Indeed, investor clients of New York law firm Seward & Kissell would find direct purchases of unrated CLO equity or lower-rated CLO securities tranches "impossible or extremely problematic" without a repackaging through rated combo notes, wrote Greg Cioffi, a partner at Seward & Kissel. With Moody's maintaining ratings for combo notes that will honor "contractually promised" payments of P&I, the investor-side source was optimistic that "there are ways that repackagings of CLO securities can be rated by Moody's" going forward. The downgrade review of 38 outstanding CLO combination notes outstanding will continue through the beginning of 2017, according to Moody's.