Moody's: Millstone III CDO, Ltd. ratings unaffected by Second Supplemental Indenture and Amendments.

New York, August 07, 2015 -- Moody's Investors Service has determined that entry by Millstone III CDO, Ltd. (the "Issuer"), an SF CDO, into (i) a supplemental indenture dated as of August 7, 2015 (the "Second Supplemental Indenture"), by and among the Issuer, Millstone III CDO, LLC, as Co-Issuer and Wilmington Trust, National Association (successor to The Bank of New York Mellon Trust Company, National Association (successor to JPMorgan Chase Bank, National Association)), as Trustee, (ii) an amendment to the Preference Share Paying Agency Agreement, dated as of August 7, 2015 (the "PSPAA Amendment"), by and among the Issuer, Fund Fiduciary Partners Limited (as successor to Intertrust SPV (Cayman) Limited) as Preference Share Registrar and The Bank of New York Mellon Trust Company, National Association (successor to JPMorgan Chase Bank, National Association), as the Preference Share Paying Agent, and (iii) an amendment to the Collateral Management Agreement, dated as of August 7, 2015, (the "CMA Amendment", and together with the PSPAA Amendment, the "Amendments") between the Issuer, Church Tavern Advisors, LLC as Collateral Manager and the 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 Second Supplemental Indenture and Amendments could have non-credit-related effects.

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