Moody's: Grand Avenue CDO III ratings unaffected by Supplemental Indenture

New York, February 28, 2014 -- Moody's Investors Service has determined that entry by Grand Avenue CDO III, Ltd. (the "Issuer"), an SF CDO, into a supplemental indenture dated as of February 28, 2014 (the " First Supplemental Indenture") by and among the Issuer, Grand Avenue CDO III Corp., as Co-Issuer and State Street Bank and Trust Company, as Trustee, and performance of the activities contemplated therein, will not in and of themselves and at this time result in the immediate withdrawal, reduction or other adverse action with respect to any current long term rating (including any private or confidential rating) of the Notes issued by the Issuer. Moody's does not express an opinion as to whether the First Supplemental Indenture could have non-credit-related effects.

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