guaranty Corp. (Insurer Financial Strength 'AA'; Rating Watch Evolving). The class B, C, D, E-1, E-2, F-1, F-2 and subordinated notes are all affirmed at 'C'.

The downgrades are a result of the transaction's non-payment of current interest to the class A-2, A-3A and A-3B notes on the July 9, 2009 payment date. Attentus II entered into an Event of Default in April 2009 as a result of an overcollateralization ratio breaching a specified default threshold. Senior noteholders subsequently voted to accelerate payments to the class A-1 notes. As a result of the acceleration, all interest and principal proceeds available to the notes after distributions for fees and expenses will be paid toward the class A-1 notes until paid in full before any distributions will be made to more junior notes.


These notes are backed primarily by trust preferred securities (TruPS), senior and subordinated debt issued by real estate investment trusts (REITs), homebuilders and financial institutions specializing in mortgage lending, CDOs, and CMBS.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.





Fitch Ratings, Chicago

Johann Juan, 312-368-3339

Derek Miller, 312-368-2076

Kevin Kendra, 212-908-0670, New York

or

Media Relations:

Sandro Scenga, 212-908-0278, New York

Email: sandro.scenga@fitchratings.com



Source: Fitch Ratings
s until paid in full before any distributions will be made to more junior notes.


These notes are backed primarily by trust preferred securities (TruPS), senior and subordinated debt issued by real estate investment trusts (REITs), homebuilders and financial institutions specializing in mortgage lending, CDOs, and CMBS.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.





Fitch Ratings, Chicago

Johann Juan, 312-368-3339

Derek Miller, 312-368-2076

Kevin Kendra, 212-908-0670, New York

or

Media Relations:

Sandro Scenga, 212-908-0278, New York

Email: sandro.scenga@fitchratings.com



Source: Fitch Ratings