Bangkok--19 Jul--Moody's Investors Service EUR150,000,000 CDO securities rated. Moody's Investors Service announced today that it has assigned a Aaa definitive rating to the series 2007-10 notes issued by Athenee CDO Plc, a special purpose vehicle incorporated with limited liability under the laws of Ireland. The transaction has been arranged by Calyon, and is a synthetic arbitrage CDO referencing a portfolio of global corporate and sovereign entities with a total reference portfolio notional amount of EUR 15 billion. The complete rating action is as follows:Issuer: Athenee CDO plc Aaa to the Series 2007-10 EUR150,000,000 Tranche A Hunter Valley CDO II Floating Rate Notes due 30 June 2017 The rating addresses the expected loss posed to investors by the legal final maturity of the notes. The scheduled maturity date of the notes is 30 June 2017. The notes benefits from credit enhancement provided by a 9.76% subordination level, such that any losses on the portfolio must first exceed this amount before reducing the principal amount of the notes. The rating is based primarily on the following: - The credit quality and diversity of the reference pool - The protection against losses provided by the subordination level available to notes - The portfolio adjustment criteria, including the CDOROM Test 2 - The experience, ability and interest alignment of the Portfolio Manager with the noteholders - The independent compliance check on the portfolio adjustment criteria provided by Deutsche Bank AG, London Branch (Aa1, P-1) as the Portfolio Verification Agent - The credit quality of Calyon (Aa1, P-1) as the Investment Provider and the Swap Counterparty, as well as their rating downgrade remedy mechanism - The governing ISDA documentation (particularly the defined Credit Events), and - The structure and integrity of the transaction A full report and analysis of the transaction will soon be available on Moody's website: http://www.moodys.com. Moody's Investors Service is a publisher of rating opinions and research. It is not involved in the offering or sale of any securities, nor is it acting on behalf of the offering party. This release is not a solicitation or a recommendation to buy, hold or sell securities. Hong Kong Myrna Fajardo VP - Senior Credit Officer Structured Finance Group Moody's Asia Pacific Ltd. JOURNALISTS: (852) 2916-1150 SUBSCRIBERS: (852) 2916-1121 Hong Kong Elaine Ng Asst Vice President - Analyst Structured Finance Group Moody's Asia Pacific Ltd. JOURNALISTS: (852) 2916-1150 SUBSCRIBERS: (852) 2916-1121