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$34,500,000 PREFERREDPLUS 8.375% Trust Certificates, Series CZN-1 -- Moody's downgrades the rating of certificates issued by PREFERREDPLUS Trust Series CZN-1, a Structured Note

Today's rating action is a result of the change in the rating of 7.05% Debentures due October 01, 2046 issued by Frontier Communications Corporation ("Underlying Securities") which was downgraded to Caa2 on June 26, 2019. The transaction is a structured note whose rating is based on the rating of the Underlying Securities and the legal structure of the transaction.