Client News Release

Fitch Downgrades 5 Tranches from Zoo HF 3 plc. (Business Wire) and Fitch Downgrades 3 Tranches from Phenix CFO Ltd. (Business Wire)

City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/21/2008 - Funds industry news provided by Financial News USA (OTC: FNWU). NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded five tranches from Zoo HF 3 plc, as follows:--EUR94,500,000 class A downgraded to 'A' from 'AA', placed on Rating Watch Evolving;--EUR8,000,000 class B downgraded to 'BBB' from 'AA', placed on Rating Watch Evolving;--EUR6,500,000 class C downgraded to 'BB' from 'A', placed on Rating Watch Evolving;--EUR12,500,000 class D downgraded to 'CCC' from 'BBB', removed from Rating Watch Negative;--EUR5,500,000 class E downgraded to 'CCC' from 'BB', removed from Rating Watch Negative.These rating actions reflect the fund's performance as of the end of October based upon updated Fitch cash flow analysis along with expectations of further stress in the coming months for the hedge fund sector. [Read the full article]

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded three tranches from Phenix CFO Ltd.--EUR 60,000,000 class S rated 'AA', remains on Rating Watch Negative;--EUR 24,000,000 class M1 ' downgraded to 'A' from 'AA', remains on
Rating Watch Negative;--EUR 15,000,000 class M2 downgraded to 'BBB' from 'A', remains on Rating Watch Negative;--EUR 21,000,000 class M3 downgraded to 'BB' from 'BBB', remains on Rating Watch Negative.These rating actions reflect the fund's performance as of the end of September based upon updated Fitch cash flow analysis along with expectations of further stress in the coming months for the hedge fund sector. All classes remain on Rating Watch Negative given the current
performance volatility expected throughout the remainder of the year. To the extent net asset values decline by more than expected or the transaction breaches its Overleverage Test, the ratings could be further downgraded. [Read the full article]

WASHINGTON (AP) -- The Securities and Exchange Commission on Wednesday delayed a plan to adopt new rules aimed at stemming conflicts of interest in Wall Street's credit rating industry.The commissioners decided to take up the new rules at the same time as other proposals that could bring significant changes for the credit rating industry, which has been widely criticized for its role in the subprime mortgage debacle. A public meeting is planned for Dec. 3 for that purpose, SEC spokesman John Nester said. The agenda item was pulled from Wednesday morning's meeting shortly before it started. [Read the full article]

The mantra is "higher risk, higher reward," but the safest bets have given investors the most bang for their buck this year.Finding little in the way of return on investment in other markets, investors have recently placed their bets on the Treasury market. Perceived to be the safest investments because they come with a backing from the U.S. government, Treasurys usually provide a low return on investment. But as private investors, funds and foreign investors pour money into U.S. government bonds in a flight to safety, bonds have performed quite well this year.The Lehman Brothers Aggregate U.S. Treasury index has returned 7.4% to investors so far since January, compared to a loss of more than 40% for S&P 500 stocks. In November alone, Treasurys returned 2.8% to investors, while S&P 500 investors lost 4.8%.Recession fears and credit crisis anxiety have sent stocks falling in eight of 12 sessions thus far in November. Likewise, bonds have risen in eight of 11 sessions. [Read the full article]

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