OFFERING CIRCULAR SUPPLEMENT CLARIS LIMITED as Issuer ...

S&P and Fitch
2) For all other transactions, obtain rating estimate from Moody’s
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1 (a) Traditional commercial real estate asset classes comprise greater than ninety percent (90%) of
the collateral base.
(b)
(c)
(d)
(e)
(f)
Payment waterfall provides for a pass-through sequential structure, provided that we relax this
requirement when the payment structure has pro rata features and Moody’s is asked to
provide a notched rating on one or more mezzanine classes benefiting from the pro rata
structure.
Collateral base comprised of not more than five percent (5%) exposure to Tier D countries
(Greece, Italy, Portugal, Eastern European countries) AND European properties make up
greater than fifty percent (50%) of the security.
Some form of liquidity provided for all classes of notes to be notched.
Meaning of the rating of the of classes of notes to be notched is the same as or more
conservative than that for the CDO structure into which such notes are to be sold. Base
assumption is timely payment of interest/ultimate repayment of principal at or before the end
of the tail period.
Collateral for the notes, if applicable, is rated the same as or higher than the rating indicator,
accounting for notching, to be assigned by Moody’s with respect to the notched notes. This
criterion is assumed to apply largely to collateralised synthetic transactions.
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