Moody's: No rating impact following Citibank N.A replacement with BNP Paribas as Account and Custodian Bank

London, 15 November 2012 -- Moody's has determined that the proposed action, as described below (the "Proposal") relating to the replacement of Citibank N.A, London Branch ("Citi") by BNP Paribas Services, London branch ("BNP"), as the Custodian and Account Bank of ICG EOS Loan Fund I Limited (the "Issuer") if implemented, will not, in and of itself and at this time, result in a downgrade or withdrawal of the current ratings of the notes (the "Notes") issued. Moody's opinion address only the credit impact of the Proposal, and Moody's is not expressing any opinion as to whether the Proposal has, or could have, other non-credit related effects that may have a detrimental impact on the interests of noteholders.

Moody's has assessed the Proposal, which can be summarised as follows:

On 21 June 2012, Moody's downgraded the long-term senior unsecured rating of Citi from A1 to A3. The downgrade resulted in a breach of rating downgrade trigger(s) pursuant to the transaction's governing documentation between, amongst others, Citi and the Issuer.

The Issuer is proposing to replace Citi with BNP, within its capacity as Custodian and Account Bank following Citi's downgrade. A default of BNP would have negative implications in the ability of the Issuer to meet obligations under the transaction, as a loss of cash held by the Custodian and Account Bank may be incurred from a delay in redirecting payment to new accounts or taking any other appropriate action.

The proposed Transfer and Amendment also amends the current Rating Requirement downgrade trigger for the Custodian and Account Bank from a long term senior unsecured rating of A1 to A2.

According to Moody's, and taking into account the Proposal, the rating of BNP is currently at the amended required level (long-term rating of A2, short-term rating of P-1) to mitigate the risks associated with the Custodian and Account Bank. Should BNP's rating be lower than the required levels the rating of the Notes could be negatively impacted.

The principal methodology used in this rating was "Moody's Approach to Rating Collateralized Loan Obligations" published in June 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Other Factors used in this rating are described in "The Temporary Use of Cash In Structured Transactions: Eligible Investment Guidelines" published in December 2008.

Other methodologies and factors that may have been considered in the process of rating these issuances can also be found in the Ratings Methodologies subdirectory.

Moody's will continue monitoring these ratings. Any change in the ratings will be publicly disseminated by Moody's through appropriate media.

In addition to the information provided below please find on the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued each of the ratings.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

Son Nguyen Analyst Structured Finance Group Moody'sInvestors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Neelam S. Desai Senior Vice President Structured Finance Group JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Releasing Office: Moody's Investors Service Ltd. One Canada SquareCanary WharfLondon E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 (C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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