MRT III Notes Upgraded to PRS Baa Minus

The credit rating for MRT III Funding Corporation Limited’s Asset-Backed Notes has been revised upwards, from PRS Ca to PRS Baa minus (as of August 6, 2008). A rating of PRS Baa is defined as, “Neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may characteristically unreliable over any great length of time. Such issues lack outstanding investment characteristics and in fact have speculative characteristics as well.”

The minus sign further qualifies the rating.

An amount of USD 30.972 million for Tranche 2-A was due last August 7, 2008. The issue trustee, Bank of New York Mellon (BONY Mellon) has confirmed that payment was made on the due date.

For the full text of the press release and for reasons behind the upgrade, please visit www.philratings.com

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