London, 30 October 2014 -- Moody's Investors Service has determined that the forthcoming entry by Dryden X -- Euro CLO 2005 plc (the "Issuer"), a cash flow CLO, into a novation agreement (the "Novation Agreement") in respect of currency options transactions documented under an ISDA Master Agreement dated 17 January 2006, between the Issuer and Royal Bank of Scotland plc ("RBS") (including the Schedule and Confirmation thereto, the "Original Agreement") and performance of the activities contemplated in such Novation Agreement, will not in and of itself and at this time cause the current Moody's ratings of the notes issued by the Issuer to be reduced or withdrawn. Moody's does not express an opinion as to whether the amendment could have other, non credit-related effects.

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