London, 24 September 2014 -- Moody's Investors Service has determined that the entry on 24 September 2014 of Duchess VII CLO B.V. (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 14 December 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in and of itself and at this time cause the current Moody's ratings of the notes issued by the Issuer to be reduced or withdrawn.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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