TCR_Public/090426.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

             Sunday, April 26, 2009, Vol. 13, No. 114

                            Headlines


ABACUS 2005-1: S&P Downgrades Ratings on Four Classes of Notes
ABSPOKE 2005-IB: S&P Withdraws 'BB-' Rating on Notes
BEAR STEARNS: Fitch Junks Ratings on Two Classes of 2000-WF2 Notes
BEXAR COUNTY HOUSING: Moody's Affirms 'Ba1' Rating on 2001A Bonds
BXG RECEIVABLES: Moody's Reviews Ratings on 21 Classes of Notes

BRASCAN STRUCTURED: Moody's Cuts Ratings on Three 2005-2 Notes
BRUSHFIELD 2007-1: Writedowns Cue S&P's Note Rating Cut to 'D'
CHASE COMMERCIAL: Fitch Raises Rating on $8.1 Mil. Notes to 'B+'
CITICORP MORTGAGE: Moody's Downgrades Ratings on 136 Tranches
CITIGROUP COMMERCIAL: GGP Bankruptcy Cudes Moody's Review on Bonds

CORIOLANUS LIMITED: Moody's Junks Rating on $125 Mil. Notes
CORONADO CDO: Fitch Junks Ratings on Four Classes of Notes
CORPORATE BACKED: S&P Raises Rating on $25 Mil. Certs. to 'CCC-'
CORTS TRUST: S&P Raises Rating on $219.584 Mil. Notes to 'CCC-'
CORTS TRUST: S&P Raises Rating on $300 Mil. Certs. to 'CCC-'

CRAFT 2005-3: Moody's Junks Ratings on Series M-2 Notes
EL PASO HOUSING: Moody's Affirms 'Ba3' Rating on Jr. Sub Bonds
GALLERY AT HARBORPLACE: GGP Bankruptcy Cues Moody's Study on Bonds
GE COMMERCIAL: GGP Bankruptcy Cues Moody's Review on Rake Bonds
GENERAL GROWTH: Bankruptcy Cues Moody's Review on 15 Rake Bonds

GMAC COMMERCIAL: Fitch Puts Ratings on 11 Notes on Negative Watch
GS MORTGAGE: GGP Bankruptcy Cudes Moody's Review on Rake Bonds
HARTFORD MEZZANINE: Moody's Downgrades Ratings on 10 2007-1 Notes
JP MORGAN: Moody's Affirms Ratings on 14 Classes of 2003-C1 Notes
KEYCORP STUDENT: Moody's Cuts Ratings on 3 Note Classes to Low-B

KLIO STRUCTURED: Moody's Junks Ratings on Two 2005-1 Notes
LEGG MASON: Moody's Cuts Ratings on 5 Classes of Notes to Low-B
LEGG MASON: Moody's Cuts Rating on Class C Notes Due 2045 to Ba2
LE MONDE: S&P Withdraws 'CC' Ratings on Two Classes of Notes
LOUISIANA PUBLIC: S&P Cuts L-T Ratings on 1993, 1999 Bonds to 'BB'

MCKINLEY 2005-5: Moody's Downgrades Rating on $4,792,450 Certs.
MERRILL LYNCH: Moody's Affirms Ratings on 2003-Canada 11 Certs.
MERRILL LYNCH: Moody's Junks Rating on Cl. I-A2 2007-2 Securities
MORGAN STANLEY: Fitch Corrects Rating Outlooks on 2005 IQ9 Notes
MORGAN STANLEY: Fitch Affirms Ratings on 2003-IQ5 Certificates

MORGAN STANLEY: S&P Downgrades Ratings on NG5FG Notes to 'B-srp'
MORGAN STANLEY: S&P Downgrades Ratings on NG5FG Notes to 'B-srp'
N-45 FIRST: Fitch Affirms 'BB+' Rating on Class E Notes
N-STAR REL: Moody's Confirms Ratings on 12 Classes of Notes
NYU HOSPITALS: Moody's Upgrades Bond Ratings from 'Ba2'

OCWEN RESIDENTIAL: Moody's Downgrades Ratings on 16 Tranches
PPLUS TRUST: S&P Raises Rating on $40 Mil. Certs. to 'CCC-'
PREFERRED CPO: Moody's Downgrades Ratings on Two Tranches
PREFERREDPLUS TRUST: S&P Cuts Rating on $31 Mil. Certs. to 'B'
PUBLIC STEERS: S&P Raises Rating on $231.903 Mil. Certs. to 'CCC-'

RAIT CRE: Moody's Downgrades Ratings on Five Classes of Notes
RESOURCE REAL: Moody's Downgrades Ratings on 10 2007-1 Notes
RESOURCE REAL: Moody's Downgrades Ratings on Eight 2006-1 Notes
RESTRUCTURED ASSET: Moody's Cuts Rating on 2002-10-TR Certificates
RESTRUCTURED ASSET: S&P Corrects Rating on 2006-18-C Certs. to 'D'

RESTRUCTURED ASSET: S&P Corrects Rating on $87 Mil. Certs. to 'D'
RESTRUCTURED ASSET: S&P Corrects Rating on Certificates to 'D'
RFC CDO: Moody's Downgrades Ratings on 10 Classes of 2006-1 Notes
RFMSI SERIES: Moody's Downgrades Ratings on 193 Tranches
SATURNS TRUST: Moody's Downgrades Rating on 2003-1 Notes to 'Ba3'

SATURNS TRUST: S&P Raises Ratings on $75 Mil. Units to 'CCC-'
SATURNS TRUST: S&P Downgrades Ratings on 2003-7 Notes to 'BB'
SATURNS TRUST: S&P Affirms 'BB-' Rating on $60.192 Mil. Certs.
SEQUOIA MORTGAGE: Moody's Junks 16 Class of Pass-Through Certs.
SLATE CDO: S&P Downgrades Ratings on All Classes of 2007-1 Notes

SPGS SPC: S&P Downgrades Ratings on Four Classes to 'D'
SPRING ASSET: Moody's Confirms Ratings on 11 Classes of Notes
STRUCTURED ENHANCED: Moody's Downgrades Rating on 2004-2 Notes
STEERS CDO: S&P Junks Rating on $130 Mil. 2005-1 Certificates
TIMES SQUARE: S&P Downgrades Rating on Amortizing Certs. to 'BB'

WACHOVIA BANK: GGP Bankruptcy Cudes Moody's Review on Rake Bonds
WELLS FARGO: Moody's Downgrades Ratings on 100 2007-11 Tranches

* Fitch Sees Negative Trend in U.S. Public Finance Rating Actions
* Moody's Downgrades Ratings on 77 Notes by 17 CDO Transactions
* Moody's Downgrades Ratings on 131 Notes by 37 CDO Transactions
* Moody's Downgrades Ratings on 138 Notes by 38 CDO Transactions
* Moody's Downgrades Ratings on 141 Notes by 37 CDO Transactions

* Moody's Reports Impact of Auto Industry on Municipal Issuers
* S&P Downgrades Ratings on 36 Classes from 11 RMBS Transactions
* S&P Downgrades Ratings on 39 Tranches from Nine Hybrid CDO Deals
* S&P Downgrades Ratings on 55 Classes of Notes from Five CDOs
* S&P Downgrades Ratings on 57 Classes from 18 Prime Jumbo RMBS

* S&P Downgrades Ratings on 77 Classes from 12 RMBS Transactions
* S&P Downgrades Ratings on 96 Classes from 40 Prime RMBS Deals
* S&P Downgrades Ratings on 244 Classes from 27 RMBS Transactions
* S&P Downgrades Ratings on 272 Classes of Certificates to 'D'
* S&P Downgrades Ratings on Classes of Notes by Various Issuers


                            *********

ABACUS 2005-1: S&P Downgrades Ratings on Four Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes of notes issued by ABACUS 2005-1 CB1 Ltd.

The lowered ratings follow a number of recent credit events within
the underlying portfolio.  Specifically, write downs in the
transaction's underlying reference portfolio have caused the class
C and D notes to incur principal losses.  S&P lowered its ratings
on the other two classes in connection with decreased
subordination levels available to support the notes.

                         Ratings Lowered

                     ABACUS 2005-1 CB1 Ltd.

                                        Rating
                                        ------
          Class                 To                 From
          -----                 --                 ----
          A-1                   BB+                BBB-
          A-2                   B                  B+
          C                     D                  CCC-
          D                     D                  CCC-

                    Other Ratings Outstanding

                      ABACUS 2005-1 CB1 Ltd.

                   Class                 Rating
                   -----                 ------
                   B                     CCC-
                   E-1                   D
                   E-2                   D
                   F                     D
                   G                     D


ABSPOKE 2005-IB: S&P Withdraws 'BB-' Rating on Notes
----------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB-' rating on
the notes issued by ABSpoke 2005-IB Ltd.

S&P withdrew the rating following the optional termination
redemption that took place on April 15, 2009, pursuant to section
8.06(a)(i) of the indenture dated May 19, 2005.

                         Rating Withdrawn

                       ABSpoke 2005-IB Ltd.

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    ABSpoke        NR   BB-

                          NR -- Not rated.


BEAR STEARNS: Fitch Junks Ratings on Two Classes of 2000-WF2 Notes
------------------------------------------------------------------
Fitch Ratings downgrades and assigns Recovery Ratings to Bear
Stearns Commercial Mortgage Securities Inc.'s commercial mortgage
pass-through certificates, series 2000-WF2:

  -- $4.2 million class L to 'CCC/RR2' from 'B';
  -- $8.9 million class M to 'CC/RR5' from 'B-'.

Fitch also affirms and assigns Rating Outlooks:

  -- $514.8 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest-only class X at 'AAA'; Outlook Stable;
  -- $28.3 million class B at 'AAA'; Outlook Stable;
  -- $26.2 million class C at 'AAA'; Outlook Stable;
  -- $8.4 million class D at 'AAA'; Outlook Stable;
  -- $23.1 million class E at 'A+'; Outlook Stable;
  -- $7.3 million class F at 'A-'; Outlook Stable.

Fitch does not rate classes G, H, I, J, K and N. Class A-1 has
paid in full.

The downgrades are the result of Fitch's loss expectations on two
loans (2.9%) transferred to special servicing since the prior
Fitch review.  Rating Outlooks reflect the likely direction of any
rating changes over the next one to two years.   As of the March
2009 distribution date, the pool's aggregate certificate balance
has decreased 22.5% to $649.9 million from $838.5 million at
issuance. Thirty-seven loans (36.0%) have defeased.

There are currently 13 Fitch Loans of Concern (6.4%), including
the two loans in special servicing.  The largest specially
serviced loan (1.7%) is secured by two industrial properties in
Webster, New York.  The loan has been delinquent since January
2008.  The servicer-reported occupancy as of January 2009 was 32%.
The special servicer is pursuing foreclosure.

The second specially serviced asset (1.2%) is an industrial
property in Westborough, Massachusetts.  The property has been
vacant for three years and borrower has been unable to locate a
new tenant or buyer.  The loan became real estate owned as of
February 2009, and the special servicer will begin marketing the
property shortly.

Fitch reviewed the two shadow-rated loans in the pool, the MHC
Portfolio (13.2%) and FM Global Headquarters (0.5%).  The FM
Global Headquarters loan has fully defeased.  Both loans maintain
their investment grade shadow ratings based on their stable
performance.

The MHC Portfolio is secured by six manufactured housing
communities located in Florida, California and Illinois. The
servicer reported occupancy has improved to 100% as of year-end
2008, as compared to 85% as of YE 2007.  The YE 2008 servicer
reported net cash flow has improved 24% since issuance.

Of the non-defeased loans, approximately 16% have maturity dates
in the next 12 months.  The weighted average debt service coverage
ratio and interest rate for these loans were 1.6 times and 8.1%,
respectively.


BEXAR COUNTY HOUSING: Moody's Affirms 'Ba1' Rating on 2001A Bonds
-----------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on Bexar County
Housing Finance Corporation Multifamily Housing Revenue Bonds
(American Opportunity for Housing - Colinas LLC Project) at Ba1
for Series 2001A ($26,475,000 outstanding) and at B1 for Series
2001C ($3,600,000 outstanding).  The Senior Bonds also carry the
enhanced rating based on the municipal bond insurance policy
provided by MBIA.  The affirmations are reflective of the improved
weighted average occupancy levels and debt service coverage levels
in 2008 that are comparable with the benchmarks for the current
rating categories.  The outlook on both Series is Stable due to
improved occupancy levels and financial performance from 2006 to
2008, balanced with rising repair and maintenance expenses and the
use of concessions to attract renters in a difficult economic
environment.

The bonds are secured by the revenues from three cross
collateralized properties, Las Colinas Apartments, Huebner Oaks
Apartments and Perrin Crest Apartments, as well as by funds and
investments pledged to the trustee under the indenture as security
for the bonds.  Las Colinas is a 232-unit garden style apartment
complex built in 1978, composed of 30 two-story buildings and is
located approximately 20 miles north west of the San Antonio
central business district.  Huebner Oaks is a 344-unit garden
style apartment complex built in 1984, composed of 23 two-story
buildings and is located approximately 12 miles north west of the
San Antonio central business district.  Perrin Crest is a 200-unit
garden style apartment complex built in 1985, composed of 13 two-
story buildings and is located approximately 12 miles north east
of the San Antonio central business district.  The three
properties are owned by American Opportunity for Housing, a non-
profit organization that maintains a Community Housing Development
Organization status in the state of Texas.  Management of the
properties is overseen by The Lynd Company which manages over
6,000 units in the state of Texas alone.

                       Recent Developments

Debt service coverage ratios, derived from 2008 audited financial
statements have improved to 1.30 from 1.18 (2006) for 2001A and to
1.11 from 1.01 (2006) for 2001C.  Weighted average monthly
occupancy averaged 90.6% in 2008, with the weakness attributed to
the Las Colinas properties (87.7%) that experienced high vacancy
from move-outs of students at University of Texas at San Antonio.
March 2009 weighted average occupancy is 92.1%, with Heubner Oaks
the weakest at 91%.  The Lynd company has been actively managing
lease expirations by offering concessions two months prior to
lease termination dates in order to mitigate turnover expenses; a
recently completed a lease-a-thon at the Heubner Oaks property was
successful in filing February turnover.  Operational costs have
increased across the properties as numerous underground water line
breaks have caused unanticipated but necessary contractor repair
expenses in early 2009 which has been mitigated through cut backs
in administrative expenses.  The addition of wi-fi to all three
properties has increased curb appeal and received positive feed-
back from residents.

Torto Wheaton Research forecasts rent growth of -0.5% in 2009 and
2.7% in 2010 for the Huebner Oaks' and Las Colinas' submarket.
Occupancy in the submarket is forecasted to improve from 92.8% in
2008 to 93.9% in 2010.  Perrin Crest's submarket is forecasted to
under perform with -0.04% rent growth in 2009 and 2.9% in 2010.
Occupancy is forecast to improve from 92.8% in 2008 to 94.1% in
2010.

Legal Security: The bonds are limited obligations payable solely
from the revenues, receipts and security pledged in the Trust
Indenture.

Interest Rate Derivatives: None

                         Credit Strengths

* Debt service reserves are fully funded as of 3/20/2009

* Excess cash in the surplus fund of $709,754.26 as of 3/20/2009

* Audited financial statements for 2007 and 2008 indicate improved
  debt service coverage

                        Credit Challenges

* High concentration of renters at Las Colinas from the student
  population of the University Texas at San Antonio and a high
  concentration of contract employees from USAA World Headquarters
  who live at Huebner Oaks could negatively impact occupancy if
  university attendance declines or large layoffs occur

* Raising operating expenses from maintenance and repair costs for
  the upkeep of these older properties could negatively impact
  debt service coverage levels if turnover levels increase

* Investments are tied to an MBIA Inc. GIC

                             Outlook

The outlook for the bonds is stable as improved financial
performance and occupancy levels from 2006-2008 is mitigated by
increased operating expenses and rental concessions.

               What could change the rating - UP

* Stable weighted average occupancy

* Improved debt service coverage

* Fully funded debt service funds.

              What could change the rating - DOWN

* Declines in debt service coverage levels

* Weakened occupancy or concessions having a negative impact on
  rental income

* Tapping of the Debt Service Reserve Funds

The last rating action was on February 19, 2008 when Bexar County
Housing Finance Corporation Multifamily Housing Revenue Bonds
(American Opportunity for Housing - Colinas LLC Project) was
affirmed at Ba1 for Series 2001A and at B1 for Series 2001C with a
Stable outlook.


BXG RECEIVABLES: Moody's Reviews Ratings on 21 Classes of Notes
---------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the ratings of twenty one notes issued by five BXG Receivables
Note trusts issued in 2004, 2005, 2006, 2007 and 2008.  The
underlying collateral consists of timeshare loan receivables.

The review of the notes was prompted by worse than expected
performance of the underlying collateral pools as indicated by
rising defaults and delinquencies.  The analysis was primarily
focused on the ratio of credit enhancement to expected gross
charge-offs.  Gross charge-offs on the remaining pools were
assessed based on the level and shape of the cumulative gross
charge-off curves and cumulative gross charge-off to amortization
curve with additional consideration of the current economic
environment and the nature of the asset class.  The total credit
enhancement available includes over collateralization, reserve
fund and excess spread.

As of February 28, 2009, over collateralization of BXG 2004-B,
2005-A, 2006-B, 2007-A and 2008-A represented 9.00%, 10.00%,
9.00%, 11.50% and 12.50% of the outstanding pool balance
respectively.  In addition, the reserve for 2004-B, 2005-A, 2006-B
and 2007-A was at the floor or 1.50%, 1.50%, 1.50% and 5.00% of
the initial pool balance whereas the reserve of the 2008-A was 7%
of the outstanding pool balance.

The complete rating actions are:

Issuer: BXG Receivables Note Trust 2004-B

  -- Class D, Placed Under Review for Possible Downgrade;
     previously on 7/19/2004 Assigned Baa3.

Issuer: BXG Receivables Note Trust 2005-A

  -- Class B, Placed Under Review for Possible Downgrade;
     previously on 1/11/2006 Assigned Aa2;

  -- Class C, Placed Under Review for Possible Downgrade;
     previously on 1/11/2006 Assigned A2;

  -- Class D, Placed Under Review for Possible Downgrade;
     previously on 1/11/2006 Assigned Baa1;

  -- Class E, Placed Under Review for Possible Downgrade;
     previously on 1/11/2006 Assigned Baa3;

  -- Class F, Placed Under Review for Possible Downgrade;
     previously on 1/11/2006 Assigned Ba2.

Issuer: BXG Receivables Note Trust 2006-B

  -- Class B, Placed Under Review for Possible Downgrade;
     previously on 9/25/2006 Assigned Aa2;

  -- Class C, Placed Under Review for Possible Downgrade;
     previously on 9/25/2006 Assigned A2;

  -- Class D, Placed Under Review for Possible Downgrade;
     previously on 9/25/2006 Assigned Baa1;

  -- Class E, Placed Under Review for Possible Downgrade;
     previously on 9/25/2006 Assigned Baa3;

  -- Class F, Placed Under Review for Possible Downgrade;
     previously on 9/25/2006 Assigned Ba2.

Issuer: BXG Receivables Note Trust 2007-A

  -- Class C, Placed Under Review for Possible Downgrade;
     previously on 10/21/2007 Assigned A3;

  -- Class D, Placed Under Review for Possible Downgrade;
     previously on 10/21/2007 Assigned Baa1;

  -- Class E, Placed Under Review for Possible Downgrade;
     previously on 10/21/2007 Assigned Baa2;

  -- Class F, Placed Under Review for Possible Downgrade;
     previously on 10/21/2007 Assigned Baa3;

  -- Class G, Placed Under Review for Possible Downgrade;
     previously on 10/21/2007 Assigned Ba2.

Issuer: BXG Receivables Note Trust 2008-A

  -- Class C, Placed Under Review for Possible Downgrade;
     previously on 3/31/2008 Assigned A3;

  -- Class D, Placed Under Review for Possible Downgrade;
     previously on 3/31/2008 Assigned Baa1;

  -- Class E, Placed Under Review for Possible Downgrade;
     previously on 3/31/2008 Assigned Baa2;

  -- Class F, Placed Under Review for Possible Downgrade;
     previously on 3/31/2008 Assigned Baa3;

  -- Class G, Placed Under Review for Possible Downgrade;
     previously on 3/31/2008 Assigned Ba2.


BRASCAN STRUCTURED: Moody's Cuts Ratings on Three 2005-2 Notes
--------------------------------------------------------------
Moody's Investors Service confirmed the ratings two classes and
downgraded three classes of Notes issued by Brascan Structured
Notes 2005-2, Ltd.  The rating actions are:

  -- Class A, $103,050,000, Floating Rate Notes Due 2040,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $29,700,000, Revolving Floating Rate Notes Due 2040,
     confirmed at Aa2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class C, $34,500,000, Floating Rate Notes Due 2040,
     downgraded to A3 from A2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class D, $34,500,000, Floating Rate Notes Due 2040,
     downgraded to Ba1 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $13,350,000, Floating Rate Notes Due 2040,
     downgraded to B2 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

Moody's confirmed Classes A and B, and downgraded the remaining
Classes due to deteriorating pool performance and revised modeling
parameters.

The pool contains a 5% concentration in CMBS collateral all of
which was issued prior to 2006.  The remaining pool collateral
includes ABS securities, whole loans, subordinate debt and
mezzanine debt.  Moody's ratings are based on the current credit
quality of the collateral and may not reflect potential migration
as per the legal documentation.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  Moody's prior review is summarized in a
press release dated May 16, 2008.


BRUSHFIELD 2007-1: Writedowns Cue S&P's Note Rating Cut to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on five
classes of notes issued by Brushfield 2007-1 Ltd. to 'D' from
'CCC-'.

The lowered ratings follow a number of recent credit events within
the underlying portfolio.  Writedowns in the underlying reference
portfolio have caused all classes to incur a principal loss.

                         Ratings Lowered

                      Brushfield 2007-1 Ltd.

                                        Rating
                                        ------
          Class                 To                 From
          -----                 --                 ----
          A-1LB                 D                  CCC-
          A-2L                  D                  CCC-
          A-3L                  D                  CCC-
          B-1L                  D                  CCC-
          B-2L                  D                  CCC-


CHASE COMMERCIAL: Fitch Raises Rating on $8.1 Mil. Notes to 'B+'
----------------------------------------------------------------
Fitch Ratings upgrades and assigns Rating Outlooks to Chase
Commercial Mortgage Securities Corp., series 1997-2:

  -- $12.2 million class H to 'A+' from 'BB+'; Stable Outlook;
  -- $8.1 million class I to 'B+' from 'B-'; Stable Outlook.

In addition, Fitch affirms and assigns Rating Outlooks to these
classes:

  -- Interest-only class X at 'AAA'; Stable Outlook;
  -- $16.9 million class F at 'AAA'; Stable Outlook;
  -- $6.1 million class G at 'AAA'; Stable Outlook.

The $4.7 million class J certificates are not rated by Fitch.
Classes A-1, A-2, B, C, D and E are paid in full.

The rating upgrades are the result of additional pay down of 8.6%
and increase in subordination since Fitch's last rating action.
As of the March 2009 distribution date, the pool's aggregate
collateral balance has been reduced 94.1%, to $48 million from
$814 million at issuance.  Nine loans remain outstanding, three of
which are defeased (27.5%).  The remaining loans are all
amortizing and interest rates range from 7.20% to 8.52%.

The largest remaining loan (38.3%) is secured by a 239,179 square
foot retail center located in Norwalk, California.  The servicer
reported occupancy as of year-end 2008 was 99.3% with a debt
service coverage ratio of 1.58 times (x).  The loan is scheduled
to mature in 2012.

The second largest non-defeased loan (13.2%) is secured by a
retail plaza located in Cambridge, Massachusetts.  The servicer
reported occupancy as of YE 2008 was 92.9% with a DSCR of 4.43x.
The loan is scheduled to mature in 2012.

Fitch has identified two loans as Fitch Loans of Concern (9.8%)
due to declining occupancy.  Both loans remain current and are
scheduled to mature in 2012.


CITICORP MORTGAGE: Moody's Downgrades Ratings on 136 Tranches
-------------------------------------------------------------
Moody's Investors Service has downgraded 136 tranches from 11
deals issued by Citicorp Mortgage Securities Trust and Citigroup
Mortgage Loan Trust in 2006 and 2007.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable rate, Jumbo mortgage loans.  The
actions are triggered by the quickly deteriorating performance --
marked by rising delinquencies and loss severities, along with
concerns about the continuing drop in housing prices nationwide
and the rising unemployment levels.  The actions reflect Moody's
updated expected losses on the jumbo sector announced in a press
release on March 19th, 2009, and are part of Moody's on-going
review process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

Citicorp Mortgage Securities Tr Ser 2007-8

  -- Cl. IA-1, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-3, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-4, Downgraded to Ba3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-IO, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-IO, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-1, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-IO, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2006-4

  -- Cl. IA-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-3, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-4, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-5, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-6, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-7, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-8, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-9, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-10, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-11, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-12, Downgraded to Baa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2006-5

  -- Cl. IA-1, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-3, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-4, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-6, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-7, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-8, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-9, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-10, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-11, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-12, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-13, Downgraded to Baa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-14, Downgraded to Baa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-IO, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2006-6

  -- Cl. A-1, Downgraded to A1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to A2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to A2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to A2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to A1; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-IO, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2006-7

  -- Cl. IA-1, Downgraded to Ba3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-IO, Downgraded to Ba3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-IO, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-IO, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Ba3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2007-2

  -- Cl. IA-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-3, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-4, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-5, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-6, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-7, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-IO, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-I, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-IO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2007-5

  -- Cl. IA-6, Downgraded to Baa1; previously on 3/19/2009
     Aaa Placed Under Review for Possible Downgrade

  -- Cl. IA-9, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2007-6

  -- Cl. IA-1, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-3, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-4, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-5, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-6, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-7, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-8, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-9, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-10, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-11, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-12, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-13, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-14, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-IO, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-IO, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-IO, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities Trust 2007-9

  -- Cl. IA-1, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. IA-IO, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-IO, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities, Inc. 2006-3

  -- Cl. IA-1, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-3, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-4, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-5, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-6, Downgraded to Ba1; previously on 10/6/2008 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-7, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-8, Downgraded to Baa1; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-9, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-10, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-11, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-12, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-13, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-14, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-15, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-16, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-17, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-18, Downgraded to Ba1; previously on 10/6/2008 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-19, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-PO, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-1, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IIIA-2, Downgraded to Ba1; previously on 10/6/2008 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to Baa3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

Citigroup Mortgage Loan Trust 2007-AR4

  -- Cl. 1-A1A, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A1B, Downgraded to Ca; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-IO, Downgraded to B3; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade


CITIGROUP COMMERCIAL: GGP Bankruptcy Cudes Moody's Review on Bonds
------------------------------------------------------------------
Moody's Investors Service placed the ratings of 15 rake or non-
pooled bonds from six CMBS transactions on review for possible
downgrade due to concerns about potential non-reimbursed trust
expenses and interest shortfalls related to the Chapter 11
bankruptcy filing of General Growth Properties and affiliates on
April 16, 2009.  In these transactions, Moody's rated promise is
to the timely payment of interest and ultimate payment of
principal by the final rated distribution date.  Moody's action
reflects the possibility that non-reimbursed trust expenses and
interest shortfalls may cause a disruption in the timely payment
of interest on the rake or non-pooled bonds.

Like non-pooled bonds, rake bonds are exposed to the first loss
occurring on a single loan, or to the non-reimbursed trust
expenses and interest shortfalls that may occur as a result of the
loan being transferred to special servicing.  There is no benefit
from the pooling of cash flows from other loans.  As a result,
special servicing fees, legal expenses, and other trust expenses
may create interest shortfalls that could negatively impact the
non-rated or rated classes in reverse sequential order.  In some
cases, these shortfalls and expenses may not be reimbursed by the
loan borrower upon the return of the loan to master servicing.

The bankruptcy filing includes 158 properties. Of these, 46
properties are in 39 Moody's rated U.S. CMBS transactions.
Moody's has reviewed the 39 deals and has concluded that no action
is warranted at this time on the remaining 33 deals where pooled
GGP loans were subject to the Chapter 11 filing.  Moody's will
continue to monitor the GGP bankruptcy case and the transactions
with exposure to GGP; if there are any material changes, rating
actions will be taken, if warranted.

In Moody's review, Moody's concluded that the GGP exposure was not
material in some deals.  In others, prior rating actions reflected
a below-investment grade underlying rating for the asset
commensurate with the current risk.  Finally, in the remaining
deals, amortization and improved property performance, along with
bond level paydowns and increased credit enhancement, mitigated
the increased probability of default and expected loss associated
with GGP's bankruptcy filing.  In addition, when interest
shortfalls and non-reimbursed trust expenses occur in the
transactions in which the GGP affected loans are pooled, there is
a non-rated class or classes that have an appropriate low rating
to absorb these shortfalls.

Moody's rating action is:

Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-C5

  -- Class AMP-1, $40,000,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from Baa1
     on 2/9/2009

  -- Class AMP-2, $48,000,000, currently rated Baa3; on review for
     possible downgrade; previously downgraded to Baa3 from Baa2
     on 2/9/2009

  -- Class AMP-3, $27,000,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa3 on
     2/9/2009.

These classes are supported by a B note secured by the borrower's
interest in Ala Moana Center, a 2.0 million square foot regional
mall and office component located in Honolulu, Hawaii.  The Ala
Moana Center is the dominant retail center in its trade area and
is considered the world's largest open-air shopping center.  The
property recently completed an expansion that included a 200,000
square foot Nordstrom department store as well as 100,000 square
feet of additional retail space.

Moody's prior full review is summarized in a press release dated
February 9, 2009.

Gallery at Harborplace Mortgage Trust Commercial Mortgage Pass-
Through Certificates, Series 2000-C5C

  -- Class B-1, $3,200,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from A3 on
     3/11/2009

  -- Class B-2, $5,100,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa2 on
     3/11/2009

  -- Class B-3, $2,200,000, currently rated Ba2, on review for
     possible downgrade; previously downgraded to Ba2 from Baa3 on
     3/11/2009

These classes are supported by a B note secured by the borrower's
interest in Gallery at Harborplace, a 404,000 square foot office
and retail mixed use complex located within the Inner Harbor
development in Baltimore, Maryland.  The property was developed in
1987 by The Rouse Company which was acquired by GGP in 2004.

Moody's prior full review is summarized in a press release dated
March 11, 2009.

GE Commercial Mortgage Corporation, Commercial Mortgage Pass-
Through Certificates, Series 2003-C2

  -- Class BLVD-1, $1,706,377, currently rated A2, on review for
     possible downgrade; previously affirmed at A2 on 11/7/2007

  -- Class BLVD-2, $2,501,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 11/7/2007

  -- Class BLVD-3, $4,502,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 11/7/2007

  -- Class BLVD-4, $3,549,000, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 11/7/2007

  -- Class BLVD-5, $7,960,750, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 11/7/2007

These classes are supported by a B note secured by the borrower's
interest in Boulevard Mall, a 1.2 million square foot shopping
center located in Las Vegas, Nevada.  The center is anchored by
Sears, Dillard's, Macy's and J.C. Penney.

Moody's prior full review is summarized in a press release dated
November 7, 2007.

GS Mortgage Securities Corporation II, Commercial Pass-Through
Certificates, Series 2001-GL III

  -- Class F-NFC, $10,460,000, currently rated Aa3, on review for
     possible downgrade; previously downgraded to Aa3 from Aa2 on
     3/19/2009

  -- Class G-NFC, $5,910,569, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aa3 on
     7/31/2008

These classes are supported by a B note secured by the borrower's
interest in Northridge Fashion Center, a 1.4 million square foot
regional mall located in Northridge, California.  The mall is
anchored by Macy's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
July 31, 2008.

Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2004-C14

  -- Class PP, $37,145,889, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 5/4/2007

The class is supported by a B note secured by the borrower's
interest in Park Place Mall, a 1.0 million square foot regional
mall located in Tucson, Arizona.  The center is anchored by Sears,
Dillard's and Macy's.

Moody's prior full review is summarized in a press release dated
May 4, 2007.

Wachovia Bank Commercial Mortgage Trust 2006-C26, Commercial Pass-
Through Certificates, Series 2006-C26

  -- Class WM, $10,000,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 2/10/2009

The class is supported by a B note secured by the borrower's
interest in Woodlands Mall, 1.4 million square foot mall located
in Woodlands, Texas.  The center is anchored by Dillard's,
Foley's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
February 10, 2009.


CORIOLANUS LIMITED: Moody's Junks Rating on $125 Mil. Notes
-----------------------------------------------------------
Moody's Investors Service downgraded its rating of Series 82
$125,000,000 Variable Floating Rate CDO Linked Secured Notes due
2051 issued pursuant to its EUR10,000,000,000 Secured Note
Programme issued by Coriolanus Limited.

The rating actions are:

Class Description: Series 82 $125,000,000 Variable Floating Rate
CDO Linked Secured Notes due 2051

  -- Current Rating: Ca
  -- Prior Rating: B1 on review for possible downgrade
  -- Prior Rating Date: 07/22/08

The transaction is a repackaged security whose rating changes with
the ratings of the underlying securities. The rating action is a
result of the change of the ratings of Class A-1 Senior Secured
Floating Rate Notes Due December 2051 and Class A-2 Senior Secured
Floating Rate Notes Due December 2051.


CORONADO CDO: Fitch Junks Ratings on Four Classes of Notes
----------------------------------------------------------
Fitch Ratings downgrades six classes of notes issued by Coronado
CDO, Ltd./Inc.:

  -- $242,473,673 class A-1 notes to 'BB' from 'AA'; Outlook
     Negative;

  -- $3,215,831 class A-2 notes to 'BB' from 'AA'; Outlook
     Negative;

  -- $62,000,000 class B-1 notes to 'CC' from 'BB';

  -- $15,000,000 class B-2 notes to 'CC' from 'BB';

  -- $6,750,000 class C-1 notes to 'C' from 'B';

  -- $13,500,000 class C-2 notes to 'C' from 'B'.

Fitch has also removed the class B-1, B-2 (together, class B), C-1
and C-2 (together, class C) notes from Rating Watch Negative.

The class A-1 and A-2 (together, class A) notes were assigned a
Negative Outlook due to the high concentration of residential
mortgage-backed securities in the portfolio that are expected to
continue to face negative pressure until the housing market
stabilizes.  Fitch does not assign Rating Outlooks to classes
rated 'CCC' or below.

The downgrades to the notes are the result of credit deterioration
experienced since Fitch's review in May 2008, and reflect Fitch's
view on the credit risk of the rated notes following the release
of its new rating criteria for structured finance collateralized
debt obligations.  Fitch now considers 38.7% of the portfolio to
be rated below investment grade with 21.5% of the portfolio
considered rated 'CCC+' or lower.  Approximately 19% of the
portfolio is now considered defaulted per the transaction's
governing documents.

MBIA Inc. insures the class A notes via an unconditional,
irrevocable financial guarantee.  However, because Fitch no longer
rates MBIA, the current rating of the class A notes is based
solely on the credit quality of the portfolio and on structural
features of the transaction.  Interest proceeds have been diverted
to redeem class A principal after paying class B accrued interest
on the previous two distribution dates due to the failure of the
class B overcollateralization test.  The class B OC ratio was
89.3% versus its trigger of 104.9% as of the March 31, 2009
trustee report.  The class A OC test began to fail as of the March
31, 2009 trustee report with a ratio of 117.3% versus a 118.9%
threshold.  Class B will continue to receive interest even if the
class A OC test continues to fail on the June 2009 payment date as
class B accrued interest is paid prior the class A OC test.

The class B notes will continue to receive timely accrued interest
distributions due to its position in the priority of payments.
However, based on the performance expectations of the 'CCC+' or
lower rated portion of the portfolio, they are not expected to
receive any significant principal distributions.  The class C-1
and C-2 notes are not expected to receive any interest or
principal distributions going forward due to the failure of the
class B OC test, which is unlikely to be cured.

Coronado is a SF CDO that closed on Sept. 4, 2003 and is managed
by Western Asset Management Company.  Coronado exited its
reinvestment period in March 2007.  The portfolio is comprised
primarily of RMBS (63.9%), asset-backed securities (17.1%),
commercial mortgage-backed securities (15%) and corporate CDOs
(3.6%).

These rating actions resolve the 'Under Analysis' status issued on
Oct. 14, 2008 following Fitch's announcement of its proposed
criteria revision for analyzing SF CDOs.  The revised criteria
report, 'Global Rating Criteria for Structured Finance CDOs', was
published in its final form on Dec. 16, 2008 along with an updated
version of the Fitch Portfolio Credit Model that includes
additional functionality for analyzing SF CDOs.  As part of this
review, Fitch made standard adjustments for any names on Rating
Watch Negative or with a Negative Outlook, downgrading such
ratings for default analysis purposes by three and one notches,
respectively.


CORPORATE BACKED: S&P Raises Rating on $25 Mil. Certs. to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Corporate
Backed Trust Certificates Ford Motor Co. Note-Backed Series 2003-6
Trust's $25 million class A-1 8.0% pass-through certificates
series 2003-6 to 'CCC-' from 'D'.

The rating action follows the April 13, 2009, raising of S&P's
rating on Ford Motor Co.'s 7.45% global landmark securities due
July 16, 2031, the underlying security, to 'CCC-' from 'D'.

The rating on the class A-1 certificates is dependent on the
rating on the underlying security.


CORTS TRUST: S&P Raises Rating on $219.584 Mil. Notes to 'CCC-'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on CorTS
Trust II for Ford Notes' $219.584 million 8.0% pass-through trust
certificates series 2003-3 to 'CCC-' from 'D'.
      
The rating action follows the April 13, 2009, raising of S&P's
rating on Ford Motor Co.'s 7.45% global landmark securities due
July 16, 2031, the underlying security, to 'CCC-' from 'D'.

The rating on the series 2003-3 trust certificates is dependent on
the rating on the underlying security.


CORTS TRUST: S&P Raises Rating on $300 Mil. Certs. to 'CCC-'
------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on CorTS
Trust For Ford Debentures' $300 million 7.4% pass-through
certificates to 'CCC-' from 'D'.

The rating action follows the April 13, 2009, raising of S&P's
rating on Ford Motor Co.'s 7.4% debentures due Nov. 1, 2046, the
underlying security, to 'CCC-' from 'D'.

The rating on the certificates is dependent on the rating on the
underlying security.


CRAFT 2005-3: Moody's Junks Ratings on Series M-2 Notes
-------------------------------------------------------
Moody's Investors Service has downgraded its rating of notes
issued by CRAFT 2005-3, Ltd., replenishable synthetic Balance
Sheet collateralized debt obligation transactions referencing a
pool of bank originated corporate loans.

The rating action reflects (a) the deterioration in the credit
quality of the transaction's reference portfolio and (b) the
revision of certain key assumptions that the agency uses to rate
and monitor corporate synthetic CDOs.  These revised assumptions
incorporate Moody's expectation that global corporate default
rates are likely to greatly exceed their historical long-term
averages and reflect the heightened interdependence of credit
markets in the current global economic contraction.

Specifically, the changes include: (1) a 30% increase in the
assumed likelihood of default for corporate credits in CDOs (2) an
increase in the degree to which ratings are adjusted according to
other credit indicators such as rating Reviews and Outlooks and
(3) an increase in the default correlation applied to corporate
portfolios as generated through a combination of higher default
rates and increased asset correlations.

These revised assumptions are described in greater detail in the
press release titled "Moody's updates key assumptions for rating
corporate synthetic CDOs" published on January 15, 2009.  Moody's
notes that the global corporate loan sector currently has a
negative outlook and has shown signs of increasing weakness in
terms of credit performance.

In addition, for the majority of the underlying referenced assets,
the equivalent Moody's ratings used in Moody's analysis are
obtained through a mapping process between the originator's
internal rating scale and Moody's public rating scale.  To
compensate for the absence of credit indicators such as ratings
reviews and outlooks in mapped ratings, a half notch stress was
applied to the mapping scale.  Because this mapping was performed
prior to 1st April 2007, an additional stress was applied to
capture potential deviations from the established mapping.

Moody's initially analyzed and continues to monitor this
transaction using primarily the methodology and its supplements
for corporate synthetic CDOs as described in Moody's Special
Reports and press releases:

  -- Moody's Approach To Rating Corporate Collateralized Synthetic
     Obligations (March 2009)

  -- Modeling Recovery Rates in European CDOs

The rating action is:

Class Description: Series M-2 Mezzanine Credit Linked Notes due
2012

  -- Current Rating: Caa3
  -- Prior Rating: Ba2
  -- Prior Rating Date: September 28, 2006


EL PASO HOUSING: Moody's Affirms 'Ba3' Rating on Jr. Sub Bonds
--------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on El Paso
Housing Corporation, Multifamily Housing Revenue Bonds (La Plaza
Apartments): Baa1 on the Series 2000 A and B; Baa3 on the
Subordinate Series C; and Ba3 on the Junior Subordinate Series D.
The outlook is revised to negative from stable.

Use Of Proceeds: The bonds were issued for the purpose of
financing the acquisition, rehabilitation and equipping of a 129
unit multifamily housing development located in El Paso, Texas and
occupied by persons of low and moderate income.

Legal Security: The bonds are limited obligations of the issuer
payable solely from and secured, to the extent and as provided in
the indenture, by pledge of: 1) all right and title interest of
the issuer; 2) funds, including monies and investments held by the
trustee pursuant to the indenture.

                            Strengths:

* Strong reserve balances with maximum annual debt service reserve
  fully funded.  As of September 30, 2008, the senior, junior and
  junior subordinate funds are fully funded.

* The project consistently maintains strong debt service coverage
   (1.52/1.31/1.13) senior, junior and junior subordinate
  respectively.

* The project consistently maintains high occupancy levels (97% as
  of March 2009).

                           Challenges

* Growing expenses charged to reserve and replacement balances may
  become recurring expenses, thereby reducing net operating income

* Small size of the projects make cash flow somewhat volatile, as
  small swings in revenues or expenses can have a
  disproportionately large impact on NOI;

* Potential market competition arising from increased multifamily
  building may attract tenants, possible increasing vacancy.

* Market forecast indicates slow or stagnant rental revenue growth
  which may necessitate prolonged concessions as well as limiting
  rental increases

                             Outlook

The outlook is revised to negative from stable for the Senior,
Subordinate and Junior Subordinate Bonds.  This reflects Moody's
the projects declining debt service coverage as well as a
weakening growth in the El Paso rental market.

               What Could Cause the rating to go UP

Significant improvement in debt service coverage.

              What Could Cause the rating to go DOWN

The deterioration of occupancy levels or declines in debt service
coverage.

Capital expenditures becoming more frequent, thereby reducing net
operating income.


GALLERY AT HARBORPLACE: GGP Bankruptcy Cues Moody's Study on Bonds
------------------------------------------------------------------
Moody's Investors Service placed the ratings of 15 rake or non-
pooled bonds from six CMBS transactions on review for possible
downgrade due to concerns about potential non-reimbursed trust
expenses and interest shortfalls related to the Chapter 11
bankruptcy filing of General Growth Properties and affiliates on
April 16, 2009.  In these transactions, Moody's rated promise is
to the timely payment of interest and ultimate payment of
principal by the final rated distribution date.  Moody's action
reflects the possibility that non-reimbursed trust expenses and
interest shortfalls may cause a disruption in the timely payment
of interest on the rake or non-pooled bonds.

Like non-pooled bonds, rake bonds are exposed to the first loss
occurring on a single loan, or to the non-reimbursed trust
expenses and interest shortfalls that may occur as a result of the
loan being transferred to special servicing.  There is no benefit
from the pooling of cash flows from other loans.  As a result,
special servicing fees, legal expenses, and other trust expenses
may create interest shortfalls that could negatively impact the
non-rated or rated classes in reverse sequential order.  In some
cases, these shortfalls and expenses may not be reimbursed by the
loan borrower upon the return of the loan to master servicing.

The bankruptcy filing includes 158 properties. Of these, 46
properties are in 39 Moody's rated U.S. CMBS transactions.
Moody's has reviewed the 39 deals and has concluded that no action
is warranted at this time on the remaining 33 deals where pooled
GGP loans were subject to the Chapter 11 filing.  Moody's will
continue to monitor the GGP bankruptcy case and the transactions
with exposure to GGP; if there are any material changes, rating
actions will be taken, if warranted.

In Moody's review, Moody's concluded that the GGP exposure was not
material in some deals.  In others, prior rating actions reflected
a below-investment grade underlying rating for the asset
commensurate with the current risk.  Finally, in the remaining
deals, amortization and improved property performance, along with
bond level paydowns and increased credit enhancement, mitigated
the increased probability of default and expected loss associated
with GGP's bankruptcy filing.  In addition, when interest
shortfalls and non-reimbursed trust expenses occur in the
transactions in which the GGP affected loans are pooled, there is
a non-rated class or classes that have an appropriate low rating
to absorb these shortfalls.

Moody's rating action is:

Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-C5

  -- Class AMP-1, $40,000,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from Baa1
     on 2/9/2009

  -- Class AMP-2, $48,000,000, currently rated Baa3; on review for
     possible downgrade; previously downgraded to Baa3 from Baa2
     on 2/9/2009

  -- Class AMP-3, $27,000,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa3 on
     2/9/2009.

These classes are supported by a B note secured by the borrower's
interest in Ala Moana Center, a 2.0 million square foot regional
mall and office component located in Honolulu, Hawaii.  The Ala
Moana Center is the dominant retail center in its trade area and
is considered the world's largest open-air shopping center.  The
property recently completed an expansion that included a 200,000
square foot Nordstrom department store as well as 100,000 square
feet of additional retail space.

Moody's prior full review is summarized in a press release dated
February 9, 2009.

Gallery at Harborplace Mortgage Trust Commercial Mortgage Pass-
Through Certificates, Series 2000-C5C

  -- Class B-1, $3,200,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from A3 on
     3/11/2009

  -- Class B-2, $5,100,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa2 on
     3/11/2009

  -- Class B-3, $2,200,000, currently rated Ba2, on review for
     possible downgrade; previously downgraded to Ba2 from Baa3 on
     3/11/2009

These classes are supported by a B note secured by the borrower's
interest in Gallery at Harborplace, a 404,000 square foot office
and retail mixed use complex located within the Inner Harbor
development in Baltimore, Maryland.  The property was developed in
1987 by The Rouse Company which was acquired by GGP in 2004.

Moody's prior full review is summarized in a press release dated
March 11, 2009.

GE Commercial Mortgage Corporation, Commercial Mortgage Pass-
Through Certificates, Series 2003-C2

  -- Class BLVD-1, $1,706,377, currently rated A2, on review for
     possible downgrade; previously affirmed at A2 on 11/7/2007

  -- Class BLVD-2, $2,501,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 11/7/2007

  -- Class BLVD-3, $4,502,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 11/7/2007

  -- Class BLVD-4, $3,549,000, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 11/7/2007

  -- Class BLVD-5, $7,960,750, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 11/7/2007

These classes are supported by a B note secured by the borrower's
interest in Boulevard Mall, a 1.2 million square foot shopping
center located in Las Vegas, Nevada.  The center is anchored by
Sears, Dillard's, Macy's and J.C. Penney.

Moody's prior full review is summarized in a press release dated
November 7, 2007.

GS Mortgage Securities Corporation II, Commercial Pass-Through
Certificates, Series 2001-GL III

  -- Class F-NFC, $10,460,000, currently rated Aa3, on review for
     possible downgrade; previously downgraded to Aa3 from Aa2 on
     3/19/2009

  -- Class G-NFC, $5,910,569, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aa3 on
     7/31/2008

These classes are supported by a B note secured by the borrower's
interest in Northridge Fashion Center, a 1.4 million square foot
regional mall located in Northridge, California.  The mall is
anchored by Macy's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
July 31, 2008.

Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2004-C14

  -- Class PP, $37,145,889, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 5/4/2007

The class is supported by a B note secured by the borrower's
interest in Park Place Mall, a 1.0 million square foot regional
mall located in Tucson, Arizona.  The center is anchored by Sears,
Dillard's and Macy's.

Moody's prior full review is summarized in a press release dated
May 4, 2007.

Wachovia Bank Commercial Mortgage Trust 2006-C26, Commercial Pass-
Through Certificates, Series 2006-C26

  -- Class WM, $10,000,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 2/10/2009

The class is supported by a B note secured by the borrower's
interest in Woodlands Mall, 1.4 million square foot mall located
in Woodlands, Texas.  The center is anchored by Dillard's,
Foley's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
February 10, 2009.


GE COMMERCIAL: GGP Bankruptcy Cues Moody's Review on Rake Bonds
----------------------------------------------------------------
Moody's Investors Service placed the ratings of 15 rake or non-
pooled bonds from six CMBS transactions on review for possible
downgrade due to concerns about potential non-reimbursed trust
expenses and interest shortfalls related to the Chapter 11
bankruptcy filing of General Growth Properties and affiliates on
April 16, 2009.  In these transactions, Moody's rated promise is
to the timely payment of interest and ultimate payment of
principal by the final rated distribution date.  Moody's action
reflects the possibility that non-reimbursed trust expenses and
interest shortfalls may cause a disruption in the timely payment
of interest on the rake or non-pooled bonds.

Like non-pooled bonds, rake bonds are exposed to the first loss
occurring on a single loan, or to the non-reimbursed trust
expenses and interest shortfalls that may occur as a result of the
loan being transferred to special servicing.  There is no benefit
from the pooling of cash flows from other loans.  As a result,
special servicing fees, legal expenses, and other trust expenses
may create interest shortfalls that could negatively impact the
non-rated or rated classes in reverse sequential order.  In some
cases, these shortfalls and expenses may not be reimbursed by the
loan borrower upon the return of the loan to master servicing.

The bankruptcy filing includes 158 properties. Of these, 46
properties are in 39 Moody's rated U.S. CMBS transactions.
Moody's has reviewed the 39 deals and has concluded that no action
is warranted at this time on the remaining 33 deals where pooled
GGP loans were subject to the Chapter 11 filing.  Moody's will
continue to monitor the GGP bankruptcy case and the transactions
with exposure to GGP; if there are any material changes, rating
actions will be taken, if warranted.

In Moody's review, Moody's concluded that the GGP exposure was not
material in some deals.  In others, prior rating actions reflected
a below-investment grade underlying rating for the asset
commensurate with the current risk.  Finally, in the remaining
deals, amortization and improved property performance, along with
bond level paydowns and increased credit enhancement, mitigated
the increased probability of default and expected loss associated
with GGP's bankruptcy filing.  In addition, when interest
shortfalls and non-reimbursed trust expenses occur in the
transactions in which the GGP affected loans are pooled, there is
a non-rated class or classes that have an appropriate low rating
to absorb these shortfalls.

Moody's rating action is:

Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-C5

  -- Class AMP-1, $40,000,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from Baa1
     on 2/9/2009

  -- Class AMP-2, $48,000,000, currently rated Baa3; on review for
     possible downgrade; previously downgraded to Baa3 from Baa2
     on 2/9/2009

  -- Class AMP-3, $27,000,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa3 on
     2/9/2009.

These classes are supported by a B note secured by the borrower's
interest in Ala Moana Center, a 2.0 million square foot regional
mall and office component located in Honolulu, Hawaii.  The Ala
Moana Center is the dominant retail center in its trade area and
is considered the world's largest open-air shopping center.  The
property recently completed an expansion that included a 200,000
square foot Nordstrom department store as well as 100,000 square
feet of additional retail space.

Moody's prior full review is summarized in a press release dated
February 9, 2009.

Gallery at Harborplace Mortgage Trust Commercial Mortgage Pass-
Through Certificates, Series 2000-C5C

  -- Class B-1, $3,200,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from A3 on
     3/11/2009

  -- Class B-2, $5,100,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa2 on
     3/11/2009

  -- Class B-3, $2,200,000, currently rated Ba2, on review for
     possible downgrade; previously downgraded to Ba2 from Baa3 on
     3/11/2009

These classes are supported by a B note secured by the borrower's
interest in Gallery at Harborplace, a 404,000 square foot office
and retail mixed use complex located within the Inner Harbor
development in Baltimore, Maryland.  The property was developed in
1987 by The Rouse Company which was acquired by GGP in 2004.

Moody's prior full review is summarized in a press release dated
March 11, 2009.

GE Commercial Mortgage Corporation, Commercial Mortgage Pass-
Through Certificates, Series 2003-C2

  -- Class BLVD-1, $1,706,377, currently rated A2, on review for
     possible downgrade; previously affirmed at A2 on 11/7/2007

  -- Class BLVD-2, $2,501,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 11/7/2007

  -- Class BLVD-3, $4,502,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 11/7/2007

  -- Class BLVD-4, $3,549,000, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 11/7/2007

  -- Class BLVD-5, $7,960,750, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 11/7/2007

These classes are supported by a B note secured by the borrower's
interest in Boulevard Mall, a 1.2 million square foot shopping
center located in Las Vegas, Nevada.  The center is anchored by
Sears, Dillard's, Macy's and J.C. Penney.

Moody's prior full review is summarized in a press release dated
November 7, 2007.

GS Mortgage Securities Corporation II, Commercial Pass-Through
Certificates, Series 2001-GL III

  -- Class F-NFC, $10,460,000, currently rated Aa3, on review for
     possible downgrade; previously downgraded to Aa3 from Aa2 on
     3/19/2009

  -- Class G-NFC, $5,910,569, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aa3 on
     7/31/2008

These classes are supported by a B note secured by the borrower's
interest in Northridge Fashion Center, a 1.4 million square foot
regional mall located in Northridge, California.  The mall is
anchored by Macy's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
July 31, 2008.

Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2004-C14

  -- Class PP, $37,145,889, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 5/4/2007

The class is supported by a B note secured by the borrower's
interest in Park Place Mall, a 1.0 million square foot regional
mall located in Tucson, Arizona.  The center is anchored by Sears,
Dillard's and Macy's.

Moody's prior full review is summarized in a press release dated
May 4, 2007.

Wachovia Bank Commercial Mortgage Trust 2006-C26, Commercial Pass-
Through Certificates, Series 2006-C26

  -- Class WM, $10,000,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 2/10/2009

The class is supported by a B note secured by the borrower's
interest in Woodlands Mall, 1.4 million square foot mall located
in Woodlands, Texas.  The center is anchored by Dillard's,
Foley's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
February 10, 2009.


GENERAL GROWTH: Bankruptcy Cues Moody's Review on 15 Rake Bonds
--------------------------------------------------------------
Moody's Investors Service placed the ratings of 15 rake or non-
pooled bonds from six CMBS transactions on review for possible
downgrade due to concerns about potential non-reimbursed trust
expenses and interest shortfalls related to the Chapter 11
bankruptcy filing of General Growth Properties and affiliates on
April 16, 2009.  In these transactions, Moody's rated promise is
to the timely payment of interest and ultimate payment of
principal by the final rated distribution date.  Moody's action
reflects the possibility that non-reimbursed trust expenses and
interest shortfalls may cause a disruption in the timely payment
of interest on the rake or non-pooled bonds.

Like non-pooled bonds, rake bonds are exposed to the first loss
occurring on a single loan, or to the non-reimbursed trust
expenses and interest shortfalls that may occur as a result of the
loan being transferred to special servicing.  There is no benefit
from the pooling of cash flows from other loans.  As a result,
special servicing fees, legal expenses, and other trust expenses
may create interest shortfalls that could negatively impact the
non-rated or rated classes in reverse sequential order.  In some
cases, these shortfalls and expenses may not be reimbursed by the
loan borrower upon the return of the loan to master servicing.

The bankruptcy filing includes 158 properties. Of these, 46
properties are in 39 Moody's rated U.S. CMBS transactions.
Moody's has reviewed the 39 deals and has concluded that no action
is warranted at this time on the remaining 33 deals where pooled
GGP loans were subject to the Chapter 11 filing.  Moody's will
continue to monitor the GGP bankruptcy case and the transactions
with exposure to GGP; if there are any material changes, rating
actions will be taken, if warranted.

In Moody's review, Moody's concluded that the GGP exposure was not
material in some deals.  In others, prior rating actions reflected
a below-investment grade underlying rating for the asset
commensurate with the current risk.  Finally, in the remaining
deals, amortization and improved property performance, along with
bond level paydowns and increased credit enhancement, mitigated
the increased probability of default and expected loss associated
with GGP's bankruptcy filing.  In addition, when interest
shortfalls and non-reimbursed trust expenses occur in the
transactions in which the GGP affected loans are pooled, there is
a non-rated class or classes that have an appropriate low rating
to absorb these shortfalls.

Moody's rating action is:

Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-C5

  -- Class AMP-1, $40,000,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from Baa1
     on 2/9/2009

  -- Class AMP-2, $48,000,000, currently rated Baa3; on review for
     possible downgrade; previously downgraded to Baa3 from Baa2
     on 2/9/2009

  -- Class AMP-3, $27,000,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa3 on
     2/9/2009.

These classes are supported by a B note secured by the borrower's
interest in Ala Moana Center, a 2.0 million square foot regional
mall and office component located in Honolulu, Hawaii.  The Ala
Moana Center is the dominant retail center in its trade area and
is considered the world's largest open-air shopping center.  The
property recently completed an expansion that included a 200,000
square foot Nordstrom department store as well as 100,000 square
feet of additional retail space.

Moody's prior full review is summarized in a press release dated
February 9, 2009.

Gallery at Harborplace Mortgage Trust Commercial Mortgage Pass-
Through Certificates, Series 2000-C5C

  -- Class B-1, $3,200,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from A3 on
     3/11/2009

  -- Class B-2, $5,100,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa2 on
     3/11/2009

  -- Class B-3, $2,200,000, currently rated Ba2, on review for
     possible downgrade; previously downgraded to Ba2 from Baa3 on
     3/11/2009

These classes are supported by a B note secured by the borrower's
interest in Gallery at Harborplace, a 404,000 square foot office
and retail mixed use complex located within the Inner Harbor
development in Baltimore, Maryland.  The property was developed in
1987 by The Rouse Company which was acquired by GGP in 2004.

Moody's prior full review is summarized in a press release dated
March 11, 2009.

GE Commercial Mortgage Corporation, Commercial Mortgage Pass-
Through Certificates, Series 2003-C2

  -- Class BLVD-1, $1,706,377, currently rated A2, on review for
     possible downgrade; previously affirmed at A2 on 11/7/2007

  -- Class BLVD-2, $2,501,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 11/7/2007

  -- Class BLVD-3, $4,502,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 11/7/2007

  -- Class BLVD-4, $3,549,000, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 11/7/2007

  -- Class BLVD-5, $7,960,750, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 11/7/2007

These classes are supported by a B note secured by the borrower's
interest in Boulevard Mall, a 1.2 million square foot shopping
center located in Las Vegas, Nevada.  The center is anchored by
Sears, Dillard's, Macy's and J.C. Penney.

Moody's prior full review is summarized in a press release dated
November 7, 2007.

GS Mortgage Securities Corporation II, Commercial Pass-Through
Certificates, Series 2001-GL III

  -- Class F-NFC, $10,460,000, currently rated Aa3, on review for
     possible downgrade; previously downgraded to Aa3 from Aa2 on
     3/19/2009

  -- Class G-NFC, $5,910,569, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aa3 on
     7/31/2008

These classes are supported by a B note secured by the borrower's
interest in Northridge Fashion Center, a 1.4 million square foot
regional mall located in Northridge, California.  The mall is
anchored by Macy's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
July 31, 2008.

Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2004-C14

  -- Class PP, $37,145,889, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 5/4/2007

The class is supported by a B note secured by the borrower's
interest in Park Place Mall, a 1.0 million square foot regional
mall located in Tucson, Arizona.  The center is anchored by Sears,
Dillard's and Macy's.

Moody's prior full review is summarized in a press release dated
May 4, 2007.

Wachovia Bank Commercial Mortgage Trust 2006-C26, Commercial Pass-
Through Certificates, Series 2006-C26

  -- Class WM, $10,000,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 2/10/2009

The class is supported by a B note secured by the borrower's
interest in Woodlands Mall, 1.4 million square foot mall located
in Woodlands, Texas.  The center is anchored by Dillard's,
Foley's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
February 10, 2009.


GMAC COMMERCIAL: Fitch Puts Ratings on 11 Notes on Negative Watch
-----------------------------------------------------------------
Fitch Ratings-New York-20 April 2009: Fitch Ratings has placed on
Rating Watch Negative these 11 classes of GMAC Commercial Mortgage
Securities, Inc.'s commercial mortgage pass-through certificates,
series 2005-C1:

  -- $127.8 million class A-J 'AAA'; Rating Watch Negative;
  -- $34 million class B 'AA'; Rating Watch Negative;
  -- $12 million class C 'A+'; Rating Watch Negative;
  -- $24 million class D 'A-'; Rating Watch Negative;
  -- $16 million class E 'BBB+'; Rating Watch Negative;
  -- $16 million class F 'BBB-'; Rating Watch Negative;
  -- $16 million class G 'BB-'; Rating Watch Negative;
  -- $20 million class H 'B-'; Rating Watch Negative;
  -- $6 million class J 'CCC/DR1'; Rating Watch Negative;
  -- $6 million class K 'CCC/DR2'; Rating Watch Negative;
  -- $8 million class L 'CC/DR4'; Rating Watch Negative.

The Rating Watch Negative placements on classes A-J through L are
due to the recent transfer of the sixth largest loan in the
transaction: 3301 N. Buffalo Drive (3.9%).

The 3301 N. Buffalo Drive loan is collateralized by a 321,041
square foot class A office property located in Las Vegas, NV.  The
loan was transferred to special servicing on April 17, 2009 due to
imminent default.  The property suffered a substantial decline in
occupancy that has affected the borrower's ability to service the
debt.  Based on the most recent rent roll, an additional 114,353
square feet of space at the property (36%) corresponds to leases
that expire in 2009 or that are currently operating on a month-to-
month basis.  The most recent servicer-reported debt service
coverage ratio was 1.43 times (x) as of year-end 2008, and the
occupancy was 59.2% as of the same date.  This compares to a
reported DSCR of 1.90x and occupancy of 93.4% at year-end 2007.

In addition to the newly transferred loan, an additional five
assets (3.6%) are currently with the special servicer, one of
which (0.9%) transferred subsequent to the previous Fitch rating
action.  Fitch expects losses on four of the five assets (3.4%)
that transferred prior to the April remittance date.

Fitch expects to resolve the Rating Watch status of these classes
as more information about the potential workout scenarios and an
updated valuation of the loan become available.  Fitch considers
the Outlooks on the 'AAA' rated classes senior to class A-J to be
Stable due to potential losses having limited impact on credit
enhancement given the size of the A-J class.


GS MORTGAGE: GGP Bankruptcy Cudes Moody's Review on Rake Bonds
--------------------------------------------------------------
Moody's Investors Service placed the ratings of 15 rake or non-
pooled bonds from six CMBS transactions on review for possible
downgrade due to concerns about potential non-reimbursed trust
expenses and interest shortfalls related to the Chapter 11
bankruptcy filing of General Growth Properties and affiliates on
April 16, 2009.  In these transactions, Moody's rated promise is
to the timely payment of interest and ultimate payment of
principal by the final rated distribution date.  Moody's action
reflects the possibility that non-reimbursed trust expenses and
interest shortfalls may cause a disruption in the timely payment
of interest on the rake or non-pooled bonds.

Like non-pooled bonds, rake bonds are exposed to the first loss
occurring on a single loan, or to the non-reimbursed trust
expenses and interest shortfalls that may occur as a result of the
loan being transferred to special servicing.  There is no benefit
from the pooling of cash flows from other loans.  As a result,
special servicing fees, legal expenses, and other trust expenses
may create interest shortfalls that could negatively impact the
non-rated or rated classes in reverse sequential order.  In some
cases, these shortfalls and expenses may not be reimbursed by the
loan borrower upon the return of the loan to master servicing.

The bankruptcy filing includes 158 properties. Of these, 46
properties are in 39 Moody's rated U.S. CMBS transactions.
Moody's has reviewed the 39 deals and has concluded that no action
is warranted at this time on the remaining 33 deals where pooled
GGP loans were subject to the Chapter 11 filing.  Moody's will
continue to monitor the GGP bankruptcy case and the transactions
with exposure to GGP; if there are any material changes, rating
actions will be taken, if warranted.

In Moody's review, Moody's concluded that the GGP exposure was not
material in some deals.  In others, prior rating actions reflected
a below-investment grade underlying rating for the asset
commensurate with the current risk.  Finally, in the remaining
deals, amortization and improved property performance, along with
bond level paydowns and increased credit enhancement, mitigated
the increased probability of default and expected loss associated
with GGP's bankruptcy filing.  In addition, when interest
shortfalls and non-reimbursed trust expenses occur in the
transactions in which the GGP affected loans are pooled, there is
a non-rated class or classes that have an appropriate low rating
to absorb these shortfalls.

Moody's rating action is:

Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-C5

  -- Class AMP-1, $40,000,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from Baa1
     on 2/9/2009

  -- Class AMP-2, $48,000,000, currently rated Baa3; on review for
     possible downgrade; previously downgraded to Baa3 from Baa2
     on 2/9/2009

  -- Class AMP-3, $27,000,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa3 on
     2/9/2009.

These classes are supported by a B note secured by the borrower's
interest in Ala Moana Center, a 2.0 million square foot regional
mall and office component located in Honolulu, Hawaii.  The Ala
Moana Center is the dominant retail center in its trade area and
is considered the world's largest open-air shopping center.  The
property recently completed an expansion that included a 200,000
square foot Nordstrom department store as well as 100,000 square
feet of additional retail space.

Moody's prior full review is summarized in a press release dated
February 9, 2009.

Gallery at Harborplace Mortgage Trust Commercial Mortgage Pass-
Through Certificates, Series 2000-C5C

  -- Class B-1, $3,200,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from A3 on
     3/11/2009

  -- Class B-2, $5,100,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa2 on
     3/11/2009

  -- Class B-3, $2,200,000, currently rated Ba2, on review for
     possible downgrade; previously downgraded to Ba2 from Baa3 on
     3/11/2009

These classes are supported by a B note secured by the borrower's
interest in Gallery at Harborplace, a 404,000 square foot office
and retail mixed use complex located within the Inner Harbor
development in Baltimore, Maryland.  The property was developed in
1987 by The Rouse Company which was acquired by GGP in 2004.

Moody's prior full review is summarized in a press release dated
March 11, 2009.

GE Commercial Mortgage Corporation, Commercial Mortgage Pass-
Through Certificates, Series 2003-C2

  -- Class BLVD-1, $1,706,377, currently rated A2, on review for
     possible downgrade; previously affirmed at A2 on 11/7/2007

  -- Class BLVD-2, $2,501,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 11/7/2007

  -- Class BLVD-3, $4,502,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 11/7/2007

  -- Class BLVD-4, $3,549,000, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 11/7/2007

  -- Class BLVD-5, $7,960,750, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 11/7/2007

These classes are supported by a B note secured by the borrower's
interest in Boulevard Mall, a 1.2 million square foot shopping
center located in Las Vegas, Nevada.  The center is anchored by
Sears, Dillard's, Macy's and J.C. Penney.

Moody's prior full review is summarized in a press release dated
November 7, 2007.

GS Mortgage Securities Corporation II, Commercial Pass-Through
Certificates, Series 2001-GL III

  -- Class F-NFC, $10,460,000, currently rated Aa3, on review for
     possible downgrade; previously downgraded to Aa3 from Aa2 on
     3/19/2009

  -- Class G-NFC, $5,910,569, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aa3 on
     7/31/2008

These classes are supported by a B note secured by the borrower's
interest in Northridge Fashion Center, a 1.4 million square foot
regional mall located in Northridge, California.  The mall is
anchored by Macy's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
July 31, 2008.

Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2004-C14

  -- Class PP, $37,145,889, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 5/4/2007

The class is supported by a B note secured by the borrower's
interest in Park Place Mall, a 1.0 million square foot regional
mall located in Tucson, Arizona.  The center is anchored by Sears,
Dillard's and Macy's.

Moody's prior full review is summarized in a press release dated
May 4, 2007.

Wachovia Bank Commercial Mortgage Trust 2006-C26, Commercial Pass-
Through Certificates, Series 2006-C26

  -- Class WM, $10,000,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 2/10/2009

The class is supported by a B note secured by the borrower's
interest in Woodlands Mall, 1.4 million square foot mall located
in Woodlands, Texas.  The center is anchored by Dillard's,
Foley's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
February 10, 2009.


HARTFORD MEZZANINE: Moody's Downgrades Ratings on 10 2007-1 Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 10 classes and
confirmed the ratings of two classes of Notes issued by Hartford
Mezzanine Investors -- CRE CDO 2007-1, Ltd. The rating actions
are:

  -- Class A-1, $137,500,000, Floating Rate Notes Due 2042,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-2, $50,000,000, Floating Rate Notes Due 2042,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-3, $52,500,000, Floating Rate Notes Due 2042,
     downgraded to Aa3 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $35,000,000, Floating Rate Notes Due 2042,
     downgraded to A3 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $10,000,000, Floating Rate Notes Due 2042,
     downgraded to Baa2 from A1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class D, $10,000,000, Floating Rate Notes Due 2042,
     downgraded to Baa3 from A2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $15,000,000, Floating Rate Notes Due 2042,
     downgraded to Baa3 from A3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class F, $25,000,000, Floating Rate Notes Due 2042,
     downgraded to Ba2 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class G, $20,000,000, Floating Rate Notes Due 2042,
     downgraded to B1 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class H, $21,250,000, Floating Rate Notes Due 2042,
     downgraded to B2 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class J, $23,750,000, Fixed Rate Notes Due 2042, downgraded
     to Caa1 from Ba2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class K, $38,750,000, Fixed Rate Notes Due 2042, downgraded
     to Caa2 from B2 previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

Moody's downgraded Classes A-3, B, C, D, E, F, G, H, J and K due
to revised modeling parameters.  Moody's ratings are based on the
current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

The pool contains a 5.0% concentration in CMBS collateral of which
100% was issued in 2007.  The remaining collateral includes Whole
Loans, Mezzanine Loans and B-Notes.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

We have updated Moody's asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's has migrated the
ratings for recent vintage CMBS to levels that Moody's believes
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale report dated July 11, 2007.


JP MORGAN: Moody's Affirms Ratings on 14 Classes of 2003-C1 Notes
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 14 classes and
downgraded six classes of J.P. Morgan Chase Commercial Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2003-C1 due to realized and anticipated losses related to
specially serviced loans and increased dispersion in loan credit
quality.  The action is the result of Moody's on-going
surveillance of commercial mortgage backed securities
transactions.

As of the March 31, 2009 distribution date, the transaction's
aggregate principal balance has decreased by approximately 15% to
$928.9 million from $1.09 billion at securitization.  The
Certificates are collateralized by 95 loans, ranging in size from
less than 1% to 16% of the pool, with the top ten loans
representing 43% of the pool.  The pool includes two loans,
representing 21% of the pool, with investment grade underlying
ratings.  Twenty-four loans, representing 21% of the pool, have
defeased and are collateralized by U.S. Government securities.

Eleven loans, representing 11% of the pool, are on the master
servicer's watchlist.  The master servicer's watchlist includes
loans which meet certain portfolio review guidelines established
as part of the Commercial Mortgage Securities Association's
monthly reporting package.  As part of Moody's ongoing monitoring
of a transaction, Moody's reviews the watch-list to assess which
loans have material issues that could impact performance.  Not all
loans on the watch-list are delinquent or have significant issues.

One loan has been liquidated from the pool, resulting in a $5
million realized loss.  Currently, there is one loan in special
servicing, representing 2% of the pool.  The loan is secured by a
73,000 square foot retail property located in St. Petersburg,
Florida.  The loan became real estate owned in February 2009.
Moody's is estimating an $8 million loss for this specially
serviced loan.

Moody's was provided with full and partial year 2008 operating
results for 87% of the pool.  Moody's weighted average loan to
value ratio for the conduit component is 93% compared to 89% at
Moody's prior full review in July 2007.  In addition to an overall
increase in LTV, the pool has experienced greater LTV dispersion
since last review.  Based on Moody's analysis, 19% of the pool has
an LTV greater than 100% compared to 16% at last review.

The largest loan with an underlying rating is the Concord Mills
Loan ($148.5 million -- 15.8%), which represents the pooled
component of a $168.0 million mortgage loan.  The loan is secured
by a 1.3 million square foot regional mall located 15 miles north
of Charlotte in Concord, North Carolina.  Major tenants include
Bass Pro Outdoor World, Burlington Coat Factory and TJ Maxx. The
in-line shops were 88% occupied as of

December 2008, essentially the same as at last review.  Financial
performance has been stable since last review.  The loan sponsor
is the Simon Property Group (Moody's preferred stock rating Baa1,
stable outlook).  The non-pooled component is held within the
trust and is the security for non-pooled Classes CM-1, CM-2 and
CM-3.  Moody's current underlying rating of the pooled loan is A2,
the same as at last review.

The second loan with an underlying rating is the Bishops Gate Loan
($34.5 million -- 3.7%), which is secured by two office buildings
totaling 484,000 square feet located in Mt. Laurel, New Jersey.
The collateral is 100% leased to PHH Mortgage (formerly Cendant
Mortgage), a subsidiary of PHH Corporation (Moody's senior
unsecured rating Ba2; negative outlook).  The lease to PHH
Mortgage is triple net expiring in December 2022.  The loan
matures in January 2013. Moody's current underlying rating is A3,
the same as at last review.

The top three conduit loans represent 11.7% of the pool.  The
largest conduit loan is the Crossroads Mall Loan ($40.9 million -
4.4%), which is secured by the borrower's interest in a 858,000
square foot regional mall located in Omaha, Nebraska.  The mall is
anchored by Sears and Target.  At last review, Dillard's was the
third anchor; however, it closed in September 2008.  The in-line
shops were 57% occupied as of December 2008, compared to 61% at
last review.  The mall has been impacted by competition from two
other malls located within nine miles of the property.  The loan
is on the master servicer's watch-list due to low occupancy.
Moody's is concerned about the future performance of this property
given its low occupancy, the possibility of additional tenants
vacating the center and the stressed retail environment.  The loan
sponsor is Simon Property Group.  Moody's LTV is 228% compared to
201% at last review.

The second largest conduit loan is the Crossways/Newington
Portfolio ($40.5 million -- 4.4%), which consists of two cross-
collateralized loans secured by two industrial/office buildings
totaling 812,000 square feet.  Both properties are located in
Virginia.  As of December 2008, the two properties were 93%
occupied, compared 89.0% at last review.  Moody's LTV is 74%
compared to 78% at last review.

The third largest conduit loan is the Somerset Shoppes Loan ($27.5
million -- 3.0%), which is secured by a 187,000 square foot
community shopping center located in Boca Raton, Florida.  Major
tenants include T.J. Maxx, Michaels and Loehmans.  The center was
97% occupied as of December 2008.  Moody's LTV is 88%, the same as
at last review.

Moody's rating action is:

  -- Class A-1, $114,095,862, affirmed at Aaa; previously affirmed
     Aaa on 7/31/2008

  -- Class A-2, $595,147,000, affirmed at Aaa; previously affirmed
     Aaa on 7/31/2008

  -- Class X-1, Notional, affirmed at Aaa; previously affirmed Aaa
     on 7/31/2008

  -- Class X-2, Notional, affirmed at Aaa; previously affirmed Aaa
     on 7/31/2008

  -- Class B, $34,700,000, affirmed at Aaa; previously affirmed
     Aaa on 7/31/2008

  -- Class C, $10,676,000, affirmed at Aaa; previously affirmed
     Aaa on 7/31/2008

  -- Class D, $32,031,000, affirmed at Aaa; previously upgraded to
     Aaa from Aa2 on 7/31/2008

  -- Class E, $14,680,000, affirmed Aa3; previously upgraded to
     Aa3 from A1 on 7/31/2008

  -- Class F, $17,350,000, affirmed at A2; previously upgraded to
     A2 from A3 on 7/31/2008

  -- Class G, $17,350,000, affirmed at Baa2; previously affirmed
     at Baa2 on 7/31/2008

  -- Class H, $12,011,000, affirmed at Baa3; previously affirmed
     at Baa3 on 7/31/2008

  -- Class J, $16,015,000, downgraded to Ba3 from Ba1; previously
     affirmed at Ba1 on 7/31/2008

  -- Class K, $10,677,000, downgraded to B2 from Ba2; previously
     affirmed at Ba2 on 7/31/2008

  -- Class L, $6,673,000, downgraded to Caa2 from Ba3; previously
     affirmed at Ba3 on 7/31/2008

  -- Class M, $8,007,000, downgraded to Caa2 from B1; previously
     affirmed at B1 on 7/31/2008

  -- Class N, $4,004,000, downgraded to Caa3 from B3; previously
     downgraded to B3 from B2 on 7/31/2008

  -- Class P, $1,776,000, downgraded to Caa3 from Caa1; previously
     downgraded to Caa1 from B3 on 7/31/2008

  -- Class CM-1, $2,156,331, affirmed at A3; previously upgraded
     to A3 from Baa1 on 7/31/2008

  -- Class CM-2, $3,965,729, affirmed at Baa1; previously upgraded
     to Baa1 from Baa2 on 7/31/2008

  -- Class CM-3, $3,965,729, affirmed at Baa2; previously upgraded
     to Baa2 from Baa3 on 7/31/2008


KEYCORP STUDENT: Moody's Cuts Ratings on 3 Note Classes to Low-B
----------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of three
classes and downgraded the ratings of seven classes of Group II
notes issued by three KeyCorp Student Loan Trusts.  The Group II
notes are backed by pools of private student loans, originated and
serviced by KeyBank National Association.  Each trust also issued
Group I notes that are backed by pools of government guaranteed
student loans which were not part of the review.  The rating
actions conclude Moody's review of the notes, which commenced in
March 2009.

The downgrades were driven by the worse than expected collateral
performance compared to that at closing as indicated by rising
delinquencies, and defaults.  In light of the weakened collateral
performance Moody's reassessed its projected lifetime losses and
evaluated whether the available credit enhancement adequately
protects investors against collateral losses.  Moody's projection
of lifetime net losses on the collateral pools was increased to a
range of 15-20% from a range of 8-13%.  The increase in net losses
was largely driven by the underperformance of Career and Campus
Door loans.

In its review, Moody's assessed the available credit enhancement,
such as the reserve account, overcollateralization, subordination,
excess spread and limited support in the form of residual cash
flow from Group I, for each class of notes relative to Moody's
revised expected loss.  Moody's also considered the significant
uncertainties regarding future unemployment rates arising from the
current economic downturn.  The ratings also reflect additional
qualitative factors such as structural protections available in
the transactions.  Significant structural features include floor
level to the reserve fund, no release of excess spread at 10% pool
factor, and the change of interest and principal payment
priorities upon the occurrence of certain events, which would
benefit the senior classes.

The complete rating actions are:

KeyCorp Student Loan Trust 2004-A

  -- Class II-A-2, Confirmed at Aaa; previously on 3/23/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Class II-B, Downgraded to Aa3; previously on 3/23/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class II-C, Downgraded to Baa3; previously on 3/12/2009 A3
     Placed Under Review for Possible Downgrade

  -- Class II-D, Downgraded to B2; previously on 3/12/2009 Baa3
     Placed Under Review for Possible Downgrade

KeyCorp Student Loan Trust 2005-A

  -- Cl. II-A-4, Confirmed at Aaa; previously on 3/23/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-B, Confirmed at A2; previously on 3/23/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. II-C, Downgraded to Ba3; previously on 3/12/2009 Baa2
     Placed Under Review for Possible Downgrade

KeyCorp Student Loan Trust 2006-A

  -- Cl. II-A-4, Downgraded to Aa1; previously on 3/23/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-B, Downgraded to Baa2; previously on 3/12/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. II-C, Downgraded to B1; previously on 3/12/2009 Baa2
     Placed Under Review for Possible Downgrade


KLIO STRUCTURED: Moody's Junks Ratings on Two 2005-1 Notes
----------------------------------------------------------
Moody's Investors Service downgraded its rating of two Notes
issued by Klio Structured Investments 2005-1.

The rating actions are:

Klio Structured Investments 2005-1

  -- Class C Notes, Downgraded to C; Previously on 7/28/2005
     Assigned Baa2

  -- Class D Notes, Downgraded to C; Previously on 6/1/2006
     Assigned Ba1

The Class C and D Notes are repacks of the Preferred Shares
originally issued by Klio Funding Ltd., a multisector CDO that
closed in April 2004 and later upsized in June 2004. Preferred
Shares are currently receiving no cash flows.  The class B notes
issued by KLIO Funding, Ltd/KLIO Funding Corp, which are senior to
the Preferred Shares in payment priority, were downgraded on
02/26/2009 to C.


LEGG MASON: Moody's Cuts Ratings on 5 Classes of Notes to Low-B
---------------------------------------------------------------
Moody's Investors Service confirmed the ratings of two classes and
downgraded the ratings of eight classes of Notes issued by Legg
Mason Real Estate CDO I Ltd.  The rating actions are:

  -- Class A1-R, $55,324,248, Floating Rate Notes Due 2038,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A1-T, $194,000,000, Floating Rate Notes Due 2038,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A2, $90,440,000, Floating Rate Notes Due 2038,
     downgraded to Aa2 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $31,920,000, Floating Rate Notes Due 2038,
     downgraded to Baa1 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $5,601,000, Floating Rate Notes Due 2038, downgraded
     to Baa3 from A1; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class D, $26,000,000, Floating Rate Notes Due 2038,
     downgraded to Ba2 from A2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $8,299,000, Floating Rate Notes Due 2038, downgraded
     to Ba3 from A3; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class F1, $6,970,000, Floating Rate Notes Due 2038,
     downgraded to B1 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class F2, $5,000,000, Fixed Rate Notes Due 2038, downgraded
     to B1 from Baa1; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class G, $11,970,000, Floating Rate Notes Due 2038,
     downgraded to B3 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

Moody's downgraded Classes A2, B, C, D, E, F1, F2 and G due to
deteriorating pool performance and revised modeling parameters.
Moody's ratings are based on the current credit quality of the
collateral and may not reflect potential migration as per the
legal documentation.

The pool contains a 4.7% concentration in CMBS collateral, which
was issued between 2006 and 2007.  The remaining collateral
includes Whole Loans, B-Notes and Mezzanine Loans.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale report dated March 10, 2006.


LEGG MASON: Moody's Cuts Rating on Class C Notes Due 2045 to Ba2
----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of three classes
of Notes and confirmed two classes of Notes issued by Legg Mason
Real Estate CDO II, Corp.  The rating actions are:

  -- Class A-1R, $53,901,944, Floating Rate Notes Due 2045,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-1T, $233,100,000, Floating Rate Notes Due 2045,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-2, $60,375,000, Floating Rate Notes Due 2045;
     downgraded to Aa2 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $34,650,000, Floating Rate Notes Due 2045,
     downgraded to Baa1 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $49,350,000, Floating Rate Notes Due 2045,
     downgraded to Ba2 from A3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

Moody's downgraded Classes A-2, B, and C due to revised modeling
parameters.  Moody's ratings are based on the current credit
quality of the collateral and may not reflect potential migration
as per the legal documentation.

The pool contains an 11.0% concentration in commercial mortgage
backed securities and collateralized debt obligations collateral
with the remaining balance comprised of whole loans, B-Notes, and
mezzanine debt.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

We have updated Moody's asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions. Based on Moody's current expectations for commercial
real estate performance, Moody's has migrated the ratings for
recent vintage CMBS to levels that Moody's believes will remain
relatively stable for the next 12 to 24 months.  As such, Moody's
has eliminated the vintage stress factor and default probability
resecuritization stress from its analysis of deals with recent
vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors. The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale Report dated April 27, 2007.


LE MONDE: S&P Withdraws 'CC' Ratings on Two Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
class A-2MM and A-3MM notes issued by Le Monde CDO I PLC, a hybrid
high-grade structured finance collateralized debt obligation
transaction managed by TCW Asset Management Co.  At the same time,
S&P assigned ratings to the new class A-2MML and A-3MML long-term
notes.

The rating withdrawals and assignments follow the March 2009
conversion of the class A-2MM and A-3MM short-term notes into the
class A-2MML and A-3MML long-term notes.

                        Ratings Withdrawn

                        Le Monde CDO I PLC

                   Rating             Balance (mil. $)
                   ------             ----------------
         Class     To     From       Current     Original
         -----     --     ----       -------     --------
         A-2MM     NR     CC           0.000      840.000
         A-3MM     NR/NR  CC/C         0.000      160.000

                         Ratings Assigned

                        Le Monde CDO I PLC

          Class        Rating            Balance (mil. $)
          -----        ------            ----------------
          A-2MML       CC                         803.119
          A-3MML       CC                         152.974

                    Other Outstanding Ratings

                        Le Monde CDO I PLC

                        Class       Rating
                        -----       ------
                        A-1         CC
                        A-1R(USD)   CC
                        A-1R(EUR)   CC
                        A-2         CC
                        A-3 (EUR)   CC
                        A-4         CC
                        B           CC
                        C           CC
                        D           CC
                        E           CC

                         NR -- Not rated.


LOUISIANA PUBLIC: S&P Cuts L-T Ratings on 1993, 1999 Bonds to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term ratings
to 'BB' from 'BBB-' on Louisiana Public Facilities Financing
Authority's series 1993 and 1999 bonds, issued for Touro
Infirmary, reflecting ongoing operating and nonoperating losses,
high leverage, and very limited liquidity.  The ratings are being
placed on CreditWatch with negative implications pending the
outcome of an announced affiliation agreement with Louisiana
Children's Medical Center, the parent of Children's Hospital.

More specifically, the rating reflects Touro's depleted liquidity
from operating and investment losses; 68% long-term debt to
capitalization; continued sizable, although moderating operating
losses; and insufficient cash flow to fully cover maximum annual
debt service.

On Feb. 3, 2009, Touro signed a preliminary health system
agreement to affiliate with LCMC.  Pursuant to the agreement
LCMC's governing board will have ultimate authority over both
Touro and Children's, although each hospital will maintain a
separate board and will continue to operate as separate 501c3
organizations.

"Should the agreement with LCMC not be consummated, the rating on
the bonds would likely be lowered as Touro's viability over the
intermediate term will be less certain, particularly given the
weakness in the hospital's balance sheet, continued operating
losses, and challenging payor mix," said Standard & Poor's credit
analyst Karl Propst.  "According to management, the failure to
close on the agreement with Children's would likely result in a
'going concern' opinion from Touro's auditors," said Mr. Propst.

A lower rating is precluded at this time by the added stability
that is expected to come from Touro's affiliation with LCMC,
although benefits from the affiliation will take time to have a
material positive effect on Touro's financial position.
Additional positive rating factors include the hospital's recent
successes with clinical staff recruiting, stronger-than-expected
volumes year to date--although year-to-date volume improvements
are based on only two months of data, and Touro's substantial
medical residency program with a New Orleans-based medical school

A gross revenue pledge secures the bonds.  On Dec. 31, 2008, Touro
had $91.2 million of long-term debt outstanding.


MCKINLEY 2005-5: Moody's Downgrades Rating on $4,792,450 Certs.
---------------------------------------------------------------
Moody's Investors Service downgraded its rating of US$4,792,450
Tiers Credit Backed Trust Certificates, Series McKinley 2005-5:

The rating action is:

Class Description: US$4,792,450 Tiers Credit Backed Trust
Certificates , Series McKinley 2005-5

  -- Current Rating: C
  -- Prior Rating: Ba2
  -- Prior Rating Date: 11/30/2005

The transaction is a repackaged security whose rating changes with
the ratings of the underlying securities.  The rating action is a
result of the change of the ratings of McKinley Funding, Ltd.
Class C Notes.


MERRILL LYNCH: Moody's Affirms Ratings on 2003-Canada 11 Certs.
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of six classes and
upgraded three classes Merrill Lynch Financial Assets Inc.,
Commercial Mortgage Pass Through Certificates, Series 2003-Canada
11.  The upgrades are due to increased credit subordination due to
amortization and payoffs.  The pool balance has decreased by 85%
since Moody's last review.  The action is the result of Moody's
on-going surveillance of commercial mortgage backed securities
transactions.

As of the April 13, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 91%
to $24.1 million from $270.9 million at securitization.  The
Certificates are collateralized by seven loans ranging in size
from 11% to 20% of the pool, with the top three loans non-defeased
representing 53% of the pool.  One loan, representing 11% of the
pool, has defeased and is collateralized by Canadian government
securities.

Five loans, representing 77% of the pool, are on the master
servicer's watchlist.  All of the loans are on the watchlist
because they have matured or are scheduled to mature within the
next six months.  The watchlist includes loans which meet certain
portfolio review guidelines established as part of the Commercial
Mortgage Securities Association's monthly reporting package.  As
part of Moody's ongoing monitoring of a transaction, Moody's
reviews the watchlist to assess which loans have material issues
that could impact pool performance.

There have been no realized losses since securitization and
currently there are no loans in special servicing.

Moody's received limited financial information for this
transaction.  Year-end 2007 and 2008 operating results were
provided for 78% and 42% of the pool, respectively.  Moody's loan
to value ratio is 92% compared to 72% at Moody's last full review
in June 2008.

Moody's rating action is:

  -- Class X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/19/08

  -- Class C, $1,068,406, affirmed at Aaa; previously upgraded to
     Aaa from Aa2 on 6/19/08

  -- Class D, $6,800,000, upgraded to Aaa from A2; previously
     upgraded to A2 from Baa1 on 6/19/08

  -- Class E, $2,370,000, upgraded to A1 from A3; previously
     upgraded to A3 from Baa2 on 6/19/08

  -- Class F, $2,377,000, upgraded to Baa1 from Baa2; previously
     upgraded to Baa2 from Ba1 on 6/19/08

  -- Class G, $2,370,000, affirmed at Ba1; previously upgraded to
     Ba1 from Ba2 on 6/19/08

  -- Class H, $1,355,000, affirmed at Ba3; previously affirmed at
     Ba3 on 6/19/08

  -- Class J, $2,370,000, affirmed at B2; previously affirmed at
     B2 on 6/19/08

  -- Class K, $1,015,000, affirmed at B3; previously affirmed at
     B3 on 6/19/08


MERRILL LYNCH: Moody's Junks Rating on Cl. I-A2 2007-2 Securities
-----------------------------------------------------------------
Moody's Investors Service has downgraded 17 tranches and confirmed
5 tranches from 4 deals issued by Merrill Lynch Mortgage Investors
Trust and Merrill Lynch Mortgage Backed Securities Trust in 2006
and 2007.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable rate, Jumbo mortgage loans.  The
actions are triggered by the quickly deteriorating performance --
marked by rising delinquencies and loss severities, along with
concerns about the continuing drop in housing prices nationwide
and the rising unemployment levels.  The actions reflect Moody's
updated expected losses on the jumbo sector announced in a press
release on March 19, 2009, and are part of Moody's on-going review
process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

Issuer: Merrill Lynch Mortgage Backed Securities Trust 2007-2

  -- Cl. I-A1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A2, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. X-A, Downgraded to B3; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

Issuer: Merrill Lynch Mortgage Investors Trust 2006-F1

  -- Cl. I-A1, Confirmed at Ba3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A2, Confirmed at Ba3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A3, Confirmed at Ba1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A4, Downgraded to B1; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A6, Confirmed at Ba3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A7, Downgraded to B1; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A8, Downgraded to B1; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to B1; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. IO, Confirmed at Ba3; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

Issuer: Merrill Lynch Mortgage Investors Trust MLCC 2006-1

  -- Cl. I-A, Downgraded to Baa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Baa2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

Issuer: Merrill Lynch Mortgage Investors Trust MLCC 2006-2

  -- Cl. I-A, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to A3; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Baa3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade


MORGAN STANLEY: Fitch Corrects Rating Outlooks on 2005 IQ9 Notes
----------------------------------------------------------------
Fitch Ratings issued a revised press release to correct the Rating
Outlooks on classes E and F to Negative of the Morgan Stanley
Capital I Trust Pass-Through Certificates, Series 2005 IQ9.

Specificially, Fitch downgrades and assigns Rating Outlooks and
Recovery Ratings to Morgan Stanley Capital I Trust Pass-Through
Certificates, Series 2005 IQ9:

  -- $11.5 million class G to 'BBB-'from 'BBB'; Negative Outlook;

  -- $17.2 million class H to 'BB+' from 'BBB-'; Negative Outlook,

  -- $5.7 million class J to 'BB' from 'BB+'; Negative Outlook,

  -- $7.7 million class K to 'BB-'from 'BB'; Negative Outlook,

  -- $5.7 million class L to 'B+' from 'BB-'; Negative Outlook,

  -- $5.7 million class M to 'B-'from 'B+'; Negative Outlook,

  -- $3.8 million class N to 'B-' from 'B'; Negative Outlook;

  -- $5.7 million class O to 'CCC/RR2' from 'B-'; Negative
     Outlook.

In addition, Fitch affirms these classes and assigns Rating
Outlooks:

  -- $35.9 million class A-1 at 'AAA'; Stable Outlook;
  -- $262.7 million class A-1A at 'AAA'; Stable Outlook,
  -- $112.6 million class A-2 at 'AAA'; Stable Outlook,
  -- $194.7 million class A-3 at 'AAA'; Stable Outlook,
  -- $94.4 million class A-4 at 'AAA'; Stable Outlook,
  -- $43.8 million class A-AB at 'AAA'; Stable Outlook,
  -- $446.2 million class A-5 at 'AAA'; Stable Outlook,
  -- $130.2 million class A-J at 'AAA'; Stable Outlook,
  -- Interest-only class X-1 at 'AAA'; Stable Outlook,
  -- Interest-only class X-2 at 'AAA'; Stable Outlook,
  -- interest-only class X-Y at 'AAA'; Stable Outlook,
  -- $32.6 million class B at 'AA'; Stable Outlook,
  -- $11.5 million class C at 'AA-'; Stable Outlook,
  -- $26.8 million class D at 'A'; Stable Outlook,
  -- $15.3 million class E at 'A-'; Negative Outlook,
  -- $15.3 million class F at 'BBB+'; Negative Outlook.

Fitch does not rate the $11.5 million class P.

The downgrades are due to an increase in Fitch expected losses on
two of the special serviced assets in the transaction, and the
increased number of Fitch designated Loans of Concern.  The Rating
Outlooks reflect the likely direction of any rating changes over
the next one to two years.

As of the April 2009 distribution date, the pool's aggregate
certificate balance has decreased 4.75% to $1.46 billion from
$1.53 billion at issuance.  Four loans (2.15%) have defeased.

At issuance, Fitch credit assessed the 540 Madison Avenue loan.
The loan maintains its investment grade shadow rating due to
stable performance.  The loan is secured by the leasehold interest
in a 39-story, 1,818,613 square foot office property located in
midtown Manhattan.  Occupancy in the property remains strong at
93% as of September.

The largest special serviced loan (0.58%) is secured by a 165
unit/532 bed student housing project located in Statesboro,
Georgia, home of Georgia Southern University.  The property is in
good overall condition.  The market has become oversaturated with
newer and slightly better quality properties.  Additionally, much
of the newer product is better located, closer to campus, and on
the campus bus route.

The second largest special serviced loan (0.27%) is secured by a
49,442 sf unanchored neighborhood strip center located in
Mariemont, Ohio, which is an eastern suburb of Cincinnati.  The
loan transferred due to imminent default because of erosion of the
hillside at the rear of the property.  The hillside collapsed,
causing six tenants to vacate their spaces, and shut down
utilities to additional tenants.


MORGAN STANLEY: Fitch Affirms Ratings on 2003-IQ5 Certificates
--------------------------------------------------------------
Fitch Ratings has affirmed Morgan Stanley Capital I Trust
commercial mortgage pass-through certificates, series 2003-IQ5 and
assigned Rating Outlooks:

  -- $9.3 million class A-3 at 'AAA'; Outlook Stable;
  -- $373.7 million class A-4 at 'AAA'; Outlook Stable;
  -- Interest-only classes X-1 and X-2 at 'AAA'; Outlook Stable;
  -- $22.4 million class B at 'AAA'; Outlook Stable;
  -- $30.2 million class C at 'AA+'; Outlook Stable;
  -- $7.8 million class D at 'AA-'; Outlook Stable;
  -- $5.8 million class E at 'A+'; Outlook Stable;
  -- $6.8 million class F at 'A-'; Outlook Stable;
  -- $7.8 million class G at 'BBB'; Outlook Stable;
  -- $5.8 million class H at 'BBB-'; Outlook Stable;
  -- $2.9 million class J at 'BB+'; Outlook Stable;
  -- $4.9 million class K at 'BB'; Outlook Stable;
  -- $2.9 million class L at 'B+'; Outlook Negative;
  -- $1.9 million class M at 'B'; Outlook Negative;
  -- $1 million class N at 'B-'; Outlook Negative.

Class A-1 has paid in full. Fitch does not rate the $7.8 million
class O.

The affirmations are the result of stable pool performance since
Fitch's last rating action.  As of the March 2009 distribution
date, the pool's aggregate principal balance has decreased 36.9%
to $491.1 million from $778.8 million at issuance.  Six loans
(11.73%) have been defeased.  Approximately 8.2% of the non-
defeased loans mature in 2009 or 2010.  These loans have a
weighted average coupon of 5.73%. General Growth Properties, which
filed for chapter 11 bankruptcy protection on April 16, 2009, is
the sponsor on two loans (5.43%) maturing in July 2010.  Both
loans have interest rates of 4.7%.  While there are currently no
specially serviced or delinquent loans in the pool, Fitch
considers it likely that these two loans will transfer to the
special servicer due to the recent GGP bankruptcy filing.

The Rating Outlooks represent the likely direction of rating
actions over the next one to two years.  The Negative Outlooks on
classes L through N are due to the concentration of near-term
maturities as well as the loan size, and property type
concentrations.  The top 10 loans represent 55% of the pool and
loans collateralized by office properties represent 44% of the
pool.

Six loans (33.5%) were shadow rated investment grade at issuance.
Fifty-five East Monroe (7.5% at issuance), International Plaza (6%
at issuance), and 200 Berkley & Stephen L. Brown Buildings (3.2%
at issuance) have paid in full.  One other loan (6.53%) has
defeased.  The two remaining shadow rated loans retain their
investment grade ratings.

The largest shadow rated loan is Two Commerce Square (11%).  The
loan is secured by a 40-story class A office building totaling
953,276 square feet located in Philadelphia, Pennsylvania.  Two of
the four pari-passu notes (A-1 and A-2) serve as collateral for
this transaction.  As of year-end 2008, occupancy had declined to
86.1% from 97.4%.  The decline was due to the lease expiration of
a major tenant.  Due to the decrease in occupancy the shadow
rating was downgraded, however, it still remains investment grade.

The other shadow rated loan 3 Times Square (5.8%) is secured by an
883,405 sf office building located in Manhattan, New York.
Property performance remains stable demonstrated by its September
2008 occupancy of 99.5%, up slightly since issuance.


MORGAN STANLEY: S&P Downgrades Ratings on NG5FG Notes to 'B-srp'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
notes from two Morgan Stanley Capital Services Inc. credit default
swap transactions.

Both transactions are total return swaps that are directly linked
to the rating on the junior super-senior notes from Morgan Stanley
Managed Aces SPC's series 2006-6, which S&P lowered to 'B-'on
April 9, 2009.

                         Ratings Lowered

                       Credit Default Swap
  Morgan Stanley Capital Services Inc - K2 Corp. Series NG5FG

                                        Rating
                                        ------
          Class                 To                 From
          -----                 --                 ----
          Notes                 B-srp              B+srp

                       Credit Default Swap
Morgan Stanley Capital Services Inc - K2 Corporation, Series NG5FR

                                        Rating
                                        ------
          Class                 To                 From
          -----                 --                 ----
          Notes                 B-srp              B+srp


MORGAN STANLEY: S&P Downgrades Ratings on NG5FG Notes to 'B-srp'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
notes from two Morgan Stanley Capital Services Inc. credit default
swap transactions.

Both transactions are total return swaps that are directly linked
to the rating on the junior super-senior notes from Morgan Stanley
Managed Aces SPC's series 2006-6, which S&P lowered to 'B-'on
April 9, 2009.

                         Ratings Lowered

                       Credit Default Swap
  Morgan Stanley Capital Services Inc - K2 Corp. Series NG5FG

                                        Rating
                                        ------
          Class                 To                 From
          -----                 --                 ----
          Notes                 B-srp              B+srp

                       Credit Default Swap
Morgan Stanley Capital Services Inc - K2 Corporation, Series NG5FR

                                        Rating
                                        ------
          Class                 To                 From
          -----                 --                 ----
          Notes                 B-srp              B+srp


N-45 FIRST: Fitch Affirms 'BB+' Rating on Class E Notes
-------------------------------------------------------
Fitch Ratings affirms N-45 First CMBS Issuer Corporation, series
2003-3 and assigns Rating Outlooks:

  -- C$171.5 million class A-2 at 'AAA'; Outlook Stable;
  -- C$47.6 million class B at 'AAA'; Outlook Stable;
  -- Interest-only class IO at 'AAA'; Outlook Stable;
  -- C$31.4 million class C at 'AA'; Outlook Stable;
  -- C$31.4 million class D at 'BBB-'; Outlook Stable; and
  -- C$3.7 million class E at 'BB+'; Outlook Stable.

Class A-1 has paid in full.

The affirmations are attributed to continued stable performance of
the two remaining loans in the transaction, Place Bell (50.3%) and
Fitch Avenue Place (49.7%).  Based on the March 2009 remittance,
the transaction has paid down approximately 38.2% to $285.7
million from $462.4 million at issuance.  The Rating Outlooks
reflect the likely direction of any rating changes over the next
one to two years.

Place Bell, located in Ottawa, Canada, consists of a 990,526
square foot class A office building built in 1971 and renovated in
the late 1990s.  The Place Bell loan is full recourse to the
sponsor.  As of February 2008, Place Bell was 99% occupied.  Bell
Canada, the largest tenant, is Canada's largest telephone and
telecommunications company.  The tenant represents approximately
48.6% of the net rentable area and is on a long-term lease until
2022.  The trailing twelve ending February 2008 Fitch debt service
coverage ratio was 1.42 times (x), compared to 1.36x at issuance.
The loan matures on Dec. 1, 2012.

Fifth Avenue Place consists of two 34-story office towers totaling
1.5 million sf in downtown Calgary.  Approximately 48,000 sf of
the property's NRA consists of retail and storage space.  The
tenant base is concentrated in the oil and gas industry, such as
Devon Estates, which is owned by Imperial Oil Limited, Anadarko,
Canada (rated 'BBB-' by Fitch), and Enbridge, Inc.  As of December
2008, occupancy was 94%, as compared to 99% at issuance.  The
year-end 2008 Fitch stressed DSCR improved to 2.74x from 1.49x at
issuance largely due to rent bumps and new leases signed at higher
rates than at the time of origination.  The loan matures Aug. 5,
2011.


N-STAR REL: Moody's Confirms Ratings on 12 Classes of Notes
-----------------------------------------------------------
Moody's Investors Service confirmed the ratings 12 classes of
Notes issued by N-Star REL CDO VI Ltd.  The rating actions are:

  -- Class A-1, $174,800,000, Floating Rate Notes Due 2041,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-R, $70,000,000, Revolving Floating Rate Notes Due
     2041, confirmed at Aaa; previously on 3/12/2009 Placed Under
     Review for Possible Downgrade

  -- Class A-2, $27,225,000, Floating Rate Notes Due 2041,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $21,825,000, Floating Rate Notes Due 2041, confirmed
     at Aa2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class C, $12,825,000, Floating Rate Notes Due 2041, confirmed
     at A1; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class D, $13,950,000, Floating Rate Notes Due 2041, confirmed
     at A3; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class E, $10,125,000, Floating Rate Notes Due 2041, confirmed
     at Baa1; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class F, $7,650,000, Floating Rate Notes Due 2041, confirmed
     at Baa2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class G, $9,900,000, Floating Rate Notes Due 2041, confirmed
     at Baa3; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class H, $6,075,000, Floating Rate Notes Due 2041, confirmed
     at Ba2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class J, $18,000,000, Floating Rate Notes Due 2041, confirmed
     at Ba3; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class K, $13,950,000, Floating Rate Notes Due 2041, confirmed
     at B2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

The pool collateral includes CDO securities, whole loans,
subordinate debt and mezzanine debt.  Moody's ratings are based on
the current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity. In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale report dated January 31, 2006.


NYU HOSPITALS: Moody's Upgrades Bond Ratings from 'Ba2'
-------------------------------------------------------
Moody's Investors Service has upgraded to Baa2 from Ba2 the rating
assigned to New York University Hospitals Center's outstanding
bonds issued by the Dormitory Authority of the State of New York.
The outlook is stable at this new rating level.  The multi-notch
upgrade and return to investment grade reflects improving
financial performance and a change in governance signaling closer
integration with Aa3-rated New York University (NYU or
University)and its School of Medicine that create a halo effect
for recruitment of physicians, strategic direction, and ultimately
provide for a platform for financial stability.

Legal Security: The outstanding bonds are jointly secured by a
pledge of gross receipts and a mortgage of all health care
facilities of NYUHC.  Sale/leaseback transactions that may include
a portion of the mortgaged property are permitted.  Long term debt
service coverage ratio of at least 1.10 times.  Debt service
reserve fund in place.  Following the withdrawal from the Mount
Sinai NYU Health Obligated Group (MSNYU) in 2006, NYUHC received
approval to substitute New York University as the sole corporate
member of NYUHC.  NYU has the power to elect NYUHC's board of
trustees and to review its mission, strategic plans, financial
plans and budgets and to approve certain transactions.  NYUHC
financial statements are now consolidated with the University's
and the fiscal year of NYUHC has been changed from December 31 to
August 31 as of August 31, 2008 to reflect the new governance
structure.  (A December 31 audit will also be prepared for cost
reporting purposes) NYUHC, together with the NYU School of
Medicine (a division of New York University) are separate entities
(with separate tax identification numbers) functioning as an
integrated academic medical center under the name, NYU Langone
Medical Center.  The debt of NYUHC is not an obligation of NYU and
is separately secured.  For more information on NYU, please see
Moody's report dated April 23, 2009.

Interest Rate Derivatives: None

                            Strengths

* Integrated academic medical center provides opportunities to
  grow market share in the fragmented New York City market.
  Realignment with the School of Medicine and renewed medical
  center model enhances recruitment of physicians, operations and
  philanthropy between the hospital and School of Medicine.

* Programmatic growth aiding physician recruitment that has
  translated into a multi-year trend of increasing volume.
  Designated centers of excellence in cancer, cardiovascular,
  children's services, musculoskeletal and neurosciences are
  growing and generate profit margins.

* Significant and profitable outpatient services and visits,
  contributes to an atypical payer mix for a NYC hospital and
  provides a differentiating niche for the hospital.

* Much improved financial performance with cashflow demonstrating
  steady increases since FY2004.

* Improved contracting ability as an independent organization has
  resulted in increased revenue from payers.

* Improved liquidity although absolute cash is modest for a
  hospital of this size and stature and some of the recent gains
  were lost in the first quarter 2009 because of the market's
  turmoil.

* Majority of debt is fixed rate.

                           Challenges

* Leveraged balance sheet with weak balance sheet indicators,
  characterized by modest cash and high debt load. Cash balances
  expected to improve on an absolute basis, but days' cash on hand
  is not expected to improve until at least 2010.

* Fragmented New York City market highlighted by the ability of
  physicians to change referral patterns and move volume within
  the market.  Recruitment of significant number of physicians
  critical to meeting volume growth targets in key service lines.

* Reductions in Medicaid funding and graduate education funding
  are expected.

* Integration of NYUHC and the NYU School of Medicine into a more
  aligned academic medical center will include cash transfer to
  NYU School of Medicine to fund shared programs that may limit
  NYUHC balance sheet gains.

* Future debt in the longer term could be material, including
  financing for a new clinical building in the longer term

                   Recent Developments/Results

NYUHC has made great strides in turning its operating losses into
operating profits since the disaffiliation with Mount Sinai
Hospital in 2003 and re-integration with the NYU School of
Medicine and New York University to form a "Medical Center."  By
consolidating the management team responsible for the medical
center's strategic vision, NYUHC has been reinvigorated and able
to drive efficiencies and cost reductions while focusing on growth
opportunities within its key competencies.  The School of Medicine
has historically been the benefactor of significant annual
philanthropy, and by becoming part of the medical center, NYUHC
expects to benefit from these donor relationships as well through
its role as the teaching hospital for the School of Medicine.

The new governance structure is a key component incorporated in
Moody's rating upgrade.  The executive team for NYUHC is the
executive team responsible for the Medical Center.  The executive
team includes the University's Senior Vice President for Health,
which ensures coordination of vision and that the strategic
direction of the Medical Center is met by the School of Medicine
and NYUHC.  This is a relatively new structure, as is the
University becoming the sole member of NYUHC with the power to
elect its board of trustees, review its mission, strategic plans,
financial plans and budgets and approve certain transactions.
This new alignment with the University and inclusion of NYUHC's
financial statements with the consolidating statements of the
University necessitated changing NYUHC's fiscal year end to August
31 for FY2008 to coordinate with the fiscal year of the University
and stresses the new linkage to the University.  While the
University has articulated to Moody's that it does not plan to
provide financial support to NYUHC, Moody's believe that future
cash transfers from NYUHC to the University, the ripple effect of
recruitment of faculty, research programs that will aid clinical
growth and a common institutional identity created by the overlap
of trustees signal closer integration and will provide tangible
benefits to NYUHC over time.  Moody's believe the spirit and
personality of NYUHC has become more integrated with the
University as a result of the restructured governance model which
is a new and improved credit strength.  NYUHC has benefited from
the development of the School of Medicine's new ambulatory care
sites in Manhattan and Queens that have increased referrals to
NYUHC's own outpatient programs. NYUHC's future plans to build a
new clinical pavilion in the intermediate period for short-stay
and high tech outpatient volume will largely be financed through
philanthropy that has been enhanced by the closer relationship
with the University and School of Medicine.  In the immediate
term, funding for the installation of the EPIC software system
will also be shared with the School of Medicine since the benefits
will accrue to each entity.

Financially, NYUHC's performance has improved in each of the last
four years, reaching an operating profit of $22.2 million for
fiscal year 2008 (ending August 31, 2008) compared to an operating
profit of $11.8 million in FY 2007 ending December 31, 2007
(Moody's excludes investment income from other operating revenue).
Inpatient volume was up 2.3% over the prior year, and outpatient
visits which include its growing cancer program, were up 8.5% over
the prior year.  Improved contract terms for its eight largest
contracts (93% of its managed care revenue) which included
material rate increases for growing service lines and an
increasing case mix index has been the most significant
contributor to the improved performance.  NYUHC continues to meet
the benchmark goals established from its Navigant engagement and
revenue cycle initiatives (days in A/R are low at 45 days) that in
conjunction with length of stay reductions and performance
management have kept NYUHC on an improving financial trend.
Additionally, NYUHC will not transfer $10 million to the School of
Medicine as expected for the current year because of the favorable
performance posted of the School.

The balance sheet remains a limiting credit factor, with cash of
$194.5 million at FYE2008 equating to an improved but still modest
63.3 days of cash on hand.  Liquidity has dropped through February
28, 2009 (2Q09) to $186.6 million due to market factors and
increased unrealized losses, causing days to decline to 57.3 days
of cash on hand (39.2% cash to debt).  Cash is invested in
accordance with the University's investment policy.  NYUHC's total
debt includes $23.5 million outstanding as of December 31, 2008 of
taxable debt that was used to fund NYUHC's 2007 required pension
contribution, which allowed NYUHC to retain its cash but has
exacerbated the leverage measures.  A defined contribution plan
was established for new employees after July 2000 but the defined
benefit plan remains underfunded by $35.7 million at FYE2008; it
will require a $15.9 million contribution in FY2009.

The hospital is limited in its ability to grow cash by its
significant debt load and annual debt service requirements through
at least 2011, before annual MADS declines to $33 million/year
from the current MADS of $44.2 million.  Variable debt is limited
to the Series 2000D bonds ($49.7 million or 13% of total debt
outstanding) which was privately placed following the termination
of the Mount Sinai-NYU Hospitals Center Obligated Group and is not
rated.  Additional, non-rated variable rate debt is outstanding
for patient account receivable financing ($21.8 million) and the
pension loan ($23.5 million) discussed above.  Projections do not
anticipate days cash on hand growing beyond current levels.
Routine capital spending for FY2009 approximates $45 million.  For
FY2009, capital spending has been curtailed as NYUHC reevaluates
its master facilities plan with the School of Medicine.

                             Outlook

The stable outlook is based on Moody's belief that financial
performance will remain at current levels and support stable
coverage of the outstanding debt and the renewed alignment with
NYU provides a platform for financial stability.

                 What could change the rating--UP

Material improvement in financial performance and cashflow,
evidence of increased University oversight or financial support as
well as additional seasoning of this newer relationship

                What could change the rating--DOWN

Material reduction in liquidity, downturn in financial
performance, change from current governance structure

                          Key Indicators

Assumptions & Adjustments:

  -- Based on financial statements for NYU Hospitals Center for
     FY2007.

  -- Based on financial statements for New York University
     Consolidated Financial Statements for FY2008

  -- First number reflects audit year ended December 31, 2007

  -- Second number reflects audit year August 31, 2008

  -- Investment returns normalized at 6% unless otherwise noted

* Inpatient admissions: 37,555; 38,435

* Total operating revenues: $1.12 billion; $1.18 billion

* Moody's-adjusted net revenue available for debt service: $92.7
  million; $114.0 million

* Total debt outstanding: $494.1 million; $478.7 million

* Maximum annual debt service (MADS): $44.160 million; $44.160
  million

* MADS Coverage with reported investment income: 2.26 times; 2.48
  times

* Moody's-adjusted MADS Coverage with normalized investment
  income: 2.1 times; 2.6 times

* Debt-to-cash flow: 6.78 times; 5.22 times

* Days cash on hand: 52.1 days; 63.5 days

* Cash-to-debt: 30.7%; 40.6%

* Operating margin: 1.1%; 1.9%

* Operating cash flow margin: 6.7%; 7.5%

Rated Debt (debt outstanding as of August 31, 2008)

  -- Series 2006A, $97.0 million outstanding, Baa2 rating, fixed
     rate

  -- Series 2007A, $166.5 million, Baa2 rating, fixed rate

  -- Series 2007B, $91.0 million; Baa2 rating, fixed rate

The last rating action was on October 30, 2007 when the ratings of
NYU Hospitals Center were affirmed at Ba2 and the positive outlook
was affirmed.


OCWEN RESIDENTIAL: Moody's Downgrades Ratings on 16 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 16
tranches issued in three transactions of the Ocwen Residential MBS
Corporation Series shelf.  The collateral backing each tranche
consists primarily of first lien adjustable-rate and fixed-rate
"scratch and dent" mortgage loans, most of which were experiencing
some type of delinquency at closing.

The actions are triggered by higher than anticipated delinquency
levels and severity of loss as well as slower than anticipated
voluntary prepayments, resulting in higher updated loss
expectation for the underlying collateral and lower coverage for
the rated debt given available credit enhancement.

The ratings on the securities are monitored by evaluating factors
determined to be applicable to the credit profile of the
securities, such as i) the nature, sufficiency, and quality of
historical performance information regarding the asset class ii)
an analysis of the collateral being securitized, iii) an analysis
of the transaction's allocation of collateral cash flow and
capital structure, and (iv) a comparison of these attributes
against those of other similar transactions.

General loss estimation methodology is outlined.

For seasoned vintages (before 2005), Moody's calculates estimated
losses for Scratch and Dent RMBS:

  -- Current delinquencies are used to project pipeline losses.

  -- Annual roll rates are assumed at 0% for 30 days, 15% for 60
     days, 30% for 90 days, 65% for foreclosures and 90% for REO.

  -- Severities used are higher of 65% or actual historical
     severity for each transaction.

  -- Adjustments to roll rates and severities were made for very
     seasoned transactions and when pool factors were very low.

  -- Loss is calculated for the previous year.  Expected annual
     loss is then derived from a weighted average of previous year
     loss and expected pipeline loss.  The transaction expected
     loss is projected out over the deal's expected remaining
     life.  Depending on a transaction's time of origination, a
     75% weight can be applied to pipeline loss when it is
     considered to be more representative of future expected
     performance than the previous year's losses.

  -- Expected loss is finally compared to credit enhancement to
     derive a rating.

Loss estimates are subject to variability and, as a result,
realized losses could ultimately turn out higher or lower than
Moody's current expectations.  Moody's will continue to evaluate
performance data as it becomes available and will assess the
pattern of potential future defaults and adjust loss expectations
accordingly if necessary.

Complete rating actions are:

Ocwen Residential MBS Corporation 1998-R2

  -- B1-F, Downgraded to A3; previously on 6/29/1998 Assigned Aa2

  -- B2-F, Downgraded to Ca; previously on 6/29/1998 Assigned A2

  -- B3-F, Downgraded to Ca; previously on 6/29/1998 Assigned Baa2

  -- B4-F, Downgraded to Ca; previously on 7/27/2004 Downgraded to
     B1

  -- B5-F, Downgraded to C; previously on 7/27/2004 Downgraded to
     Ca

  -- B1-A, Downgraded to A1; previously on 6/29/1998 Assigned Aa2

  -- B2-A, Downgraded to Caa1; previously on 6/29/1998 Assigned A2

  -- B3-A, Downgraded to Ca; previously on 6/29/1998 Assigned Baa2

  -- B4-A, Downgraded to C; previously on 3/1/2007 Downgraded to
     B2

  -- B5-A, Downgraded to C; previously on 3/1/2007 Downgraded to
     Caa2

Ocwen Residential MBS Corporation 1999-R1

  -- B3-F, Downgraded to Ba3; previously on 3/31/1999 Assigned
     Baa2

  -- B4-F, Downgraded to Ca; previously on 5/1/2006 Downgraded to
     Caa2

  -- B4-A, Downgraded to Ca; previously on 11/30/2006 Downgraded
     to B1

Ocwen Residential MBS Corporation 1999-R2

  -- AP, Downgraded to A1; previously on 6/30/1999 Assigned Aaa

  -- B1, Downgraded to Ba3; previously on 7/27/2004 Upgraded to
     Aaa

  -- B2, Downgraded to C; previously on 6/30/1999 Assigned A3


PPLUS TRUST: S&P Raises Rating on $40 Mil. Certs. to 'CCC-'
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on PPLUS
Trust Series FMC-1's $40 million 8.25% pass-through trust
certificates series FMC-1 to 'CCC-' from 'D'.

The rating action follows the April 13, 2009, raising of S&P's
rating on Ford Motor Co.'s 7.45% global landmark securities due
July 16, 2031, the underlying security, to 'CCC-' from 'D'.

The rating on the trust certificates is dependent on the rating on
the underlying security.


PREFERRED CPO: Moody's Downgrades Ratings on Two Tranches
---------------------------------------------------------
Moody's has downgraded 2 tranches of Preferred CPO Limited, a
Trust Preferred CDO.  This downgrade was prompted by the exposure
of this TRUP CDO to trust preferred securities issued by small to
medium sized U.S. community bank, insurance companies, and
corporate securities.

The rating actions are the result of using a combination of these
analysis: (1) Coverage level and problem bank analysis (2) Event
of default analysis (3) Cash-flow analysis

             Coverage Level And Problem Bank Analysis

For each rated tranche, Moody's calculated a coverage ratio.  The
coverage ratio was the performing collateral par over the current
tranche being evaluated, including more senior tranches.  The
performing collateral excluded all Moody's defaulted par.  To
calculate the Moody's defaulted par, Moody's assumed there will be
zero recovery on the 99 bank trust preferred securities in the 89
rated TRUP CDOs that are currently deferring interest payment or
were closed by their regulator.  The coverage ratios are used in
benchmarking the general rating levels for tranches across the
capital structure of these transactions.  For example, for super
senior tranches, Moody's generally requires more than 400%
coverage to achieve a Aaa rating, more than 200% coverage to
achieve a Aa rating level or more than 150% to achieve a single-A
rating level.

Moody's also calculated two financial ratios for every bank in the
collateral portfolio.  The first ratio is calculated: (non-current
loans plus other real estate owned) divided by (tangible common
equity plus allowance for loan losses).  The second ratio is
calculated: (non-current loans plus other real estate owned plus
20% of current construction and development loans) divided by
(tangible common equity plus allowance for loan losses).  If the
First Ratio is above 150% or the Second Ratio is above 175%, for
purposes of these rating actions, Moody's assumed these banks to
be defaulted with a zero recovery.

These cutoffs for the First Ratio and Second Ratio were used to
identify about 200 banks and thrifts that Moody's considered
problematic of the roughly 8400 FDIC insured US banks and thrifts.
Moody's also used the quantitative V3.1 Risk Calc Model for
private banks, with an adjustment to account for Moody's position
in the current credit cycle downturn (the "Model") to identify
another 100 US banks and thrifts that scored poorly and were
assumed defaulted with a zero recovery.  Most banks that have been
closed by the FDIC have deferred on their trust preferred
securities, had levels above the First Ratio or Second Ratio, or
scored poorly in the Model.  In addition, there are three
insurance companies that are currently deferring interest payment
or have defaulted.  Moody's assumed these insurance names were
defaulted with zero recovery.

                    Event of Default analysis

This CDO has not declared an Event of Default.  The most likely
reason a TRUP CDO would trigger an EOD is non-payment of interest
on a non-deferrable tranche or a senior coverage test falling
below 100% caused by deferral of payment by a sufficient number of
the underlying securities.  EOD vary across TRUP CDOs and was
taken into account for each rating action.  For this rating
action, Moody's assumed liquidation would not result if EOD occurs
because most of the underlying collateral does not have an active
market making it difficult to sell the portfolio.  Instead, if EOD
occurs, Moody's assumed the controlling class would rather elect
to accelerate cash flows from the underlying performing
securities.

There are uncertainties with EOD and although no tranches remain
on review for possible downgrade, further downgrades may be
warranted if an EOD is triggered within the TRUP CDO.

                  Cash Flow Modeling Analysis

Moody's looked at scenarios from its cash flow model using the
correlated binomial distribution with a higher emphasis on
scenarios in which deferrals were spiked in the first year of the
analysis.  The major inputs into the cash flow model are the
default probability, correlations, and recovery rates.

To calculate the default probability of banks, Moody's first
removed all assumed defaults.  Next, two financial ratios were
calculated for every bank in the collateral portfolio.  If the
First Ratio is above 100% or the Second Ratio is above 130%,
Moody's assumed these banks had an implied default probability
Rating Factor of 6500, which translates into an implied default
probability rating of Caa2.  Although these banks were not
considered defaulted, the likelihood of moving to default is high.
For any bank which was not publicly rated or which did not exceed
the First or Second Ratio thresholds, default probability was
determined using the Model.  To account for the inherent
limitations of statistical models and adverse selection, the most
favorable implied default probability Rating Factor assumed from
the Model was 360, which translates into an implied default
probability rating of Baa2.  This is about equal to the 30 year
historical U.S. bank default rate.  To account for the increased
likelihood of deferral on the bank TRUPs in the current
environment, the pool-wide default probability was multiplied by
1.25.  Although there is not any historical context to evaluate
the likeliness of bank deferrals, Moody's ultimately believes
there will be more deferrals than defaults.

For insurance companies, Moody's now supplements the use of the
quantitative insurance model developed by MKMV for estimating
default probabilities of unrated companies with an independent
fundamental review by an analyst from Moody's rating estimates
team.  Similar to Moody's approach to the modeling of banks,
Moody's accounts for model limitations and adverse selection by
capping the implied default probability Rating Factor.  The cap is
set at Baa3, one notch below the Baa2 level for banks because of
the uncertainties of the investment portfolios for the insurance
companies.  Also, similarly to account for the increased
likelihood of deferral/default in the current environment, the
pool-wide default probability was multiplied by 1.25.  Much like
banks, Moody's believes there will be more deferrals than defaults
in the current environment.

For correlation, Moody's discontinued the practice of granting
diversity credit for the distinction between banks and thrifts.
Moody's also increased the assumed correlation between bank
regions, to 10% from 0%. The assumed correlation between banks
within any one of the five US regions remained at 45%.  Moody's
modified the correlation approach for insurance companies by
breaking out P&C issuers by region opposed to 12 product lines.
Moody's assumed five property/casualty regions, which are the same
regions used for banks, and one life/health classification.  The
correlation for P&C issuers, L&H issuers, and bank issuers in the
same region was 45%. The inter-industry correlation between P&C
issuers, L&H issuers, and bank issuers in different regions was
10%.  Among these various modifications to Moody's rating
parameters, the update to the default probability assumptions was
a much larger driver than the correlation update.

Moody's continued to assume a 10% recovery rate for bank trust
preferred securities in its cash flow analysis.  This recovery
rate represents the likelihood that some banks that defer interest
payments may ultimately pay cumulative interest without
defaulting.  Moody's also continued to assume a 5% recovery rate
for insurance companies in its cash flow analysis due to less
support by the industry to problem insurance companies.

Other than the assumptions noted, the cash flow model also used
the approach outlined in Moody's Approach to Rating U.S. Bank
Trust Preferred Security CDOs, April 14, 2004 and Moody's Approach
to Rating Insurance Trust Preferred Security CDOs, April 1, 2004.

* Preferred CPO Limited

* Current Model WARF [1]: 907

* Current Assumed Defaulted Amount: $10,000,000

  -- US$103,000,000 of Class A Senior Secured Notes due July 26,
     2030, Downgraded to Aa1; previously on 8/14/2000 was Aaa

  -- US$74,000,000 Class B Senior Subordinated Notes due July 26,
     2030, Downgraded to Ba3; previously on 8/14/2000 was Baa3


PREFERREDPLUS TRUST: S&P Cuts Rating on $31 Mil. Certs. to 'B'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on
PreferredPLUS Trust Series CTR-1's $31 million trust certificates
to 'B' from 'B+'.

The rating action reflects the April 2, 2009, lowering of the
rating on Cooper Tire & Rubber Co.'s 8.00% notes due Dec. 15,
2019, to 'B' from 'B+'.

The rating on the trust certificates is dependent on the rating on
the 8.00% Cooper Tire & Rubber Co. notes.


PUBLIC STEERS: S&P Raises Rating on $231.903 Mil. Certs. to 'CCC-'
------------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Public
STEERS Series 1998 F-Z4 Trust's $231.903 million class A and B
pass-through certificates series 1998 F-Z4 to 'CCC-' from 'D'.

The rating action reflects the April 13, 2009, raising of S&P's
rating on Ford Motor Co.'s 7.7% debentures due May 15, 2097, the
underlying security, to 'CCC-' from 'D'.

The rating on the class A and B certificates is dependent on the
rating on the underlying security.


RAIT CRE: Moody's Downgrades Ratings on Five Classes of Notes
-------------------------------------------------------------
Moody's Investors Service confirmed the ratings of six classes and
downgraded the ratings of five classes of Notes issued by RAIT CRE
CDO I, Ltd.  The rating actions are:

  -- Class A1-A, $200,000,000, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A1-B, $275,000,000, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-2, $90,000,000, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $110,000,000, Floating Rate Notes Due 2046,
     confirmed at Aa2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class C, $41,500,000, Floating Rate Notes Due 2046, confirmed
     at A1; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class D, $25,000,000, Floating Rate Notes Due 2046, confirmed
     at A2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class E, $16,000,000, Floating Rate Notes Due 2046,
     downgraded to Baa1 from A3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class F, $22,000,000, Floating Rate Notes Due 2046,
     downgraded to Baa2 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class G, $20,500,000, Fixed Rate Notes Due 2046, downgraded
     to Baa3 from Baa2; previously on 3/12/2009 Placed Under
     Review for Possible Downgrade

  -- Class H, $18,000,000, Floating Rate Notes Due 2046,
     downgraded to Ba2 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class J, $35,000,000, Floating Rate Notes Due 2046,
     downgraded to B1 from Ba2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

Moody's downgraded Classes E, F, G, H and J due to deteriorating
pool performance and revised modeling parameters.  Moody's ratings
are based on the current credit quality of the collateral and may
not reflect potential migration as per the legal documentation.

The pool contains a 0.8% concentration in REIT collateral, which
was issued in 2008.  The remaining collateral includes Whole
Loans, Mezzanine Loans and B-Notes.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a press release dated November 20, 2006.


RESOURCE REAL: Moody's Downgrades Ratings on 10 2007-1 Notes
------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 10 classes and
confirmed the ratings of four classes of Notes issued by Resource
Real Estate Funding CDO 2007-1, Ltd.  The rating actions are:

  -- Class A-1, $180,000,000, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-1R, $50,000,000, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class A-2, $57,500,000, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $22,500,000, Floating Rate Notes Due 2046, confirmed
     at Aa1; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class C, $7,000,000, Fixed Rate Notes Due 2046, downgraded to
     Aa3 from Aa2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class D, $26,750,000, Floating Rate Notes Due 2046,
     downgraded to A3 from Aa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $11,875,000, Floating Rate Notes Due 2046,
     downgraded to Baa2 from A1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class F, $11,875,000, Floating Rate Notes Due 2046,
     downgraded to Baa3 from A2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class G, $11,250,000, Floating Rate Notes Due 2046,
     downgraded to Ba1 from A3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class H, $11,250,000, Floating Rate Notes Due 2046,
     downgraded to Ba2 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class J, $11,250,000, Floating Rate Notes Due 2046,
     downgraded to Ba3 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class K, $10,000,000, Floating Rate Notes Due 2046,
     downgraded to B2 from Baa3 previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class L, $18,750,000, Fixed Rate Notes Due 2046, downgraded
     to Caa1 from Ba2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class M, $28,750,000, Fixed Rate Notes Due 2046, downgraded
     to Caa2 from B2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

Moody's downgraded Classes C, D, E, F, G, H, J, K, L and M due to
revised modeling parameters.  Moody's ratings are based on the
current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

The pool contains a 9.8% concentration in CMBS collateral of which
100% was issued between 2006 and 2007.  The remaining collateral
includes Whole Loans, Mezzanine Loans and B-Notes.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

We have updated Moody's asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's has migrated the
ratings for recent vintage CMBS to levels that Moody's believes
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale report dated May 23, 2007.


RESOURCE REAL: Moody's Downgrades Ratings on Eight 2006-1 Notes
---------------------------------------------------------------
Moody's Investors Service downgraded the ratings of eight classes
of Notes and confirmed one class of Notes issued by Resource Real
Estate Funding CDO 2006-1, Ltd.  The rating actions are:

  -- Class A-1, $129,370,000, Floating Rate Notes Due 2046,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $6,900,000, Floating Rate Notes Due 2046, downgraded
     to A3 from Aa2; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class C, $20,700,000, Floating Rate Notes Due 2046;
     downgraded to Baa2 from A1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class D, $15,520,000, Floating Rate Notes Due 2046,
     downgraded to Baa3 from A3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $20,700,000, Floating Rate Notes Due 2046,
     downgraded to Ba1 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class F, $19,830,000, Floating Rate Notes Due 2046,
     downgraded to Ba2 from Baa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class G, $17,250,000, Floating Rate Notes Due 2046,
     downgraded to B1 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class J, $14,660,000, Floating Rate Notes Due 2046,
     downgraded to Caa1 from Ba2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class K, $28,460,000, Floating Rate Notes Due 2046,
     downgraded to Caa3 from B2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

Moody's downgraded Classes B, C, D, E, F, G, J, and K due to
revised modeling parameters. Moody's ratings are based on the
current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

The pool contains approximately a 9.0% concentration in CMBS and
CDO collateral and the remaining is comprised of whole loans, B-
Notes, and mezzanine debt.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated itss asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's has migrated the
ratings for recent vintage CMBS to levels that Moody's believes
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale Report dated July 5, 2006


RESTRUCTURED ASSET: Moody's Cuts Rating on 2002-10-TR Certificates
------------------------------------------------------------------
Moody's Investors Service downgraded its rating of Restructured
Asset Certificates with Enhanced Returns, Series 2002-10-TR
Certificates issued by Restructured Asset Certificates with
Enhanced Returns, Series 2002-10-TR Trust.

The rating action is:

Class Description: Restructured Asset Certificates with Enhanced
Returns, Series 2002-10-TR Certificates

  -- Current Rating: Ca
  -- Prior Rating: Caa2 on review for possible downgrade
  -- Prior Rating Date: 04/02/09

The transaction is a repackaged security whose rating is based
primarily upon the transaction's structure and the credit quality
of the Reference Obligation, Swap Counterparty and Underlying
Asset.


RESTRUCTURED ASSET: S&P Corrects Rating on 2006-18-C Certs. to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on
Restructured Asset Certificates w/ Enhanced Returns Series 2006-
18-C (ABX_A_06_2_i)'s $75 million credit-linked certificates by
lowering the rating to 'D' from 'CC'.

The rating action reflects the April 3, 2009, lowering of S&P's
rating on Restructured Asset Certificates with Enhanced Returns
Series 2006-15-A Trust's $500 million certificates to 'D' from
'CCC' due to a payment default on the December 2008 payment due
date.

The rating action did not occur contemporaneously with the payment
default on 2006-15-A Trust's $500 million certificates due to a
process delay.

The rating on the series 2006-18-C certificates is dependent on
the lower of the rating on (i) the certificates issued by RACERS
Series 2006-15-A Trust ('D') and (ii) the $40 million class M-5
certificates Series 2006-1 due Feb. 25, 2036, issued by Long Beach
Mortgage Loan Trust ('CC').






RESTRUCTURED ASSET: S&P Corrects Rating on $87 Mil. Certs. to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on
Restructured Asset Certificates w/ Enhanced Returns Series
2006-18-C (ABX_A_06_1_iii)'s $87 million credit-linked
certificates by lowering the rating to 'D' from 'CCC'.

The rating action reflects the April 3, 2009, lowering of S&P's
rating on Restructured Asset Certificates with Enhanced Returns
Series 2006-15-A Trust's $500 million certificates to 'D' from
'CCC' due to a payment default on the December 2008 payment due
date.

The rating action did not occur contemporaneously with the payment
default on 2006-15-A Trust's $500 million certificates due to a
process delay.

The rating on the series 2006-18-C certificates is dependent on
the lower of the rating on (i) the certificates issued by RACERS
Series 2006-15-A Trust ('D') and (ii) the lowest-rated reference
obligations in the credit default swap, which are the $24.539
million class M-5 certificates due Sept. 25, 2035, issued by
Morgan Stanley ABS Capital I Inc. Trust 2005-HE5 ('CCC'); the
$12.829 million class M-5 certificates due Sept. 25, 2035, issued
by RAMP Series 2005-EFC4 Trust ('CCC'); and the $24.880 million
class M-5 certificates due Sept. 25, 2035, issued by Structured
Asset Investment Loan Trust 2005-HE3 ('CCC').


RESTRUCTURED ASSET: S&P Corrects Rating on Certificates to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on
Restructured Asset Certificates w/ Enhanced Returns Series
2006-18-C (ABX_A_06_1_ii)'s $87 million credit-linked certificates
by lowering the rating to 'D' from 'CCC'.

The rating action reflects the April 3, 2009, lowering of S&P's
rating on Restructured Asset Certificates with Enhanced Returns
Series 2006-15-A Trust's $500 million certificates to 'D' from
'CCC' due to a payment default on the December 2008 payment due
date.

The rating action did not occur contemporaneously with the payment
default on 2006-15-A Trust's $500 million certificates due to a
process delay.

The rating on the series 2006-18-C certificates is dependent on
the lower of the rating on (i) the certificates issued by RACERS
Series 2006-15-A Trust ('D') and (ii) the lowest-rated reference
obligations in the credit default swap, which are the $32.425
million class M-5 certificates due Nov. 25, 2036, issued by First
Franklin Mortgage Loan Trust Series 2005-FF12 ('CCC'); the $24.750
million class M-5 certificates due Feb. 25, 2036, issued by Home
Equity Asset Trust 2005-8 ('CCC'); the $75.248 million class M-2
certificates due Oct. 25, 2035, issued by Structured Asset Backed
Receivables LLC Trust 2005-HE1 ('CCC'); and the $17.219 million
class M-5 certificates due March 25, 2036, issued by Soundview
Home Loan Trust 2005-4 ('CCC').


RFC CDO: Moody's Downgrades Ratings on 10 Classes of 2006-1 Notes
-----------------------------------------------------------------
Moody's Investors Service downgraded the ratings of 10 classes of
Notes issued by RFC CDO 2006-1, Ltd.  The rating actions are:

  -- Class A-1, $353,124,418, Floating Rate Notes Due 2046,
     downgraded to Aa2 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class A-2, $33,000,000, Floating Rate Notes Due 2046,
     downgraded to Baa2 from Aaa; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class B, $34,500,000, Floating Rate Notes Due 2046,
     downgraded to Ba1 from Aa2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class C, $15,000,000, Floating Rate Notes Due 2046,
     downgraded to Ba2 from A1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class D, $13,500,000, Floating Rate Notes Due 2046,
     downgraded to B1 from A3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class E, $9,000,000, Floating Rate Notes Due 2046, downgraded
     to B2 from Baa1; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class F, $10,500,000, Floating Rate Notes Due 2046,
     downgraded to B3 from Baa1; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class G, $13,500,000, Floating Rate Notes Due 2046,
     downgraded to Caa1 from Baa3; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class J, $24,000,000, Floating Rate Notes Due 2046,
     downgraded to Caa3 from Ba2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

  -- Class K, $20,250,000, Floating Rate Notes Due 2046,
     downgraded to Caa3 from B2; previously on 3/12/2009 Placed
     Under Review for Possible Downgrade

Moody's downgraded all Classes due to deteriorating pool
performance and revised modeling parameters.  Moody's ratings are
based on the current credit quality of the collateral and may not
reflect potential migration as per the legal documentation.

The pool contains an 18.5% concentration in CMBS collateral, of
which 65.0% was issued between 2004 and 2006.  The remaining
collateral includes Whole Loans, B-Notes and Mezzanine Loans.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5%
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a Pre-Sale report dated February 24, 2006.


RFMSI SERIES: Moody's Downgrades Ratings on 193 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded 193 tranches and
confirmed 17 tranches from 16 RFMSI Series deals issued in 2006
and 2007.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable rate, Jumbo mortgage loans.  The
actions are triggered by the quickly deteriorating performance --
marked by rising delinquencies and loss severities, along with
concerns about the continuing drop in housing prices nationwide
and the rising unemployment levels.  The actions reflect Moody's
updated expected losses on the jumbo sector announced in a press
release on March 19th, 2009, and are part of Moody's on-going
review process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

RFMSI Series 2006-S1 Trust

  -- Cl. I-A-1, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to A1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to A1; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

RFMSI Series 2006-S12 Trust

  -- Cl. I-A-1, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-P, Confirmed at Aaa; previously on 3/19/2009 Aaa
Placed Under Review for Possible Downgrade

  -- Cl. I-A-V, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Baa2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Baa2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-P, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-V, Downgraded to Baa2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-4, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-5, Downgraded to B3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-6, Downgraded to B3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-7, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-8, Downgraded to Caa3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-9, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-10, Downgraded to Caa3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-P, Downgraded to B3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-V, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

RFMSI Series 2006-S5 Trust

  -- Cl. A-1, Downgraded to Ba1; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba1; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Baa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Baa2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Confirmed at Aa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Aa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

RFMSI Series 2006-S6 Trust

  -- Cl. A-1, Downgraded to Ba3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at Ba1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Confirmed at Ba1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Confirmed at Ba1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-5, Confirmed at Ba1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-6, Confirmed at Ba1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Confirmed at Ba1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Confirmed at Ba1; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ba3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Ba3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

RFMSI Series 2006-S7 Trust

  -- Cl. A-1, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B2; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ca; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B2; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B2; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B2; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Ca; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B2; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

RFMSI Series 2006-S8 Trust

  -- Cl. A-1, Downgraded to Ba1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ba1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to A3; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to A1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to A1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Ba2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Ba2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to A1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

RFMSI Series 2006-S9 Trust

  -- Cl. A-1, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B3; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Ba3; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ba3; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

RFMSI Series 2006-SA1 Trust

  -- Cl. I-A-1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ca; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ca; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

RFMSI Series 2006-SA4 Trust

  -- Cl. I-A-1, Downgraded to Caa3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-1, Downgraded to Caa2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to Caa2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-X-1, Downgraded to Caa2; previously on 3/19/2009
     Baa1 Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

RFMSI Series 2007-S1 Trust

  -- Cl. A-1, Downgraded to Ba1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to B3; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ba3; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Ca; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B3; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Ca; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Baa1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B3; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to Caa3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ba1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

RFMSI Series 2007-S2 Trust

  -- Cl. A-6, Downgraded to B1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

RFMSI Series 2007-S4 Trust

  -- Cl. A-1, Downgraded to B2; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Confirmed at B3; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Confirmed at B3; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Confirmed at B3; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Confirmed at B3; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Confirmed at B3; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B3; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to B3; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B3; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to B3; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-P, Confirmed at B3; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

RFMSI Series 2007-S5 Trust

  -- Cl. A-1, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Ba1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to Ba2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-V, Downgraded to Ba1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

RFMSI Series 2007-S6 Trust

  -- Cl. I-A-4, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to Ca; previously on 3/19/2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-17, Downgraded to B1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-19, Downgraded to Ca; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to B3; previously on 3/19/2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to B3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-10, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-14, Downgraded to Ca; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

RFMSI Series 2007-SA1 Trust

  -- Cl. I-A-1, Downgraded to Caa2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa2; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-X, Downgraded to Caa2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to Caa2; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 3/19/2009 Caa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

RFMSI Series 2007-SA2 Trust

  -- Cl. I-A, Downgraded to Caa3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Caa3; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. III-A, Downgraded to Caa3; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A, Downgraded to Caa3; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. V-A, Downgraded to B3; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 3/19/2009 Caa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade


SATURNS TRUST: Moody's Downgrades Rating on 2003-1 Notes to 'Ba3'
-----------------------------------------------------------------
Moody's Investors Service downgraded its rating of $60,191,699 of
7.25% Callable Units due June 1, 2032 issued by SATURNS Trust No.
2003-1.

The rating actions are:

Class Description: $60,191,699 of 7.25% Callable Units due June 1,
2032

  -- Current Rating: Ba3
  -- Prior Rating: Ba2
  -- Prior Rating Date: 11/03/06

The transaction is a structured note whose rating changes with the
ratings of the Securities.  The rating action is a result of the
change of the rating 7.00% Sears Roebuck Acceptance Corp.
debentures due June 1, 2032, which were downgraded to Ba3 on
March 23, 2009.


SATURNS TRUST: S&P Raises Ratings on $75 Mil. Units to 'CCC-'
-------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on SATURNS
Trust No. 2003-5's $75 million 8.125% pass-through callable units
series 2003-5 to 'CCC-' from 'D'.

The rating action follows the April 13, 2009, raising of S&P's
rating on Ford Motor Co.'s 7.45% global landmark securities due
July 16, 2031, the underlying security, to 'CCC-' from 'D'.

The rating on the callable units is dependent on the rating on the
underlying security.


SATURNS TRUST: S&P Downgrades Ratings on 2003-7 Notes to 'BB'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on SATURNS
Trust No. 2003-7's class A and B units to 'BB' from 'BBB-' and
removed them from CreditWatch, where they were placed with
negative implications on Feb. 12, 2009.

The rating actions reflect the April 16, 2009, lowering of the
rating on Macy's Retail Holdings Inc.'s 6.90% debentures due Jan.
15, 2032, to 'BB' and its removal from CreditWatch negative.

The ratings on the class A and B units are based solely on the
rating assigned to the Macy's Retail Holdings Inc. debentures.


SATURNS TRUST: S&P Affirms 'BB-' Rating on $60.192 Mil. Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' rating on
SATURNS Trust No. 2003-1's $60.192 million certificates and
removed it from CreditWatch, where it was placed with negative
implications on Feb. 13, 2009.

The actions reflect the April 16, 2009, affirmation of the 'BB-'
rating on Sears Roebuck Acceptance Corp.'s 7.00% notes due June 1,
2032, and its removal from CreditWatch negative.

The rating on the certificates is based solely on the rating
assigned to Sears Roebuck Acceptance Corp.'s debentures.


SEQUOIA MORTGAGE: Moody's Junks 16 Class of Pass-Through Certs.
---------------------------------------------------------------
Moody's Investors Service has downgraded 27 tranches from 3 deals
issued by Sequoia Mortgage Trust in 2007.

The collateral backing these transactions consists primarily of
first-lien, adjustable rate, Jumbo mortgage loans.  The actions
are triggered by the quickly deteriorating performance -- marked
by rising delinquencies and loss severities, along with concerns
about the continuing drop in housing prices nationwide and the
rising unemployment levels.  The actions reflect Moody's updated
expected losses on the jumbo sector announced in a press release
on March 19th, 2009, and are part of Moody's on-going review
process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Complete rating actions are:

Issuer: Sequoia Mortgage Trust 2007-2, Mortgage Pass-Through
Certificates, Series 2007-2

  -- Cl. 1-A1, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-XA, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-XB, Downgraded to C; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-B1, Downgraded to C; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-B2, Downgraded to C; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

Issuer: Sequoia Mortgage Trust 2007-3, Mortgage Pass-Through
Certificates, Series 2007-3

  -- Cl. 1-A1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Caa3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-XA, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-XB, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. 1-B1, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. 1-B2, Downgraded to C; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. 1-B3, Downgraded to C; previously on 3/19/2009 Caa2
     Placed Under Review for Possible Downgrade

Issuer: Sequoia Mortgage Trust 2007-4, Mortgage Pass-Through
Certificates, Series 2007-4

  -- Cl. 1-A1, Downgraded to A2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Ca; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. 1-XA, Downgraded to A2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to B3; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Ca; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to B3; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to Ca; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. 4-A1, Downgraded to A3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A2, Downgraded to Ca; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. 5-A1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A2, Downgraded to Ca; previously on 3/19/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade


SLATE CDO: S&P Downgrades Ratings on All Classes of 2007-1 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on all of
the rated classes of notes issued by Slate CDO 2007-1 Ltd., a
commercial real estate collateralized debt obligation transaction
backed by cash and synthetic commercial real estate assets.  The
lowered ratings remain on CreditWatch with negative implications.
The transaction was originated in June 2007.

The rating actions reflect S&P's receipt of notice from the
trustee indicating the occurrence of an event of default under
section 5.1 (h) of the transaction's indenture.  The EOD gives
holders of at least 50% in aggregate outstanding amount of the
class A1SA notes the right to direct the trustee to proceed with
the liquidation of the collateral backing the rated notes.

The rating actions reflect S&P's opinion that, should the
requisite A1SA noteholders direct the trustee to proceed with
liquidation, substantial losses to the noteholders are likely
based on the current market value of the collateral and S&P's view
that market prices may not recover prior to the end of any
liquidation period.

Standard & Poor's will continue to monitor the performance of the
transaction to determine the stability of the tranches at their
rating levels.

                  Rating And Creditwatch Actions

                      Slate CDO 2007-1 Ltd.

                              Rating
                              ------
           Class      To                  From
           -----      --                  ----
           A1SA       BBB/Watch Neg       AAA/Watch Neg
           A1SB       BBB/Watch Neg       AAA/Watch Neg
           A1J        BB/Watch Neg        AAA/Watch Neg
           A2         B/Watch Neg         AA/Watch Neg
           A3         B-/Watch Neg        A/Watch Neg
           B1         CCC+/Watch Neg      BBB/Watch Neg
           B2         CCC/Watch Neg       BBB-/Watch Neg
           B3         CCC-/Watch Neg      BB+/Watch Neg
           C          CCC-/Watch Neg      BB/Watch Neg

  Transaction Information
  -----------------------
Issuer:             Slate CDO 2007-1 Ltd.
Co-issuer:          Slate CDO 2007-1 LLC
Collateral manager: Petra Cap Management LLC
Underwriter:        UBS Securities Inc.
Indenture trustee:  Wells Fargo Bank N.A.


SPGS SPC: S&P Downgrades Ratings on Four Classes to 'D'
-------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on SPGS
SPC's Baldwin Series 2006-IV, 2006-V, 2006-VI, and 2006-VII notes.

The lowered ratings follow a number of recent write-downs of
underlying reference entities, which have caused the notes to
incur principal losses.

                         Ratings Lowered

                             SPGS SPC
                     Series Baldwin 2006-IV

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    Notes          D    CCC-

                             SPGS SPC
                     Series Baldwin 2006-V

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    Notes          D    CCC-

                             SPGS SPC
                     Series Baldwin 2006-VI

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    A              D    CCC-

                             SPGS SPC
                     Series Baldwin 2006-VII

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    A-2            D    CCC-

                    Other Outstanding Ratings

                             SPGS SPC
                     Series Baldwin 2006-VII

                    Class           Rating
                    -----           ------
                    A-1             CCC-


SPRING ASSET: Moody's Confirms Ratings on 11 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service confirmed the ratings eleven classes of
Notes issued by Spring Asset Funding Ltd.  The rating actions are:

  -- Class A, $868,750,000, Floating Rate Notes Due 2050,
     confirmed at Aaa; previously on 3/12/2009 Placed Under Review
     for Possible Downgrade

  -- Class B, $81,250,000, Floating Rate Notes Due 2050, confirmed
     at Aa2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class C, $28,125,000, Floating Rate Notes Due 2050, confirmed
     at A1; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class D, $9,375,000, Floating Rate Notes Due 2050, confirmed
     at A2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class E, $9,375,000, Floating Rate Notes Due 2050, confirmed
     at A3; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class F, $18,750,000, Floating Rate Notes Due 2050, confirmed
     at Baa1; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class G, $18,750,000, Floating Rate Notes Due 2050, confirmed
     at Baa2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class H, $15,625,000, Floating Rate Notes Due 2050, confirmed
     at Baa3; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class J, $18,750,000, Floating Rate Notes Due 2050, confirmed
     at Ba1; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class K, $18,750,000, Floating Rate Notes Due 2050, confirmed
     at Ba2; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

  -- Class L, $18,750,000, Floating Rate Notes Due 2050, confirmed
     at Ba3; previously on 3/12/2009 Placed Under Review for
     Possible Downgrade

The pool contains a 16.4% concentration in CMBS collateral of
which approximately 67.5% was issued between 2006 and 2008.  The
remaining pool collateral includes CDO securities, whole loans,
subordinate debt and mezzanine debt.  Moody's ratings are based on
the current credit quality of the collateral and may not reflect
potential migration as per the legal documentation.

Moody's expects the aggregate default rate on CMBS loans (1.59% as
of March 2009) to revert to its long-term historical average of
1.5% to 2.0% in 2009, and most likely to surpass this level as the
market begins to form a bottom in 2010 and 2011.  Commercial
property values, which have declined about 21% from the peak
reached in October 2007, are expected to decline an additional 5
to 15% over the next 18 to 24 months.

Moody's has revised three key parameters in Moody's model for
rating and monitoring commercial real estate collateralized debt
obligations - asset correlation, default probability, and recovery
rate.  These revisions are generally consistent with recent
revisions to the key parameter assumptions for rating and
monitoring other collateralized debt obligation transactions
backed by structured finance securities.

Moody's has updated its asset correlation assumption for the
commercial real estate sector to be consistent with one of Moody's
CDO rating models, CDOROM v2.5 (released on February 3, 2009),
which incorporates these new parameters.  However, for CRE CDOs
with non-CUSIP collateral, Moody's is reducing the maximum over
concentration stress applied to correlation factors by half due to
the diversity of tenants, property types, and geographic locations
inherent in the collateral pools.  Previously, the average asset
correlations used for CMBS within CRE CDO deals ranged between 15%
and 35%, depending on vintage and issuer diversity.  In light of
the systemic seizure of the credit markets, as well as higher
intra industry and inter industry asset correlations, the updated
correlation parameters for CRE CDOs will imply an average range of
asset correlations of between 30% and 60% for the underlying
collateral.

Moody's has previously stated that CRE CDO deals with collateral
concentrations in CMBS certificates will likely be among the first
transactions to be affected by credit issues that arise, and that
the additional leverage inherent in these deals creates the
potential for greater ratings transitions compared to that of a
first order transaction (i.e., those containing non-CUSIP assets).
For CRE CDOs with CUSIP collateral, the additional default
probability stress sometimes applied to resecuritization
collateral will not be applied to Moody's review of conduit and
fusion commercial mortgage backed securities collateral from the
2006 to 2008 vintages due to a recent ratings sweep of these
transactions.  Based on Moody's current expectations for
commercial real estate performance, Moody's have migrated the
ratings for recent vintage CMBS to levels that Moody's believe
will remain relatively stable for the next 12 to 24 months.  As
such, Moody's has eliminated the vintage stress factor and default
probability resecuritization stress from its analysis of deals
with recent vintage CMBS collateral.

For deals with pre-2006 CMBS collateral, Moody's is adopting the
default probability resecuritization stress assumptions contained
within CDOROM v2.5 to capture the leveraging effect and potential
ratings volatility of the underlying collateral.  For CMBS, this
factor is equivalent to two times the probability of default for
non-Aaa and six times the PD for Aaa-rated collateral.  For CRE
CDOs, this factor is equivalent to four times the probability of
default for non-Aaa and twelve times the PD for Aaa-rated
collateral.  The lower stress for CMBS is due to the historical
stable performance of this asset class.

For CRE CDOs with non-CUSIP collateral, Moody's is eliminating the
additional default probability stress in CDOROM v2.5 that is
applied to corporate debt as Moody's anticipate that the
underlying non-CMBS collateral will experience lower default rates
and higher recovery rates.  In addition, Moody's is reducing the
maximum over concentration stress applied to correlation factors
by half due to the diversity of tenants, property types, and
geographic locations inherent in the collateral pools.  For those
deals that are significantly less diversified, Moody's will add
back over concentration stress as warranted.

In Moody's analysis of synthetic CRE CDOs, it historically
employed a fixed recovery rate by the asset's original rating and
tranche size.  Moody's current analysis uses a simulation based
mean recovery rate based on the asset's current rating and tranche
size.  This is consistent with the assumptions underlying CDOROM
v2.5.  With this more robust approach, Moody's expects to capture
in Moody's ratings more of the tail risk associated with
variability of recovery rates.

As always, Moody's ratings are determined by a committee process
that considers both quantitative and qualitative factors.  The
rating outcome may differ from the model output.

Moody's monitors transactions on both a monthly basis through a
review of the available Trustee Reports and a periodic basis
through a full review.  This is Moody's first full review since
securitization.  Moody's review at securitization is summarized in
a press release dated November 3, 2006.


STRUCTURED ENHANCED: Moody's Downgrades Rating on 2004-2 Notes
--------------------------------------------------------------
Moody's Investors Service downgraded its rating of Structured
Enhanced Trust Securities Series 2004-2 issued by SETS Trust No.
2004-2.

The rating action is:

Class Description: Structured Enhanced Trust Securities Series
2004-2

  -- Current Rating: Ba1
  -- Prior Rating: Baa1 on review for possible downgrade
  -- Prior Rating Date: 03/18/09

The transaction is a structured note whose rating changes with the
rating of the Debt Securities Insurer as well as the rating of the
underlying assets.


STEERS CDO: S&P Junks Rating on $130 Mil. 2005-1 Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on Steers
CDO Squared Trust Series 2005-1's $130 million trust certificates
series 2005-1 by lowering the rating to 'CCC' from 'B+'.

S&P initially rated these notes Feb. 20, 2009.  However, due to an
analytical error at that time, S&P believed the transaction
benefited from 17.69% subordination.  Upon further review, S&P
discovered that the transaction's actual subordination level is
7.96%, and S&P is adjusting its rating based on this corrected
subordination level.

Steers CDO Squared Trust Series 2005-1 has a remaining life of 15
months and is scheduled to mature in July 2010.


TIMES SQUARE: S&P Downgrades Rating on Amortizing Certs. to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Times
Square Hotel Trust's mortgage and lease amortizing certificates to
'BB' from 'BB+' and removed it from CreditWatch with negative
implications.  The outlook is stable.

The action follows the April 16, 2009, lowering of the corporate
credit rating on Starwood Hotels & Resorts Worldwide Inc.

The rating on the Times Square Hotel Trust transaction is based on
the payments and obligations made by Starwood pursuant to a
triple-net-lease for the W New York -- Times Square Hotel on
Broadway at 47th Street in Manhattan.


WACHOVIA BANK: GGP Bankruptcy Cudes Moody's Review on Rake Bonds
----------------------------------------------------------------
Moody's Investors Service placed the ratings of 15 rake or non-
pooled bonds from six CMBS transactions on review for possible
downgrade due to concerns about potential non-reimbursed trust
expenses and interest shortfalls related to the Chapter 11
bankruptcy filing of General Growth Properties and affiliates on
April 16, 2009.  In these transactions, Moody's rated promise is
to the timely payment of interest and ultimate payment of
principal by the final rated distribution date.  Moody's action
reflects the possibility that non-reimbursed trust expenses and
interest shortfalls may cause a disruption in the timely payment
of interest on the rake or non-pooled bonds.

Like non-pooled bonds, rake bonds are exposed to the first loss
occurring on a single loan, or to the non-reimbursed trust
expenses and interest shortfalls that may occur as a result of the
loan being transferred to special servicing.  There is no benefit
from the pooling of cash flows from other loans.  As a result,
special servicing fees, legal expenses, and other trust expenses
may create interest shortfalls that could negatively impact the
non-rated or rated classes in reverse sequential order.  In some
cases, these shortfalls and expenses may not be reimbursed by the
loan borrower upon the return of the loan to master servicing.

The bankruptcy filing includes 158 properties. Of these, 46
properties are in 39 Moody's rated U.S. CMBS transactions.
Moody's has reviewed the 39 deals and has concluded that no action
is warranted at this time on the remaining 33 deals where pooled
GGP loans were subject to the Chapter 11 filing.  Moody's will
continue to monitor the GGP bankruptcy case and the transactions
with exposure to GGP; if there are any material changes, rating
actions will be taken, if warranted.

In Moody's review, Moody's concluded that the GGP exposure was not
material in some deals.  In others, prior rating actions reflected
a below-investment grade underlying rating for the asset
commensurate with the current risk.  Finally, in the remaining
deals, amortization and improved property performance, along with
bond level paydowns and increased credit enhancement, mitigated
the increased probability of default and expected loss associated
with GGP's bankruptcy filing.  In addition, when interest
shortfalls and non-reimbursed trust expenses occur in the
transactions in which the GGP affected loans are pooled, there is
a non-rated class or classes that have an appropriate low rating
to absorb these shortfalls.

Moody's rating action is:

Citigroup Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2006-C5

  -- Class AMP-1, $40,000,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from Baa1
     on 2/9/2009

  -- Class AMP-2, $48,000,000, currently rated Baa3; on review for
     possible downgrade; previously downgraded to Baa3 from Baa2
     on 2/9/2009

  -- Class AMP-3, $27,000,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa3 on
     2/9/2009.

These classes are supported by a B note secured by the borrower's
interest in Ala Moana Center, a 2.0 million square foot regional
mall and office component located in Honolulu, Hawaii.  The Ala
Moana Center is the dominant retail center in its trade area and
is considered the world's largest open-air shopping center.  The
property recently completed an expansion that included a 200,000
square foot Nordstrom department store as well as 100,000 square
feet of additional retail space.

Moody's prior full review is summarized in a press release dated
February 9, 2009.

Gallery at Harborplace Mortgage Trust Commercial Mortgage Pass-
Through Certificates, Series 2000-C5C

  -- Class B-1, $3,200,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from A3 on
     3/11/2009

  -- Class B-2, $5,100,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from Baa2 on
     3/11/2009

  -- Class B-3, $2,200,000, currently rated Ba2, on review for
     possible downgrade; previously downgraded to Ba2 from Baa3 on
     3/11/2009

These classes are supported by a B note secured by the borrower's
interest in Gallery at Harborplace, a 404,000 square foot office
and retail mixed use complex located within the Inner Harbor
development in Baltimore, Maryland.  The property was developed in
1987 by The Rouse Company which was acquired by GGP in 2004.

Moody's prior full review is summarized in a press release dated
March 11, 2009.

GE Commercial Mortgage Corporation, Commercial Mortgage Pass-
Through Certificates, Series 2003-C2

  -- Class BLVD-1, $1,706,377, currently rated A2, on review for
     possible downgrade; previously affirmed at A2 on 11/7/2007

  -- Class BLVD-2, $2,501,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 11/7/2007

  -- Class BLVD-3, $4,502,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 11/7/2007

  -- Class BLVD-4, $3,549,000, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 11/7/2007

  -- Class BLVD-5, $7,960,750, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 11/7/2007

These classes are supported by a B note secured by the borrower's
interest in Boulevard Mall, a 1.2 million square foot shopping
center located in Las Vegas, Nevada.  The center is anchored by
Sears, Dillard's, Macy's and J.C. Penney.

Moody's prior full review is summarized in a press release dated
November 7, 2007.

GS Mortgage Securities Corporation II, Commercial Pass-Through
Certificates, Series 2001-GL III

  -- Class F-NFC, $10,460,000, currently rated Aa3, on review for
     possible downgrade; previously downgraded to Aa3 from Aa2 on
     3/19/2009

  -- Class G-NFC, $5,910,569, currently rated A1, on review for
     possible downgrade; previously downgraded to A1 from Aa3 on
     7/31/2008

These classes are supported by a B note secured by the borrower's
interest in Northridge Fashion Center, a 1.4 million square foot
regional mall located in Northridge, California.  The mall is
anchored by Macy's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
July 31, 2008.

Wachovia Bank Commercial Mortgage Trust, Commercial Mortgage Pass-
Through Certificates, Series 2004-C14

  -- Class PP, $37,145,889, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 5/4/2007

The class is supported by a B note secured by the borrower's
interest in Park Place Mall, a 1.0 million square foot regional
mall located in Tucson, Arizona.  The center is anchored by Sears,
Dillard's and Macy's.

Moody's prior full review is summarized in a press release dated
May 4, 2007.

Wachovia Bank Commercial Mortgage Trust 2006-C26, Commercial Pass-
Through Certificates, Series 2006-C26

  -- Class WM, $10,000,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 2/10/2009

The class is supported by a B note secured by the borrower's
interest in Woodlands Mall, 1.4 million square foot mall located
in Woodlands, Texas.  The center is anchored by Dillard's,
Foley's, Sears and J.C. Penney.

Moody's prior full review is summarized in a press release dated
February 10, 2009.


WELLS FARGO: Moody's Downgrades Ratings on 100 2007-11 Tranches
---------------------------------------------------------------
Moody's Investors Service has downgraded 100 tranches from Wells
Fargo Mortgage-Backed Securities 2007-11 Trust.

The collateral backing these transactions consists primarily of
first-lien, fixed rate, Jumbo mortgage loans.  The actions are
triggered by the quickly deteriorating performance -- marked by
rising delinquencies and loss severities, along with concerns
about the continuing drop in housing prices nationwide and the
rising unemployment levels.  The actions listed below reflect
Moody's updated expected losses on the jumbo sector announced in a
press release on March 19th, 2009, and are part of Moody's on-
going review process.

Moody's final rating actions are based on current ratings, level
of credit enhancement, collateral performance and updated pool-
level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, time tranching,
and other structural features within the senior note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

Wells Fargo Mtge Backed Securities 2007-11 Trust

  -- Cl. A-1, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to B1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-4, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ba2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B1; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-14, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-15, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-16, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-17, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-18, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-19, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-21, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-22, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-23, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-24, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-25, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-26, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-27, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-28, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-29, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-30, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-31, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-32, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-33, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-34, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-35, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-36, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-37, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-38, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-39, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-40, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-41, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-42, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-43, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-44, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-45, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-46, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-47, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-48, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-49, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-50, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-51, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-52, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-53, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-54, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-55, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-56, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-57, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-58, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-59, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-60, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-61, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-62, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-63, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-64, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-65, Downgraded to Caa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-66, Downgraded to Caa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-67, Downgraded to Caa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-68, Downgraded to Caa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-69, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-70, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-71, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-72, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-73, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-74, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-75, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-76, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-77, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-78, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-79, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-80, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-81, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-82, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-83, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-84, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-85, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-86, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-87, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-88, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-89, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-90, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-91, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-92, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-93, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-94, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-95, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-96, Downgraded to Ba3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-97, Downgraded to Caa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-98, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-99, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

i) the nature, sufficiency, and quality of historical performance
information available for the asset class as well as for the
transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
interests of the key parties to the transaction, most notably the
originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
cashflow and capital structure,

v) an analysis of the transaction's governance and legal
structure, and

vi) a comparison of these attributes against those of other
similar transactions.


* Fitch Sees Negative Trend in U.S. Public Finance Rating Actions
-----------------------------------------------------------------
Fitch Ratings notes a significantly negative trend in U.S. Public
Finance rating actions during the first quarter of 2009 (1Q'09),
accelerating a decline in municipal credit from 2008.  This
deterioration reflects the severe recessionary macro-economic
environment, dislocations in the credit markets, and increased
fiscal and liquidity pressures.

In the 1Q'09, Fitch's U.S. Public Finance group upgraded
underlying ratings on only 40 credits totaling $12.9 billion in
par value, while it downgraded underlying ratings on 56 credits
totaling $84.2 billion.  This resulted in an upgrade-to-downgrade
ratio of only 0.71:1 in terms of rating changes and a ratio of
0.15:1 on a par value basis.  This was considerably worse than the
annual ratios for 2007 and 2008, which were 3.67:1 in terms of
rating changes and 8.6:1 in terms of par value and 1.59:1 in terms
of rating changes and 5.13:1 in terms of par value, respectively.
Fitch notes also that last quarter saw the largest number of Fitch
U.S. Public Finance rating downgrades since at least 2002, when
Fitch began reporting quarterly municipal rating change totals.
The number of downgrades in the last quarter was nearly two-thirds
of the total number of downgrades in all of 2008 and greater than
the total number of downgrades in all of 2007.

The bulk of the par value in downgrades was attributable to the
state of California, whose $51.4 billion in general obligation
(GO) bonds were downgraded to 'A' from 'A+'; $8.9 billion in
lease-supported bonds were downgraded to 'A-' from 'A'; and $8.7
billion in special tax bonds were downgraded to 'A' from 'A+'
(California's special tax bonds were downgraded previously during
the 1Q'09 from 'AA-').  Other significant downgrades were the
Florida Department of Environmental Protection's $2.6 billion
Florida Forever and Preservation 2000 bonds and $200 million
Florida Everglades bonds (downgraded to 'A-' from 'A+'); Tennessee
Energy Acquisition Corporation's $2 billion gas prepaid revenue
bonds (downgraded to 'A+' from 'AA-' following Fitch's downgrade
of Goldman Sachs Group to 'A+' from 'AA-'); and various bonds
issued on behalf of Detroit, Michigan (the city) including $1.5
billion Detroit Retirement System's Funding Trust certificates of
participation (downgraded to 'BB' from 'BBB'), the city's $530
million unlimited tax GO bonds (downgraded to 'BB' from 'BB+'),
and the city's $314 million limited tax GO bonds (downgraded to
'BB-' from 'BB').  The largest upgrades on a par basis were for
Energy Northwest, WA's $6.6 billion electric revenue bonds
(upgraded to 'AA' from 'AA-'), and the Frisco Independent School
District's $1.1 billion unlimited tax general obligation bonds
(upgraded to 'A+' from 'A').

During the 1Q'09, there were 20 upgrades and 29 downgrades in the
tax-backed sector, four upgrades and eight downgrades in
healthcare, six upgrades and seven downgrades in water & sewer,
three upgrades and five downgrades in public power, no upgrades
and four downgrades in transportation, and four upgrades and no
downgrades in tax-exempt housing.

The ratio of Positive to Negative Rating Watches and Outlooks
indicates the declining trend in public finance ratings is likely
to continue for some time.  As of the end of the 1Q'09, 44 credits
were on Rating Watch Negative, up from 25 credits at the end of
the 1Q'08.  Five were on Rating Watch Positive at the end of the
1Q'09, down from seven at the end of the 1Q'08.  During 1Q'09, six
credits were taken off Rating Watch Negative (four of them in
conjunction with a downgrade, and one due to a rating withdrawal),
while 11 were placed on Rating Watch Negative.  Massachusetts
Turnpike Authority's Metropolitan Highway System revenue bonds and
subordinated revenue bonds were taken off and then placed back on
Rating Watch Negative within the 1Q'09.

There were 90 credits with a Positive Rating Outlook and 177 with
a Negative Rating Outlook at the end of the 1Q'09, yielding a
ratio of 0.51:1, down from 1.08:1 at the end of the 1Q'08; 1Q'09
was the fifth consecutive quarter that this ratio declined.


* Moody's Downgrades Ratings on 77 Notes by 17 CDO Transactions
---------------------------------------------------------------
Moody's Investors Service downgraded its ratings of 77 Notes
issued by 17 collateralized debt obligation transactions which
consist of significant exposure to one or more of Alt-A, Option-
ARM and subprime RMBS securities, CLOs, or CMBS.  Moody's
explained that the rating actions reflect certain updates and
projections and recent rating actions on underlying assets on
these asset classes.  Some of the deals have also experienced an
Event of Default.

Moody's revised loss projections for Alt-A RMBS securities which
were described in a press release published on January 22, 2009.
According to the press release, on average, Moody's is now
projecting cumulative losses of about 20% for 2006 securitizations
and about 24% for 2007 securitizations.

Moody's revised loss projections for subprime RMBS issued from
2005 to 2007 were described in a press release titled "2005-7
subprime RMBS on downgrade review" published on February 26, 2009.
The revised loss projection for 2006 vintage subprime pools is
expected to fall within the range of 28% to 32% of the original
balance of such pools, whereas Moody's previous estimate was 22%.
For 2005 and 2007 pools, such projections are expected to range
from 12% to 14% and 33% to 37% of original balance, respectively.

A review of all U.S. commercial mortgage backed securities conduit
and fusion transactions rated during the period from 2006 through
2008, and all large loan and single borrower transactions
regardless of vintage was concluded recently.  The review was
announced in a Press Release titled "Moody's announces review of
Certain U.S. CMBS Ratings " on February 5, 2009.

Moody's announced revisions and updates to certain key
assumptions, including Default Probability and Diversity Score,
that it uses to rate and monitor collateralized loan obligations
in a Press Release published on February 4, 2009.  The completion
of the first stage of its two-stage review of U.S. and EMEA cash
flow CLOs was announced on March 27, 2009.  As of March 23,
Moody's had downgraded approximately 2,071 tranches from 668
transactions.

In addition, Moody's explained that the rating actions taken
incorporate the application of revised and updated key modeling
parameter assumptions that Moody's uses to rate and monitor
ratings of SF CDOs.  The revisions affect the three key parameters
in Moody's model for rating SF CDOs: asset correlation, default
probability and recovery rate.  Moody's announced the changes to
these assumptions in a press release published on December 11,
2008.

Moody's initially analyzed and continues to monitor these
transactions using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (March 2009)

The rating actions are:

Abacus 2006-8, Ltd.

  -- US$50,000,000 Class A-1 Floating Rate Notes, Due 2045,
     Downgraded to C; previously on 12/16/2008 Downgraded to Ba3
     and remains on Review for Possible Downgrade

  -- US$35,000,000 Class A-2 Floating Rate Notes, Due 2045,
     Downgraded to C; previously on 12/16/2008 Downgraded to B3
     and remains on Review for Possible Downgrade

  -- US$27,500,000 Class A-3 Floating Rate Notes, Due 2045,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$20,000,000 Class B Floating Rate Notes, Due 2045,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$32,500,000 Class C Floating Rate Notes, Due 2045,
     Downgraded to C; previously on 5/30/2008 Downgraded to Ca

  -- US$4,000,000 Class D Floating Rate Notes, Due 2045,
     Downgraded to C; previously on 5/30/2008 Downgraded to Ca

ABACUS 2006-9, Ltd.

  -- US$25,000,000 Class A-1 Variable Rate Notes Due 2041,
     Downgraded to C; previously on 12/16/2008 Downgraded to B3
     and remains on Review for Possible Downgrade

  -- US$40,625,000 Class A-2 Variable Rate Notes, Due 2041,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa1
     and remains on Review for Possible Downgrade

  -- US$35,937,500 Class B Variable Rate Notes, Due 2041,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$23,437,500 Class C Variable Rate Notes, Due 2041,
     Downgraded to C; previously on 5/30/2008 Downgraded to Ca

ABSpoke 2006-IA Segregated Portfolio

  -- US$100,000,000 Variable Floating Rate Notes Due 2046,
     Downgraded to Ca; previously on 12/16/2008 Downgraded to B1
     and remains on Review for Possible Downgrade

Burnham Harbor CDO 2006-1

  -- Class A-1Lb, Downgraded to Caa2; previously on 12/16/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class A-2L, Downgraded to C; previously on 12/16/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A-3L, Downgraded to C; previously on 12/16/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- Class B-1L, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

Class V Funding II, Ltd.

  -- Class A-1, Downgraded to Caa1; previously on 12/16/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A-2A, Downgraded to C; previously on 5/29/2008
     Downgraded to Ca

  -- Class A-2B, Downgraded to C; previously on 5/29/2008
     Downgraded to Ca

Fort Duquesne CDO 2006-1 Ltd.

  -- US$450,000,000 Class A-1A Senior Secured Floating Rate
     Notes Due 2046, Downgraded to Ca; previously on 2/10/2009
     Downgraded to Ba3

  -- US$400,000,000 Class A-1B Senior Secured Floating Rate
     Notes Due 2046, Downgraded to C; previously on 2/10/2009
     Downgraded to Ca

  -- US$11,000,000 Class X Senior Secured Notes Due 2046,
     Downgraded to C; previously on 12/16/2008 Downgraded to B3

GSC ABS CDO 2006-2m, Ltd.

  -- US$225,000,000 Class A-1A First Priority Senior Secured
     Floating Rate Notes due 2045, Downgraded to C; previously on
     6/9/2008 Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- US$125,000,000 Class A-1B Second Priority Senior Secured
     Floating Rate Delayed Draw Notes due 2045, Downgraded to C;
     previously on 6/9/2008 Downgraded to Caa3 and remains on
     Review for Possible Downgrade

  -- US$13,500,000 Class A-2 Third Priority Senior Secured
     Floating Rate Notes due 2045, Downgraded to C; previously on
     6/9/2008 Downgraded to Ca

  -- US$56,500,000 Class B Fourth Priority Senior Secured
     Floating Rate Notes due 2045, Downgraded to C; previously on
     6/9/2008 Downgraded to Ca

  -- US$14,500,000 Class C Fifth Priority Senior Secured
     Floating Rate Notes due 2045, Downgraded to C; previously on
     6/9/2008 Downgraded to Ca

Lexington Capital Funding II, Ltd.

  -- US$385,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Delayed Draw Notes Due 2046, Downgraded to C;
     previously on 12/16/2008 Downgraded to B3 and remains on
     Review for Possible Downgrade

  -- US$17,050,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2046, Downgraded to C; previously on
     12/16/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$64,625,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due 2046, Downgraded to C; previously on
     5/8/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$19,800,000 Class C Fourth Priority Senior Secured
     Floating Rate Notes Due 2046, Downgraded to C; previously on
     5/8/2008 Downgraded to Ca

Libertas Preferred Funding I, Ltd.

  -- Class A-1, Downgraded to C; previously on 12/16/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- Class A-2, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 12/16/2008 Caa3
     Placed Under Review for Possible Downgrade

  -- Class C, Downgraded to C; previously on 6/9/2008 Downgraded
     to Ca

  -- Class D, Downgraded to C; previously on 6/9/2008 Downgraded
     to Ca

  -- Class E, Downgraded to C; previously on 6/9/2008 Downgraded
     to Ca

  -- Class F, Downgraded to C; previously on 6/9/2008 Downgraded
     to Ca

  -- Class G, Downgraded to C; previously on 6/9/2008 Downgraded
     to Ca

Mayflower CDO I Ltd.

  -- US$609,000,000 Class A-1LA Investor Swap, Downgraded to C;
     previously on 12/16/2008 Downgraded to B3 and remains on
     Review for Possible Downgrade

  -- US$157,000,000 Class A-1LB Floating Rate Notes Due June
     2046, Downgraded to C; previously on 12/16/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$75,000,000 Class A-2L Floating Rate Notes Due June 2046,
     Downgraded to C; previously on 5/9/2008 Downgraded to Ca

  -- US$46,000,000 Class A-3L Floating Rate Notes Due June 2046,
     Downgraded to C; previously on 5/9/2008 Downgraded to Ca

  -- US$50,000,000 Class B-1L Floating Rate Notes Due June 2046,
     Downgraded to C; previously on 3/26/2008 Downgraded to Ca

  -- US$20,000,000 Class X Notes Due September 2012, Downgraded
     to C; previously on 12/16/2008 Downgraded to Caa1 and remains
     on Review for Possible Downgrade

Millerton II High Grade ABS CDO, Ltd.

  -- US$1,118,000,000 Class A-1 Senior Secured Floating Rate
     Notes Due 2051, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- US$91,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2051, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$46,500,000 Class B Senior Secured Floating Rate Notes
     Due 2051, Downgraded to C; previously on 12/16/2008
     Downgraded to Ca

  -- US$17,000,000 Class C Secured Floating Rate Notes Due 2051,
     Downgraded to C; previously on 6/4/2008 Downgraded to Ca

Point Pleasant Funding 2007-1 Ltd.

  -- US$6,000,000 Class S Floating Rate Notes due 2012,
     Downgraded to C; previously on 12/11/2008 Downgraded to Caa1
     and remains on Review for Possible Downgrade

RFC CDO IV Ltd.

  -- Class A-2 Senior Secured Floating Rate Notes Due July 15,
     2051, Downgraded to C; previously on 12/16/2008 Downgraded to
     B3 and remains on Review for Possible Downgrade

  -- Class A-3 Senior Secured Floating Rate Notes Due July 15,
     2051, Downgraded to C; previously on 12/16/2008 Downgraded to
     Caa1 and remains on Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes Due July 15, 2051,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- Class C Secured Floating Rate Deferrable Interest Notes Due
     July 15, 2051, Downgraded to C; previously on 6/3/2008
     Downgraded to Ca

  -- Class D Secured Floating Rate Deferrable Interest Notes Due
     July 15, 2051, Downgraded to C; previously on 6/3/2008
     Downgraded to Ca

  -- Subordinated Notes Due July 15, 2051, Downgraded to C;
     previously on 6/3/2008 Downgraded to Ca

  -- Super Senior Facility, Downgraded to Ca; previously on
     12/16/2008 Downgraded to Ba3 and remains on Review for
     Possible Downgrade

South Coast Funding VII Ltd

  -- US$45,000,000 Class A-1AV First Priority Senior Secured
     Voting Floating Rate Notes Due 2041-1, Downgraded to Ca;
     previously on 12/17/2008 Downgraded to Ba2 and remains on
     Review for Possible Downgrade

  -- US$773,750,000 Class A-1ANV First Priority Senior Secured
     Non-Voting Floating Rate Notes Due 2041, Downgraded to Ca;
     previously on 12/17/2008 Downgraded to Ba2 and remains on
     Review for Possible Downgrade

  -- US$250,000 Class A-1B First Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to Ca; previously on
     12/17/2008 Downgraded to Ba2 and remains on Review for
     Possible Downgrade

  -- US$146,255,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to C; previously on
     11/10/2008 Downgraded to Ca

  -- US$75,450,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to C; previously on
     11/10/2008 Downgraded to Ca

  -- US$1,000,000 Class P-3 Combination Securities Due 2041,
     Withdrawn; previously on 5/31/2005 Assigned Aaa

South Coast Funding VIII Ltd

  -- Class A-1NV, Downgraded to C; previously on 12/16/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- Class A-1V, Downgraded to C; previously on 12/16/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- Class A-2, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 6/2/2008 Downgraded
     to Ca

STAtic ResidenTial CDO 2006-A Ltd.

  -- Class A-1(a) Floating Rate Notes, Downgraded to C; previously
     on 12/16/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- Class A-1(b) Floating Rate Notes, Downgraded to C; previously
     on 12/16/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- Class A-2 Floating Rate Notes, Downgraded to C; previously on
     12/16/2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

  -- Class B Floating Rate Notes, Downgraded to C; previously on
     12/16/2008 Downgraded to Caa2 and remains on Review for
     Possible Downgrade

  -- Class C Deferrable Interest Floating Rate Notes, Downgraded
     to C; previously on 12/16/2008 Downgraded to Ca

  -- Class D Deferrable Interest Floating Rate Notes, Downgraded
     to C; previously on 4/24/2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class E Deferrable Interest Floating Rate Notes, Downgraded
     to C; previously on 4/24/2008 Downgraded to Ca

Wadsworth CDO, Ltd.

  -- US$800,000,000 Class A-1A Senior Secured Floating Rate
     Notes due 2046, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- US$256,000,000 Class A-1B Senior Secured Floating Rate
     Notes due 2046, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- US$72,500,000 Class A-2 Senior Secured Floating Rate Notes
     due 2046, Downgraded to C; previously on 6/25/2008 Downgraded
     to Ca

  -- US$38,000,000 Class B Senior Secured Floating Rate Notes
     due 2046, Downgraded to C; previously on 3/31/2008 Downgraded
     to Ca


* Moody's Downgrades Ratings on 131 Notes by 37 CDO Transactions
----------------------------------------------------------------
Moody's Investors Service downgraded its ratings of 131 Notes
issued by 37 collateralized debt obligation transactions, and
confirmed the ratings of 5 Notes issued by 2 collateralized debt
obligation transactions which consist of significant exposure to
one or more of Alt-A, Option-ARM and subprime RMBS securities,
CLOs, or CMBS.  Moody's explained that the rating actions reflect
certain updates and projections and recent rating actions on
underlying assets on these asset classes.  Some of the deals have
also experienced an Event of Default.

Moody's revised loss projections for subprime RMBS issued from
2005 to 2007 were described in a press release titled "2005-7
subprime RMBS on downgrade review" published on February 26, 2009.
The revised loss projection for 2006 vintage subprime pools is
expected to fall within the range of 28% to 32% of the original
balance of such pools, whereas Moody's previous estimate was 22%.
For 2005 and 2007 pools, such projections are expected to range
from 12% to 14% and 33% to 37% of original balance, respectively.

A review of all U.S. commercial mortgage backed securities conduit
and fusion transactions rated during the period from 2006 through
2008, and all large loan and single borrower transactions
regardless of vintage was concluded recently.  The review was
announced in a Press Release on February 5, 2009.

Moody's announced revisions and updates to certain key
assumptions, including Default Probability and Diversity Score,
that it uses to rate and monitor collateralized loan obligations
in a Press Release published on February 4, 2009.  The completion
of the first stage of its two-stage review of U.S. and EMEA cash
flow CLOs was announced on March 27, 2009.  As of March 23,
Moody's had downgraded approximately 2,071 tranches from 668
transactions.

In addition, Moody's explained that the rating actions taken
incorporate the application of revised and updated key modeling
parameter assumptions that Moody's uses to rate and monitor
ratings of SF CDOs.  The revisions affect the three key parameters
in Moody's model for rating SF CDOs: asset correlation, default
probability and recovery rate.  Moody's announced the changes to
these assumptions in a press release published on December 11,
2008.

Moody's initially analyzed and continues to monitor these
transactions using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (March 2009)

The rating actions are:

ABACUS 2005-1, Ltd.

  -- Class A-1, Downgraded to Caa3; previously on 12/17/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- Class A-2, Downgraded to Ca; previously on 12/17/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 12/17/2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- Class C, Downgraded to C; previously on 11/5/2008 Downgraded
     to Ca

  -- Class D, Downgraded to C; previously on 11/5/2008 Downgraded
     to Ca

ABSpoke 2005-X, Ltd.

  -- Yen2,000,000,000 Variable Floating Rate Notes Due 2015,
     Downgraded to C; previously on 12/17/2008 Downgraded to B3
     and remains on Review for Possible Downgrade

ABSpoke 2005-XII B

  -- Variable Floating Rate Notes, Downgraded to Ca; previously on
     12/16/ 2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

ACA ABS 2003-2, Limited

  -- US$108,000,000 Class A1-J Floating Rate Notes, due
     December 10, 2038, Downgraded to Caa3; previously on
     12/23/2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

  -- US$146,500,000 Class A1-SD Floating Rate Notes, due
     December 10, 2038, Downgraded to Caa1; previously on
     12/23/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- US$315,000,000 Class A1-SU Floating Rate Notes, due
     December 10, 2038, Downgraded to Caa1; previously on
     12/23/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- US$10,000,000 Class A1-SW Floating Rate Notes, due
     December 10, 2038, Downgraded to Caa1; previously on
     1/22/2009 Upgraded to Ba3

  -- US$51,000,000 Class A2 Floating Rate Notes, due December
     10, 2038, Downgraded to Ca; previously on 12/23/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Ambassador Structured Finance CDO, Ltd

  -- US$800,000,000 Class A-1 Floating Rate Notes Due July
     2041, Downgraded to Ca; previously on 12/17/2008 Downgraded
     to Ba1 and remains on Review for Possible Downgrade

  -- US$112,000,000 Class A-2 Floating Rate Notes Due July
     2041, Downgraded to C; previously on 12/17/2008 Downgraded to
     Caa1 and remains on Review for Possible Downgrade

  -- US$35,000,000 Class B Floating Rate Notes Due July 2041,
     Downgraded to C; previously on 12/17/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$26,000,000 Class C Floating Rate Deferrable Interest
     Notes Due July 2041, Downgraded to C; previously on
     10/31/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

Baldwin 2006-I Segregated Portfolio

  -- US$35,000,000 Variable Floating Rate Notes Due 2046,
     Downgraded to C; previously on 12/16/2008 Downgraded to B2
     and remains on Review for Possible Downgrade

Bluegrass ABS CDO III, Ltd.

  -- US $280,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2039, Downgraded to B2; previously on
     12/22/2008 Downgraded to Ba1 and remains on Review for
     Possible Downgrade

  -- US $49,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2039, Downgraded to Ca; previously on
     12/22/2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

  -- US $27,000,000 Class B Third Priority Senior Secured Floating
     Rate Notes Due 2039, Downgraded to C; previously on
     12/22/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

Broadwick Funding, Ltd.

  -- Class A-1-b Notes, Downgraded to Ca; previously on 10/23/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class A-2 Notes, Downgraded to C; previously on 10/23/2008
     Downgraded to Ca

  -- Class B Notes, Downgraded to C; previously on 10/23/2008
     Downgraded to Ca

  -- Class S, Confirmed at B1; previously on 12/16/2008 Downgraded
     to B1 and remains on Review for Possible Downgrade

C-BASS CBO XV Ltd.

  -- US$565,800,000 Class A First Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to Ca; previously on
     12/16/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- US$39,100,000 Class B Second Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to C; previously on
     12/16/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$44,800,000 Class C Third Priority Secured Floating Rate
     Deferrable Interest Notes Due 2041, Downgraded to C;
     previously on 5/16/2008 Downgraded to Caa3 and remains on
     Review for Possible Downgrade

  -- US$19,500,000 Class D Fourth Priority Secured Floating
     Rate Deferrable Interest Notes Due 2041, Downgraded to C;
     previously on 5/16/2008 Downgraded to Ca

Dallaglio CDO 2005-3 Ltd.

  -- Class B Fixed Rate Notes, Downgraded to C; previously on
     12/17/2008 Downgraded to B2 and remains on Review for
     Possible Downgrade

Diogenes CDO I Ltd

  -- Class A-1, Downgraded to Ca; previously on 12/17/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A-2, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 12/17/2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- Class C, Downgraded to C; previously on 5/29/2008 Downgraded
     to Ca

Duke Funding High Grade I, Ltd.

  -- $660,000,000 Class A-1 LT-a Senior Secured Floating Rate
     Notes Due 2040, Downgraded to Caa2; previously on 12/17/2008
     Downgraded to B2 and remains on Review for Possible Downgrade

  -- Class A-1 LT-b1 Senior Secured Floating Rate Notes Due 2045,
     Downgraded to Caa2; previously on 12/17/2008 Downgraded to B2
     and remains on Review for Possible Downgrade

  -- Class A-1 LT-b2 Senior Secured Floating Rate Notes Due 2045,
     Downgraded to Caa2; previously on 12/17/2008 Downgraded to B2
     and remains on Review for Possible Downgrade

  -- $117,500,000 Class A-2 Senior Secured Floating Rate Notes Due
     2045, Downgraded to Ca; previously on 11/5/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- $77,500,000 Class B Senior Secured Floating Rate Notes Due
     2045, Downgraded to C; previously on 11/5/2008 Downgraded to
     Ca

Dutch Hill Funding I Ltd

  -- Class A-1A, Downgraded to Ca; previously on 12/17/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- Class A-1B, Downgraded to C; previously on 12/17/2008
     Downgraded to B2 and remains on Review for Possible Downgrade

  -- Class A-2L, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class A-2X, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 12/17/2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- Class C, Downgraded to C; previously on 5/9/2008 Downgraded
     to Ca

Glacier Funding CDO II, Inc.

  -- Class A-1NV Notes, Confirmed at B1; previously on 12/22/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A-1V Notes, Confirmed at B1; previously on 12/22/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A-2 Notes, Confirmed at Caa3; previously on 12/22/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B Notes, Confirmed at Ca; previously on 4/30/2008
     Downgraded to Ca

Highgate ABS CDO, Ltd.

  -- US$601,200,000 Class A-1 First Priority Senior Secured
     Floating Rate Delayed Draw Notes Due 2046, Downgraded to Ca;
     previously on 12/17/2008 Downgraded to Ba3 and remains on
     Review for Possible Downgrade

  -- US$71,918,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2046, Downgraded to C; previously on
     12/17/2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

  -- US$50,201,000 Class B Third Priority Secured Floating Rate
     Notes Due 2046, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Independence V CDO, LTD

  -- Class A-1 Senior Floating Rate Notes Due 2039, Downgraded to
     Ca; previously on 12/22/2008 Downgraded to Ba3 and remains on
     Review for Possible Downgrade

  -- Class A-2A Senior Floating Rate Notes Due 2039, Downgraded to
     C; previously on 6/5/2008 Downgraded to Ca

  -- Class A-2B Senior Floating Rate Notes due 2039, Downgraded to
     C; previously on 6/5/2008 Downgraded to Ca

Inman Square Funding II, Ltd.

  -- Class I Senior Secured Floating Rate Notes, Downgraded to Ca;
     previously on 12/17/2008 Downgraded to B1 and remains on
     Review for Possible Downgrade

  -- Class II Senior Secured Floating Rate Notes, Downgraded to C;
     previously on 12/17/2008 Downgraded to Caa3 and remains on
     Review for Possible Downgrade

  -- Class III Mezzanine Secured Fixed Rate Notes, Downgraded to
     C; previously on 12/17/2008 Downgraded to Ca

  -- Class III Mezzanine Secured Floating Rate Notes, Downgraded
     to C; previously on 12/17/2008 Downgraded to Ca

Ischus High Grade Funding I, Ltd.

  -- Class A1J, Downgraded to C; previously on 10/20/2008
     Downgraded to Ca

  -- Class A1S, Downgraded to Ca; previously on 12/16/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A2, Downgraded to C; previously on 10/20/2008
     Downgraded to Ca

Jupiter High Grade CDO II, Ltd.

  -- Class A-1, Downgraded to Ca; previously on 12/17/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- Class A-2, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 12/17/2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

Jupiter International Co. Ltd.

  -- Jupiter 2006-1, Downgraded to Caa2 and remains on Review for
     Possible Downgrade; previously on 12/16/2008 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade

KLEROS PREFERRED FUNDING II, LTD.

  -- US$250,000 Class A-1V First Priority Senior Secured Voting
     Floating Rate Notes Due December 2042, Downgraded to Caa3;
     previously on 12/16/2008 Downgraded to B3 and remains on
     Review for Possible Downgrade

  -- US$869,750,000 Class A-1NV First Priority Senior Secured
     Non-Voting Floating Rate Notes Due December 2042, Downgraded
     to Caa3; previously on 12/16/2008 Downgraded to B3 and
     remains on Review for Possible Downgrade

  -- US$60,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due December 2042, Downgraded to C;
     previously on 10/20/2008 Downgraded to Ca

  -- US$34,000,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due December 2042, Downgraded to C;
     previously on 10/20/2008 Downgraded to Ca

  -- US$8,000,000 Class C Fourth Priority Senior Secured
     Floating Rate Notes Due December 2042, Downgraded to C;
     previously on 10/20/2008 Downgraded to Ca

Lancer Funding, Ltd.

  -- Class A1J, Downgraded to C; previously on 10/17/2008
     Downgraded to Ca

  -- Class A-1S1, Downgraded to Ca; previously on 12/16/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- Class A-1S2, Downgraded to C; previously on 10/17/2008
     Downgraded to Ca

  -- Class A2, Downgraded to C; previously on 10/17/2008
     Downgraded to Ca

Le Monde CDO I PLC

  -- US$120,000,000 Class A-1US Variable Funding Dollar Notes
     Due 2052, Downgraded to Ca; previously on 12/11/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- US$80,000,000 and EUR69,500,000 Class A-1R Redenominatable
     Floating Rate Notes Due 2052, Downgraded to Ca; previously on
     12/11/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- US$604,250,000 Class A-2US Floating Rate Dollar Notes Due
     2052, Downgraded to Ca; previously on 12/11/2008 Downgraded
     to B3 and remains on Review for Possible Downgrade

  -- EUR360,000,000 Class A-3EU Floating Rate Euro Notes Due 2052,
     Downgraded to Ca; previously on 12/11/2008 Downgraded to B3
     and remains on Review for Possible Downgrade

  -- US$62,500,000 Class A-4 Floating Rate Dollar Notes Due
     2052, Downgraded to C; previously on 6/12/2008 Downgraded to
     Ca

  -- US$17,500,000 Class D Deferrable Floating Rate Dollar
     Notes Due 2052, Downgraded to C; previously on 3/14/2008
     Downgraded to Ca

  -- US$22,500,000 Class C Deferrable Floating Rate Dollar
     Notes Due 2052, Downgraded to C; previously on 3/14/2008
     Downgraded to Ca

  -- US$3,000,000 Class E Subordinated Deferrable Floating Rate
     Dollar Notes Due 2052, Downgraded to C; previously on
     3/14/2008 Downgraded to Ca

  -- US$30,750,000 Class B Floating Rate Dollar Notes Due 2052,
     Downgraded to C; previously on 6/12/2008 Downgraded to Ca

Lenox CDO, Inc.

  -- US$75,000,000 Class A-1J Second Priority Senior Secured
     Floating Rate Notes due 2043, Downgraded to C; previously on
     12/17/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$70,000,000 Class A-1S First Priority Senior Secured
     Floating Rate Delayed Draw Notes due 2043-1, Downgraded to
     Ca; previously on 12/17/2008 Downgraded to Ba1 and remains on
     Review for Possible Downgrade

  -- US$2,000,000 Class A-2 Third Priority Senior Secured
     Floating Rate Notes due 2043, Downgraded to C; previously on
     5/30/2008 Downgraded to Ca

  -- US$31,000,000 Class B-1 Fourth Priority Senior Secured
     Floating Rate Notes due 2043, Downgraded to C; previously on
     5/30/2008 Downgraded to Ca

  -- US$14,000,000 Class B-2 Fourth Priority Senior Secured
     Floating Rate Notes due 2043, Downgraded to C; previously on
     5/30/2008 Downgraded to Ca

  -- US$8,000,000 Class C Fifth Priority Senior Secured
     Floating Rate Notes due 2043, Downgraded to C; previously on
     5/30/2008 Downgraded to Ca

  -- US$30,000,000 Combination Securities due 2043, Downgraded
     to C; previously on 5/30/2008 Downgraded to Ca

Liberty Harbour CDO Ltd. 2005-1

  -- Class A LT-1 Notes, Downgraded to Ca; previously on
     12/17/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- Class A LT-2 Notes, Downgraded to Ca; previously on
     12/17/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- US$117,600,000 Class B Secured Floating Rate Notes due
     2040, Downgraded to C; previously on 12/17/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$84,000,000 Class C Secured Floating Rate Notes due
     2040, Downgraded to C; previously on 12/17/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- Base Liquidity Advances, Downgraded to Ca; previously on
     12/17/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

Longshore CDO Funding 2006-1 Ltd.

  -- Class A-1, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- Class A-2, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 6/4/2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

MANASQUAN CDO 2005-1, LTD.

  -- US$195,000,000 Class A-ILA Floating Rate Notes Due 2045,
     Downgraded to Ca; previously on 12/17/2008 Downgraded to Ba1
     and remains on Review for Possible Downgrade

  -- US$23,000,000 Class A-1LB Floating Rate Notes Due 2045,
     Downgraded to C; previously on 12/17/2008 Downgraded to B1
     and remains on Review for Possible Downgrade

  -- US$42,000,000 Class A-2L Floating Rate Notes Due 2045,
     Downgraded to C; previously on 7/11/2008 Downgraded to Ca

  -- US$9,500,000 Class A-3L Floating Rate Notes Due 2045,
     Downgraded to C; previously on 5/30/2008 Downgraded to Ca

Mercury CDO II, Ltd.

  -- US$855,000,000 Class A-1 Senior Secured Floating Rate
     Notes Due 2045, Downgraded to Ca; previously on 12/17/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- US$62,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2045, Downgraded to C; previously on 10/22/2008
     Downgraded to Ca

  -- US$55,000,000 Class B Senior Secured Floating Rate Notes
     Due 2045, Downgraded to C; previously on 10/22/2008
     Downgraded to Ca

North Cove CDO II, Ltd.

  -- Class A, Downgraded to C; previously on 12/16/2008 Downgraded
     to B3 and remains on Review for Possible Downgrade

  -- Class B, Downgraded to C; previously on 12/16/2008 Downgraded
     to Caa2 and remains on Review for Possible Downgrade

  -- Class C, Downgraded to C; previously on 12/16/2008 Downgraded
     to Ca

  -- Class D, Downgraded to C; previously on 12/16/2008 Downgraded
     to Ca

  -- Class E, Downgraded to C; previously on 12/16/2008 Downgraded
     to Ca

North Street Reference Linked Notes, 2005-8 L

  -- Class A Floating Rate Notes, Downgraded to C; previously on
     12/17/2008 Downgraded to B2 and remains on Review for
     Possible Downgrade

  -- Class B Floating Rate Notes, Downgraded to C; previously on
     10/30/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- Class C Floating Rate Notes, Downgraded to C; previously on
     10/30/2008 Downgraded to Ca

  -- Class X Fixed Rate Notes, Downgraded to C; previously on
     10/30/2008 Downgraded to Ca

Pinetree CDO LTD.

  -- US$33,000,000 Class A-1J Senior Secured Floating Rate
     Notes due 2045, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$195,000,000 Class A-1S Senior Secured Floating Rate
     Notes due 2045, Downgraded to Ca; previously on 12/17/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- US$27,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2045, Downgraded to C; previously on 12/17/2008
     Downgraded to Ca

  -- US$15,000,000 Class A-3 Senior Secured Deferrable Floating
     Rate Notes due 2045, Downgraded to C; previously on 5/30/2008
     Downgraded to Ca

  -- US$18,000,000 Class B Secured Deferrable Floating Rate
     Notes due 2045, Downgraded to C; previously on 5/30/2008
     Downgraded to Ca

River North CDO Ltd

  -- US$193,500,000 Class A-1 Senior Secured Floating Rate
     Notes Due 2040, Downgraded to Caa3; previously on 12/17/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- US$37,500,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2040, Downgraded to C; previously on 12/17/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- US$33,000,000 Class B Senior Secured Floating Rate Notes
     Due 2040, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

STAtic ResidenTial CDO 2005-C Ltd.

  -- Class A-1, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- Class A-2, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Stillwater ABS CDO 2006-1, Ltd.

  -- Class A-1 First Priority Senior Secured Floating Rate Term
     Notes Due 2046, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class A-2 Second Priority Senior Secured Floating Rate Term
     Notes Due 2046, Downgraded to C; previously on 7/30/2008
     Downgraded to Ca

Tourmaline CDO I Ltd

  -- US$487,500,000 Class I Senior Variable Funding Floating
     Rate Notes Due 2040-1, Downgraded to Ca; previously on
     12/17/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- US$112,500,000 Class II Senior Floating Rate Notes Due
     2040, Downgraded to C; previously on 12/17/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$64,500,000 Class III Senior Floating Rate Notes Due
     2040, Downgraded to C; previously on 7/30/2008 Downgraded to
     Ca

Tremonia CDO 2005-1 PLC

  -- US$825,000,000 Class A-1 Tremonia CDO 2005-1 PLC Floating
     Rate Notes Due 2045, Downgraded to Ca; previously on
     12/17/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- US$55,000,000 Class A-2 Tremonia CDO 2005-1 PLC Floating
     Rate Notes Due 2045, Downgraded to C; previously on 12/1/2008
     Downgraded to Ca

  -- US$33,000,000 Class B Tremonia CDO 2005-1 PLC Floating
     Rate Notes Due 2045, Downgraded to C; previously on 12/1/2008
     Downgraded to Ca

ZAIS Investment Grade Limited VIII

  -- Class A-1, Downgraded to Ca; previously on 12/16/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A-2, Downgraded to C; previously on 10/6/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B, Downgraded to C; previously on 10/6/2008 Downgraded
     to Ca


* Moody's Downgrades Ratings on 138 Notes by 38 CDO Transactions
----------------------------------------------------------------
Moody's Investors Service downgraded its ratings of 138 Notes
issued by 38 collateralized debt obligation transactions which
consist of significant exposure to one or more of Alt-A, Option-
ARM and subprime RMBS securities, CLOs, or CMBS.  Moody's
explained that the rating actions reflect certain updates and
projections and recent rating actions on underlying assets on
these asset classes.  Some of the deals have also experienced an
Event of Default.

Moody's revised loss projections for Alt-A RMBS securities which
were described in a press release published on January 22, 2009.
According to the press release, on average, Moody's is now
projecting cumulative losses of about 20% for 2006 securitizations
and about 24% for 2007 securitizations.
Moody's revised loss projections for subprime RMBS issued from
2005 to 2007 were described in a press release titled "2005-7
subprime RMBS on downgrade review" published on February 26, 2009.
The revised loss projection for 2006 vintage subprime pools is
expected to fall within the range of 28% to 32% of the original
balance of such pools, whereas Moody's previous estimate was 22%.
For 2005 and 2007 pools, such projections are expected to range
from 12% to 14% and 33% to 37% of original balance, respectively.

A review of all U.S. commercial mortgage backed securities conduit
and fusion transactions rated during the period from 2006 through
2008, and all large loan and single borrower transactions
regardless of vintage was concluded recently.  The review was
announced in a Press Release on February 5, 2009.

Moody's announced revisions and updates to certain key
assumptions, including Default Probability and Diversity Score,
that it uses to rate and monitor collateralized loan obligations
in a Press Release published on February 4, 2009.  The completion
of the first stage of its two-stage review of U.S. and EMEA cash
flow CLOs was announced on March 27, 2009. As of March 23, Moody's
had downgraded approximately 2,071 tranches from 668 transactions.

In addition, Moody's explained that the rating actions taken
incorporate the application of revised and updated key modeling
parameter assumptions that Moody's uses to rate and monitor
ratings of SF CDOs.  The revisions affect the three key parameters
in Moody's model for rating SF CDOs: asset correlation, default
probability and recovery rate.  Moody's announced the changes to
these assumptions in a press release published on December 11,
2008.

Moody's initially analyzed and continues to monitor these
transactions using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (March 2009)

The rating actions are:

ABS Capital Funding, Ltd.

  -- Class A-1 Senior Secured Floating Rate Term Notes Due 2033,
     Downgraded to Caa1; previously on 4/3/2008 Downgraded to B1
     and Placed Under Review for Possible Downgrade

  -- Class A-2 Senior Secured Floating Rate Revolving Notes Due
     2033, Downgraded to Caa1; previously on 4/3/2008 Downgraded
     to B1 and Placed Under Review for Possible Downgrade

  -- Class A-2 Combined Passthrough Note Security Due 2033,
     Downgraded to Caa1; previously on 4/3/2008 Downgraded to B1
     and Placed Under Review for Possible Downgrade

  -- Class B-1 Second Priority Floating Rate Term Notes Due 2033
     Downgraded to C; previously on 8/29/2006 Downgraded to Ca

  -- Class B-2 Second Priority Fixed Rate Term Notes Due 2033,
     Downgraded to C; previously on 8/29/2006 Downgraded to Ca

Acacia CDO 9, Ltd.

  -- Class A First Priority Senior Secured Floating Rate Notes,
     Downgraded to Ca; previously on 12/16/2008 Downgraded to B1
     and remains on Review for Possible Downgrade

  -- Class B Second Priority Senior Secured Floating Rate Notes,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

Ayresome CDO I, Ltd.

  -- Class A-1a Notes, Downgraded to B2; previously on 12/17/2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- Class A-1b Notes, Downgraded to Ca; previously on 12/17/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class A-2 Notes, Downgraded to C; previously on 12/17/2008
     Downgraded to Ca

  -- Class A-3 Notes, Downgraded to Ca; previously on 12/17/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B Notes, Downgraded to C; previously on 10/28/2008
     Downgraded to Ca

Bleecker Structured Asset Funding, Ltd.

  -- Class A-1 First Priority Senior Secured Floating Rate Notes
     Due 2035, Downgraded to Ca; previously on 4/3/2008 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

  -- Class A-2 First Priority Senior Secured Floating Rate Notes
     Due 2035, Downgraded to Ca; previously on 4/3/2008 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

Blue Heron Funding VI Ltd.

  -- US$1,113,750,000 Class A-1 Blue Heron Funding VI Notes Due
     May 21, 2047, Downgraded to Caa2; previously on 12/23/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- US$25,000,000 Class A-2 Blue Heron Funding VI Notes Due
     May 21, 2047, Downgraded to C; previously on 12/23/2008
     Downgraded to Ca

  -- Euro $89,936,000 (US$105,000,000) Class B Blue Heron
     Funding VI Notes Due May 21, 2047, Downgraded to C;
     previously on 5/16/2008 Downgraded to Ca

Blue Heron Funding VII Ltd

  -- US$1,113,750,000 Class A-1 Blue Heron Funding VII Notes
     Due May 30, 2047, Downgraded to Caa2; previously on
     12/23/2008 Downgraded to Ba3 and remains on Review for
     Possible Downgrade

  -- US$25,000,000 Class A-2 Blue Heron Funding Vll Notes Due
     May 30, 2047, Downgraded to C; previously on 12/23/2008
     Downgraded to Ca

  -- US$105,000,000 (Euro 88,451,000) Class B Blue Heron
     Funding VII Notes Due May 20, 2047, Downgraded to C;
     previously on 5/30/2008 Downgraded to Ca

Buckingham CDO LTD.

  -- Class A LT Notes, Downgraded to Caa2; previously on
     12/17/2008 Downgraded to Ba2 and remains on Review for
     Possible Downgrade

  -- B, Downgraded to C; previously on 11/10/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- Base Liquidity Advances, Downgraded to Caa2; previously on
     12/17/2008 Downgraded to Ba2 and remains on Review for
     Possible Downgrade

Class V Funding, Ltd.

  -- Class A-1 First Priority Senior Secured Floating Rate Delayed
     Draw Notes due 2045, Downgraded to Caa3; previously on
     12/17/2008 Downgraded to Ba2 and remains on Review for
     Possible Downgrade

  -- Class A-2 Second Priority Senior Secured Floating, Downgraded
     to C; previously on 12/17/2008 Downgraded to Ca

Crystal Cove CDO, Ltd.

  -- US$ 350,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2039, Downgraded to Caa3; previously
     on 12/22/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- US$ 70,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2039, Downgraded to C; previously on
     12/22/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$ 39,700,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due 2039, Downgraded to C; previously on
     6/9/2008 Downgraded to Ca

Duke Funding High Grade III, Ltd.

  -- A-1A Senior Secured Floating Rate Notes Due 2049, Downgraded
     to Caa2; previously on 12/17/2008 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- A-1B1 Senior Secured Floating Rate Notes Due 2049, Downgraded
     to Caa2; previously on 12/17/2008 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- A-1B2 Senior Secured Floating Rate Interest Only Notes Due
     2049, Downgraded to Caa2; previously on 12/17/2008 Downgraded
     to B1 and remains on Review for Possible Downgrade

  -- A-2 Senior Secured Floating Rate Notes Due 2049, Downgraded
     to C; previously on 11/5/2008 Downgraded to Ca

  -- B-1 Senior Secured Floating Rate Notes Due 2049, Downgraded
     to C; previously on 11/5/2008 Downgraded to Ca

  -- B-2 Senior Secured Floating Rate Notes Due 2049, Downgraded
     to C; previously on 11/5/2008 Downgraded to Ca

Duke Funding High Grade IV, Ltd.

  -- Class A-1, Downgraded to Caa2; previously on 12/16/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- Class A-2, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class B-1, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class B-2, Downgraded to C; previously on 12/16/2008

     Downgraded to Ca

  -- Class C-1, Downgraded to C; previously on 7/21/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class C-2, Downgraded to C; previously on 7/21/2008
     Downgraded to Ca

  -- Class D, Downgraded to C; previously on 7/21/2008 Downgraded
     to Ca

DUKE FUNDING IX, LTD.,

  -- A1, Downgraded to C; previously on 12/17/2008 Downgraded to
     B2 and remains on Review for Possible Downgrade

  -- A2F, Downgraded to C; previously on 12/17/2008 Downgraded to
     Caa1 and remains on Review for Possible Downgrade

  -- A2V, Downgraded to C; previously on 12/17/2008 Downgraded to
     Caa1 and remains on Review for Possible Downgrade

  -- A3F, Downgraded to C; previously on 4/24/2008 Downgraded to
     Ca

  -- A3V, Downgraded to C; previously on 4/24/2008 Downgraded to
     Ca

  -- Combo Notes, Downgraded to Ca; previously on 12/17/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- Senior Swap, Downgraded to Ca; previously on 12/17/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

Duke Funding V, Ltd.

  -- US$175,000,000 Class I-A1 Senior Secured Floating Rate
     Notes Due 2033 (the "Class I-A1 Notes"), Downgraded to Caa3;
     previously on 1/23/2009 Downgraded to Caa1 and remains on
     Review for Possible Downgrade

  -- US$69,000,000 Class I-A2 Senior Secured Floating Rate
     Notes Due 2033 (the "Class I-A2 Notes"), Downgraded to Caa3;
     previously on 1/23/2009 Downgraded to Caa1 and remains on
     Review for Possible Downgrade

  -- US$6,000,000 Class I-B Senior Secured Fixed Rate Notes Due
     2033 (the "Class I-B Notes"), Downgraded to Caa3; previously
     on 1/23/2009 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

  -- US$9,000,000 Class B Combination Securities Due 2038,
     Downgraded to Caa2; previously on 1/23/2009 Downgraded to B3
     and remains on Review for Possible Downgrade

Duke Funding VI, Ltd.

  -- Class A1J Senior Secured Floating Rate Notes Due 2039,
     Downgraded to C; previously on 12/22/2008 Downgraded to B2
     and remains on Review for Possible Downgrade

  -- Class A1S Senior Secured Floating Rate Notes Due 2039,
     Downgraded to Caa2; previously on 12/22/2008 Downgraded to
     Ba2 and remains on Review for Possible Downgrade

  -- Class A2 Senior Secured FLoating Rate Notes Due 2039,
     Downgraded to C; previously on 12/22/2008 Downgraded to Caa2
     and remains on Review for Possible Downgrade

  -- Class A3 Senior Secured Defferable Interest FLoating Rate
     Notes Due 2039, Downgraded to C; previously on 4/24/2008
     Downgraded to Ca

  -- Class BF Mezzanine Secured Fixed Rate Notes Due 2039,
     Downgraded to C; previously on 4/24/2008 Downgraded to Ca

  -- Class BV Mezzanine Secured Floating Rate Notes Due 2039,
     Downgraded to C; previously on 4/24/2008 Downgraded to Ca

  -- Composite 1 Securities due 2039, Downgraded to Ca; previously
     on 12/22/2008 Downgraded to B2 and Placed Under Review for
     Possible Downgrade

  -- Composite 2 Securities Due 2039, Downgraded to C; previously
     on 4/24/2008 Downgraded to Ca

E*TRADE ABS CDO IV, LTD.

  -- US$ 7,000,000 Class A-1A First Priority Senior Secured
     Floating Rate Notes Due 2042-1, Downgraded to Ca; previously
     on 12/17/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- US$ 152,800,000 Class A-1B-1 First P riority Senior
     Secured Floating Rate Delayed Draw Notes Due 2042, Downgraded
     to Ca; previously on 12/17/2008 Downgraded to Ba2 and remains
     on Review for Possible Downgrade

  -- US$ 38,200,000 Class A-1B-2 First P riority Senior Secured
     Floating Rate Notes Due 2042, Downgraded to C; previously on
     12/17/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- US$ 21,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2042 Downgraded to C; previously on
     12/17/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$ 52,000,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due 2042, Downgraded to C; previously on
     6/2/2008 Downgraded to Ca

Harbourview CDO III, Limited

  -- $311,250,000 Class A First Priority Senior Secured Floating
     Rate Notes Due 2031, Downgraded to Caa3; previously on
     4/29/2008 Downgraded to B3

Harp High Grade CDO I, Ltd.

  -- Class A-1 Notes, Downgraded to Caa3; previously on 12/16/2008
     Downgraded to B2 and remains on Review for Possible Downgrade

  -- Class A-2 Notes, Downgraded to C; previously on 8/14/2008
     Downgraded to Ca

  -- Class B Notes, Downgraded to C; previously on 8/14/2008
     Downgraded to Ca

  -- Class C Notes, Downgraded to C; previously on 8/14/2008
     Downgraded to Ca

House of Europe Funding I Ltd.

  -- Class A, Downgraded to B2; previously on 12/17/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

House of Europe Funding II PLC

  -- Class A House of Europe Funding II Floating Rate Notes due
     2044, Downgraded to B2; previously on 12/22/2008 Downgraded
     to Ba1 and remains on Review for Possible Downgrade

  -- Class B House of Europe Funding II Floating Rate Notes due
     2044, Downgraded to Ca; previously on 12/22/2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

Independence I CDO, Ltd.

  -- Class A First Priority Senior Secured Floating Rate Notes,
     Downgraded to B1; previously on 4/8/2008 Downgraded to Ba1
     and Placed Under Review for Possible Downgrade

  -- Class B Second Priority Senior Secured Floating Rate Notes,
     Downgraded to Ca; previously on 4/8/2008 Downgraded to Caa2
     and Placed Under Review for Possible Downgrade

Independence VI CDO, Ltd.

  -- US$675,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to Caa3; previously
     on 12/17/2008 Downgraded to Ba1 and remains on Review for
     Possible Downgrade

  -- US$94,500,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to C; previously on
     12/17/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- US$92,000,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due 2041, Downgraded to C; previously on
     12/17/2008 Downgraded to Ca

Ischus Mezzanine CDO IV, Ltd.

  -- US$100,000,000 Class A-1 Second Priority Senior Secured
     Floating Rate Notes Due 2047, Downgraded to C; previously on
     10/20/2008 Downgraded to Ca

  -- US$17,500,000 Class X First Priority Senior Secured
     Amortizing Notes Due 2013, Downgraded to C; previously on
     12/11/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- US$150,000,000 Super Senior Swap dated as of June 27,
     2007, Downgraded to C; previously on 10/20/2008 Downgraded to
     Ca

Kent Funding II, Ltd.

  -- Class A-1A, Downgraded to Ca; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class X, Downgraded to B1; previously on 9/2/2008 Downgraded
     to Ba1 and remains on Review for Possible Downgrade

Knollwood CDO II Ltd.

  -- Class A-1VF First Priority Senior Secured Floating Rate Notes
     Due 2046, Downgraded to Ca; previously on 12/16/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- Class A-2J Third Priority Senior Secured Floating Rate Notes
     Due 2046, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- Class A-2S Second Priority Senior Secured Floating Rate Notes
     Due 2046, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

  -- Class B Fourth Priority Senior Secured Floating Rate Notes
     Due 2046, Downgraded to C; previously on 12/16/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- Class C Fifth Priority Senior Secured Deferrable Floating
     Rate Notes Due 2046, Downgraded to C; previously on 4/23/2008
     Downgraded to Ca

Knollwood CDO LTD.

  -- Class A-1 First Priority Senior Secured Floating Rate Notes
     due January 8, 2039, Downgraded to Caa2; previously on
     12/22/2008 Downgraded to Ba3 and remains on Review for
     Possible Downgrade

  -- Class A-2 Second Priority Senior Secured Floating Rate Notes
     due January 8, 2039, Downgraded to C; previously on
     12/22/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- Class B Third Priority Senior Secured Floating Rate Notes due
     January 8, 2039, Downgraded to C; previously on 12/22/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Magnolia Finance II plc

  -- Series 2006-6B ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 12/16/2008 Downgraded to B1 and remains
     on Review for Possible Downgrade

  -- Series 2006-6C ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 12/16/2008 Downgraded to Caa2 and remains
     on Review for Possible Downgrade

  -- Series 2006-6D ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 12/16/2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Series 2006-6E ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 12/16/2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Series 2006-6FE ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 10/1/2008 Downgraded to Ca

  -- Series 2006-6FU ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 10/1/2008 Downgraded to Ca

  -- Series 2006-6GE ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 10/1/2008 Downgraded to Ca

  -- Series 2006-6GG ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 10/1/2008 Downgraded to Ca

  -- Series 2006-6GU ABS Portfolio Variable Rate Notes, Downgraded
     to C; previously on 10/1/2008 Downgraded to Ca

Monroe Harbor CDO 2005-1 Ltd.

  -- Class A-1A Floating Rate Notes Due December 2040, Downgraded
     to Caa3; previously on 12/17/2008 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- Class A-1B Floating Rate Notes Due December 2040, Downgraded
     to Caa3; previously on 12/17/2008 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- Class A-2 Floating Rate Notes Due December 2040, Downgraded
     to C; previously on 10/28/2008 Downgraded to Caa3 and remains
     on Review for Possible Downgrade

  -- Class B Floating Rate Notes Due December 2040, Downgraded to
     C; previously on 10/28/2008 Downgraded to Ca

Mulberry Street CDO, Ltd.

  -- Class A-1B Floating Rate Notes, Downgraded to Caa3;
     previously on 1/20/2009 Downgraded to B3 and Placed Under
     Review for Possible Downgrade

Neptune CDO II, Ltd.

  -- US$198,000,000 Class A-1 Senior Secured Floating Rate
     Notes Due 2045, Downgraded to Ca; previously on 12/17/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- US$52,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2045, Downgraded to C; previously on 12/17/2008
     Downgraded to Ca

  -- US$18,000,000 Class B Senior Secured Floating Rate Notes
     Due 2045, Downgraded to C; previously on 7/17/2008 Downgraded
     to Ca

North Street Referenced Linked Notes 2004-6 L

  -- Class A Floating Rate Notes, Downgraded to Ca; previously on
     12/22/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

  -- Class B Floating Rate Notes, Downgraded to Ca; previously on
     12/22/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

Orient Point CDO, Ltd.

  -- Class A-1NVA First Priority Senior Secured Non-Voting
     Floating Rate Delayed Draw Notes, Downgraded to Ca;
     previously on 12/17/2008 Downgraded to B2 and remains on
     Review for Possible Downgrade

  -- Class A 1NVB First Priority Senior Secured Non-Voting
     Floating Rate Notes, Downgraded to Ca; previously on
     12/17/2008 Downgraded to B2 and remains on Review for
     Possible Downgrade

  -- Class A-1V First Priority Senior Secured Voting Floating
     Rate, Downgraded to Ca; previously on 12/17/2008 Downgraded
     to B2 and remains on Review for Possible Downgrade

  -- Class A-2 Second Priority Senior Secured Floating Rate Notes,
     Downgraded to C; previously on 12/17/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- Class B Third Priority Senior Secured Floating Rate Notes,
     Downgraded to C; previously on 12/17/2008 Downgraded to Ca

  -- Class C Fourth Priority Mezzanine Deferrable Secured Floating
     Rate Notes, Downgraded to C; previously on 6/9/2008
     Downgraded to Ca

Pine Mountain CDO III Ltd.

  -- US$230,000,000 Class A-1 Floating Rate Notes Due July 7,
     2047, Downgraded to Ca; previously on 12/11/2008 Downgraded
     to B2 and remains on Review for Possible Downgrade

  -- US$20,000,000 Class A-2 Floating Rate Notes Due July 7,
     2047, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa2 and remains on Review for Possible Downgrade

  -- US$90,000,000 Class A-3 Floating Rate Notes Due July 7,
     2047, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$41,250,000 Class A-4 Floating Rate Notes Due July 7,
     2047, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$45,000,000 Class B Floating Rate Notes Due July 7,
     2047, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$22,500,000 Class C Deferrable Interest Floating Rate
     Notes Due July 7, 2047, Downgraded to C; previously on
     5/9/2008 Downgraded to Ca

  -- US$25,000,000 Class D Deferrable Interest Floating Rate
     Notes Due July 7, 2047, Downgraded to C; previously on
     5/9/2008 Downgraded to Ca

  -- US$3,750,000 Class E Deferrable Interest Floating Rate
     Notes Due July 7, 2047, Downgraded to C; previously on
     5/9/2008 Downgraded to Ca

Porter Square CDO III, Ltd.

  -- US$240,000,000 Class A-1 Senior Secured Floating Rate
     Notes Due 2041, Downgraded to Ca; previously on 12/17/2008
     Downgraded to Ba1 and remains on Review for Possible
     Downgrade

  -- US$56,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2041, Downgraded to C; previously on 12/17/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- US$48,000,000 Class B Senior Secured Floating Rate Notes
     Due 2041, Downgraded to C; previously on 12/17/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Rutland Rated Investments

  -- Secured Floating Rate Credit Linked Notes due 2042,
     Downgraded to Ca; previously on 12/17/2008 Downgraded to B2
     and remains on Review for Possible Downgrade

Sunrise CDO I, Ltd.

  -- Class A Notes, Downgraded to B2; previously on 5/29/2008
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade

  -- Class B Notes, Downgraded to Ca; previously on 5/29/2008
     Downgraded to Caa1 and Placed Under Review for Possible
     Downgrade

Talon Funding I, Ltd.

  -- Class A Floating Rate Notes due 2035, Downgraded to Caa3;
     previously on 4/29/2008 Downgraded to B2 and Placed Under
     Review for Possible Downgrade

  -- Class B Floating Rate Notes due 2035, Downgraded to C;
     previously on 1/16/2008 Downgraded to Ca

Varick Structured Asset Fund, Ltd.

  -- US$50,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes due 2035, Downgraded to Caa2; previously
     on 5/9/2008 Downgraded to B3 and Placed Under Review for
     Possible Downgrade

  -- US$300,000,000 Class A-2 First Priority Senior Secured
     Floating Rate Notes due 2035, Downgraded to Caa2; previously
     on 5/9/2008 Downgraded to B3 and Placed Under Review for
     Possible Downgrade

Vertical ABS CDO 2006-1, LTD.

  -- A1, Downgraded to C; previously on 12/16/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- A2, Downgraded to C; previously on 12/16/2008 Downgraded to
     Ca

  -- A3, Downgraded to C; previously on 4/22/2008 Downgraded to Ca

  -- A-S1VF, Downgraded to Ca; previously on 12/16/2008 Downgraded
     to B2 and remains on Review for Possible Downgrade


* Moody's Downgrades Ratings on 141 Notes by 37 CDO Transactions
----------------------------------------------------------------
Moody's Investors Service has downgraded its ratings of 141 Notes
issued by 37 collateralized debt obligation transactions, and
confirmed the ratings of 1 Note issued by another transaction,
which consist of significant exposure to one or more of Alt-A,
Option-ARM and subprime RMBS securities, CLOs, or CMBS.  Moody's
explained that the rating actions reflect certain updates and
projections and recent rating actions on underlying assets on
these asset classes.  Some of the deals have also experienced an
Event of Default.

Moody's revised loss projections for Alt-A RMBS securities which
were described in a press release published on January 22, 2009.
According to the press release, on average, Moody's is now
projecting cumulative losses of about 20% for 2006 securitizations
and about 24% for 2007 securitizations.

Moody's revised loss projections for subprime RMBS issued from
2005 to 2007 were described in a press release titled "2005-7
subprime RMBS on downgrade review" published on February 26, 2009.
The revised loss projection for 2006 vintage subprime pools is
expected to fall within the range of 28% to 32% of the original
balance of such pools, whereas Moody's previous estimate was 22%.
For 2005 and 2007 pools, such projections are expected to range
from 12% to 14% and 33% to 37% of original balance, respectively.

A review of all U.S. commercial mortgage backed securities conduit
and fusion transactions rated during the period from 2006 through
2008, and all large loan and single borrower transactions
regardless of vintage was concluded recently.  The review was
announced in a Press Release on February 5, 2009.

Moody's announced revisions and updates to certain key
assumptions, including Default Probability and Diversity Score,
that it uses to rate and monitor collateralized loan obligations
in a Press Release published on February 4, 2009.  The completion
of the first stage of its two-stage review of U.S. and EMEA cash
flow CLOs was announced on March 27, 2009. As of March 23, Moody's
had downgraded approximately 2,071 tranches from 668 transactions.

In addition, Moody's explained that the rating actions taken
incorporate the application of revised and updated key modeling
parameter assumptions that Moody's uses to rate and monitor
ratings of SF CDOs.  The revisions affect the three key parameters
in Moody's model for rating SF CDOs: asset correlation, default
probability and recovery rate.  Moody's announced the changes to
these assumptions in a press release titled "Moody's Updates its
Key Assumptions for Rating Structured Finance CDOs," published on
December 11, 2008.

Moody's initially analyzed and continues to monitor these
transactions using primarily the methodology and its supplements
for ABS CDOs as described in Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (March 2009)

The rating actions are:

Acacia CDO 12, Ltd.

  -- US$291,500,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2047, Downgraded to C; previously on
     12/11/2008 Downgraded to Ba1 and remains on Review for
     Possible Downgrade

  -- US$100,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2047, Downgraded to C; previously on
     12/11/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$41,000,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due 2047, Downgraded to C; previously on
     8/7/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

Adrastea SHG 2007-1, Ltd.

  -- US$1,600,000,000 Class A-1M Variable Funding Floating Rate
     Notes Due 2052, Downgraded to Ca; previously on 12/11/2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- US$200,000,000 Class A-1Q Floating Rate Notes Due 2052,
     Downgraded to C; previously on 12/11/2008 Downgraded to B2
     and remains on Review for Possible Downgrade

  -- US$84,000,000 Class A-2 Floating Rate Notes Due 2052,
     Downgraded to C; previously on 12/11/2008 Downgraded to B3
     and remains on Review for Possible Downgrade

  -- US$50,000,000 Class A-3 Floating Rate Notes Due 2052,
     Downgraded to C; previously on 12/11/2008 Downgraded to Caa1
     and remains on Review for Possible Downgrade

  -- US$30,000,000 Class A-4 Floating Rate Notes Due 2052,
     Downgraded to C; previously on 12/11/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

Altius IV Funding, Ltd.

  -- US$644,850,000 Class A-1B Floating Rate Notes Due 2042,
     Downgraded to C; previously on 10/28/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$300,000 Class A-1V Floating Rate Notes Due 2042,
     Downgraded to C; previously on 12/11/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$50,000,000 Class A-2a Floating Rate Notes Due 2042,
     Downgraded to C; previously on 10/28/2008 Downgraded to Ca

  -- US$55,000,000 Class A-2b Floating Rate Notes Due 2042,
     Downgraded to C; previously on 10/28/2008 Downgraded to Ca

  -- US$66,000,000 Class B Floating Rate Notes Due 2042,
     Downgraded to C; previously on 6/9/2008 Downgraded to Ca

Anderson Mezzanine Funding 2007-1, Ltd.

  -- US$130,000,000 Class A-1a Floating Rate Notes due July
     2042, Downgraded to C; previously on 10/8/2008 Downgraded to
     Ca

  -- US$53,000,000 Class A-1b Floating Rate Notes due July
     2042, Downgraded to C; previously on 10/8/2008 Downgraded to
     Ca

  -- US$30,500,000 Class A-2 Floating Rate Notes due July 2042,
     Downgraded to C; previously on 3/24/2008 Downgraded to Ca

  -- US$42,700,000 Class B Floating Rate Notes due July 2042,
     Downgraded to C; previously on 3/24/2008 Downgraded to Ca

BFC Ajax CDO Ltd.

  -- US$275,000,000 Class A Senior Floating Rate Notes Due 2046,
     Downgraded to C; previously on 3/24/2009 Upgraded to Ba3

  -- US$15,000,000 Class B Floating Rate Notes Due 2046,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$10,000,000 Class X Deferrable Floating Rate Notes Due
     2046, Downgraded to C; previously on 5/23/2008 Downgraded to
     Ca

C-BASS CBO VIII Ltd.

  -- US$26,600,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due November 2028, Downgraded to Aa3;
     previously on 12/23/2008 Downgraded to Aa2 and Placed Under
     Review for Possible Downgrade

  -- US$ 18,350,000 Class B Third Priority Senior Secured
     Floating Rate Notes Due 2038, Downgraded to A3; previously on
     2/6/2009 Downgraded to A2

  -- US$ 20,700,000 Class C Fourth Priority Secured Floating
     Rate Deferrable Interest Notes Due 2038, Downgraded to B2;
     previously on 2/6/2009 Downgraded to Ba1

  -- US$ 12,000,000 Class D-1 Fifth Priority Secured Floating
     Rate Deferrable Interest Notes Due 2038, Downgraded to Ca;
     previously on 2/6/2009 Downgraded to Ba3

  -- US$ 4,950,000 Class D-2 Fifth Priority Secured Fixed Rate
     Deferrable Interest Notes Due 2038, Downgraded to Ca;
     previously on 2/6/2009 Downgraded to Ba3

C-BASS CBO XIX Ltd.

  -- A-1, Downgraded to Ca; previously on 12/11/2008 Downgraded to
     B1 and remains on Review for Possible Downgrade

  -- A-2, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- B, Downgraded to C; previously on 4/24/2008 Downgraded to Ca

Coda CDO 2007-1 LTD.

  -- US$145,000,000 Class A-1LA Investor Swap Due November
     2047, Downgraded to C; previously on 12/11/2008 Downgraded to
     Ba3 and remains on Review for Possible Downgrade

  -- US$55,000,000 Class A-1LB Floating Rate Notes Due November
     2047, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa1 and remains on Review for Possible Downgrade

  -- US$35,000,000 Class A-2L Floating Rate Notes Due November
     2047, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$125,000,000 Class A-3L Deferrable Floating Rate Notes
     Due November 2047, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$63,000,000 Class B-1L Deferrable Floating Rate Notes
     Due November 2047, Downgraded to C; previously on 6/2/2008
     Downgraded to Ca

  -- US$40,000,000 Class X Notes Due November 2014, Downgraded
     to C; previously on 12/11/2008 Downgraded to B2 and remains
     on Review for Possible Downgrade

Collybus CDO I Ltd.

  -- US$675,000,000 Class A-2 Senior Secured Floating Rate
     Notes due 2047, Downgraded to Ca; previously on 12/11/2008
     Downgraded to Ba2 and remains on Review for Possible
     Downgrade

  -- US$55,000,000 Class A-3 Senior Secured Floating Rate Notes
     due 2047, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- US$53,000,000 Class B Senior Secured Floating Rate Notes
     due 2047, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

Credit Derivative Transaction Ref. No. NWGOC

  -- Credit Default Swap, Downgraded to C; previously on
     12/16/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

Davis Square Funding VI, Ltd.

  -- US$274,000,000 Class A-1LT-a Floating Rate Notes Due 2041,
     Downgraded to C; previously on 12/16/2008 Downgraded to Ba3
     and remains on Review for Possible Downgrade

  -- US$300,000,000 Class A-1LT-b Floating Rate Notes Due 2041,
     Downgraded to C; previously on 12/16/2008 Downgraded to Ba3
     and remains on Review for Possible Downgrade

  -- US$1,166,000,000 Class A-1LT-c Floating Rate Notes Due
     2041, Downgraded to C; previously on 12/16/2008 Downgraded to
     Ba3 and remains on Review for Possible Downgrade

  -- US$85,000,000 Class A-2 Floating Rate Notes Due 2041,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$105,000,000 Class B Floating Rate Notes Due 2041,
     Downgraded to C; previously on 12/16/2008 Downgraded to Ca

  -- US$35,000,000 Class C Deferrable Floating Rate Notes Due
     2041, Downgraded to C; previously on 5/9/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$25,000,000 Class D Deferrable Floating Rate Notes Due
     2041, Downgraded to C; previously on 5/9/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

Diversified Asset Securitization Holdings I, LP

  -- US$ 218,000,000 Class A-1Floating Rate Senior Secured Term
     Notes Due 2034, Downgraded to Ba2; previously on 4/29/2008
     Downgraded to Baa3

  -- US$45,000,000 Class A-2 Fixed Rate Senior Secured Term
     Notes Due 2034, Downgraded to Ba2; previously on 4/29/2008
     Downgraded to Baa3

Duke Funding IV, Ltd.

  -- Class A-1 First Priority Senior Secured Flt. Rt. Notes due
     2023, Confirmed at Ba3; previously on 12/23/2008 Downgraded
     to Ba3 and Placed Under Review for Possible Downgrade

Euler ABS CDO I, Ltd.

  -- US$270,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     12/11/2008 Downgraded to B2 and remains on Review for
     Possible Downgrade

  -- US$135,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     12/11/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$93,750,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     12/11/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$53,000,000 Class B Fourth Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     6/5/2008 Downgraded to Ca

  -- US$20,000,000 Class C Fifth Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     6/5/2008 Downgraded to Ca

  -- US$24,500,000 Class D Sixth Priority Mezzanine Deferrable
     Secured Floating Rate Notes due 2050, Downgraded to C;
     previously on 6/5/2008 Downgraded to Ca

  -- US$6,750,000 Class E Seventh Priority Mezzanine Deferrable
     Secured Floating Rate Notes due 2050, Downgraded to C;
     previously on 6/5/2008 Downgraded to Ca

  -- US$22,500,000 Class F Eighth Priority Mezzanine Deferrable
     Secured Floating Rate Notes due 2050, Downgraded to C;
     previously on 6/5/2008 Downgraded to Ca

  -- US$12,500,000 Class G Ninth Priority Mezzanine Deferrable
     Secured Floating Rate Notes due 2050, Downgraded to C;
     previously on 6/5/2008 Downgraded to Ca

  -- US$14,000,000 Class H Tenth Priority Mezzanine Deferrable
     Secured Floating Rate Notes due 2050, Downgraded to C;
     previously on 3/31/2008 Downgraded to Ca

FACTS 2007-1

  -- Floating Rate Notes, Downgraded to Ca; previously on
     12/11/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

Gemstone CDO VII Ltd.

  -- US$159,000,000 Class A-2 Floating Rate Notes due December
     2045, Downgraded to C; previously on 4/28/2008 Downgraded to
     Ca

  -- US$200,000,000 Class A-1b(i) Floating Rate Notes due
     December 2045, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

  -- US$200,000,000 Class A-1b(ii) Floating Rate Notes due
     December 2045, Downgraded to C; previously on 4/28/2008
     Downgraded to Ca

  -- US$244,000,000 Class A-1a Floating Rate Notes due December
     2045, Downgraded to Ca; previously on 12/11/2008 Downgraded
     to Ba2 and remains on Review for Possible Downgrade

  -- US$400,000,000 Class A-1b Floating Rate Notes due December
     2045, Downgraded to C; previously on 12/11/2008 Downgraded to
     Caa3 and remains on Review for Possible Downgrade

  -- US$96,900,000 Class B Floating Rate Notes due December
     2045, Downgraded to C; previously on 4/28/2008 Downgraded to
     Ca

Glacier Funding CDO V, Ltd.

  -- US$200,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2051, Downgraded to C; previously on
     12/11/2008 Downgraded to B2 and remains on Review for
     Possible Downgrade

  -- US$122,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2051, Downgraded to C; previously on
     12/11/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$46,000,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes Due 2051, Downgraded to C; previously on
     12/11/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$44,000,000 Class B Fourth Priority Senior Secured
     Floating Rate Notes Due 2051, Downgraded to C; previously on
     5/30/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$15,000,000 Class C Fifth Priority Senior Secured
     Floating Rate Notes Due 2051, Downgraded to C; previously on
     5/30/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$20,500,000 Class D Sixth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2051, Downgraded to C;
     previously on 3/27/2008 Downgraded to Ca

  -- US$26,500,000 Class E Seventh Priority Mezzanin Secured
     Deferrable Floating Rate Notes Due 2051, Downgraded to C;
     previously on 3/27/2008 Downgraded to Ca

  -- US$5,500,000 Class F Eighth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2051, Downgraded to C;
     previously on 3/27/2008 Downgraded to Ca

  -- US$6,500,000 Class G Ninth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2051, Downgraded to C;
     previously on 3/27/2008 Downgraded to Ca

Halcyon Securitized Prod Inv ABS CDO II Ltd.

  -- US$225,000,000 Class A-1(a) Senior Secured Floating Rate
     Notes Due 2046, Downgraded to C; previously on 12/11/2008
     Downgraded to B3 and remains on Review for Possible Downgrade

  -- US$75,000,000 Class A-1(b) Senior Secured Floating Rate
     Notes Due 2046, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$82,500,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded
     to Caa3 and remains on Review for Possible Downgrade

  -- US$36,000,000 Class B Senior Secured Floating Rate Notes
     Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded
     to Ca

  -- US$27,500,000 Class C Senior Secured Floating Rate Notes
     Due 2046, Downgraded to C; previously on 5/9/2008 Downgraded
     to Ca

  -- US$21,500,000 Class D-1 Senior Secured Deferrable Interest
     Floating Rate Notes Due 2046, Downgraded to C; previously on
     5/9/2008 Downgraded to Ca

  -- US$6,000,000 Class D-2 Senior Secured Deferrable Interest
     Floating Rate Notes Due 2046, Downgraded to C; previously on
     5/9/2008 Downgraded to Ca

Halcyon Securitized Products Investors Ltd.

  -- Class A-1 Senior Secured Floating Rate Notes, due 2050,
     Downgraded to C; previously on 12/16/2008 Downgraded to Ba3
     and remains on Review for Possible Downgrade

  -- Class A-2 Senior Secured Floating Rate Notes, due 2050,
     Downgraded to C; previously on 12/16/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- Class B Senior Secured Floating Rate Notes, due 2050,
     Downgraded to C; previously on 5/18/2008 Downgraded to Ca

Highridge ABS CDO II, Ltd.

  -- US$800,000,000 Class A-1S First Priority Senior Secured
     Floating Rate Notes due 2047, Downgraded to C; previously on
     12/11/2008 Downgraded to Ba2 and remains on Review for
     Possible Downgrade

HSPI Diversified CDO Fund I, Ltd.

  -- US$384,000,000 Class A-1 Advance Swap Agreement,
     Downgraded to C; previously on 9/2/2008 Downgraded to Ca

Ischus Synthetic ABS CDO 2006-2 Ltd.

  -- US$575,000,000 Class A-1LA Investor Swap, Downgraded to C;
     previously on 12/16/2008 Downgraded to B3 and remains on
     Review for Possible Downgrade

  -- US$11,000,000 Class B-2L Floating Rate Notes Due,
     Downgraded to C; previously on 3/27/2008 Downgraded to Ca

  -- US$203,000,000 Class A-1LB Floating Rate Notes D,
     Downgraded to C; previously on 4/30/2008 Downgraded to Ca

  -- US$32,000,000 Class X Notes Due January 2014, Downgraded to
     C; previously on 4/30/2008 Downgraded to Ca

  -- US$41,000,000 Class B-1L Floating Rate Notes Due,
     Downgraded to C; previously on 3/27/2008 Downgraded to Ca

  -- US$48,000,000 Class A-2L Floating Rate Notes Due,
     Downgraded to C; previously on 3/27/2008 Downgraded to Ca

  -- US$60,000,000 Class A-3L Floating Rate Notes Due,
     Downgraded to C; previously on 3/27/2008 Downgraded to Ca

Kent Funding III, Ltd.

  -- US$780,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Delayed Draw Notes due 2047, Downgraded to Ca;
     previously on 12/16/2008 Downgraded to Ba1 and remains on
     Review for Possible Downgrade

  -- US$325,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes due 2047, Downgraded to C; previously on
     12/16/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$113,000,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes due 2047, Downgraded to C; previously on
     5/30/2008 Downgraded to Ca

  -- US$55,000,000 Class B Fourth Priority Senior Secured
     Floating Rate Notes due 2047, Downgraded to C; previously on
     5/30/2008 Downgraded to Ca

Kleros Preferred Funding IX, Ltd.

  -- US$1,380,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2052, Downgraded to Ca; previously on
     12/11/2008 Downgraded to Ba3

Los Robles CDO Ltd.

  -- US$112,500,000 Class A-1b Floating Rate Notes D,
     Downgraded to Ca; previously on 10/21/2008 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$225,000,000 Class A-2 Floating Rate Notes Due August
     12, 2047, Downgraded to C; previously on 10/21/2008
     Downgraded to Ca

  -- US$67,500,000 Class A-3 Floating Rate Notes Due August 12,
     2047, Downgraded to C; previously on 10/21/2008 Downgraded to
     Ca

  -- US$33,000,000 Class B Floating Rate Notes Due August 12,
     2047, Downgraded to C; previously on 10/21/2008 Downgraded to
     Ca

Lunar Funding V plc Series 2007-39

  -- US$200,000,000 Limited Recourse Secured Floating Rate
     Credit-Linked Notes due 2037, Downgraded to C; previously on
     12/11/2008 Downgraded to B1 and remains on Review for
     Possible Downgrade

Magnolia Finance II plc Series 2006-6A1

  -- Series 2006-6A1 USD 50,000,000 ABS Portfolio Variable Rate
     Notes due December 2038, Downgraded to C; previously on
     12/11/2008 Downgraded to Ba1 and remains on Review for
     Possible Downgrade

Magnolia Finance II plc Series 2006-6A2E

  -- EUR7,500,000 ABS Portfolio Variable Rate Notes due December
     2038, Downgraded to C; previously on 12/11/2008 Downgraded to
     Ba1 and remains on Review for Possible Downgrade

Magnolia Finance II plc Series 2006-6A2G

  -- GBP 6,000,000 ABS Portfolio Variable Rate Notes due December
     2038, Downgraded to C; previously on 12/11/2008 Downgraded to
     Ba1 and remains on Review for Possible Downgrade

Mantoloking CDO 2006-1, Ltd.

  -- US$166,250,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes due 2046, Downgraded to Ca; previously on
     10/6/2008 Downgraded to Caa3 and remains on Review for
     Possible Downgrade

  -- US$40,000,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes due 2046, Downgraded to C; previously on
     10/6/2008 Downgraded to Ca

  -- US$71,750,000 Class B Fourth Priority Senior Secured
     Floating Rate Notes due 2046, Downgraded to C; previously on
     5/30/2008 Downgraded to Ca

Orient Point CDO II, Ltd.

  -- US$1,350,000,000 Class A First Priority Senior Secured
     Floating Rate Notes due 2051, Downgraded to C; previously on
     12/16/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- US$36,000,000 Class B Second Priority Senior Secured
     Floating Rate Notes due 2051, Downgraded to C; previously on
     6/4/2008 Downgraded to Ca

  -- US$75,000,000 Class C Third Priority Secured Floating Rate
     Notes due 2051, Downgraded to C; previously on 6/4/2008
     Downgraded to Ca

Sharps CDO II Ltd.

  -- US$600,000,000 Class A-1 Senior Secured Floating Rate
     Notes due 2046, Downgraded to C; previously on 12/11/2008
     Downgraded to B1 and remains on Review for Possible Downgrade

  -- US$100,000,000 Class A-2 Senior Secured Floating Rate
     Notes due 2046, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade

  -- US$60,000,000 Class A-3 Senior Secured Floating Rate Notes
     due 2046, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa2 and remains on Review for Possible
     Downgrade

  -- US$82,000,000 Class B Senior Secured Floating Rate Notes
     due 2046, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$52,000,000 Class C Senior Secured Deferrable Interest
     Floating Rate Notes due 2046, Downgraded to C; previously on
     5/9/2008 Downgraded to Ca

Silver Marlin CDO I Ltd.

  -- US$625,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Delayed Draw Notes due 2050, Downgraded to C;
     previously on 12/11/2008 Downgraded to B1 and remains on
     Review for Possible Downgrade

  -- US$437,500,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     6/2/2008 Downgraded to Ca

  -- US$62,500,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     6/2/2008 Downgraded to Ca

  -- US$67,000,000 Class A-4 Fourth Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     6/2/2008 Downgraded to Ca

  -- US$21,500,000 Class B Fifth Priority Senior Secured
     Floating Rate Notes due 2050, Downgraded to C; previously on
     3/10/2008 Downgraded to Ca

  -- US$9,400,000 Class C Sixth Priority Senior Secured Floating
     Rate Notes due 2050, Downgraded to C; previously on 3/10/2008
     Downgraded to Ca

Summer Street 2007-1, Ltd.

  -- US$57,000,000 Class A-1A Senior Secured Floating Rate
     Notes Due 2052, Downgraded to C; previously on 2/8/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$50,000,000 Class A-1B Senior Secured Floating Rate
     Notes Due 2052, Downgraded to C; previously on 2/8/2008
     Downgraded to Ca

  -- US$80,000,000 Class A-1SA Senior Secured Floating Rate
     Notes Due 2052, Downgraded to C; previously on 12/11/2008
     Downgraded to Ba3 and remains on Review for Possible
     Downgrade

  -- US$63,000,000 Class A-1SB Senior Secured Floatng Rate
     Notes Due 2052i, Downgraded to C; previously on 12/11/2008
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade

  -- US$37,500,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2052, Downgraded to C; previously on 2/8/2008 Downgraded
     to Ca

  -- US$55,000,000 Class B Senior Secured Floating Rate Notes
     Due 2052, Downgraded to C; previously on 2/8/2008 Downgraded
     to Ca

Term CDO 2007-1 Ltd.

  -- Class A-1LA Floating Rate Notes Due July 2038, Downgraded to
     Ca; previously on 12/11/2008 Downgraded to B2 and remains on
     Review for Possible Downgrade

  -- Class A-1LB Floating Rate Notes Due July 2038, Downgraded to
     C; previously on 4/23/2008 Downgraded to Caa3 and remains on
     Review for Possible Downgrade

  -- Class A-2L Floating Rate Notes Due July 2038, Downgraded to
     C; previously on 4/23/2008 Downgraded to Ca

  -- Class A-3L Floating Rate Notes Due July 2038, Downgraded to
     C; previously on 4/23/2008 Downgraded to Ca

  -- Class B-1L Floating Rate Notes Due July 2038, Downgraded to
     C; previously on 4/2/2008 Downgraded to Ca

AMP A CLO 2007-2

  -- US$25,000,000 Credit Linked Notes, Downgraded to Caa2 and
     remains on Review for Possible Downgrade; previously on
     12/11/2008 Downgraded to B2 and Placed Under Review for
     Possible Downgrade

West Trade Funding CDO III Ltd.

  -- US$1,500,000,000 Class A-1 First Priority Senior Floating
     Rate Delayed Draw Notes Due 2053, Downgraded to C; previously
     on 12/11/2008 Downgraded to B3 and remains on Review for
     Possible Downgrade

  -- US$625,000,000 Class A-2 Second Priority Senior Floating
     Rate Delayed Draw Notes Due 2053, Downgraded to C; previously
     on 12/11/2008 Downgraded to Caa1 and remains on Review for
     Possible Downgrade

  -- US$125,000,000 Class A-3 Third Priority Senior Floating
     Rate Delayed Draw Notes Due 2053, Downgraded to C; previously
     on 5/20/2008 Downgraded to Ca

  -- US$155,000,000 Class A-4 Fourth Priority Senior Floating
     Rate Delayed Draw Notes Due 2053, Downgraded to C; previously
     on 5/20/2008 Downgraded to Ca

  -- US$27,000,000 Class B Fifth Priority Senior Floating Rate
     Delayed Draw Notes Due 2053, Downgraded to C; previously on
     5/20/2008 Downgraded to Ca

  -- US$10,000,000 Class C Sixth Priority Senior Floating Rate
     Delayed Draw Notes Due 2053, Downgraded to C; previously on
     5/20/2008 Downgraded to Ca

Whitehawk CDO Funding, LTD.

  -- Class B Floating Rate Notes, Downgraded to C; previously on
     1/30/2009 Downgraded to Ca


* Moody's Reports Impact of Auto Industry on Municipal Issuers
--------------------------------------------------------------
The U.S. domestic automobile industry's severe distress has
growing potential to put downward pressure on credit ratings of
U.S. local and state governments that have historically relied on
the industry for tax revenue and employment opportunities, says
Moody's Investors Service in new report.

"The highest concentration of automakers remains in the Midwest,
with Detroit as the historic epicenter with rings emanating
outward throughout Michigan and neighboring Ohio, Indiana and
beyond," said Moody's Senior Vice President Edward Damutz, author
of the report, which identifies rated issuers most at risk.

He said continued distress is forecast for all three of the
Detroit domestic automakers, Ford (Caa3), General Motors (Ca), and
Chrysler (Ca).

The state and local issuers most likely to face downward rating
pressure from the automakers' turmoil include certain cities,
counties, school districts, and special districts located in
Michigan (general obligation rated Aa3/negative outlook), Indiana
(general obligation rated Aa1/stable outlook) and Ohio (general
obligation rated Aa1/negative outlook).

"The states themselves, particularly Michigan, will likely also
come under pressure," said Damutz.  "The recent pressure on local
government credits has been a key driver in several recent
downgrades."

Rapidly rising unemployment rates in Michigan (12.0%), Indiana
(9.4%) and Ohio (9.4%) place further strain on state and local
governments, says the Moody's report.  The looming threat of
potential bankruptcy of certain auto or auto-related companies has
also further exacerbated the situation.

Moody's maintains underlying ratings on 253 U.S. state and local
issuers that currently have or recently lost some type of Big
Three automotive industry manufacturing presence.  Of these
entities, 32 have tax bases, as measured by assessed valuation, of
which the Detroit companies represent more than 5%.

The report identifies the rated issuers most at risk, the ways
these issuers are being affected, and mitigating factors that may
prevent or limit the erosion in credit quality.

"Analysis of the future credit quality of these issuers will focus
on the magnitude and timing of local shift reductions and job
cuts, as well as other local economic trends which may compound or
mitigate the effect of the industry's restructuring efforts," said
Damutz.

Also monitored, he said, will be the impact of these pressures on
issuers' key revenues and expenditures, and the actions taken by
management to address the fiscal pressures.

"In many cases, Moody's expect that these issuers will be able to
take timely action such as budget revisions, and avoid a rating
downgrade," said Damutz.  "To the extent local government issuers
are unable to make needed budget corrections on a timely basis,
rating downgrades in this segment of the municipal market are
likely."


* S&P Downgrades Ratings on 36 Classes from 11 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 36
classes from 11 U.S. residential mortgage-backed securities
transactions backed by subprime mortgage loan collateral and
issued in 1998, 2002, and 2004-2006.  S&P removed 11 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed 65 ratings on 10 of the downgraded
transactions and one additional transaction, and S&P removed 15 of
the affirmed ratings from CreditWatch negative.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is insufficient
to cover losses at the previous rating levels.  Although
cumulative losses were generally low in comparison with S&P's
projected lifetime losses for the transactions reviewed, S&P is
projecting an increase in losses due to increases in delinquencies
and the current negative condition of the housing market.  Certain
senior classes also benefit from senior support classes that would
provide support, to a certain extent, before any applicable losses
could affect the super-senior certificates.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover the losses associated with the respective rating levels.

The downgrades, affirmations, and CreditWatch resolutions
incorporate current losses and S&P's projected losses based on the
dollar amounts of loans currently in the transactions'
delinquency, foreclosure, and real estate owned pipelines, as well
as S&P's projection of future defaults.  S&P also incorporated
cumulative losses to date in S&P's analysis when determining
rating outcomes.

The subordination of more-junior classes within each structure
provides credit support for the affected transactions.  The
collateral backing these deals originally consisted predominantly
of subprime residential mortgage loans secured by one- to four-
family properties.

To maintain an 'AAA' rating, S&P consider whether a bond is able
to withstand approximately 150% of S&P's base-case loss
assumptions, subject to individual caps and qualitative factors
assumed on specific transactions.  For a class for which we've
affirmed a 'B' rating, S&P consider whether a bond is able to
withstand S&P's base-case loss assumptions.  Other rating
categories are dispersed, approximately equally, between these two
loss assumptions.  For example, to maintain a 'BB' rating on one
class, S&P may consider whether the class is able to withstand
approximately 110% of S&P's base-case loss assumptions, while, in
connection with a different class, S&P may consider whether it is
able to withstand approximately 120% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

S&P monitor these transactions over time to incorporate updated
losses and delinquency pipeline performance to assess whether, in
S&P's view, the applicable credit enhancement features are
sufficient to support the current ratings.  S&P will continue to
monitor these transactions and take additional rating actions as
S&P think appropriate.

                          Rating Actions

    Asset Backed Securities Corporation Home Equity Loan Trust,
                         Series 2004-HE8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M4         04541GMR0     CCC                  BBB+
        M5         04541GMS8     CCC                  BB
        M6         04541GMT6     CC                   B

           CWABS Asset-Backed Certificates Trust 2004-10
                          Series 2004-10

                                     Rating
                                 ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AF-5B      126673FV9     AAA                  AAA/Watch Neg
    B-F        126673JK9     BB                   A
    MV-4       126673JW3     A                    AA
    MV-5       126673JX1     BB                   AA-
    MV-6       126673JY9     CCC                  A+
    MV-7       126673JZ6     CCC                  A
    MV-8       126673KA9     CCC                  A-
    BV         126673KB7     CCC                  BBB

          CWABS Asset-Backed Certificates Trust 2004-AB2
                         Series 2004-AB2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-3        126673QE5     AAA                  AAA/Watch Neg
    M-1        126673QF2     AA+                  AA+/Watch Neg
    M-2        126673QG0     AA+                  AA+/Watch Neg
    M-3        126673QH8     A                    AA/Watch Neg
    M-4        126673QJ4     B                    AA/Watch Neg
    M-5        126673QK1     CCC                  A+/Watch Neg
    M-6        126673QL9     CC                   A+/Watch Neg

                            CWABS Inc.
                         Series 2002-BC1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          126671NS1     AA                   AAA/Watch Neg
    A-IO       126671NW2     AA                   AAA
    M-1        126671NT9     D                    CCC

                       FFMLT Trust 2005-FF2
                         Series 2005-FF2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        36242DN82     CCC                  BB
        B-2        36242DN90     CCC                  B
        B-3        36242DP23     CC                   CCC

     Securitized Asset Backed Receivables LLC Trust 2004-DO1
                         Series 2004-DO1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        81375WAU0     BB                   BBB
        M-3        81375WAV8     CCC                  BBB-
        B-1        81375WAW6     CCC                  BB
        B-2        81375WAX4     CC                   B

                 Soundview Home Loan Trust 2006-3
                          Series 2006-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        83612HAB4     AAA                  AAA/Watch Neg
    A-3        83612HAC2     BBB                  BBB/Watch Neg
    A-4        83612HAD0     B                    B/Watch Neg
    M-1        83612HAE8     B-                   B-/Watch Neg
    M-4        83612HAH1     CC                   CCC
    M-5        83612HAJ7     CC                   CCC

          Structured Asset Investment Loan Trust 2004-11
                          Series 2004-11

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A4         86358EPP5     AAA                  AAA/Watch Neg
    M1         86358EPQ3     AA+                  AA+/Watch Neg
    M2         86358EPR1     AA                   AA/Watch Neg
    M3         86358EPS9     AA-                  AA-/Watch Neg
    M4         86358EPT7     A                    A+/Watch Neg
    M5         86358EPU4     BB                   A/Watch Neg
    M6         86358EPV2     CCC                  A-/Watch Neg
    M7         86358EPW0     CC                   BBB+/Watch Neg

          Structured Asset Investment Loan Trust 2005-4
                          Series 2005-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M5         86358ESP2     B                    BB

         Structured Asset Investment Loan Trust 2006-BNC3
                         Series 2006-BNC3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         86361KAA5     BBB                  BBB/Watch Neg
    A2         86361KAB3     AAA                  AAA/Watch Neg
    A3         86361KAC1     A                    AA/Watch Neg
    A4         86361KAD9     BBB                  BBB/Watch Neg
    M1         86361KAF4     CCC                  B-/Watch Neg
    M2         86361KAG2     CC                   CCC
    M3         86361KAH0     CC                   CCC

                Structured Asset Securities Corp.
                          Series 1998-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        863572UE1     CC                   CCC

                         Ratings Affirmed

    Asset Backed Securities Corporation Home Equity Loan Trust
                         Series 2004-HE8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M1         04541GMN9     AA+
                 M2         04541GMP4     A
                 M3         04541GMQ2     A-

       Chase Funding Loan Acquisition Trust Series 2003-C2
                         Series 2003-C2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA         161542CY9     AAA
                 IIA        161542DB8     AAA
                 IA-X       161542CZ6     AAA
                 IIA-X      161542DC6     AAA
                 IA-P       161542DA0     AAA
                 IIA-P      161542DD4     AAA
                 B-1        161542DF9     AA+
                 B-2        161542DG7     A+
                 B-3        161542DH5     BBB+
                 B-4        161542DJ1     BB+
                 B-5        161542DK8     B+

          CWABS Asset-Backed Certificates Trust 2004-10
                         Series 2004-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 AF-4       126673HZ8     AAA
                 AF-5A      126673JA1     AAA
                 AF-6       126673JB9     AAA
                 MF-1       126673JC7     AA+
                 MF-2       126673JD5     AA+
                 MF-3       126673JE3     AA+
                 MF-4       126673JF0     AA+
                 MF-5       126673JG8     AA
                 MF-6       126673JH6     AA
                 MF-7       126673JJ2     AA-
                 MV-1       126673JT0     AA+
                 MV-2       126673JU7     AA+
                 MV-3       126673JV5     AA

                       FFMLT Trust 2005-FF2
                         Series 2005-FF2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        36242DM67     AAA
                 A-2C       36242DM91     AAA
                 M-1        36242DN25     AA+
                 M-2        36242DN33     AA
                 M-3        36242DN41     AA
                 M-4        36242DN58     AA-
                 M-5        36242DN66     A+
                 M-6        36242DN74     BBB

Securitized Asset Backed Receivables LLC Trust 2004-DO1
                         Series 2004-DO1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        81375WAZ9     AAA
                 A-2        81375WAS5     AAA
                 M-1        81375WAT3     AA+

                Soundview Home Loan Trust 2006-3
                          Series 2006-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-2        83612HAF5     CCC
                 M-3        83612HAG3     CCC

            Structured Asset Investment Loan Trust 2005-4
                          Series 2005-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A3         86358ESG2     AAA
                 A4         86358ESH0     AAA
                 A5         86358ESJ6     AAA
                 M1         86358ESK3     AA+
                 M2         86358ESL1     AA
                 M3         86358ESM9     AA
                 M4         86358ESN7     AA-
                 M6         86358ESQ0     CCC
                 M7         86358ESR8     CCC

                Structured Asset Securities Corp.
                          Series 1998-6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1        863572UD3     AA


* S&P Downgrades Ratings on 39 Tranches from Nine Hybrid CDO Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 39
tranches from nine U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed seven of
the lowered ratings from CreditWatch with negative implications.
The ratings on 29 of the downgraded tranches are on CreditWatch
with negative implications, indicating a significant likelihood of
further downgrades.  In addition, S&P placed its ratings on two
tranches from two transactions on CreditWatch with negative
implications.

The CreditWatch placements primarily affect transactions for which
a significant portion of the collateral assets currently have
ratings on CreditWatch with negative implications or have
significant exposure to assets rated in the 'CCC' category.

The 39 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $8.339 billion. Six of the nine affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches of residential mortgage-backed securities and other SF
securities.  The other three transactions are high-grade SF CDOs
of ABS that were collateralized at origination primarily by 'AAA'
through 'A' rated tranches of RMBS and other SF securities.  The
CDO downgrades reflect a number of factors, including credit
deterioration and recent negative rating actions on U.S. subprime
RMBS.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                                Rating
                                                ------
  Transaction                    Class     To             From
  -----------                    -----     --             ----
  Acacia CDO 6 Ltd               A-1       A/Watch Neg    AAA
  Acacia CDO 6 Ltd               A-2       BBB-/Watch Neg AAA
  Acacia CDO 6 Ltd               B         BB/Watch Neg   AA
  Acacia CDO 6 Ltd               C         B/Watch Neg    A
  Acacia CDO 6 Ltd               D         B-/Watch Neg   A-
  Acacia CDO 6 Ltd               E-1       CCC-/Watch Neg BB+
  Acacia CDO 6 Ltd               E-2       CCC-/Watch Neg BB+
  Commodore CDO III, Ltd.        A-1A      A/Watch Neg    AAA
  Commodore CDO III, Ltd.        A-1B      AA/Watch Neg   AAA
  Commodore CDO III, Ltd.        A-1C      A/Watch Neg    AAA
  Commodore CDO III, Ltd.        A-2       B+/Watch Neg   A-
  High Grade Structured Credit   A-1       BBB+/Watch Neg AA+/Watch Neg
   CDO 2005-1 LTD.
  High Grade Structured Credit   A-2       B/Watch Neg    AA-/Watch Neg
   CDO 2005-1 LTD.
  High Grade Structured Credit   B         CCC+/Watch Neg A-/Watch Neg
   CDO 2005-1 LTD.
  High Grade Structured Credit   X         CCC/Watch Neg  BBB/Watch Neg
   CDO 2005-1 LTD.
  High Grade Structured Credit   C         CCC-/Watch Neg BB/Watch Neg
   CDO 2005-1 LTD.
  River North CDO Ltd            A-2       B/Watch Neg    BB-/Watch Neg
  Saybrook Point CBO II, Limited A         A-/Watch Neg   A+/Watch Neg
  Saybrook Point CBO II, Limited B-1       B+/Watch Neg   BB+/Watch Neg
  Saybrook Point CBO II, Limited B-2       B+/Watch Neg   BB+/Watch Neg
  Saybrook Point CBO II, Limited C-1       CC             CCC-/Watch Neg
  Saybrook Point CBO II, Limited C-2       CC             CCC-/Watch Neg
  Straits Global ABS CDO I Ltd   A-2       BB/Watch Neg   A+/Watch Neg
  Summer Street 2004-1, Ltd.     A-1       BBB/Watch Neg  AAA/Watch Neg
  Summer Street 2004-1, Ltd.     A-2       B/Watch Neg    A/Watch Neg
  Summer Street 2004-1, Ltd.     A-3       CC             CCC/Watch Neg
  Triaxx Prime CDO 2006-2, Ltd.  A-1A      BB-/Watch Neg  AA-/Watch Neg
  Triaxx Prime CDO 2006-2, Ltd.  A-1B1     BB/Watch Neg   AA/Watch Neg
  Triaxx Prime CDO 2006-2, Ltd.  A-1B2     BB-/Watch Neg  AA-/Watch Neg
  Triaxx Prime CDO 2006-2, Ltd.  A-1BV     BB-/Watch Neg  AA-/Watch Neg
  Triaxx Prime CDO 2006-2, Ltd.  A-2       CCC+/Watch Neg BB+/Watch Neg
  Triaxx Prime CDO 2006-2, Ltd.  B         CCC/Watch Neg  B/Watch Neg
  Triaxx Prime CDO 2006-2, Ltd.  X         CC             CCC
  Triaxx Prime CDO 2006-2, Ltd.  C         CC             CCC-
  Triaxx Prime CDO 2007-1 Ltd    A-1D      CCC            A/Watch Neg
  Triaxx Prime CDO 2007-1 Ltd    A-1T      CCC            A/Watch Neg
  Triaxx Prime CDO 2007-1 Ltd    A-2       CC             BB/Watch Neg
  Triaxx Prime CDO 2007-1 Ltd    B         CC             B/Watch Neg
  Triaxx Prime CDO 2007-1 Ltd    X         CC             CCC


              Ratings Placed On Creditwatch Negative

                                                 Rating
                                                 ------
   Transaction                    Class     To             From
   -----------                    -----     --             ----
   River North CDO Ltd            A-1       A/Watch Neg    A
   Straits Global ABS CDO I Ltd   A-1       AAA/Watch Neg  AAA


                     Other Ratings Reviewed

         Transaction                    Class     Rating
         -----------                    -----     ------
         Commodore CDO III, Ltd.        B         CC
         Commodore CDO III, Ltd.        C-1       CC
         Commodore CDO III, Ltd.        C-2       CC
         River North CDO Ltd            B         CC
         River North CDO Ltd            C         CC
         River North CDO Ltd            D-1       CC
         River North CDO Ltd            D-2       CC
         Straits Global ABS CDO I Ltd   A Combo   CC
         Straits Global ABS CDO I Ltd   B Combo   CC
         Straits Global ABS CDO I Ltd   B-1       CC
         Straits Global ABS CDO I Ltd   B-2       CC
         Straits Global ABS CDO I Ltd   C-1       CC
         Straits Global ABS CDO I Ltd   C-2       CC
         Summer Street 2004-1, Ltd.     B         CC
         Summer Street 2004-1, Ltd.     C         CC
         Summer Street 2004-1, Ltd.     D Inc Nts CC
         Triaxx Prime CDO 2007-1 Ltd    C         CC


* S&P Downgrades Ratings on 55 Classes of Notes from Five CDOs
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 55
classes of notes from two cash flow and five hybrid collateralized
debt obligation transactions following the liquidation of the
collateral in their portfolios.

The affected tranches have a combined issuance amount of $6.79
billion.  S&P lowered its ratings on the two cash flow CDO
transactions to 'D' because the proceeds from the liquidations
have not been sufficient to make par payments to the rated notes.
S&P lowered its ratings on the hybrid CDO transactions to 'D'
because the transactions did not have proceeds to pay back par
payments to the noteholders after making the termination payments
on the credit default swap contracts.

The five hybrid CDOs are backed predominantly by mezzanine
residential mortgage-backed securities, and the two cash flow CDOs
are backed predominantly by high-grade RMBS securities.  The deals
triggered events of default, after which, the controlling
noteholders subsequently voted to accelerate the maturity of the
notes and liquidate the collateral assets.

The current rating actions follow notice from the trustees that
the liquidation of the portfolio assets is complete and that the
available proceeds have been distributed to the noteholders.

                          Rating Actions

                                           Rating
                                           ------
   Transaction               Class       To       From
   -----------               -----       --       ----
   Costa Bella CDO Ltd.      A1A         D        CCC-/Watch Neg
   Costa Bella CDO Ltd.      A2          D        CC
   Costa Bella CDO Ltd.      B           D        CC
   Costa Bella CDO Ltd.      C           D        CC
   Costa Bella CDO Ltd.      D           D        CC
   Costa Bella CDO Ltd.      E           D        CC
   Costa Bella CDO Ltd.      F           D        CC
   Costa Bella CDO Ltd.      G           D        CC
   Longridge ABS CDO I Ltd   A-1         D        CCC-/Watch Neg
   Longridge ABS CDO I Ltd   A-2         D        CC
   Longridge ABS CDO I Ltd   B           D        CC
   Longridge ABS CDO I Ltd   C           D        CC
   Longridge ABS CDO I Ltd   D           D        CC
   Longridge ABS CDO I Ltd   E           D        CC
   Longridge ABS CDO I Ltd   F           D        CC
   Longridge ABS CDO I Ltd   UnfunSupSr  D        CCC-/Watch Neg
   Mayflower CDO I Ltd.      A-1LA       D        CCC/Watch Neg
   Mayflower CDO I Ltd.      A-1lB       D        CC
   Mayflower CDO I Ltd.      A-2L        D        CC
   Mayflower CDO I Ltd.      A-3L        D        CC
   Mayflower CDO I Ltd.      B-1L        D        CC
   Mayflower CDO I Ltd.      X           D        BB/Watch Neg
   Octonion I CDO Ltd.       A1          D        CCC/Watch Neg
   Octonion I CDO Ltd.       A2          D        CC
   Octonion I CDO Ltd.       A3          D        CC
   Octonion I CDO Ltd.       B           D        CC
   Octonion I CDO Ltd.       C           D        CC
   Octonion I CDO Ltd.       D           D        CC
   Octonion I CDO Ltd.       E           D        CC
   Octonion I CDO Ltd.       S           D        CCC-/Watch Neg
   Palmer Square 3 Ltd.      X           D        CC
   Palmer Square 3 Ltd.      A1-M        D        CC
   Palmer Square 3 Ltd.      A1-Q        D        CC
   Palmer Square 3 Ltd.      A2          D        CC
   Palmer Square 3 Ltd.      A3          D        CC
   Palmer Square 3 Ltd.      A4          D        CC
   Palmer Square 3 Ltd.      B           D        CC
   Palmer Square 3 Ltd.      C           D        CC
   Palmer Square 3 Ltd.      D           D        CC
   Sagittarius CDO I Ltd     A           D        CC
   Sagittarius CDO I Ltd     B           D        CC
   Sagittarius CDO I Ltd     C           D        CC
   Sagittarius CDO I Ltd     D-1         D        CC
   Sagittarius CDO I Ltd     D-2         D        CC
   Sagittarius CDO I Ltd     D-3         D        CC
   Sagittarius CDO I Ltd     E           D        CC
   Sagittarius CDO I Ltd     S           D        CCC/Watch Neg
   Sagittarius CDO I Ltd     Super Sr    D        CCC+/Watch Neg
   Sagittarius CDO I Ltd     X           D        CC
   Singa Funding, Ltd.       A-1M        D        CCC/Watch Neg
   Singa Funding Ltd.        A-1Q        D        CCC/Watch Neg
   Singa Funding Ltd.        A-2         D        CCC-/Watch Neg
   Singa Funding Ltd.        A-3         D        CC
   Singa Funding Ltd.        A-4         D        CC
   Singa Funding Ltd.        B           D        CC


* S&P Downgrades Ratings on 57 Classes from 18 Prime Jumbo RMBS
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 57
classes from 18 U.S. Prime Jumbo residential mortgage-backed
securities transactions issued from 2002 to 2004 and removed five
of them from CreditWatch with negative implications.  At the same
time, S&P affirmed the ratings on 122 classes from the same
transactions and removed 10 of them from CreditWatch negative.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  For
mortgage pools that are continuing to experience increasing
delinquencies, S&P increased its stresses to account for potential
increases in monthly losses.  In order to maintain a rating higher
than 'B', S&P assessed whether, in its view, a class could absorb
losses in excess of the base-case loss assumptions S&P assumed in
its analysis.  For example, generally, S&P assessed whether one
class could, in S&P's view, withstand approximately 130% of S&P's
base-case loss assumptions in order to maintain a 'BB' rating,
while S&P assessed whether a different class could withstand 155%
of S&P's base-case loss assumption to maintain a 'BBB' rating.
Each class that has an affirmed 'AAA' rating can, in S&P's view,
withstand approximately 235% of S&P's base-case loss assumptions
under S&P's analysis.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with these rating levels.

Subordination provides credit support for the affected
transactions.  The underlying pool of loans backing these
transactions consists of fixed- and adjustable-rate, first-lien,
prime jumbo mortgage loans.

                          Rating Actions

             CHL Mortgage Pass-Through Trust 2004-23
                       Series      2004-23

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          12669GAA9     AA                   AAA
        X          12669GAC5     AA                   AAA
        B-1        12669GAE1     B                    A+
        B-2        12669GAF8     CCC                  BBB
        B-3        12669GBJ9     CC                   BB
        M          12669GAD3     BBB                  AA+

            CHL Mortgage Pass-Through Trust 2004-HYB9
                      Series      2004-HYB9

                                 Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2-M        12669GHN4     A                    AA
        2-B-1      12669GHP9     B                    A
        1-B-3      12669GHM6     BB                   BBB
        2-B-2      12669GHQ7     CCC                  BBB
        1-B-4      12669GHS3     CCC                  BB
        2-B-3      12669GHV6     CC                   B
        1-B-5      12669GHT1     CC                   B

         Citigroup Mortgage Loan Trust Series 2004-HYB3
                     Series      2004 HYB3

                                 Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        17307GKF4     CCC                  B

            Fifth Third Mortgage Loan Trust 2002-FTB1
                      Series      2002-FTB1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        C-B-3      2254W0AZ8     B                    BB

                 GSR Mortgage Loan Trust 2004-11
                       Series      2004-11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B2         36242DGB3     B                    A
        B3         36242DGC1     CCC                  BBB-
        B4         36242DGE7     CC                   CCC

              HarborView Mortgage Loan Trust 2003-3
                        Series      2003-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        41161PCT8     B                    BBB
        B-4        41161PCU5     CCC                  B

              Harborview Mortgage Loan Trust 2004-6
                        Series      2004-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        41161PFY4     BBB                  A
        B-3        41161PFZ1     CCC                  BBB
        B-4        41161PGA5     CC                   B

              HarborView Mortgage Loan Trust 2004-7
                        Series      2004-7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        41161PGS6     BB                   A
        B-3        41161PGT4     CCC                  BBB
        B-4        41161PGU1     CC                   B

              HarborView Mortgage Loan Trust 2004-8
                        Series      2004-8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        41161PHH9     BBB                  AA+
        B-2        41161PHJ5     B                    A+
        B-3        41161PHK2     CCC                  BBB+
        B-4        41161PHL0     CC                   BB

           Morgan Stanley Mortgage Loan Trust 2004-7AR
                       Series      2004-7AR

                                          Rating
                                          ------
         Class      CUSIP         To                   From
         -----      -----         --                   ----
         B-3        61748HCR0     B                    BBB
         B-4        61748HCT6     CC                   B

                    Sequoia Mortgage Trust 11
                          Series      11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          81744AAA6     AAA                  AAA/Watch Neg
   X-1A       81744AAC2     AAA                  AAA/Watch Neg
   X-1B       81744AAD0     AAA                  AAA/Watch Neg
   X-B        81744AAE8     AA                   AAA/Watch Neg
   B-1        81744AAB4     AA                   AA/Watch Neg
   B-2        81744AAG3     A                    A/Watch Neg

         Structured Adjustable Rate Mortgage Loan Trust
                       Series      2004-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B2-I       86359BLN9     BBB                  A
        B2X-I      86359BLP4     BBB                  A
        B2-II      86359BLS8     BBB                  A
        B3         86359BLT6     B                    BBB
        B4         86359BLV1     CCC                  BB

         Structured Adjustable Rate Mortgage Loan Trust
                       Series      2004-15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B2         863579DG0     BBB                  A
        B3         863579DH8     CCC                  BBB
        B4         863579DL9     CC                   CCC

                Structured Asset Securities Corp.
                      Series      2002-14A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1-I       86358RR82     BBB                  AA+
        B1-I-X     86358RR90     BBB                  AA+
        B2-I       86358RS24     B                    AA-
        B2-I-X     86358RS32     B                    AA-
        B1-II      86358RS40     A                    AA+
        B2-II      86358RS73     B                    AA-
        B3         86358RS57     CCC                  BBB+

                Structured Asset Securities Corp.
                       Series      2003-32

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B4         86359A7F4     CCC                  BB
        B5         86359A7G2     CC                   B

                Structured Asset Securities Corp.
                       Series      2004-13

                                          Rating
                                          ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B2         86359BVQ1     BBB                  A
        B3         86359BVR9     BB                   BBB
        B4         86359BVU2     CCC                  BB

       Wells Fargo Mortgage Backed Securities 2004-J Trust
                        Series      2004-J

                                   Rating
                                   ------
  Class      CUSIP         To                   From
  -----      -----         --                   ----
  A-1        949813AA7     AAA                  AAA/Watch Neg
  B-1        949813AC3     AA                   AA/Watch Neg
  B-2        949813AD1     A                    A/Watch Neg
  B-3        949813AE9     BB                   BBB/Watch Neg
  B-4        949813AF6     CCC                  BB/Watch Neg

       Wells Fargo Mortgage Backed Securities 2004-U Trust
                        Series      2004-U

                                   Rating
                                   ------
  Class      CUSIP         To                   From
  -----      -----         --                   ----
  A-1        949803AA8     AAA                  AAA/Watch Neg
  B-1        949803AC4     AA+                  AA+/Watch Neg
  B-2        949803AD2     B                    A+/Watch Neg
  B-3        949803AE0     CCC                  BBB+/Watch Neg

                         Ratings Affirmed

            CHL Mortgage Pass-Through Trust 2004-HYB9
                      Series      2004-HYB9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669GHG9     AAA
                 2-A-1      12669GHH7     AAA
                 2-A-2      12669GHJ3     AAA
                 1-B-1      12669GHK0     AA
                 1-B-2      12669GHL8     A

         Citigroup Mortgage Loan Trust Series 2004-HYB3
                      Series      2004 HYB3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        17307GJX7     AAA
                 II-A       17307GJY5     AAA
                 III-A      17307GJZ2     AAA

            Fifth Third Mortgage Loan Trust 2002-FTB1
                      Series      2002-FTB1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      2254W0AN5     AAA
                 I-X        2254W0AT2     AAA
                 II-A-1     2254W0AP0     AAA
                 III-A-1    2254W0AQ8     AAA
                 III-X      2254W0AU9     AAA
                 IV-A-1     2254W0AR6     AAA
                 IV-X       2254W0AV7     AAA
                 V-A-1      2254W0AS4     AAA
                 V-X        2254W0AW5     AAA
                 C-B-1      2254W0AX3     AA+
                 C-B-2      2254W0AY1     AA

                 GSR Mortgage Loan Trust 2004-11
                       Series      2004-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A1        36242DFP3     AAA
                 1A2        36242DFQ1     AAA
                 2A1        36242DFS7     AAA
                 2AX1       36242DFV0     AAA
                 2A2        36242DFT5     AAA
                 2AX2       36242DFW8     AAA
                 2A3        36242DFU2     AAA
                 3A1        36242DFX6     AAA
                 4A1        36242DFY4     AAA
                 5A1        36242DFZ1     AAA
                 B1         36242DGA5     AA

              HarborView Mortgage Loan Trust 2003-3
                       Series      2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1       41161PCK7     AAA
                 2A-1       41161PCL5     AAA
                 2A-2       41161PCM3     AAA
                 2A-3       41161PCN1     AAA
                 A-X        41161PCP6     AAA
                 B-1        41161PCR2     AA+
                 B-2        41161PCS0     A

              Harborview Mortgage Loan Trust 2004-6
                       Series      2004-6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        41161PFP3     AAA
                 2-A        41161PFQ1     AAA
                 3-A-1      41161PFR9     AAA
                 3-A-2A     41161PFS7     AAA
                 3-A-2B     41161PFT5     AAA
                 4-A        41161PFU2     AAA
                 5-A        41161PFV0     AAA
                 B-1        41161PFX6     AA

              HarborView Mortgage Loan Trust 2004-7
                       Series      2004-7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        41161PGF4     AAA
                 2-A-1      41161PGG2     AAA
                 2-A-2      41161PGH0     AAA
                 2-A-3      41161PGJ6     AAA
                 3-A-1      41161PGK3     AAA
                 3-A-2      41161PGL1     AAA
                 4-A        41161PGM9     AAA
                 X-1        41161PGN7     AAA
                 X-2        41161PGP2     AAA
                 B-1        41161PGR8     AA+

              HarborView Mortgage Loan Trust 2004-8
                        Series      2004-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        41161PGY3     AAA
                 2-A1       41161PGZ0     AAA
                 2-A2       41161PHA4     AAA
                 2-A3       41161PHB2     AAA
                 2-A4A      41161PHC0     AAA
                 2-A4B      41161PHD8     AAA
                 3-A1       41161PHE6     AAA
                 3-A2       41161PHF3     AAA
                 X          41161PHQ9     AAA

           Morgan Stanley Mortgage Loan Trust 2004-7AR
                       Series      2004-7AR

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        61748HCD1     AAA
                 2-A-1      61748HCE9     AAA
                 2-A-2      61748HCF6     AAA
                 2-A-3      61748HCG4     AAA
                 2-A-4      61748HCH2     AAA
                 2-A-5      61748HCJ8     AAA
                 2-A-6      61748HCK5     AAA
                 2-A-7      61748HCL3     AAA
                 3-A        61748HCM1     AAA
                 4-A        61748HCN9     AAA
                 A-R        61748HCS8     AAA
                 B-1        61748HCP4     AA
                 B-2        61748HCQ2     A

         Structured Adjustable Rate Mortgage Loan Trust
                       Series      2004-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86359BKY6     AAA
                 1-A2       86359BKZ3     AAA
                 1-AX       86359BLA7     AAA
                 2-A        86359BLB5     AAA
                 3-A        86359BLC3     AAA
                 4-A1       86359BLE9     AAA
                 4-A2       86359BLF6     AAA
                 4-A3       86359BMC2     AAA
                 5-A        86359BLJ8     AAA
                 5-AX       86359BLK5     AAA
                 B1-I       86359BLL3     AA
                 B1X-I      86359BLM1     AA
                 B1-II      86359BLQ2     AA

          Structured Adjustable Rate Mortgage Loan Trust
                       Series      2004-15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          863579DE5     AAA
                 B1         863579DF2     AA
                 BX         863579DJ4     BBB

                Structured Asset Securities Corp.
                      Series      2002-14A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86358RR41     AAA
                 1-A2       86358RR58     AAA
                 2-A1       86358RR66     AAA

                Structured Asset Securities Corp.
                      Series      2003-32

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86359A6T5     AAA
                 2-A1       86359A6U2     AAA
                 2-AP       86359A6V0     AAA
                 3-A1       86359A6W8     AAA
                 4-A1       86359A6X6     AAA
                 5-A1       86359A6Y4     AAA
                 AX         86359A6Z1     AAA
                 PAX        86359A7A5     AAA
                 B1         86359A7B3     AA
                 B2         86359A7C1     A
                 B3         86359A7D9     BBB

               Structured Asset Securities Corp.
                       Series      2004-13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86359BVL2     AAA
                 1-A2       86359BVM0     AAA
                 1-A3       86359BVN8     AAA
                 2-A1       86359BVT5     AAA
                 B1         86359BVP3     AA


* S&P Downgrades Ratings on 77 Classes from 12 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 77
classes from 12 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued from 2004, 2006, and 2007.  S&P removed 56 of the lowered
ratings from CreditWatch with negative implications.  S&P also
affirmed its ratings on 41 classes from seven of the downgraded
transactions as well as one additional deal.  S&P removed 28 of
the affirmed ratings from CreditWatch with negative implications.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults. S&P also incorporated cumulative
losses to date in S&P's analysis when assessing rating outcomes.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is not sufficient
to cover losses at the previous rating levels.  Although
cumulative losses were generally low in comparison to S&P's
projected lifetime losses for the transactions reviewed, S&P is
projecting an increase in losses due to increases in delinquencies
and the current negative condition of the housing market.  Certain
senior classes also benefit from senior support classes that would
provide support, to a certain extent, before any applicable losses
could affect the super-senior certificates.

To maintain a 'AAA' rating, S&P consider whether a bond is able to
withstand approximately 150% of S&P's base-case loss assumptions,
subject to individual caps and qualitative factors assumed on
specific transactions.  For a class for which we've affirmed a 'B'
rating, S&P consider whether a bond is able to withstand S&P's
base-case loss assumptions.  Other rating categories are
dispersed, approximately equally, between these two loss
assumptions.  For example, to maintain a 'BB' rating on one class,
S&P may consider whether the class is able to withstand
approximately 110% of S&P's base-case loss assumptions, while, in
connection with a different class, S&P may consider whether it is
able to withstand approximately 120% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

The affirmations reflect S&P's belief that there is sufficient
credit enhancement to support the ratings at their current levels.

The subordination of more junior classes within each structure
provides credit support for the affected transactions.  The
collateral backing these deals originally consisted predominantly
of Alt-A, first-lien, fixed-rate, adjustable-rate, or negative-
amortization residential mortgage loans secured by one- to four-
family properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether the applicable
credit enhancement features are sufficient to support the current
ratings.  S&P will continue to monitor these transactions and take
additional rating actions as S&P think appropriate.

                         Rating Actions

              HarborView Mortgage Loan Trust 2006-10
                       Series      2006-10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-1A      41162CAA9     AA                   AAA/Watch Neg
    1A-1B      41162CAB7     AAA                  AAA/Watch Neg
    2A-1B      41162CAD3     BBB                  AAA/Watch Neg
    2A-1C      41162CAE1     AAA                  AAA/Watch Neg
    B-1        41162CAF8     CCC                  BB/Watch Neg
    B-3        41162CAH4     CC                   CCC
    B-4        41162CAJ0     CC                   CCC
    B-5        41162CAK7     CC                   CCC

             HarborView Mortgage Loan Trust 2006-13
                       Series      2006-13

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          41162KAA1     B                    AAA/Watch Neg
    B-1        41162KAD5     CCC                  BB+/Watch Neg
    B-2        41162KAE3     CC                   B/Watch Neg
    B-3        41162KAF0     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2004-AR13
                      Series      2004-AR13

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      45660N7J8     AAA                  AAA/Watch Neg
    2-A-1      45660N7K5     AAA                  AAA/Watch Neg
    2-A-2      45660N7L3     AAA                  AAA/Watch Neg
    2-A-3      45660N7M1     AAA                  AAA/Watch Neg
    X          45660N7N9     AAA                  AAA/Watch Neg
    B-1        45660N7R0     B                    AA/Watch Neg
    B-2        45660N7S8     CCC                  A/Watch Neg
    B-3        45660N7T6     CC                   BBB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR14
                      Series      2004-AR14

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1A     45660LAA7     A                    AAA/Watch Neg
    1-A-1B     45660LAB5     B                    AAA/Watch Neg
    2-A-1A     45660LAC3     AA                   AAA/Watch Neg
    2-A-1B     45660LAD1     B                    AAA/Watch Neg
    2-A-2A     45660LAE9     AAA                  AAA/Watch Neg
    2-A-2B     45660LAF6     B                    AAA/Watch Neg
    A-X-2      45660LAH2     AAA                  AAA/Watch Neg
    B-1        45660LAK5     CCC                  AA/Watch Neg
    B-2        45660LAL3     CCC                  A/Watch Neg
    B-3        45660LAM1     CC                   BBB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR15
                      Series      2004-AR15

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      45660LBE8     AAA                  AAA/Watch Neg
    2-A-1      45660LBF5     AAA                  AAA/Watch Neg
    3-A-1      45660LBG3     AAA                  AAA/Watch Neg
    4-A-1      45660LBH1     AAA                  AAA/Watch Neg
    4-A-2      45660LBJ7     AAA                  AAA/Watch Neg
    5-A-1      45660LBK4     AAA                  AAA/Watch Neg
    5-A-2      45660LBL2     AAA                  AAA/Watch Neg
    6-A-1      45660LBM0     AAA                  AAA/Watch Neg
    B-1        45660LBP3     CCC                  AA/Watch Neg
    B-2        45660LBQ1     CCC                  A/Watch Neg
    B-3        45660LBR9     CC                   BBB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR2
                      Series      2004-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      45660NG66     AA                   AAA/Watch Neg
    2-A-1      45660NG74     AA                   AAA/Watch Neg
    A-X-2      45660NG90     AA                   AAA/Watch Neg
    B-1        45660NH32     CCC                  AA/Watch Neg
    B-2        45660NH40     CCC                  A/Watch Neg
    B-3        45660NH57     CCC                  BBB/Watch Neg
    B-4        45660NH65     CC                   BB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR4
                      Series      2004-AR4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        45660NQ24     AA                   AAA/Watch Neg
    2-A        45660NQ32     AA                   AAA/Watch Neg
    3-A        45660NQ40     AA                   AAA/Watch Neg
    B-1        45660NQ65     CCC                  AA/Watch Neg
    B-2        45660NQ73     CC                   A/Watch Neg
    B-3        45660NQ81     CC                   BBB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR5
                      Series      2004-AR5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      45660NS22     AA                   AAA
    2-A-2      45660NS55     AA                   AAA
    B-1        45660NS97     CCC                  AA
    B-2        45660NT21     CCC                  BBB
    B-3        45660NT39     CCC                  B
    B-4        45660NT47     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2004-AR6
                      Series      2004-AR6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        45660NX26     AAA                  AAA/Watch Neg
    2-A        45660NX34     AAA                  AAA/Watch Neg
    3-A-1      45660NX42     AAA                  AAA/Watch Neg
    3-A-2      45660NX59     AAA                  AAA/Watch Neg
    3-A-3      45660NX67     AAA                  AAA/Watch Neg
    4-A        45660NX75     AAA                  AAA/Watch Neg
    5-A-1      45660NX83     AAA                  AAA/Watch Neg
    5-A-2      45660NX91     AAA                  AAA/Watch Neg
    6-A-1      45660NY25     AAA                  AAA/Watch Neg
    6-A-2      45660NY33     AAA                  AAA/Watch Neg
    B-1        45660NY58     AA+                  AA+/Watch Neg
    B-2        45660NY66     B                    A+/Watch Neg
    B-3        45660NY74     CCC                  BBB/Watch Neg
    B-4        45660NZ57     CC                   BB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR8
                      Series      2004-AR8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      45660N2H7     B                    AAA/Watch Neg
    2-A-1      45660N2L8     B                    AAA/Watch Neg
    2-A-2A     45660N2J3     BBB                  AAA/Watch Neg
    2-A-2B     45660N2K0     B                    AAA/Watch Neg
    A-X-2      45660N2N4     BBB                  AAA/Watch Neg
    B-1        45660N2Q7     CCC                  AA/Watch Neg
    B-2        45660N2R5     CCC                  A/Watch Neg
    B-3        45660N2S3     CC                   BBB/Watch Neg
    B-4        45660N2T1     CC                   BB/Watch Neg

                   Lehman Mortgage Trust 2007-6
                        Series      2007-6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AX         52521NAN0     CCC                  AAA
    AP         52521NAM2     CCC                  B/Watch Neg
    1-A1       52521NAA8     CCC                  B+/Watch Neg
    1-A2       52521NAB6     CCC                  B/Watch Neg
    1-A3       52521NAC4     CCC                  B/Watch Neg
    1-A4       52521NAD2     CCC                  B/Watch Neg
    1-A5       52521NAE0     CCC                  B
    1-A6       52521NAF7     CCC                  B/Watch Neg
    1-A7       52521NAG5     CCC                  B+/Watch Neg
    1-A8       52521NAH3     CCC                  B+/Watch Neg
    1-A9       52521NAT7     CCC                  B
    1-A10      52521NAU4     CCC                  B
    1-A11      52521NAJ9     CCC                  B/Watch Neg
    2-A1       52521NAK6     CCC                  B+/Watch Neg
    2-A2       52521NAL4     CCC                  B/Watch Neg
    B1         52521NAP5     CC                   CCC
    B2         52521NAQ3     CC                   CCC
    B3         52521NAR1     D                    CC

    Washington Mutual MSC Mortgage Pass-Through Certificates
                      Series 2004-RA1 Trust


                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    C-B-1      939336Q55     BBB                  A
    C-B-2      939336Q63     CCC                  BB
    C-B-3      939336Q71     CCC                  B
    C-B-4      939336Q97     CC                   CCC

                         Ratings Affirmed

              HarborView Mortgage Loan Trust 2006-10
                       Series      2006-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2A-1A      41162CAC5     AAA
                 B-2        41162CAG6     CCC

            IndyMac INDX Mortgage Loan Trust 2004-AR5
                       Series      2004-AR5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1A     45660NS30     AAA
                 2-A-1B     45660NS48     AAA
                 A-X-2      45660NS71     AAA

     Washington Mutual MSC Mortgage Pass-Through Certificates
                      Series 2004-RA1 Trust


                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        939336P72     AAA
                 II-A       939336P80     AAA
                 I-X        939336P98     AAA
                 II-X       939336Q22     AAA
                 I-P        939336Q30     AAA
                 II-P       939336Q48     AAA

            Wells Fargo Alternative Loan 2002-1 Trust
                        Series      2002-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      94974SAA1     AAA
                 A-PO       94974SAC7     AAA


* S&P Downgrades Ratings on 96 Classes from 40 Prime RMBS Deals
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 96
classes from 40 U.S. prime jumbo residential mortgage-backed
securities transactions issued from 1989 to 2004.  S&P removed one
of the lowered ratings from CreditWatch with negative
implications.  Concurrently, S&P affirmed its ratings on 390 other
classes of certificates from the downgraded transactions and
removed 22 of the affirmed ratings from CreditWatch with negative
implications.

For the deals with outstanding subordinate bonds, to assess the
creditworthiness of each class, S&P reviewed the individual
delinquency and loss trends of each transaction for changes, if
any, in risk characteristics, servicing, and the expected ability
to withstand additional credit deterioration.  In order to
maintain a rating higher than 'B', S&P considered whether a class
absorbed losses in excess of the base-case assumptions S&P made in
its analysis.  For example, S&P assess whether a class can
withstand approximately 130% of S&P's base-case loss assumptions
in order to maintain a 'BB' rating, while S&P consider whether a
different class can withstand approximately 160% of S&P's base-
case loss assumptions to maintain a 'BBB' rating.  An affirmed
'AAA' rating reflects S&P's opinion that the class can withstand
approximately 235% of S&P's base-case loss assumptions.

The subordination of the more-junior classes provides credit
support for these transactions.  The collateral for these
transactions consists of fixed and adjustable-rate prime jumbo
mortgage loans secured by one- to four-family residential
properties.

For the deals without subordinate bonds whose only outstanding
form of credit support is primarily based on insurance, be it pool
or bond insurance, S&P is lowering the rating on these bonds to
the highest of the ratings on the insurers.  The collateral for
these transactions consists of fixed- and adjustable-rate prime
jumbo mortgage loans secured by one- to four-family residential
properties.

The affirmed ratings on these transactions reflect S&P's belief
that the amount of credit enhancement available for these classes
is sufficient to cover losses associated with these rating levels.

The downgrades, affirmations, and CreditWatch resolutions on these
transactions incorporate S&P's current and projected losses based
on the dollar amounts of loans currently in the transactions'
delinquency, foreclosure, and real estate owned pipelines, as well
as S&P's projection of future defaults.  S&P also incorporated
cumulative losses to date in S&P's analysis when determining
rating outcomes.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, in S&P's view,
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P think
appropriate.

                          Rating Actions

           Chase Mortgage Finance Trust Series 2003-S14
                       Series      2003-S14

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B-3        16162WEU9     B              BB
           B-4        16162WEV7     CCC            B

          Chase Mortgage Finance Trust, Series 2003-S15
                       Series      2003-S15

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       IIA-1      16162WFF1     AAA            AAA/Watch Neg
       B-4        16162WEY1     CCC            B

                 Citicorp Mortgage Securities Inc.
                        Series      2003-1

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       A-3        172973GJ2     AAA            AAA/Watch Neg

                 Citicorp Mortgage Securities Inc.
                        Series      2003-3

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       A-5        172973LZ0     AAA            AAA/Watch Neg
       A-16       172973ML0     AAA            AAA/Watch Neg
       A-17       172973MM8     AAA            AAA/Watch Neg
       A-18       172973MN6     AAA            AAA/Watch Neg
       A-19       172973MP1     AAA            AAA/Watch Neg
       A-20       172973MQ9     AAA            AAA/Watch Neg

                 Citicorp Mortgage Securities Inc.
                       Series      2003-11

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       IIA-11     172973UT4     AAA            AAA/Watch Neg

                   DLJ Mortgage Acceptance Corp.
                       Series      1993- 4A

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           A          23321PCN6     BB-            AAA

           First Horizon Mtg Pass-Through Trust 2000-H
                       Series      2000-H

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       I-B-1      32051DCJ9     AAA            AAA/Watch Neg
       II-B-1     32051DCN0     AAA            AAA/Watch Neg
       III-B-1    32051DCR1     AAA            AAA/Watch Neg
       IV-B-1     32051DCU4     AAA            AAA/Watch Neg
       V-B-1      32051DCX8     AAA            AAA/Watch Neg
       I-B-2      32051DCK6     AAA            AAA/Watch Neg
       II-B-2     32051DCP5     AAA            AAA/Watch Neg
       III-B-2    32051DCS9     AAA            AAA/Watch Neg
       IV-B-2     32051DCV2     AAA            AAA/Watch Neg
       V-B-2      32051DCY6     AAA            AAA/Watch Neg
       D-B-3      32051DCL4     A              AAA/Watch Neg

                 GSR Mortgage Loan Trust 2004-13F
                      Series      2004-13F

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B-2        36242DMC4     B              BBB
           B-3        36242DMD2     CCC            B
           B-4        36242DME0     CC             CCC

             MASTR Asset Securitization Trust 2003-1
                        Series      2003-1

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       2-A-4      55265KPY9     AAA            AAA/Watch Neg

             MASTR Asset Securitization Trust 2003-8
                        Series      2003-8

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       3-A-5      55265KK73     AAA            AAA/Watch Neg
       B-4        55265KN88     B              BB
       B-5        55265KN96     CCC            B

             MASTR Asset Securitization Trust 2004-9

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           30-B-4     57643MGS7     B              BB
           30-B-5     57643MGT5     CCC            B


                    Prime Mortgage Trust 2003-1
                        Series      2003-1

                                     Rating
                                     ------
       Class      CUSIP         To             From
       -----      -----         --             ----
       A-11       74160MAL6     AAA            AAA/Watch Neg

                   Prime Mortgage Trust 2004-CL1
                       Series      2004-CL1

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B-1        74160MEA6     B              AA
           B-2        74160MEB4     CCC            BBB-
           B-3        74160MEC2     CC             CCC

                 Ryland Mortgage Securities Corp.
                       Series      1991-14

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           14-X       783766FX1     BBB+           AAA
           14B-1      783766GG7     BBB+           AAA

                 Ryland Mortgage Securities Corp.
                       Series      1991-15

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B          783766GV4     BBB+           AAA

                 Ryland Mortgage Securities Corp.
                       Series      1991-16

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B          783766GY8     BBB+           AAA
           I          783766GZ5     BBB+           AAA

                 Ryland Mortgage Securities Corp.
                       Series      1991-17

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B          783766HB7     BBB+           AAA

                 Ryland Mortgage Securities Corp.
                       Series      1991-19

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B          783766HF8     BBB+           AAA

                 Ryland Mortgage Securities Corp.
                       Series      1992- 4

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B          783766JT6     BBB+           AA+

                 Ryland Mortgage Securities Corp.
                      Series      1992-1FBS

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           G          783766KJ6     BBB+           AAA
           R          783766KM9     BBB+           AAA
           RL         783766KN7     BBB+           AAA
           M          783766KL1     BBB+           AAA
           F          783766KK3     BBB+           AAA

                 SLH Mortgage Trust Series 1989-1
                       Series      1989- 1

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           H          863572AS2     BBB+           AAA
           Z          863572AW3     BBB+           AAA

     Structured Mortgage Asset Residential Trust Series 92-6
                       Series      1992- 6

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BM         863573KN0     BBB+           AAA
           BN         863573KP5     BBB+           AAA
           BO         863573KQ3     BBB+           AAA
           R-1        863573KT7     BBB+           AAA
           G          863573KR1     BBB+           AAA

     Structured Mortgage Asset Residential Trust Series 92-9
                       Series      1992-9

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BX         863573NC1     BBB+           AAA
           G          863573NJ6     BBB+           AAA

     Structured Mortgage Asset Residential Trust, Series 91-1
                       Series      1991- 1

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           G          863573AH4     BBB+           AAA
           H          863573AG6     BBB+           AAA
           I          863573AU5     BBB+           AAA
           J          863573AJ0     BBB+           AAA
           K          863573AK7     BBB+           AAA

     Structured Mortgage Asset Residential Trust, Series 91-5
                       Series      1991- 5

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           GA         863573CS8     BBB+           AAA
           I          863573CR0     BBB+           AAA
           R-1        863573CQ2     BBB+           AAA
           G          863573CT6     BBB+           AAA

     Structured Mortgage Asset Residential Trust, Series 91-7
                       Series      1991- 7

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           H          863573DY4     BB             AAA
           I          863573DU2     BB             AAA
           G          863573DZ1     BB             AAA

    Structured Mortgage Asset Residential Trust, Series 91-8
                       Series      1991- 8

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           E          863573EE7     BB             AAA
           F          863573EF4     BB             AAA
           G          863573EJ6     BB             AAA

     Structured Mortgage Asset Residential Trust, Series 92-1
                       Series      1992- 1

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           G          863573FG1     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 92-10
                       Series      1992-10

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BH         863573NZ0     BBB+           AAA
           BX         863573NX5     BBB+           AAA
           BY         863573PA3     BBB+           AAA
           G          863573PB1     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 92-2
                       Series      1992- 2

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           J          863573FL0     BBB+           AAA
           I          863573FT3     BBB+           AAA

     Structured Mortgage Asset Residential Trust, Series 92-3
                       Series      1992- 3

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BI         863573GF2     BBB+           AAA
           R          863573GH8     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 92-4
                       Series      1992- 4

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BK         863573HA2     BBB+           AAA
           BL         863573GY1     BBB+           AAA
           R          863573HB0     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 92-5
                       Series      1992- 5

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BP         863573JH5     BBB+           AAA
           G          863573JL6     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 92-7
                       Series      1992- 7

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BI         863573LC3     BBB+           AAA
           BX         863573LF6     BBB+           AAA

     Structured Mortgage Asset Residential Trust, Series 92-8
                       Series      1992- 8

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BX         863573ML2     BBB+           AAA
           BY         863573MM0     BBB+           AAA
           G          863573MQ1     BBB+           AAA
           BF         863573MK4     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 93-2
                       Series      1993- 2

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BI         863573RX1     BBB+           AAA
           BX         863573RY9     BBB+           AAA
           BY         863573RZ6     BBB+           AAA
           R-1        863573SB8     BBB+           AAA
           G          863573QZ7     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 93-3
                       Series      1993- 3

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           CK         863573SP7     BBB+           AAA
           CL         863573SQ5     BBB+           AAA
           CX         863573SR3     BBB+           AAA
           CY         863573SW2     BBB+           AAA
           G          863573SC6     BBB+           AAA

     Structured Mortgage Asset Residential Trust, Series 93-4
                       Series      1993- 4

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           AF         8635739A1     BBB+           AAA
           AX         863573TC5     BBB+           AAA
           AY         863573TB7     BBB+           AAA
           R-1        863573TE1     BBB+           AAA
           G          863573TG6     BBB+           AAA

     Structured Mortgage Asset Residential Trust, Series 93-5
                       Series      1993- 5

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           CJ         863573TT8     BBB+           AAA
           CX         863573TW1     BBB+           AAA
           G          863573TH4     BBB+           AAA

    Structured Mortgage Asset Residential Trust, Series 93-6
                       Series      1993- 6

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           BI         863573UJ8     BBB+           AAA
           BX         863573UN9     BBB+           AAA
           AA         863573UL3     BBB+           AAA
           G          863573UA7     BBB+           AAA

        Wells Fargo Mortgage Backed Securities 2004-1 Trust
                        Series      2004-1

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B-5        949814BZ9     CCC            B

        Wells Fargo Mortgage Backed Securities 2004-8 Trust
                        Series      2004-8

                                         Rating
                                         ------
           Class      CUSIP         To             From
           -----      -----         --             ----
           B-5        94980LAN0     CCC            B

                        Ratings Affirmed

              Banc of America Funding 2002-1 Trust
                       Series      2002-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        06051GAA7     AAA
                 A-5        06051GAE9     AAA
                 A-WIO      06051GAG4     AAA
                 A-PO       06051GAH2     AAA
                 B-1        06051GAJ8     AAA
                 B-2        06051GAK5     AAA
                 B-3        06051GAL3     AAA

               Banc of America Funding Corporation
                        Series      2000-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2A-2       05946XAV5     AAA
                 2A-WIO     05946XAW3     AAA

                 Charlie Mac Trust 2004-1
                        Series      2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        160762AA8     AAA
                 A-2        160762AB6     AAA
                 A-3        160762AC4     AAA
                 A-4        160762AD2     AAA
                 A-5        160762AE0     AAA
                 A-6        160762AF7     AAA
                 A-7        160762AG5     AAA
                 A-8        160762AH3     AAA
                 A-9        160762AJ9     AAA
                 PO         160762AK6     AAA
                 B-1        160762AP5     AA
                 B-2        160762AQ3     A
                 B-3        160762AR1     BBB
                 B-4        160762AS9     BB
                 B-5        160762AT7     B

                 Charlie Mac Trust 2004-2
                        Series      2004-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        160762AV2     AAA
                 A-2        160762AW0     AAA
                 A-3        160762AX8     AAA
                 A-R        160762BC3     AAA
                 B-1        160762AY6     AA
                 B-2        160762AZ3     A
                 B-3        160762BA7     BBB
                 L          160762BB5     AAA

                 Chase Mortgage Finance Trust Series 2003-S14
                       Series      2003-S14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       16162WDM8     AAA
                 IA-2       16162WDN6     AAA
                 IA-3       16162WDP1     AAA
                 IA-4       16162WDQ9     AAA
                 IA-5       16162WDR7     AAA
                 IIA-1      16162WDS5     AAA
                 IIA-2      16162WDT3     AAA
                 IIA-3      16162WDU0     AAA
                 IIA-4      16162WDV8     AAA
                 IIA-5      16162WDW6     AAA
                 IIA-6      16162WDX4     AAA
                 IIA-7      16162WDY2     AAA
                 IIA-8      16162WDZ9     AAA
                 IIA-9      16162WEA3     AAA
                 IIA-10     16162WEB1     AAA
                 IIIA-1     16162WEC9     AAA
                 IIIA-2     16162WED7     AAA
                 IIIA-3     16162WEE5     AAA
                 IIIA-4     16162WEF2     AAA
                 IIIA-6     16162WEH8     AAA
                 IIIA-7     16162WEJ4     AAA
                 IIIA-8     16162WEK1     AAA
                 IIIA-9     16162WEL9     AAA
                 IIIA-10    16162WEM7     AAA
                 A-P        16162WEN5     AAA
                 A-X        16162WEP0     AAA
                 M          16162WER6     AA
                 B-1        16162WES4     A
                 B-2        16162WET2     BBB

          Chase Mortgage Finance Trust, Series 2003-S15
                       Series      2003-S15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       16162WFA2     AAA
                 IA-2       16162WFB0     AAA
                 IA-3       16162WFC8     AAA
                 IA-4       16162WFD6     AAA
                 IA-X       16162WFE4     AAA
                 IIA-2      16162WFG9     AAA
                 IIA-3      16162WFH7     AAA
                 IIA-4      16162WFJ3     AAA
                 IIA-5      16162WFK0     AAA
                 IIA-6      16162WFL8     AAA
                 IIA-7      16162WFM6     AAA
                 IIA-8      16162WFN4     AAA
                 IIA-9      16162WFP9     AAA
                 IIA-10     16162WFQ7     AAA
                 IIA-11     16162WFR5     AAA
                 IIA-12     16162WFS3     AAA
                 IIA-13     16162WFT1     AAA
                 IIA-14     16162WFU8     AAA
                 IIA-15     16162WFV6     AAA
                 IIA-16     16162WFW4     AAA
                 IIA-17     16162WFX2     AAA
                 IIA-18     16162WFY0     AAA
                 A-P        16162WFZ7     AAA
                 IIA-X      16162WGA1     AAA
                 M          16162WGC7     AA
                 B-1        16162WGD5     A-
                 B-2        16162WGE3     BBB-
                 B-3        16162WEX3     BB

          Chase Mortgage Finance Trust, Series 2003-S2
                       Series      2003-S2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        16162T3Q7     AAA
                 A-2        16162T3R5     AAA
                 A-3        16162T3S3     AAA
                 A-4        16162T3T1     AAA
                 A-X        16162T3U8     AAA
                 A-P        16162T3V6     AAA
                 M          16162T3X2     AA+
                 B-1        16162T3Y0     AA
                 B-2        16162T3Z7     BBB+
                 B-3        16162T4A1     BB+
                 B-4        16162T4B9     B

                 Citicorp Mortgage Securities Inc.
                        Series      2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3A       172973GK9     AAA
                 A-4        172973GL7     AAA
                 A-65       172973JZ3     AAA
                 B-1        172973KB4     AAA
                 B-2        172973KC2     AA+
                 B-3        172973KD0     AA

                 Citicorp Mortgage Securities Inc.
                        Series      2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        172973LV9     AAA
                 A-2        172973LW7     AAA
                 A-6        172973MA4     AAA
                 A-7        172973MB2     AAA
                 A-8        172973MC0     AAA
                 A-23       172973MT3     AAA
                 A-26       172973MW6     AAA
                 A-PO       172973NF2     AAA

                 Citicorp Mortgage Securities Inc.
                       Series      2003-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IA-1       172973TY5     AAA
                 IA-2       172973TZ2     AAA
                 IA-3       172973UA5     AAA
                 IA-4       172973UB3     AAA
                 IA-5       172973UC1     AAA
                 IA-6       172973UD9     AAA
                 IA-7       172973UE7     AAA
                 IA-8       172973UF4     AAA
                 IA-PO      172973UG2     AAA
                 IA-IO           AAA
                 IIA-IO          AAA
                 IIA-1      172973UH0     AAA
                 IIA-2      172973UJ6     AAA
                 IIA-3      172973UK3     AAA
                 IIA-4      172973UL1     AAA
                 IIA-5      172973UM9     AAA
                 IIA-6      172973UN7     AAA
                 IIA-7      172973UP2     AAA
                 IIA-9      172973UR8     AAA
                 IIA-10     172973US6     AAA
                 IIA-8      172973UQ0     AAA
                 IIA-12     172973UU1     AAA
                 IIA-13     172973UV9     AAA
                 IIA-14     172973UW7     AAA

                 GSR Mortgage Loan Trust 2004-13F
                       Series      2004-13F

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1       36242DLQ4     AAA
                 2A-1       36242DLR2     AAA
                 2A-2       36242DLS0     AAA
                 3A-1       36242DLU5     AAA
                 3A-2       36242DLV3     AAA
                 3A-3       36242DLW1     AAA
                 4A-1       36242DLX9     AAA
                 4A-2       36242DLY7     AAA
                 A-X        36242DLZ4     AAA
                 A-P        36242DMA8     AAA
                 B-1        36242DMB6     AA

             Guardian S&L Assn, Huntington Beach, CA
                       Series      1989- 7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          40145CAT2     BBB-

             MASTR Asset Securitization Trust 2003-1
                        Series      2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      55265KPU7     AAA
                 2-A-6      55265KQA0     AAA
                 2-A-8      55265KQC6     AAA
                 2-A-11     55265KQF9     AAA
                 2-A-12     55265KQG7     AAA
                 2-A-13     55265KQH5     AAA
                 2-A-14     55265KQJ1     AAA
                 2-A-15     55265KQK8     AAA
                 2-A-16     55265KQL6     AAA
                 2-A-17     55265KQM4     AAA
                 2-A-18     55265KQN2     AAA
                 2-A-20     55265KQQ5     AAA
                 3-A-1      55265KQT9     AAA
                 3-A-2      55265KQU6     AAA
                 3-A-4      55265KQW2     AAA
                 3-A-5      55265KQX0     AAA
                 3-A-6      55265KQY8     AAA
                 3-A-7      55265KQZ5     AAA
                 PO         55265KRA9     AAA
                 15-A-X     55265KRB7     AAA
                 30-A-X     55265KRC5     AAA
                 15-B-1     55265KRE1     AAA
                 15-B-2     55265KRF8     AA+
                 15-B-3     55265KRG6     A+
                 30-B-1     55265KRH4     AAA
                 30-B-2     55265KRJ0     AA+
                 30-B-3     55265KRK7     AA-
                 15-B-4     55265KPN3     BBB
                 15-B-5     55265KPP8     BB
                 30-B-4     55265KPR4     A-
                 30-B-5     55265KPS2     B+

             MASTR Asset Securitization Trust 2003-8
                       Series      2003-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      55265KJ91     AAA
                 2-A-1      55265KK24     AAA
                 3-A-1      55265KK32     AAA
                 3-A-2      55265KK40     AAA
                 3-A-3      55265KK57     AAA
                 3-A-4      55265KK65     AAA
                 3-A-6      55265KK81     AAA
                 3-A-7      55265KK99     AAA
                 3-A-8      55265KL23     AAA
                 3-A-9      55265KL31     AAA
                 3-A-10     55265KL49     AAA
                 3-A-11     55265KL56     AAA
                 3-A-12     55265KL64     AAA
                 3-A-13     55265KL72     AAA
                 4-A-1      55265KL80     AAA
                 4-A-2      55265KL98     AAA
                 5-A-1      55265KM22     AAA
                 5-A-2      55265KM30     AAA
                 6-A-1      55265KM48     AAA
                 7-A-1      55265KM55     AAA
                 8-A-1      55265KM63     AAA
                 15-PO      55265KM71     AAA
                 30-PO      55265KM89     AAA
                 PP-A-X     55265KM97     AAA
                 15-A-X     55265KN21     AAA
                 30-A-X     55265KN39     AAA
                 B-1        55265KN54     AA
                 B-2        55265KN62     A
                 B-3        55265KN70     BBB

             MASTR Asset Securitization Trust 2004-9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      57643MFC3     AAA
                 2-A-1      57643MFD1     AAA
                 2-A-2      57643MFE9     AAA
                 2-A-3      57643MFF6     AAA
                 2-A-4      57643MFG4     AAA
                 3-A-1      57643MFH2     AAA
                 3-A-2      57643MFJ8     AAA
                 3-A-3      57643MFK5     AAA
                 3-A-4      57643MFL3     AAA
                 3-A-5      57643MFM1     AAA
                 3-A-6      57643MFN9     AAA
                 3-A-7      57643MFP4     AAA
                 4-A-1      57643MFQ2     AAA
                 5-A-1      57643MFR0     AAA
                 6-A-1      57643MFS8     AAA
                 7-A-1      57643MFT6     AAA
                 PO         57643MFU3     AAA
                 15-A-X     57643MFV1     AAA
                 30-A-X     57643MFW9     AAA
                 8-A-2      57643MGG3     AAA
                 15-B-1     57643MFZ2     AA
                 8-B-3      57643MGK4     BBB
                 30-B-3     57643MGE8     BBB-
                 15-B-4     57643MGP3     BB
                 8-B-4      57643MGL2     BB
                 8-B-5      57643MGM0     B
                 8-B-1      57643MGH1     AA
                 15-B-2     57643MGA6     A
                 8-B-2      57643MGJ7     A
                 15-B-3     57643MGB4     BBB
                 15-B-5     57643MGQ1     B


                 Mellon Residential Funding Corp.
                        Series      1998-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-11       585525BM9     AAA
                 A-12       585525BN7     AAA
                 X-1        585525BG2     AAA
                 X-2        585525BH0     AAA

                   Prime Mortgage Trust 2003-1
                        Series      2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        74160MAB8     AAA
                 A-3        74160MAC6     AAA
                 A-4        74160MAD4     AAA
                 A-5        74160MAE2     AAA
                 A-7        74160MAG7     AAA
                 A-8        74160MAH5     AAA
                 A-9        74160MAJ1     AAA
                 A-14       74160MAW2     AAA
                 A-15       74160MAX0     AAA
                 B-1        74160MAT9     AA+
                 B-2        74160MAU6     A+
                 B-3        74160MAV4     BBB
                 B-4        74160MAY8     BB
                 B-5        74160MAZ5     B
                 PO         74160MAP7     AAA
                 X          74160MAQ5     AAA

                  Prime Mortgage Trust 2004-CL1
                       Series      2004-CL1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      74160MDK5     AAA
                 I-A-2      74160MDL3     AAA
                 I-A-3      74160MDM1     AAA
                 I-A-4      74160MDN9     AAA
                 I-X        74160MDP4     AAA
                 I-PO       74160MDQ2     AAA
                 II-A-1     74160MDR0     AAA
                 II-A-2     74160MDS8     AAA
                 II-A-3     74160MDT6     AAA
                 II-X       74160MDU3     AAA
                 II-PO      74160MDV1     AAA
                 III-A-1    74160MDW9     AAA

                 Structured Asset Securities Corp.
                       Series      2002-AL1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1(B)      86358R9T3     AAA
                 A2(1)      86358RXY8     AAA
                 A2(2)      86358R9V9     AAA
                 A3(1)      86358RXZ5     AAA
                 A3(2)      86358R9X5     AAA
                 A3(3)      86358R9Y2     AAA
                 AIO(1)     86358RYA9     AAA
                 AIO(2)     86358ROA3     AAA
                 AIO(3)     86358ROB2     AAA
                 APO(1)     86358RYB7     AAA
                 APO(2)     86358ROD0     AAA
                 APO(3)     86358ROE9     AAA
                 B1         86358RYC5     AA
                 B2         86358RYD3     A
                 B3         86358RYE1     BBB

                 Structured Asset Securities Corp.
                       Series      2002-21A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       86359ABP7     AAA
                 1-A3       86359ABR3     AAA
                 B1-I       86359ACA9     AA+
                 B1-I-X     86359ACB7     AA+
                 B2-I       86359ACG6     AA
                 B2-I-X     86359ACH4     AA
                 2-A1       86359ABS1     AAA
                 2-A2       86359ABT9     AAA
                 4-A1       86359ABW2     AAA
                 4-A2       86359ABX0     AAA
                 B1-II      86359ACC5     AA+
                 B2-II      86359ACD3     AA
                 B3         86359ACE1     A+

    Structured Mortgage Asset Residential Trust, Series 92-1
                       Series      1992- 1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 BH         863573FC0     AAA
                 BI         863573FD8     AAA

    Structured Mortgage Asset Residential Trust, Series 92-5
                       Series      1992- 5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 BN         863573JG7     AAA
                 BO         863573JK8     AAA
                 BQ         863573JJ1     AAA

      Wells Fargo Mortgage Backed Securities 2002-18 Trust
                       Series      2002-18

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      949784AA0     AAA
                 I-A-16     949784AR3     AAA
                 I-A-17     949784AS1     AAA
                 II-A-4     949784AY8     AAA
                 II-A-5     949784AZ5     AAA
                 II-A-18    949784BN1     AAA
                 II-A-WIO   949784BP6     AAA
                 A-PO       949784BQ4     AAA
                 B-1        949784BR2     AAA
                 B-2        949784BS0     AAA
                 B-3        949784BT8     AA+

       Wells Fargo Mortgage Backed Securities 2004-1 Trust
                        Series      2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        949814AA5     AAA
                 A-2        949814AB3     AAA
                 A-3        949814AC1     AAA
                 A-4        949814AD9     AAA
                 A-5        949814AE7     AAA
                 A-6        949814AF4     AAA
                 A-7        949814AG2     AAA
                 A-8        949814AH0     AAA
                 A-9        949814AJ6     AAA
                 A-10       949814AK3     AAA
                 A-11       949814AL1     AAA
                 A-12       949814AM9     AAA
                 A-13       949814AN7     AAA
                 A-14       949814AP2     AAA
                 A-15       949814AQ0     AAA
                 A-16       949814AR8     AAA
                 A-17       949814AS6     AAA
                 A-18       949814AT4     AAA
                 A-20       949814AV9     AAA
                 A-21       949814AW7     AAA
                 A-22       949814AX5     AAA
                 A-23       949814AY3     AAA
                 A-26       949814BB2     AAA
                 A-27       949814BC0     AAA
                 A-28       949814BD8     AAA
                 A-29       949814BE6     AAA
                 A-30       949814BF3     AAA
                 A-31       949814BG1     AAA
                 A-33       949814BJ5     AAA
                 A-34       949814BK2     AAA
                 A-35       949814BL0     AAA
                 A-36       949814BM8     AAA
                 A-37       949814BN6     AAA
                 A-39       949814BQ9     AAA
                 A-PO       949814BS5     AAA
                 A-WIO      949814CB1     AAA
                 B-1        949814BV8     AA
                 B-2        949814BW6     A
                 B-3        949814BX4     BBB
                 B-4        949814BY2     BB

       Wells Fargo Mortgage Backed Securities 2004-8 Trust
                       Series      2004-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        94980LAA8     AAA
                 A-2        94980LAB6     AAA
                 A-3        94980LAC4     AAA
                 A-4        94980LAD2     AAA
                 A-5        94980LAE0     AAA
                 A-6        94980LAF7     AAA
                 A-PO       94980LAG5     AAA
                 B-1        94980LAJ9     AA
                 B-2        94980LAK6     A
                 B-3        94980LAL4     BBB
                 B-4        94980LAM2     BB


* S&P Downgrades Ratings on 244 Classes from 27 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 244
classes from 27 residential mortgage-backed securities
transactions backed by U.S. subprime and Alternative-A mortgage
loan collateral issued in 2005, 2006, and 2007.  S&P removed 180
of the lowered ratings from CreditWatch with negative
implications.  In addition, S&P affirmed 114 ratings from these
transactions as well as one additional deal and removed 74 of them
from CreditWatch negative.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is insufficient
to cover losses at the previous rating levels.  Although
cumulative losses were generally low in comparison to S&P's
projected lifetime losses for the transactions reviewed, S&P is
projecting an increase in losses due to increases in delinquencies
and the current negative condition of the housing market.  Certain
senior classes also benefit from senior support classes that would
provide support, to a certain extent, before any applicable losses
could affect the super-senior certificates.

The loss projections for two transactions that have been revised
based on a forward-looking default curve are:

                                      Original      Loss
Transaction                           bal. (mil. $) projection (%)
-----------                           ------------- --------------
Deutsche Alt-A Securities
Mortgage Loan Trust Series 2007-OA2   447.7          27.30
Accredited Mortgage Loan Trust 2007-1 759.7          21.11

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with these rating levels.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults.  S&P also incorporated cumulative
losses to date in S&P's analysis when assessing rating outcomes.

To maintain a 'AAA' rating, S&P consider whether a bond is able to
withstand approximately 1.5% of S&P's base-case loss assumptions,
subject to individual caps and qualitative factors assumed on
specific transactions.  For a class for which we've affirmed a 'B'
rating, S&P consider whether a bond is able to withstand S&P's
base-case loss assumptions.  Other rating categories are
dispersed, approximately equally, between these two loss
assumptions.  For example, to maintain a 'BB' rating on one class,
S&P may consider whether the class is able to withstand
approximately 1.1% of S&P's base-case loss assumptions, while, in
connection with a different class, S&P may consider whether it is
able to withstand approximately 1.2% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

The subordination from the more-junior classes within each
structure provides credit support for the affected transactions.
The collateral backing these deals originally consisted
predominantly of subprime or Alt-A first-lien, fixed-rate,
adjustable-rate, or negative-amortization residential mortgage
loans secured by one- to four-family properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether S&P believes
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P think
appropriate.

                          Rating Actions

              Accredited Mortgage Loan Trust 2007-1
                        Series     2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         00438QAA2     AAA                  AAA/Watch Neg
    A2         00438QAB0     AAA                  AAA/Watch Neg
    A3         00438QAC8     AAA                  AAA/Watch Neg
    A4         00438QAD6     AAA                  AAA/Watch Neg
    M1         00438QAE4     A                    AA+/Watch Neg
    M2         00438QAF1     BB                   AA+/Watch Neg
    M3         00438QAG9     B+                   AA/Watch Neg
    M4         00438QAH7     B                    B/Watch Neg

                 Alternative Loan Trust 2006-19CB
                      Series     2006-19CB

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        02147QAA0     BB                   AAA/Watch Neg
    A-2        02147QAB8     BB                   AAA/Watch Neg
    A-3        02147QAC6     B                    AAA/Watch Neg
    A-4        02147QAD4     B                    AAA/Watch Neg
    A-5        02147QAE2     BB                   AAA/Watch Neg
    A-6        02147QAF9     B                    AAA/Watch Neg
    A-7        02147QAG7     B                    AAA/Watch Neg
    A-8        02147QAH5     B                    AAA/Watch Neg
    A-9        02147QAJ1     B                    AAA/Watch Neg
    A-10       02147QAK8     B                    AAA/Watch Neg
    A-11       02147QAL6     AAA                  AAA/Watch Neg
    A-12       02147QAM4     B                    AAA/Watch Neg
    A-13       02147QAN2     B                    AAA/Watch Neg
    A-14       02147QAP7     BB                   AAA/Watch Neg
    A-15       02147QAQ5     BB                   AAA/Watch Neg
    A-16       02147QAR3     BB                   AAA/Watch Neg
    A-17       02147QAS1     BB                   AAA/Watch Neg
    A-18       02147QAT9     BB                   AAA/Watch Neg
    A-19       02147QAU6     B                    AAA/Watch Neg
    A-20       02147QAV4     B                    AAA/Watch Neg
    A-21       02147QAW2     BB                   AAA/Watch Neg
    A-22       02147QAX0     BB                   AAA/Watch Neg
    A-23       02147QAY8     B                    AAA/Watch Neg
    A-24       02147QAZ5     B                    AAA/Watch Neg
    A-25       02147QBA9     B                    AAA/Watch Neg
    A-26       02147QBB7     B                    AAA/Watch Neg
    A-27       02147QBC5     B                    AAA/Watch Neg
    A-28       02147QBD3     B                    AAA/Watch Neg
    A-29       02147QBE1     B                    AAA/Watch Neg
    A-30       02147QBF8     B                    AAA/Watch Neg
    A-32       02147QBH4     B                    AAA/Watch Neg
    A-33       02147QBJ0     B                    AAA/Watch Neg
    X          02147QBK7     BB                   AAA
    PO         02147QBL5     B                    AAA/Watch Neg
    A-31       02147QBG6     CCC                  AA/Watch Neg

              CHL Mortgage Pass-Through Trust 2006-3
                        Series     2006-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-2      126694YK8     B                    AAA/Watch Neg
    1-A-3      126694YL6     CCC                  A/Watch Neg
    1-M-1      126694YU6     CC                   B/Watch Neg
    1-M-2      126694YV4     CC                   CCC
    1-M-3      126694YW2     CC                   CCC
    2-A-2      126694YN2     AA-                  AAA/Watch Neg
    2-A-3      126694YP7     B                    AAA/Watch Neg
    2-M-1      126694ZB7     CCC                  BBB/Watch Neg
    3-A-1      126694YQ5     AA                   AAA
    3-A-2      126694YR3     CCC                  AA/Watch Neg
    3-A-3      126694YS1     CCC                  BB/Watch Neg
    3-M-1      126694ZJ0     CC                   CCC
    3-M-2      126694ZK7     CC                   CCC
    3-M-3      126694ZL5     CC                   CCC
    3-M-6      126694ZP6     D                    CC

                  CIT Mortgage Loan Trust 2007-1
                        Series     2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        12559QAA0     AAA                  AAA/Watch Neg
    2-A-1      12559QAB8     AAA                  AAA/Watch Neg
    2-A-2      12559QAC6     AAA                  AAA/Watch Neg
    2-A-3      12559QAD4     AAA                  AAA/Watch Neg
    1-M1       12559QAF9     AA+                  AA+/Watch Neg
    2-M1       12559QAG7     AA+                  AA+/Watch Neg
    1-M2       12559QAH5     AA                   AA/Watch Neg
    2-M2       12559QAJ1     AA                   AA/Watch Neg
    1-M3       12559QAK8     AA-                  AA-/Watch Neg
    2-M3       12559QAL6     AA-                  AA-/Watch Neg
    1-M4       12559QAM4     A+                   A+/Watch Neg
    2-M4       12559QAN2     A+                   A+/Watch Neg
    1-M5       12559QAP7     A                    A/Watch Neg
    2-M5       12559QAQ5     A                    A/Watch Neg
    1-M6       12559QAR3     BBB                  A-/Watch Neg
    2-M6       12559QAS1     BBB                  A-/Watch Neg
    B-1        12559QAT9     B                    BBB+/Watch Neg
    B-2        12559QAU6     CCC                  BBB/Watch Neg
    B-3        12559QAV4     CCC                  BBB-/Watch Neg

        Citicorp Residential Mortgage Trust Series 2007-2
                        Series     2007-2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1a       17312HAA7     AAA                  AAA/Watch Neg
   A-1b       17312HAT6     AAA                  AAA/Watch Neg
   A-2        17312HAB5     AAA                  AAA/Watch Neg
   A-3        17312HAC3     AAA                  AAA/Watch Neg
   A-4        17312HAD1     AAA                  AAA/Watch Neg
   A-5        17312HAE9     AAA                  AAA/Watch Neg
   A-6        17312HAF6     AAA                  AAA/Watch Neg
   M-1        17312HAG4     AA+                  AA+/Watch Neg
   M-2        17312HAH2     AA                   AA/Watch Neg
   M-3        17312HAJ8     AA-                  AA-/Watch Neg
   M-4        17312HAK5     A+                   A+/Watch Neg
   M-5        17312HAL3     A                    A/Watch Neg
   M-6        17312HAM1     A-                   A-/Watch Neg
   M-7        17312HAN9     BBB                  BBB/Watch Neg
   M-8        17312HAP4     BBB-                 BBB-/Watch Neg
   M-9        17312HAQ2     BB+                  BB+/Watch Neg

              Citigroup Mortgage Loan Trust 2006-HE2
                       Series     2006-HE2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        17309LAA3     AAA                  AAA/Watch Neg
    A2-A       17309LAB1     AAA                  AAA/Watch Neg
    2A-B       17309LAC9     AAA                  AAA/Watch Neg
    A2-C       17309LAD7     AAA                  AAA/Watch Neg
    A2-D       17309LAE5     AAA                  AAA/Watch Neg
    M-1        17309LAF2     AA+                  AA+/Watch Neg
    M-2        17309LAG0     BBB                  A/Watch Neg
    M-3        17309LAH8     BB                   BBB/Watch Neg
    M-4        17309LAJ4     CCC                  BB/Watch Neg
    M-5        17309LAK1     CCC                  B/Watch Neg
    M-7        17309LAM7     CC                   CCC
    M-8        17309LAN5     CC                   CCC
    M-9        17309LAP0     CC                   CCC
    M-10       17309LAQ8     CC                   CCC

  Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-OA1
                       Series     2006-OA1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        25150QAB3     BB                   AAA/Watch Neg
    A-3        25150QAC1     CCC                  BBB/Watch Neg
    M-1        25150QAD9     CC                   B/Watch Neg
    M-2        25150QAE7     CC                   B-/Watch Neg
    M-3        25150QAF4     CC                   CCC
    M-4        25150QAG2     CC                   CCC

  Deutsche Alt-A Securities Mortgage Loan Trust, Series 2007-OA2
                       Series     2007-OA2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        25150UAA6     AAA                  AAA/Watch Neg
    A-2        25150UAB4     B                    AAA/Watch Neg
    A-3        25150UAC2     B-                   AAA/Watch Neg
    M-1        25150UAD0     CCC                  AA+/Watch Neg
    M-2        25150UAE8     CCC                  AA/Watch Neg
    M-3        25150UAF5     CC                   AA-/Watch Neg
    M-4        25150UAG3     CC                   A+/Watch Neg
    M-5        25150UAH1     CC                   A+/Watch Neg
    M-6        25150UAJ7     CC                   A-/Watch Neg
    M-7        25150UAK4     CC                   BBB+/Watch Neg
    M-8        25150UAL2     CC                   BBB/Watch Neg
    M-9        25150UAM0     CC                   BB+/Watch Neg

            Greenpoint Mortgage Funding Trust 2006-AR2
                       Series     2006-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-2      39538WGB8     A                    AA/Watch Neg
    II-A-2     39538WGD4     A                    AA/Watch Neg
    III-A-2    39538WGG7     CCC                  AAA/Watch Neg
    III-A-3    39538WGH5     CCC                  BB/Watch Neg
    IV-A-2     39538WGK8     CCC                  AAA/Watch Neg
    IV-A-3     39538WGL6     CCC                  BB/Watch Neg
    M-1        39538WGN2     CC                   CCC
    M-2        39538WGP7     CC                   CCC

        GreenPoint Mortgage Funding Trust Series 2007-AR2
                       Series     2007-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       39539LAA9     B                    AAA/Watch Neg
    1-A2A      39539LAB7     BBB-                 AAA/Watch Neg
    1-A2B      39539LAC5     B                    AAA/Watch Neg
    1-A3       39539LAD3     B                    AAA/Watch Neg
    1-A4A      39539LAE1     BB+                  AAA
    1-A4B      39539LAF8     BB                   AAA/Watch Neg
    1-A4C      39539LAG6     B                    AAA/Watch Neg
    1-M1       39539LAL5     CCC                  AA+/Watch Neg
    1-M2       39539LAM3     CC                   AA/Watch Neg
    2-A2       39539LAJ0     BBB                  AAA/Watch Neg
    2-A3       39539LAK7     B                    AAA/Watch Neg
    2-M1       39539LAV3     CCC                  AA+/Watch Neg
    2-M2       39539LAW1     CCC                  AA/Watch Neg
    2-M3       39539LAX9     CCC                  AA-/Watch Neg
    2-M4       39539LAY7     CCC                  A+/Watch Neg
    2-M5       39539LAZ4     CCC                  A/Watch Neg
    2-M6       39539LBA8     CCC                  A-/Watch Neg
    2-M7       39539LBB6     CC                   BBB/Watch Neg

              HarborView Mortgage Loan Trust 2006-14
                        Series     2006-14

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-1A      41162NAA5     CCC                  BB/Watch Neg
    2A-1B      41162NAD9     BB                   AAA/Watch Neg
    2A-1C      41162NAE7     A                    AAA/Watch Neg
    2A-2C      41162NAH0     CCC                  BB/Watch Neg
    B-1        41162NAJ6     CC                   B/Watch Neg
    B-3        41162NAL1     CC                   CCC
    B-4        41162NAM9     CC                   CCC

           MASTR Asset Backed Securities Trust 2006-NC3
                       Series     2006-NC3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        55275RAA0     BB                   BBB/Watch Neg
    A-2        55275RAB8     AAA                  AAA/Watch Neg
    A-3        55275RAC6     AAA                  AAA/Watch Neg
    A-4        55275RAD4     BB                   AA/Watch Neg
    A-5        55275RAE2     BB                   BBB/Watch Neg
    M-1        55275RAF9     CCC                  B/Watch Neg
    M-3        55275RAH5     CC                   CCC
    M-4        55275RAJ1     CC                   CCC
    M-5        55275RAK8     CC                   CCC

Merrill Lynch First Franklin Mortgage Loan Trust, Series 2007-4
                        Series     2007-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        59025CAA8     CCC                  B/Watch Neg
    2-A1       59025CAB6     AAA                  AAA/Watch Neg
    2-A2       59025CAC4     B                    AA/Watch Neg
    2-A3       59025CAD2     CCC                  B/Watch Neg
    2-A4       59025CAE0     CCC                  B/Watch Neg
    1-M2       59025CAH3     CC                   CCC
    2-M2       59025CAJ9     CC                   CCC
    1-M3       59025CAK6     CC                   CCC
    2-M3       59025CAL4     CC                   CCC
    M4         59025CAM2     CC                   CCC
    M5         59025CAN0     CC                   CCC
    M6         59025CAP5     CC                   CCC
    B1         59025CAQ3     CC                   CCC

         Morgan Stanley ABS Capital I Inc. Trust 2007-HE7
                       Series     2007-HE7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        61756YAA1     BB                   AAA/Watch Neg
    A-2a       61756YAB9     AAA                  AAA/Watch Neg
    A-2b       61756YAC7     A                    AAA/Watch Neg
    A-2c       61756YAD5     BB                   AAA/Watch Neg
    M-1        61756YAE3     B+                   AA+/Watch Neg
    M-2        61756YAF0     CCC                  AA/Watch Neg
    M-3        61756YAG8     CCC                  A+/Watch Neg
    M-4        61756YAH6     CCC                  A/Watch Neg
    M-5        61756YAJ2     CCC                  A-/Watch Neg
    B-1        61756YAK9     CC                   BBB+/Watch Neg
    B-2        61756YAL7     CC                   BBB/Watch Neg
    B-3        61756YAM5     CC                   BBB-/Watch Neg

       Morgan Stanley IXIS Real Estate Capital Trust 2006-1
                        Series     2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-fpt      61749QAA8     AAA                  AAA/Watch Neg
    A-2        61749QAC4     AAA                  AAA/Watch Neg
    A-3        61749QAD2     A                    AAA/Watch Neg
    A-4        61749QAE0     BB                   AA/Watch Neg
    M-1        61749QAF7     CCC                  B/Watch Neg
    M-2        61749QAG5     CCC                  B-/Watch Neg
    M-3        61749QAH3     CC                   CCC
    M-4        61749QAJ9     CC                   CCC
    M-5        61749QAK6     D                    CC

            New Century Home Equity Loan Trust 2006-1
                        Series     2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        64352VQP9     AAA                  AAA/Watch Neg
    A-2b       64352VQR5     AAA                  AAA/Watch Neg
    A-2c       64352VQS3     AAA                  AAA/Watch Neg
    M-1        64352VQT1     AA+                  AA+/Watch Neg
    M-2        64352VQU8     BBB                  BBB/Watch Neg
    M-3        64352VQV6     BB                   BB/Watch Neg
    M-6        64352VQY0     CC                   CCC
    M-7        64352VQZ7     CC                   CCC
    M-8        64352VRA1     D                    CCC

              Option One Mortgage Loan Trust 2006-3
                        Series     2006-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      68389BAN3     CCC                  B/Watch Neg
    II-A-1     68389BAA1     AAA                  AAA/Watch Neg
    II-A-2     68389BAB9     BBB-                 AAA/Watch Neg
    II-A-3     68389BAC7     CCC                  BB/Watch Neg
    II-A-4     68389BAP8     CCC                  B/Watch Neg
    M-1        68389BAD5     CC                   CCC
    M-2        68389BAE3     CC                   CCC
    M-3        68389BAF0     CC                   CCC
    M-4        68389BAG8     CC                   CCC

                    RAMP Series 2006-NC3 Trust
                       Series     2006-NC3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        76112B4M9     BBB                  AAA/Watch Neg
    A-3        76112B4N7     B                    AA/Watch Neg
    M-1        76112B4P2     CCC                  BBB/Watch Neg
    M-2        76112B4Q0     CCC                  B-/Watch Neg

                    RASC Series 2006-KS4 Trust
                       Series     2006-KS4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        75406EAB7     AAA                  AAA/Watch Neg
    A-3        75406EAC5     AAA                  AAA/Watch Neg
    A-4        75406EAD3     AAA                  AAA/Watch Neg
    M-1        75406EAE1     AA+                  AA+/Watch Neg
    M-2        75406EAF8     A                    AA+/Watch Neg
    M-3        75406EAG6     BB                   A/Watch Neg
    M-4        75406EAH4     B                    BB/Watch Neg
    M-5        75406EAJ0     CCC                  B/Watch Neg
    M-6        75406EAK7     CC                   CCC
    M-7        75406EAL5     CC                   CCC

                    RASC Series 2007-KS1 Trust
                       Series     2007-KS1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        74924SAA4     AAA                  AAA/Watch Neg
    A-2        74924SAB2     AAA                  AAA/Watch Neg
    A-3        74924SAC0     AAA                  AAA/Watch Neg
    A-4        74924SAD8     AAA                  AAA/Watch Neg
    M-1S       74924SAE6     A                    A+/Watch Neg
    M-2S       74924SAF3     B                    BB/Watch Neg
    M-3S       74924SAG1     CCC                  B+/Watch Neg
    M-4        74924SAH9     CCC                  B/Watch Neg
    M-6        74924SAK2     CC                   CCC
    M-7        74924SAL0     CC                   CCC

                    RASC Series 2007-KS4 Trust
                       Series     2007-KS4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        74924NAA5     AAA                  AAA/Watch Neg
    A-2        74924NAB3     AA                   AAA/Watch Neg
    A-3        74924NAC1     BBB+                 AA/Watch Neg
    A-4        74924NAD9     BBB                  A/Watch Neg
    M-1S       74924NAE7     B                    BB/Watch Neg
    M-2S       74924NAF4     CCC                  B/Watch Neg
    M-5        74924NAJ6     CC                   CCC
    M-6        74924NAK3     CC                   CCC
    M-7        74924NAL1     CC                   CCC
    M-8        74924NAM9     CC                   CCC
    M-9        74924NAN7     D                    CCC

               Saxon Asset Securities Trust 2007-2
                        Series     2007-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        80556YAA3     B                    BB/Watch Neg
    A-2a       80556YAB1     AAA                  AAA/Watch Neg
    A-2b       80556YAC9     A                    AAA/Watch Neg
    A-2c       80556YAD7     BB-                  BBB/Watch Neg
    A-2d       80556YAE5     B                    BB/Watch Neg
    M-1        80556YAF2     CCC                  B/Watch Neg
    M-2        80556YAG0     CCC                  B-/Watch Neg
    M-5        80556YAK1     CC                   CCC
    M-6        80556YAL9     CC                   CCC
    B-1        80556YAM7     CC                   CCC

                Soundview Home Loan Trust 2006-EQ1
                       Series     2006-EQ1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        83612JAB0     AAA                  AAA/Watch Neg
    A-3        83612JAC8     BBB+                 AAA/Watch Neg
    A-4        83612JAD6     BBB-                 AAA/Watch Neg
    M-1        83612JAE4     B                    AA+/Watch Neg
    M-2        83612JAF1     CCC                  AA/Watch Neg
    M-3        83612JAG9     CCC                  A/Watch Neg
    M-4        83612JAH7     CCC                  BBB/Watch Neg
    M-5        83612JAJ3     CCC                  BB/Watch Neg
    M-6        83612JAK0     CCC                  B/Watch Neg
    M-7        83612JAL8     CC                   CCC
    M-8        83612JAM6     CC                   CCC
    M-9        83612JAN4     CC                   CCC

                Soundview Home Loan Trust 2006-OPT4
                      Series     2006-OPT4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      83611YAA0     A                    AAA/Watch Neg
    II-A-2     83611YAC6     AAA                  AAA/Watch Neg
    II-A-3     83611YAD4     AA                   AAA/Watch Neg
    II-A-4     83611YAE2     A                    AAA/Watch Neg
    M-1        83611YAF9     B                    BBB/Watch Neg
    M-2        83611YAG7     CCC                  B/Watch Neg
    M-4        83611YAJ1     CC                   CCC

Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
                      Series     2005 19XS

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-AA       863579YS1     AAA                  AAA/Watch Neg
    1-AB       863579ZD3     AAA                  AAA/Watch Neg
    1-A-3      863579YT9     A                    AAA/Watch Neg
    M1-I       863579YX0     CCC                  AA/Watch Neg
    M2-I       863579YY8     CC                   A/Watch Neg
    M3-I       863579YZ5     CC                   BBB/Watch Neg
    2-A3       863579YW2     AAA                  AAA/Watch Neg

     Structured Asset Mortgage Investments II Trust 2006-AR6
                       Series     2006-AR6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-2      86360UAB2     B                    AAA/Watch Neg
    1-A-3      86360UAC0     B+                   AAA/Watch Neg
    I-A-4      86360UAD8     B                    AAA/Watch Neg
    1-A-5      86360UAE6     CCC                  AA/Watch Neg
    II-A-2     86360UAG1     B                    AAA/Watch Neg
    II-A-3     86360UAH9     CCC                  AA/Watch Neg
    B-1        86360UAK2     CC                   BBB/Watch Neg
    B-2        86360UAL0     CC                   B+/Watch Neg
    B-3        86360UAM8     CC                   B/Watch Neg
    B-4        86360UAN6     CC                   CCC
    B-5        86360UAP1     CC                   CCC
    B-6        86360UAQ9     CC                   CCC

      Structured Asset Securities Corporation Mortgage Loan
                          Trust 2006-BC2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         86361GAA4     CCC                  BBB/Watch Neg
    A2         86361GAB2     AAA                  AAA/Watch Neg
    A3         86361GAC0     BBB+                 AA/Watch Neg
    A4         86361GAD8     CCC                  BBB/Watch Neg
    M1         86361GAE6     CCC                  B-/Watch Neg
    M2         86361GAF3     CC                   CCC
    M3         86361GAG1     CC                   CCC

      Structured Asset Securities Corporation Mortgage Loan
                          Trust 2006-BC3


                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         86359PAA8     B                    BBB/Watch Neg
    A2         86359PAB6     AAA                  AAA/Watch Neg
    A3         86359PAC4     A                    A/Watch Neg
    A4         86359PAD2     B                    BBB/Watch Neg
    M1         86359PAE0     CCC                  B/Watch Neg
    M2         86359PAF7     CC                   B-/Watch Neg
    M3         86359PAG5     CC                   CCC
    M4         86359PAH3     CC                   CCC
    M6         86359PAK6     D                    CC

                         Ratings Affirmed

              Accredited Mortgage Loan Trust 2007-1
                        Series     2007-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M5         00438QAJ3     CCC
                 M6         00438QAK0     CCC
                 M7         00438QAL8     CCC
                 M8         00438QAM6     CCC
                 M9         00438QAN4     CCC

             CHL Mortgage Pass-Through Trust 2006-3
                        Series     2006-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      126694YJ1     AAA
                 2-A-1      126694YM4     AAA

              Citigroup Mortgage Loan Trust 2006-HE2
                       Series     2006-HE2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-6        17309LAL9     CCC

  Deutsche Alt-A Securities Mortgage Loan Trust, Series 2006-OA1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        25150QAA5     AAA

            Greenpoint Mortgage Funding Trust 2006-AR2
                       Series     2006-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      39538WGA0     AAA
                 II-A-1     39538WGC6     AAA
                 II-X       39538WGE2     AAA
                 III-A-1    39538WGF9     AAA
                 IV-A-1     39538WGJ1     AAA
                 IV-X       39538WGM4     AAA

        GreenPoint Mortgage Funding Trust Series 2007-AR2
                       Series     2007-AR2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-AP       39539LBD2     AAA
                 2-A1       39539LAH4     AAA
                 2-AP       39539LBE0     AAA

              HarborView Mortgage Loan Trust 2006-14
                        Series     2006-14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2A-1A      41162NAC1     AAA

                 MASTR Asset Backed Securities Trust 2006-NC3
                 Series     2006-NC3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-2        55275RAG7     CCC

         Merrill Lynch First Franklin Mortgage Loan Trust
                           Series 2007-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-M1       59025CAF7     CCC
                 2-M1       59025CAG5     CCC

            New Century Home Equity Loan Trust 2006-1
                        Series     2006-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-4        64352VQW4     CCC
                 M-5        64352VQX2     CCC

                    RAMP Series 2006-NC3 Trust
                       Series     2006-NC3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-3        76112B4R8     CCC
                 M-4        76112B4S6     CCC
                 M-5        76112B4T4     CCC
                 M-6        76112B4U1     CCC

                   RASC Series 2007-KS1 Trust
                       Series     2007-KS1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-5        74924SAJ5     CCC

                   RASC Series 2007-KS4 Trust
                       Series     2007-KS4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-3S       74924NAG2     CCC
                 M-4        74924NAH0     CCC

               Saxon Asset Securities Trust 2007-2
                        Series     2007-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-3        80556YAH8     CCC
                 M-4        80556YAJ4     CCC

               Soundview Home Loan Trust 2006-OPT4
                      Series     2006-OPT4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-3        83611YAH5     CCC

Structured Adjustable Rate Mortgage Loan Trust Series 2005-19XS
                      Series     2005 19XS

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       863579YR3     AAA
                 2-A-1      863579YU6     AAA
                 2-A2       863579YV4     AAA

     Structured Asset Mortgage Investments II Trust 2006-AR6
                      Series     2006-AR6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      86360UAA4     AAA
                 II-A-1     86360UAF3     AAA
                 II-X       86360UAJ5     AAA


* S&P Downgrades Ratings on 272 Classes of Certificates to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
272 classes of mortgage pass-through certificates from 266 U.S.
subprime residential mortgage-backed securities transactions from
various issuers.  S&P removed four of the lowered ratings from
CreditWatch with negative implications.  In addition, 50 other
ratings remain on CreditWatch with negative implications and S&P
placed two additional ratings on CreditWatch negative (see list).

The downgrades reflect S&P's assessment of principal write-downs
on the affected classes during recent remittance periods.  S&P
lowered approximately 97.80% of the ratings on the 272 defaulted
classes from the 'CCC' or 'CC' rating categories, and S&P lowered
99.63% of the ratings from other speculative-grade categories.

S&P expects to resolve the CreditWatch placements affecting these
transactions after S&P completes its reviews of the underlying
credit enhancement.  Standard & Poor's will continue to monitor
its ratings on securities that experience principal write-downs
and adjust the ratings as S&P deem appropriate.


* S&P Downgrades Ratings on Classes of Notes by Various Issuers
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
classes from Merrill Lynch Mortgage Investors Trust Series MLCC
2006-1, 10 classes from Sequoia Mortgage Trust 2007-2, and six
classes from Structured Asset Securities Corp. Trust 2005-6.
S&P removed 16 of the lowered ratings from CreditWatch with
negative implications. In addition, S&P affirmed the ratings on 47
classes from the same transactions and removed 46 of the affirmed
ratings from CreditWatch with negative implications.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses.

S&P's default curve for U.S. prime jumbo RMBS is a key component
of S&P's loss projection analysis of U.S. RMBS transactions.
These articles describe how S&P uses its loss curve forecasting
methodology and how S&P incorporate each transaction's current
delinquency (including 60- and 90-day delinquencies), default, and
loss trends.  S&P is currently assuming a 35% loss severity on
prime jumbo collateral originated in 2005 and a 40% loss severity
on prime jumbo collateral originated in 2006 and 2007.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  For
mortgage pools that are continuing to experience increasing
delinquencies, S&P increased its stresses to account for potential
increases in monthly losses.  In order to maintain a rating higher
than 'B', S&P assessed whether, in S&P's view, a class could
absorb losses in excess of the base-case loss assumptions S&P
assumed in S&P's analysis.  For example, generally, S&P assessed
whether one class could, in S&P's view, withstand approximately
130% of S&P's base-case loss assumptions in order to maintain a
'BB' rating, while S&P assessed whether a different class could
withstand 155% of S&P's base-case loss assumptions to maintain a
'BBB' rating.  Each class that has an affirmed 'AAA' rating can,
in S&P's view, withstand approximately 235% of S&P's base-case
loss assumptions under S&P's analysis.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses at these rating levels.

Subordination provides credit support for the affected
transactions.  The collateral backing these transactions consists
of fixed- and adjustable-rate, first-lien, prime jumbo mortgage
loans.

Standard & Poor's will continue to closely monitor the performance
of these transactions and take further ratings actions as S&P
consider appropriate.

                          Rating Actions

    Merrill Lynch Mortgage Investors Trust Series MLCC 2006-1
                        Series      2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A        59020U4R3     AAA                  AAA/Watch Neg
    II-A-1     59020U4S1     AAA                  AAA/Watch Neg
    II-A-2     59020U4T9     AAA                  AAA/Watch Neg
    M-1        59020U4U6     BB                   AA/Watch Neg
    M-2        59020U4V4     CCC                  BBB/Watch Neg
    M-3        59020U5A9     CCC                  B/Watch Neg
    B-2        59020U4X0     CC                   CCC

                   Sequoia Mortgage Trust 2007-2
                        Series      2007-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       81744LAA2     BB                   A/Watch Neg
    1-A2       81744LAZ7     AAA                  AAA/Watch Neg
    1-A3       81744LBA1     BB                   A/Watch Neg
    1-XA       81744LAC8     AAA                  AAA/Watch Neg
    1-XB       81744LAD6     B                    BBB/Watch Neg
    1-B1       81744LAE4     B                    BBB/Watch Neg
    1-B2       81744LAF1     CCC                  BB/Watch Neg
    1-B3       81744LAG9     CC                   CCC
    2A-A1      81744LAL8     CCC                  BB/Watch Neg
    2B-A1      81744LAN4     CCC                  BB/Watch Neg
    2-B1       81744LAR5     CC                   CCC
    2-B2       81744LAS3     CC                   CCC

       Structured Asset Securities Corporation Trust 2005-6
                        Series      2005-6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       863576BB9     AAA                  AAA/Watch Neg
    1-A2       863576BC7     AAA                  AAA/Watch Neg
    1-A3       863576BD5     AAA                  AAA/Watch Neg
    1-A4       863576BE3     AAA                  AAA/Watch Neg
    2-A1       863576BF0     AAA                  AAA/Watch Neg
    2-A2       863576BG8     AAA        &