How do I begin?

Ratings Interactive can be accessed at:http://www.ratingsinteractive.com

Or, click on the Ratings Interactive linkalong the circle on the Home page ofMoodys.com.

Use your Moodys.com username & pass-word to log in. When you log in, check"Remember Me." If you've already checkedthis in Moodys.com, you won't have to login separately.

Ratings InteractiveMoody’s Investors Service

Structured Finance

UUsseerr GGuuiiddee for Ratings InteractiveStructured Finance

Ratings Interactive gives you direct accessto the comprehensive ratings related datain Moody's structured data base.

Navigating the site

The tabs at the middle of the page allow you to choose the Market Sector of Structured Finance. The second level of navigation,below the tabs, lets you navigate to different parts of the site.

You can also navigate the site through the List Manager, in the Global Header, but you'll want to make sure you remain in theStructured Finance tab.

When you are under a tab, RI will only recognize issuers or debts thatbelong in that market sector. I.e.: if you upload a list of structuredCUSIPs, they will only be found if you are under the Structured Financetab (or the Cross Sector tab, which recognizes everything).

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Cut and paste your identifiers into the box

Choose the type of results you'd like to see

Creating New Lists

There are several ways to create new lists:

■■ Searches via the Search Wizard

■■ Uploading lists of CUSIPS, ISINs, Deal Names orMoody's Org IDs

■■ Quick Search

■■ Importing existing Moodys.com portfoliosUpload to list

You can upload lists of CUSIPs, ISINs, IssuerNames or Moody's Org IDs to create new lists.These can provide you with resulting lists of yourchoice of Deals or Tranches. Lists can be saved.Saved lists will appear on your Home Page. Eachtime you open a saved list, it pulls real-time datafrom the database.

The Home Page

The Home Page of Ratings Interactive iswhere you’ll be able to access all yoursaved Lists and Searches. The first timeyou enter Ratings Interactive, you won’thave any Lists or Searches, but there are anumber of ways to create them.

Quick Search is available in the global header, and canquickly find an entity when you type in an issuer name,CUSIP, ISIN or ticker.

You can create 2 types of lists in theStructured Finance Market Sector:■■ Lists of Deals■■ Lists of Tranches

Choose the type of identifier you'll be uploading.

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Saving Lists and Export

Once you have created a list, you can save the list for future use, or export it to Excel. Almostevery page in Ratings Interactive is exportable.

The Report Wizard

Your new list will also appear on your Home page. Clicking on the list name will open your list bringing back data from the ratingsdatabase. Opening a list will bring you into the last step of the Report Wizard, Step 4: View Results. If you’d like to change thecolumns of your report, you can do that in Step 2: Select Columns. You can also reorder the columns using Step 3: OrderColumns. Note: You can only change the columns on a list that has already been saved.

Add Results to List

Choosing “Save As” will bring you to the “AddResults to List” page. Here you can choose whichentities to add to your list using the check boxes onthe left side, and either add results to an existinglist or create a new list. Once you save, you willreceive a message telling you that your list hasbeen saved successfully. The name of the list willbe a link into your newly created list.

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How does the Search Wizard work?

The Search Wizard guides you through a series of steps that allow you to define and run customized, complex queries againstMoody's Ratings database.

Step 1: Select fieldsWhen you enter the Search Wizard, you first want to make sure you are under the Structured Finance tab. Then you will want tochoose the search type, either Deals or Tranches. The search below will be at the Tranche level, meaning the results will be a listof CUSIPs, or tranches.

We'll walk through a sample search for tranches that are on watch and had an initial rating of Aaa, and a current rating belowAaa. To do this we'll want to filter on Watch Status, Initial Rating and Current Rating, so I've chosen these fields above by addingthem from the left side to the right side.

Step 2: Set CriteriaStep 2 allows you to narrow down your choices from Step 1. Here you choose the criteria on which your search is filtered. We'recontinuing the sample search defined above.

You can move backand forth between thesteps of the SearchWizard to easily reviseyour search

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Step 3: Select columnsThis step allows you to select the columnsthat will appear in your report. You canchoose as many of the available fields as youwant. The screen shot to the left does notshow all the available fields. Additional relat-ed parties are available.

Step 4: Order columnsYou can revise the order that columns aredisplayed in your report.

Step 5: View ResultsYou are now able to see the results of your search with your customized report columns. There were 42 tranches that met ourcriteria. At this point, you can sort the columns by clicking on the columns header, you can export your report to Excel or text,you can save the resulting list from your search, or you can save the search to be run again in the future. You can also go backto revise your search or change the columns shown in your report.

The fields available to add as columns inyour report will vary depending on whetheryou have created a list of Deals orTranches.

Clicking on the name of a Deal will take you to the “Drill Down” pages whereyou can find more detailed data regarding the deal and its tranches.

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Drill Down to Detailed Data on Deals& Tranches

If you click on the name of a Deal fromQuick Search or from one of your lists,you will be taken to the associated "DrillDown" pages. These pages provide dealrelated data such as lists of all tranchesand related data, and a full rating history

Related Parties

You can also view detailed informa-tion about related parties such asServicer, Master Servicer, Trustee,Originator, Custodian, Underwriter,etc. You can create lists of the relat-ed parties to follow their ratings also.The fourth drill down alows you toview all the research written byMoody’s on the entity.

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Definition links are available onmost pages for gathering moreinformation.

Set email alerts

You can set email alerts on yourlists to insure that you are alertedwhen rating changes or announce-ments occur. You can receive allRating Announcements, real-time,or you can receive daily or weeklysummaries of the rating changesthat affect your lists.

Share Lists withColleagues

You can share your lists with yourcolleagues. Note: Shared lists willappear on your colleague’s Homepage with your name next to it.Your colleague will be able to viewyour lists, but will not be able tomake changes in the list or thereports you have created until they“copy” it for their own use.

Definitions

To see in-depth definitions of Moody’s ratings, our different Market Sectors, or any of the fields available in Ratings Interactive, youcan click on the ‘Market Sector Definitions’ link or the ‘Field Definitions’ link. A pop up box will appear with further information.

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For More Information

If you would like more information or a demonstration of Ratings Interactive, please contactMoody's at one of the following:

Americas: +1-212-553-1658 clientservices@moodys.comEurope: +44-20-7772-5454 csdlondon@moodys.comAustralia/Asia: +81-3-5408-4100 mdytokinfo@moodys.com

What is the difference between a LIST and a SEARCH?A LIST is a series of names of issuers or securities that you have created, imported or uploaded. Once you create a list in RatingsInteractive, it shows up on the Home Page under the name you've assigned it. A SEARCH is a set of criteria designed to create alist. When you do a search in Ratings Interactive, you can save your results as a list, or you can save the search criteria to be runagain in the future.

How many lists and searches can I save?You can save up to 50 lists in each market sector, and 50 searches. Each list can contain up to 500 entities.

How many ways are there to add entities to a list or create new lists?There are 4 ways to add to or create a list. Three can be accessed via the List Manager in the header, or in the second level ofnavigation below the tabs: 1.) The Search Wizard; 2.) Upload a list of CUSIPs, ISINs, Moody's Org Ids, Stock Tickers, or Issuer Names, or3.) Import an existing portfolio previously created in Moodys.com.The 4th way is by adding entities to a list after obtaining them through Quick Search in the Global Header

How do you convert a Tranche list into a Deal list or vice versa? To convert a Tranche list into a Deal list (or vice versa), you will need to include the ‘Moody’s Organization Number’ as a columnin your original list. Export the list to excel, and then eliminate all repetitive Org Numbers. Using the Upload function within themarket sector of the list you have created, cut and paste the list of discrete Moody’s Org numbers, and choose to display theresults as Deals (or Tranches if you are converting to a securities list). You can upload 200 entities at a time.

Can I run a search requesting ratings at a point in time? No, you can run searches filtering on 6 ratings related fields: the Current Rating, the Last Rating Action, the Previous Rating, theDate of the last Rating Change, the Initial Rating and the Initial Rating Date.

What is ‘Cross Sector’? Ratings Interactive is split into 3 sectors, Corporations/Financial Institutions/Sovereigns, US Public Finance, and StructuredFinance. In the Cross Sector tab, we allow you combine entities from any of the sectors of which you are a client to create lists orperform searches. In this way you can compare ratings and other information on any issuers and debts that Moody’s rates.

Frequently Asked Questions

SP0884/DEC 2004