TCR_Public/090531.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, May 31, 2009, Vol. 13, No. 149

                            Headlines



ACAPULCO FUNDING: Moody's Cuts Ratings on 2005-1 Class A Notes
ACCREDITED MORTGAGE: Moody's Downgrades Ratings on Five Securities
AMBAC: Moody's Corrects Ratings on Town of Babylon Bonds
AMERICAN HOME: Moody's Reviews Ratings on 19 Tranches
ANSONIA CDO: S&P Cuts Rating on Class G of 2006-1 Certs. to CCC-

BAC AAH: Moody's Downgrades Rating on Custodial Receipts to 'B3'
BAC AAH: Moody's Downgrades Rating on $45 Mil. Receipts to 'B3'
BAC AAH: Moody's Downgrades Rating on $70 Mil. Receipts to 'B3'
BAC AAH: Moody's Downgrades Ratings on Series XI Receipts to 'B3'
BAC AAH: Moody's Downgrades Ratings on Series X Receipts to 'B3'

BAC AAH: Moody's Downgrades Ratings on $110 Mil. Receipts to 'B3'
BAC AAH: Moody's Downgrades Ratings on $50 Mil. Receipts to 'B3'
BAC AAH: Moody's Downgrades Rating on Series XVI Receipts to 'B3'
BANC OF AMERICA: S&P Junks Ratings on Class L of 2007-BMB1 Certs.
BANK OF AMERICA: Fitch Downgrades Preferred Stock Rating to 'B'

BANC OF AMERICA: Moody's Downgrades Ratings on 22 Tranches
BAYVIEW FINANCIAL: Moody's Reviews Ratings on 70 Tranches
BEAR STEARNS: Fitch Junks Ratings on 3 Classes of 2005-PWR7 Certs.
BEAR STEARNS: Moody's Downgrades Ratings on 17 Tranches
BEAR STEARNS: Moody's Downgrades Ratings on 49 Tranches

BEAR STEARNS: Moody's Reviews Ratings on 15 2005-PWR9 Certificates
BEAR STEARNS: Moody's Junks Ratings on Four 2005-PWR7 Certificates
BEAR STEARNS: S&P Puts Ratings on 12 Classes on Negative Watch
BSSP NIM: Moody's Confirms Ratings on 2004-QA1 NIM Securities
BUCHANAN SPC: S&P Downgrades Ratings on Class A1J Notes to 'D'

CALLIDUS DEBT: Moody's Downgrades Ratings on Various Classes
CARRINGTON MORTGAGE: Moody's Cuts Rating on 2004-NC2 Securities
CBA COMMERCIAL: Fitch Downgrades Ratings on Class M-3 to 'BB'
C-BASS CBO: Fitch Downgrades Ratings on Class E Notes to 'BB'
CENTURION CDO: Moody's Junks Ratings on Two Classes from 'B1'

CHASE FUNDING: Moody's Downgrades Rating on 64 Securities
CHASE MORTGAGE: Moody's Downgrades Ratings on 159 Tranches
CHL MORTGAGE: Moody's Downgrades Ratings on 37 Tranches
CITIFINANCIAL MORTGAGE: Moody's Cuts Rating on Class MV-3 to Ba1
CITIGROUP COMMERCIAL: S&P Junks Ratings on 8 Classes of Certs.

COLISEUM SPC: S&P Cuts Ratings on Seven Tranches From 4 CDOs to D
COUNTRYWIDE ALT-A: Moody's Downgrades Ratings on 37 Tranches
COUNTRYWIDE ALTERNATIVE: Moody's Adjusts Rating on 2007-OA10 Loan
CREDIT SUISSE: Moody's Affirms Ratings on Six 1998-C2 Certs.
CREDIT SUISSE: Moody's Affirms Ratings on 1997-C2 Certificates

CREDIT SUISSE: S&P Cuts Ratings on 3 Classes of Certs. to Low-B
CREDIT SUISSE: Moody's Downgrades Ratings on Five 2006-TFL2 Notes
CREDIT SUISSE: Moody's Downgrades Ratings on 123 Securities
CREST G-STAR: S&P Downgrades Ratings on Various 2001-2 Notes
CSFB MORTGAGE: Moody's Cuts Ratings on 2 Classes of Tranches to B1

CSFB HOME: Moody's Junks Ratings on Six 2006-1 Trusts
DEL MAR: Moody's Junks Rating on Class D Notes
DEUTSCHE ALT-A: Moody's Downgrades Ratings on 54 Tranches
DIVERSIFIED ASSET: Fitch Affirms 'B' Rating on Two Classes
DIVERSIFIED REIT: Fitch Downgrades Ratings on Five 2000-1 Notes

FEP RECEIVABLES: Fitch Cuts Ratings on Two Notes to 'C/RR6'
FIRST NATIONAL: Fitch Puts 'BB+' Ratings on Notes on Watch
FREMONT HOME: Moody's Downgrades Rating on 59 Securities
GALAXY III: Moody's Junks Ratings on Four Notes
GENERAL MOTORS: S&P Puts 14 Classes' Ratings on Negative Watch

GFCM LLC: Moody's Junks Ratings on Three Classes of 2003-1 Notes
GMAC COMMERCIAL: Interest Shortfalls Cue S&P's Rating Cut to 'D'
GMAC COMMERCIAL: S&P Downgrades Ratings on 2000-C2 Cert. to 'D'
GMAC LLC: Moody's Downgrades Ratings on 18 Subordinate Tranches
GMACM MORTGAGE: Moody's Downgrades Ratings on 54 Tranches

GOLDMAN SACHS: Moody's Cuts Rating on Class E Notes to Ca
GREENWICH CAPITAL: S&P Junks Ratings on 5 2006-FL4 Certificates
HARBORVIEW MORTGAGE: Moody's Downgrades Ratings on 40 Tranches
HARTFORD FINANCIAL: Moody's Affirms Preferred Ratings at 'Ba1'
HEARTLAND FUNDING: S&P Withdraws 'CCC-' Rating on 2007-3 Notes

HOMEBANC MORTGAGE: Moody's Downgrades Ratings on Five Tranches
INDYMAC INDB: Moody's Junks Ratings on Twelve 2006-1 Trusts
ISLES CBO: Moody's Downgrades Ratings on Three Classes of Notes
JP MORGAN: Moody's Downgrades Ratings on 67 Tranches
JWS CBO: Moody's Downgrades Ratings on Two Classes of Notes

KATONAH IV: Moody's Junks Rating on Class C Notes
KATONAH VIII: Moody's Cuts Rating on Class D Notes to Ca
LB COMMERCIAL: Moody's Cuts Rating on Class J of Certs. to Ca
LB-UBS COMMERCIAL: Fitch Cuts Rating on Class K of Certs. to BB+
LB-UBS COMMERCIAL: Fitch Downgrades Ratings on 2001-C2 Certs.

LEHMAN BROS: S&P Cuts Ratings on Four 2006-LLF C5 Certificates
LIBERTY SQUARE: Moody's Downgrades Ratings on Various Classes
LIGHTPOINT CLO: S&P Junks Ratings on Class D & E of Notes
MADISON AVENUE: S&P Junks Ratings on Three Classes of Notes
MASTR CI-CW1: Moody's Downgrades Ratings on Two NIM Securities

MERRILL LYNCH: Moody's Affirms Ratings on 12 2002-MW1 Certs.
MID OCEAN: Fitch Junks Ratings on Class A-1L 2000-1 Notes
MKP CBO: Fitch Affirms 'C' Rating on Two Classes of Notes
MORGAN STANLEY: S&P Junks Ratings on Three 2007-XLF9 Certificates
MRU STUDENT: Moody's Downgrades Ratings on Four 2007-A Notes

NEW CENTURY: Moody's Downgrades Ratings on 27 Securities
NEWCASTLE MORTGAGE: S&P Junks Ratings on Seven Classes of Certs.
NEWTON CDO: S&P Cuts Ratings on Class A-1 & A-2 Notes to 'BB-'
NYLIM STRATFORD: Fitch Keeps C Rtng. on Class C, Preference Shares
OCEANVIEW CBO: Fitch Junks Ratings on Three Classes of Notes

ORIENT POINT: Fitch Downgrades Ratings on Four Classes of Notes
PLAQUEMINES PARISH: S&P Corrects Ratings on 2006 Certs. to 'BB'
PPLUS TRUST: Moody's Downgrades Ratings on Two Certs. to 'Ba3'
PREFERREDPLUS TRUST: Moody's Reviews 'Ba2' Rating on Certificates
PRUDENTIAL SECURITIES: Moody's Keeps Ratings on Nine 2000-C1 Notes

REGIONS FINANCIAL: Moody's Downgrades Bank Strength Rating to 'D+'
RFC CDO: Fitch Downgrades Ratings on Five Classes of Notes
SASCO NET: Moody's Downgrades Ratings on 2003-3XS NIM Securities
SHINNECOCK CLO: Moody's Cuts Rating on 2006-1 Notes to Ca
SOUTH COAST: Fitch Downgrades Ratings on Two Classes of Notes

STRUCTURED ASSET: Moody's Downgrades Ratings on 35 Classes
STRUCTURED ASSET: Moody's Downgrades Ratings on 66 Tranches
STRUCTURED ASSET: Moody's Junks Ratings on Class M6 & M7 Tranches
STRUCTURED ASSET: Moody's Downgrades Rating on Units to 'Ba3'
SYNCORA GUARANTEE: S&P Cuts Rating on Class A of Certs. to 'D'

TISHMAN SPEYER: High Leverage Prompts S&P to Junk Corp. Ratings
VARICK STRUCTURED: Fitch Junks Ratings on Two Classes of Notes
WACHOVIA BANK: Fitch Downgrades Ratings on 2005-C20 Certificates
WACHOVIA BANK: S&P Junks Ratings on 12 Classes of Certificates
WASHINGTON MUTUAL: Moody's Reviews Ratings on 14 Securities

WELLS FARGO: Moody's Downgrades Ratings on 28 Tranches
WELLS FARGO: Moody's Downgrades Ratings on 85 Tranches
WICKER PARK: Moody's Downgrades Ratings on Various Notes
WMC MORTGAGE: Moody's Cuts Rating on Class M-3 of Certs. to Ba1

* Moody's Reviews Ratings on 69 Tranches From 13 RMBS Transactions
* S&P Downgrades Ratings on 76 Classes from 23 RMBS Transactions
* S&P Downgrades Ratings on 245 Classes from 20 Prime Jumbo RMBS
* S&P Junks Ratings on Seven Tranches From 12 Hybrid CDO Deals
* S&P Junks Ratings on 31 Classes From Four RMBS Transactions



                            *********


ACAPULCO FUNDING: Moody's Cuts Ratings on 2005-1 Class A Notes
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on the
Custody Receipts representing ownership interests in Acapulco
Funding 2005-1 Floating Rate Class A Notes.  The Notes were issued
pursuant to Indenture, dated as of January 5, 2006, between
Acapulco Funding 2005-1, as the Issuer, and the Bank of New York,
as the Indenture Trustee.  The Notes are backed by interest and
principal payments owed by portions of the outstanding Class A-1
Floating Rate Notes, Series 2000-1 issued by Aviation Capital
Group Trust, a previously issued pooled aircraft lease
securitization.  The Custody Receipts are supported by an
insurance policy issued by Ambac Assurance Corporation.  The
rating action is prompted by rating actions affecting the insurer
and is part of an ongoing review of ABS transactions.

The current ratings on the securities are consistent with Moody's
practice of rating insured securities at the higher of (1) the
guarantor's insurance financial strength rating and (2) the
underlying rating, based on Moody's modified approach to rating
structured finance securities wrapped by financial guarantors.

As part of evaluating the current rating of each security, Moody's
Investors Service also reviewed the underlying rating.  The
underlying rating reflects the intrinsic credit quality of the
security in the absence of the guarantee.  The underlying rating
may be separately published on www.moodys.com at the direction of
the issuer.

The complete rating action is:

Custodian: The Bank of New York

Obligor: Acapulco Funding 2005-1, an exempted company with limited
liability incorporated in the Cayman Islands under the Companies
Law

  -- Custody Receipts representing ownership interests in Acapulco
     Funding 2005-1 Floating Rate Class A Notes, maturing in
     November 16, 2025, Downgrade to Ba2; Previously on Nov 17,
     2008, Aa3 Placed on Watch Direction Uncertain

  -- Financial Guarantor: Ambac Assurance Corporation, Insurance
     Financial Strength Rating of Ba3; Previously on April 13,
     2009 Downgraded from Baa1


ACCREDITED MORTGAGE: Moody's Downgrades Ratings on Five Securities
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of five
securities from three transactions issued by Accredited.  These
actions are part of an ongoing review of subprime RMBS
transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
effected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 60% to
75%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

In light of the withdrawal of FGIC's insurance financial strength
ratings on March 25, 2009, Moody's ratings on structured finance
securities that are guaranteed or "wrapped" by FGIC are based
solely on the current underlying rating (i.e., absent
consideration of the guaranty) on the security, regardless of
whether the underlying rating had been previously published or
not.

The complete rating actions:

Issuer: Accredited Mortgage Loan Trust 2003-3, Asset-Backed Notes,
Series 2003-3

  -- Cl. A-1, Downgraded to Baa3; previously on 11/17/2008
     Downgraded to A3

Issuer: Accredited Mortgage Loan Trust 2004-2, Asset-Backed Notes,
Series 2004-2

  -- Cl. A-1, Downgraded to B2; previously on 5/1/2008 Upgraded to
     Baa2

  -- Current Underlying Rating: Downgraded to B2; previously on
     5/1/2008 Published at Baa2

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Insured Rating Withdrawn on 3/25/2009)

  -- Cl. A-2, Downgraded to B1; previously on 5/1/2008 Upgraded to
     Baa2

  -- Current Underlying Rating: Downgraded to B2; previously on
     5/1/2008 Published at Baa2

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Insured Rating Withdrawn on 3/25/2009)

Issuer: Accredited Mortgage Loan Trust 2004-4, Asset-Backed Notes,
Series 2004-4

  -- Cl. M-5, Downgraded to Baa3; previously on 1/10/2005 Assigned
     Baa2

  -- Cl. M-6, Downgraded to Ba1; previously on 1/10/2005 Assigned
     Baa3


AMBAC: Moody's Corrects Ratings on Town of Babylon Bonds
--------------------------------------------------------
Moody's is correcting the insured ratings of the Town of Babylon,
New York, General Obligation Bonds, Series 2004 (Auction Rate
Securities), CUSIPs 05620PBD4, 05620PBE2, 05620PBF9, 05620PBG7,
05620PBH5 and 05620PBJ1 to A1 from Aa2, on review for possible
downgrade.  The reason for the correction is to reflect the higher
of the rating of the Town of Babylon, New York (A1 underlying
rating) and Ambac (rated Ba3) as the bond insurer, instead of
Assured Guaranty Corp. (rated Aa2, on review for possible
downgrade).

The last rating action with respect to the bonds was on
November 5, 2008, when Moody's downgraded Ambac's rating to Baa1.


AMERICAN HOME: Moody's Reviews Ratings on 19 Tranches
-----------------------------------------------------
Moody's Investors Service has placed 19 tranches from 2 Alt-A RMBS
transactions issued by American Home on review for possible
downgrade.  The collateral backing these deals consists primarily
of first-lien, fixed and adjustable-rate, Alt-A residential
mortgage loans.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

American Home Mortgage Investment Tr 2004-2

  -- Cl. I-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/5/2004 Assigned Aaa

  -- Cl. II-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/5/2004 Assigned Aaa

  -- Cl. III-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/5/2004 Assigned Aaa

  -- Cl. IV-A-4, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/5/2004 Assigned Aaa

  -- Cl. IV-A-5, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/5/2004 Assigned Aaa

  -- Cl. IV-A-6, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/5/2004 Assigned Aaa

  -- Cl. V-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 7/5/2004 Assigned Aaa

American Home Mortgage Investment Tr 2004-3

  -- Cl. I-A, Aaa Placed Under Review for Possible Downgrade;

     previously on 12/22/2004 Assigned Aaa

  -- Cl. II-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/22/2004 Assigned Aaa

  -- Cl. III-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/22/2004 Assigned Aaa

  -- Cl. IV-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/22/2004 Assigned Aaa

  -- Cl. MF-1, A1 Placed Under Review for Possible Downgrade;
     previously on 10/16/2008 Downgraded to A1

  -- Cl. MF-2, Baa1 Placed Under Review for Possible Downgrade;
     previously on 10/16/2008 Downgraded to Baa1

  -- Cl. MF-3, B1 Placed Under Review for Possible Downgrade;
     previously on 10/16/2008 Downgraded to B1

  -- Cl. MH-1, A3 Placed Under Review for Possible Downgrade;
     previously on 10/16/2008 Downgraded to A3

  -- Cl. V-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/22/2004 Assigned Aaa

  -- Cl. VI-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/22/2004 Assigned Aaa

  -- Cl. VI-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/22/2004 Assigned Aaa

  -- Cl. VI-A5, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/22/2004 Assigned Aaa


ANSONIA CDO: S&P Cuts Rating on Class G of 2006-1 Certs. to CCC-
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes from Ansonia CDO 2006-1 Ltd.  The ratings on 19 classes,
including the eight downgrade classes, remain on CreditWatch with
negative implications.

The downgrades reflect S&P's receipt of notice from the trustee
indicating the occurrence of an event of default under the
transaction's indenture.  The EOD gives holders of each class of
notes the right to direct the trustee to proceed with the sale and
liquidation of the collateral backing the rated notes.

The rating actions reflect S&P's opinion that, should the
requisite noteholders direct the trustee to proceed with
liquidation, substantial losses to the noteholders are likely
based on the current market value of the collateral as well as
S&P's belief that market prices may not recover before the end of
any liquidation period.  S&P originally placed the ratings on
CreditWatch with negative implications on April 8, 2009, after S&P
placed the ratings on 13% ($102.6 million) of the transaction's
collateral on CreditWatch negative.

Standard & Poor's will monitor the ratings upon the CreditWatch
resolutions of the collateral.  S&P will also continue to monitor
the performance of the transaction to determine the stability of
the tranches at their rating levels pending any resolutions
resulting from the EOD.

      Ratings Lowered And Remaining On Creditwatch Negative

                     Ansonia CDO 2006-1 Ltd.
                 Collateralized debt obligations

                        Rating
                        ------
          Class    To                   From
          -----    --                   ----
          A-FL     BB+/Watch Neg        A/Watch Neg
          A-FX     BB+/Watch Neg        A/Watch Neg
          B        BB/Watch Neg         BBB-/Watch Neg
          C        BB-/Watch Neg        BB+/Watch Neg
          D        B+/Watch Neg         BB/Watch Neg
          E        B/Watch Neg          BB-/Watch Neg
          F        B-/Watch Neg         B/Watch Neg
          G        CCC-/Watch Neg       CCC/Watch Neg

            Ratings Remaining On Creditwatch Negative

                     Ansonia CDO 2006-1 Ltd.
                 Collateralized debt obligations

                     Class    Rating
                     -----    ------
                     H        CCC-/Watch Neg
                     J-FL     CCC-/Watch Neg
                     K        CCC-/Watch Neg
                     L        CCC-/Watch Neg
                     M        CCC-/Watch Neg
                     N        CCC-/Watch Neg
                     O        CCC-/Watch Neg
                     P        CCC-/Watch Neg
                     Q        CCC-/Watch Neg
                     S        CCC-/Watch Neg
                     T        CCC-/Watch Neg


BAC AAH: Moody's Downgrades Rating on Custodial Receipts to 'B3'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $70,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation Series VIII, relating to
Floating Rate Noncumulative Preferred Securities issued by BAC AAH
Capital Funding LLC VIII.

The rating action is:

Class Description: $70,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series VIII

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BAC AAH: Moody's Downgrades Rating on $45 Mil. Receipts to 'B3'
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $45,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation, Series XV, relating to
Floating Rate Noncumulative Preferred Securities XV issued by BAC
AAH Capital Funding LLC XV.

The rating action is:

Class Description: of $45,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series XV

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BAC AAH: Moody's Downgrades Rating on $70 Mil. Receipts to 'B3'
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $70,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation Series XIV, relating to
Floating Rate Noncumulative Preferred Securities issued by BAC AAH
Capital Funding LLC XIV.

The rating action is:

Class Description: $70,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series XIV

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BAC AAH: Moody's Downgrades Ratings on Series XI Receipts to 'B3'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $70,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation Series XI, relating to
Floating Rate Noncumulative Preferred Securities issued by BAC AAH
Capital Funding LLC XI.

The rating action is:

Class Description: $70,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series XI

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BAC AAH: Moody's Downgrades Ratings on Series X Receipts to 'B3'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $70,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation Series X, relating to
Floating Rate Noncumulative Preferred Securities issued by BAC AAH
Capital Funding LLC X.

The rating action is:

Class Description: $70,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series X

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BAC AAH: Moody's Downgrades Ratings on $110 Mil. Receipts to 'B3'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $110,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation, Series XVIII, relating to
Floating Rate Noncumulative Preferred Securities XVIII issued by
BAC AAH Capital Funding LLC XVIII.

The rating action is:

Class Description: $110,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series XVIII

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BAC AAH: Moody's Downgrades Ratings on $50 Mil. Receipts to 'B3'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $50,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation, Series XIX, relating to
Floating Rate Noncumulative Preferred Securities XIX issued by BAC
AAH Capital Funding LLC XIX.

The rating action is:

Class Description: $50,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series XIX

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BAC AAH: Moody's Downgrades Rating on Series XVI Receipts to 'B3'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $70,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation, Series XVI, relating to
Floating Rate Noncumulative Preferred Securities XVI issued by BAC
AAH Capital Funding LLC XVI.

The rating action is:

Class Description: $70,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series XVI

  -- Current Rating: B3
  -- Prior Rating: A1 on review for possible downgrade
  -- Prior Rating Date: 10/13/08

The transaction is a structured note whose rating is based on the
rating of the Deposited Stock as well as the legal structure of
the transaction.


BANC OF AMERICA: S&P Junks Ratings on Class L of 2007-BMB1 Certs.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of commercial mortgage pass-through certificates from Banc
of America Large Loan Trust 2007-BMB1 and removed them from
CreditWatch with negative implications, where they were placed
April 7, 2009.  Concurrently, S&P affirmed its ratings on two
other classes from this transaction and removed them from
CreditWatch with negative implications.

The reasons for the downgrades include:

  -- Anticipated declines in revenue per available room rate for
     the collateral hotel properties since issuance, which, based
     on S&P's analysis, resulted in lower overall property
     valuations; and

  -- Higher vacancies and lower market rents on the collateral
     office properties since issuance, which based on S&P's
     analysis resulted in decreased valuations.

The transaction includes five loans totaling $405.3 million (23%
of the pool trust balance) that are secured by 24 hotel properties
in eight states.  These hotel properties are primarily located in
Hawaii (two properties, 7% of the pool trust balance), Chicago
(one property, 5%), Orlando, Florida (two properties, 3%), and
Denver (seven properties, 2%).  The remaining properties are
dispersed across multiple markets.  S&P conducted its hotel
analysis based on a review of the borrowers' operating statements
for the year ended Dec. 31, 2008, and their 2009 budgets.  In
conjunction with the borrowers' data, S&P also factored in S&P's
expectation that average 2009 RevPAR in the industry would decline
between 14% and 16%, which is noted in the press release,
"Standard & Poor's Lowers Its 2009 And Publishes Its 2010 RevPAR
Assumptions In The U.S. Lodging Industry," published April 16,
2009.  The resulting valuation declines range from 3% to 35% since
issuance.

According to Smith Travel, the RevPAR for the Hawaii, Chicago, and
Orlando lodging markets declined 23%, 23%, and 24%, respectively,
from March 2008 to March 2009, whereas the RevPAR for the general
U.S. hotel industry declined 18%.

The Blackstone Hawaii Hotel Portfolio loan is the largest loan
secured by hotel properties and the fourth-largest loan in the
pool.  The loan has a whole-loan balance of $250 million, which is
split into a $127.0 million senior A note that represents 7% of
the pool trust balance and a $123.0 million subordinate B note
that is held outside the trust.  The loan is secured by two upper-
scale full-service resort hotels totaling 1,101 rooms on the
Hawaiian islands of Maui and Hawaii.  The master servicer, Bank of
America N.A., reported a combined debt service coverage of 2.25x
and occupancy of 63% for the year ended Dec. 31, 2008.  The loan
was transferred to the special servicer, KeyCorp Real Estate
Capital Markets Inc. on May 5, 2009, due to an imminent balloon
maturity default.  The loan is current.  The borrower is
requesting an extended maturity and loan modification.  Key is
working with the borrower to modify the loan to allow an
extension.  Standard & Poor's valuation for this loan has declined
35% since issuance.

The transaction includes five loans totaling $505.9 million (28%
of the pool trust balance) that are secured by office properties.
These office properties are located in Stamford, Connecticut (20%
of the pool trust balance), New York City (6%), Los Angeles (1%),
and Westchester, New York (1%).

The Stamford Office Portfolio loan is the largest loan secured by
an office property and the second-largest loan in the pool.  The
loan has a whole-loan balance of $400.0 million, which is split
into a $301.5 million senior A note that comprises 18% of the pool
trust balance and a $98.5 million subordinate B note that is held
outside the trust.  In addition, the borrower's equity interests
secure a $400.0 million mezzanine loan.  The loan is secured by
seven class A office buildings comprising 1.66 million-sq.-ft. in
downtown Stamford.  Bank of America reported a 2.26x DSC and
occupancy of 86% for the year ended Dec. 31, 2008.  Standard &
Poor's valuation for this loan has declined 22% since issuance.
The loan matures on Aug. 6, 2009, and has three 12-month extension
options remaining.

The 30 Rockefeller Center loan is the second-largest loan secured
by an office property and the sixth-largest loan in the pool.  The
loan has a whole-loan balance of $97.5 million (6% of the pool)
and is secured by six office condominium units comprising 209,834-
sq.-ft. in the 67-story General Electric Building in Midtown
Manhattan.  Bank of America reported a DSC of 2.48x and occupancy
of 68% for the nine-month period ending Sept. 30, 2008.  The
property is currently 33% occupied because NBC's lease (35% of net
rentable area) expired Dec. 31, 2008.  The loan has $18.1 million
of debt service reserves.  Standard & Poor's valuation for this
loan has declined 42% since issuance.

The Reader's Digest loan has a whole loan balance of $31 million
that is composed of a $16.0 million senior pooled component (1% of
the pool trust balance), and a $2.9 million subordinate nonpooled
component that supports the RDI-1 raked certificate class.  This
loan is secured by a single-tenanted office building comprising
198,284-sq.-ft. in Chappaqua (Westchester County), N.Y. Bank of
America reported a DSC of 3.27x and occupancy of 100% for the year
ended Dec. 31, 2008.  The loan matures on April 6, 2010, and has
two 12-month extension options remaining.  Standard & Poor's
valuation for this loan has declined 7% since issuance.

As of the April 15, 2009, remittance report, pool statistics were:

  -- There were 14 loans including senior participation interests
     in 12 floating-rate interest-only mortgage loans and two
     floating-rate IO whole loans.

  -- There were mortgages on 274 mobile home parks, six full-
     service hotels, 18 limited-service/extended-stay hotels,
     eight class A office buildings, eight class B office
     buildings, 410 retail properties, and nine self-storage
     properties.

  -- All of the loans are indexed to one-month LIBOR.

Two of the loans (9% of the pool) are currently specially
serviced, including the Blackstone Hawaii Hotel Portfolio loan
(mentioned above).  The Simply Self Storage Portfolio loan is the
other specially serviced loan.

The Simply Self Storage Portfolio loan has a whole-loan balance of
$62.3 million, which is participated into a $34.3 million senior A
note that represents 2% of the pool trust balance and a
$28.0 million subordinate B note that is held outside the trust.
The loan, secured by nine self-storage properties comprising 5,890
units, was transferred to the special servicer, Centerline
Servicing Inc., on May 1, 2009, due to balloon maturity default.
According to Bank of America, the borrower could not provide an
officer's certificate that satisfied the terms for extension.  The
loan is current, and Centerline is currently evaluating workout
options for the loan.  Standard & Poor's valuation for this loan
has declined 42% since issuance.

Near-term maturities (within three months) for the loans in the
pool, excluding specially serviced loans, include seven loans in
the pool that comprise 79% of the pool trust balance.  The
Farallon MHC Portfolio loan represents the largest near-term
maturity.

The Farallon MHC Portfolio loan (29% of the pool), the largest
loan in the pool, matures Aug. 1, 2009, and has three 12-month
extension options remaining.  According to Key, the subservicer
for this loan, the borrower has given notice of its intent to
exercise one of the extension options.  The loan, secured by 274
mobile home parks, has a whole-loan balance of $1.567 billion, a
pooled trust balance of $400.4 million, and a $92.1 million
subordinate nonpooled component that supports the "FHM" raked
certificate classes, which Standard & Poor's does not rate.
Standard & Poor's valuation for this loan is comparable to its
level at issuance.

Two of the three loans that matured during the first two weeks of
May 2009 have either extended or are in the process of extending:
the MSREF Resort Portfolio (5% of the pool) loan and the
TownePlace Suites Portfolio loan (1%).

If the performance of the hotel and office sectors continues to
deteriorate, S&P may revise its analysis and adjust S&P's ratings
accordingly.

      Ratings Lowered And Removed From Creditwatch Negative

            Banc of America Large Loan Trust 2007-BMB1
           Commercial mortgage pass-through certificates

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-2      AA        AAA/Watch Neg                      20.05
    A-1A     AA        AAA/Watch Neg                      20.05
    B        A+        AA+/Watch Neg                      17.51
    C        A-        AA/Watch Neg                       14.97
    D        BBB       AA-/Watch Neg                      12.94
    E        BBB-      A+/Watch Neg                       11.17
    F        BB+       A/Watch Neg                         9.39
    G        BB        A-/Watch Neg                        7.61
    H        BB-       BBB+/Watch Neg                      5.84
    J        B+        BBB/Watch Neg                       4.06
    K        B-        BBB-/Watch Neg                      2.28
    L        CCC       BBB-/Watch Neg                      0.00
    RDI-1    BB        BB+/Watch Neg                       N/A

      Ratings Affirmed And Removed From Creditwatch Negative

            Banc of America Large Loan Trust 2007-BMB1
          Commercial mortgage pass-through certificates

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-1      AAA       AAA/Watch Neg                      43.60
    X-2      AAA       AAA/Watch Neg                        N/A

                    N/A - Not applicable.



BANK OF AMERICA: Fitch Downgrades Preferred Stock Rating to 'B'
---------------------------------------------------------------
Fitch Ratings on May 18, 2009, downgraded various ratings of Bank
of America Corporation and subsidiaries, reflecting concerns
surrounding the headwinds that the company is facing over the
near- to intermediate-term, both with regard to asset quality and
capital needs.  Following the Supervisory Capital Assessment
Program (SCAP stress test) conducted by U.S. bank supervisors, BAC
is required to raise an additional $33.9 billion in common equity
by early November 2009, a daunting task in any environment.

Considering the meaningful uncertainty which surrounds both near-
term credit costs and market conditions, Fitch believes there is a
heightened level of execution risk in meeting the capital
requirement, which, in turn, indicates a heightened level of
performance risk for the various classes of hybrid capital
securities.  Management has outlined a plan to raise the mandated
amount of common equity and has recently sold part of its stake in
China Construction Bank as part of its efforts to accomplish this.
However, success in reaching the goal requires market access,
ability to arrange sales of other units at a sufficient price, and
maintenance of earnings above SCAP projections.  Fitch believes
that near-term earnings may be the most difficult of these three
factors.

Aside from capital considerations, BAC continues to face a
challenging operating environment over the intermediate-term.
Foremost among the challenges is the potential for higher levels
of losses in several portfolio sectors under stress, particularly
home equity loans and credit cards.  BAC also is faced with the
integration of several complex recent mergers and the potential
for further mark-to-market charges in distressed assets such as
collateralized debt obligations, leveraged loans, and commercial
mortgage-backed securities.

The ratings actions reflect these concerns.  Fitch believes the
risk of dividend omission or deferral on preferred and trust
preferred securities has increased, with omission of dividends on
preferred stock the higher of the two risks.  Accordingly, the
preferred stock rating has been lowered to `B' from `BB' and trust
preferred ratings have been lowered to `BB-' from `BB'.  Both
preferred and trust preferred ratings remain on Rating Watch
Negative.

Fitch has also downgraded BAC's Individual rating to `D' from
'C/D' and has removed it from Rating Watch Negative.  The
Individual Rating downgrade reflects the expectation for continued
deterioration in credit quality and sensitivity to distressed
market conditions, which hamper the prospects for BAC's
profitability.  This rating is consistent with that of an entity
with elevated vulnerability to adverse external trends but with
some remaining margin of flexibility.

Fitch has affirmed BAC's long- and short-term IDRs at 'A+/F1+',
which are linked to government support, and for which the Rating
Outlook is Stable.  Fitch has also affirmed ratings on senior,
subordinated, and deposit instruments for all entities, since
these ratings are based on the IDRs.  Fitch notes that the
government has repeated that it intends to provide support to Bank
of America and its subsidiaries.  In light of this, Fitch has
affirmed BAC's `1' support rating and 'A+' Support Floor.  The
Support Ratings and Support Floors apply to the senior obligations
of the parent company and other nonbank operating subsidiaries as
well as of the bank entities.  In Fitch's rating criteria, a
bank's standalone risk is reflected in Fitch's individual ratings
and the prospect of external support is reflected in Fitch's
support ratings.  Collectively these ratings drive Fitch's long-
and short-term IDRs.

Resolution of the Rating Watch on preferred/trust preferred issues
will depend on the success of the capital raising plan as well as
an improvement in BAC's earnings and asset quality outlook.  Over
the long-term, assuming the intermediate-term challenges are
surmounted, BAC's formidable franchise and leading position in
consumer and commercial lending and asset management offer
considerable upside potential.

Fitch has withdrawn issuer ratings of Countrywide Bank FSB.  That
bank has now been merged into Bank of America N.A. and no longer
exists as a separate entity.

Fitch has downgraded these ratings and has retained them on Rating
Watch Negative:

Bank of America Corporation

  -- Preferred stock to `B' from `BB'.

Merrill Lynch & Co. Inc.

  -- Preferred stock to `B' from `BB'.

BankAmerica Corporation

  -- Preferred stock to `B' from `BB'.

BAC Capital Trust I - VIII

  -- Trust preferred securities to `BB-' from `BB'.

BAC Capital Trust X - XV

  -- Trust preferred securities to `BB-' from `BB'.

BAC AAH Capital Funding LLC I - XIX

  -- Trust preferred securities to `BB-' from `BB'.

BAC LB Capital Funding Trust I - II

  -- Trust preferred securities to `BB-' from `BB'.

BankAmerica Capital II, III

  -- Trust preferred securities to `BB-' from `BB'.

BankAmerica Institutional Capital A, B

  -- Trust preferred securities to `BB-' from `BB'.

BankBoston Capital Trust III-IV

  -- Trust preferred securities to `BB-' from `BB'.

Barnett Capital Trust III

  -- Trust preferred securities to `BB-' from `BB'.

Countrywide Capital I, III, IV, V

  -- Trust preferred securities to `BB-' from `BB'.

First Republic Preferred Capital Corp.

  -- Trust preferred securities to `BB-' from `BB'.

First Republic Preferred Capital Corp. II
  -- Trust preferred securities to `BB-' from `BB'.

Fleet Capital Trust II, V, VIII, IX

  -- Trust preferred securities to `BB-' from `BB'.

MBNA Capital A, B, D, E

  -- Trust preferred securities to `BB-' from `BB'.

Merrill Lynch Preferred Capital Trust III, IV, and V

  -- Trust preferred securities to `BB-' from `BB'.

Merrill Lynch Capital Trust I, II and III

  -- Trust preferred securities to `BB-' from `BB'.

NB Capital Trust II, III, IV

  -- Trust preferred securities to `BB-' from `BB'.

Fitch has downgraded these ratings and has removed them from
Rating Watch Negative:

Bank of America Corporation

  -- Individual to `D' from 'C/D'.

Bank of America N.A.

  -- Individual to `D' from 'C/D'.

Bank of America Georgia, N.A
Bank of America Oregon, National Association
Bank of America Rhode Island, National Association
Bank of America California, National Association

  -- Individual to `D' from 'C/D'.

FIA Card Services N.A.
LaSalle Bank Corporation
MBNA Europe Bank Ltd.

  -- Individual to `D' from 'C/D'.

Merrill Lynch & Co. Inc.
Merrill Lynch International Bank
Merrill Lynch Bank USA
Merrill Lynch Bank & Trust Co., FSB
Merrill Lynch Canada Finance
  -- Individual to `D' from 'C/D'.

Fitch has affirmed these ratings with a Stable Outlook:

Bank of America Corporation

  -- Long-term debt guaranteed by TLGP at `AAA';
  -- Short-term debt guaranteed by TLGP at `F1+';
  -- Long-term IDR at `A+';
  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A';
  -- Short-term IDR at 'F1+';
  -- Short-term debt at `F1+';
  -- Support at '1';
  -- Support Floor at `A+'.

Bank of America N.A.

  -- Long-term debt guaranteed by TLGP at `AAA';
  -- Short-term debt guaranteed by TLGP at `F1+';
  -- Long-term deposits at `AA-';
  -- Long-term IDR at `A+';
  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A';
  -- Short-term IDR at 'F1+';
  -- Short-term deposits at `F1+';
  -- Short-term debt at `F1+';
  -- Support at '1';
  -- Support Floor at `A+'.

Banc of America Securities Limited

  -- Long-term IDR at `A+';
  -- Short-term IDR at 'F1+'.

Banc of America Securities LLC

  -- Long-term IDR at 'A+';
  -- Short-term IDR at 'F1+'.

B of A Issuance B.V.

  -- Long-term IDR at `A+';
  -- Long-term senior debt: at 'A+';
  -- Subordinated debt at 'A';
  -- Support '1'.

Bank of America Georgia, N.A.

Bank of America Oregon, National Association
Bank of America Rhode Island, National Association
Bank of America California, National Association
  -- Long-term IDR at `A+';
  -- Short-term IDR at 'F1+';
  -- Support at '1';
  -- Support Floor at `A+'.

FIA Card Services N.A.

  -- Long-term deposits at `AA-';
  -- Long-term IDR at `A+';
  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A';
  -- Short-term IDR at 'F1+';
  -- Short-term deposits at `F1+';
  -- Short-term debt at `F1+';
  -- Support at '1';
  -- Support Floor at `A+'.

MBNA Canada Bank

  -- Long-term IDR at `A+';
  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A';
  -- Short-term IDR at 'F1+'.

MBNA Europe Bank Ltd.

  -- Long-term IDR at `A+';
  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A';
  -- Short-term IDR at 'F1+';
  -- Support '1'.

LaSalle Bank Corporation

  -- Long-term IDR at `A+';
  -- Short-term IDR 'F1+';
  -- Support at '1';
  -- Support Floor at `A+'.

Merrill Lynch & Co., Inc.

  -- Long-term IDR at 'A+';
  -- Long-term senior at 'A+';
  -- Subordinated debt at 'A';
  -- Short-term IDR at 'F1+';
  -- Commercial paper at `F1+';
  -- Support at '1';
  -- Support Floor at `A+.

Merrill Lynch International Bank Ltd.

  -- Long-term IDR at 'A+';
  -- Short-term IDR at `F1+';
  -- Support at '1'.

Merrill Lynch S.A.

  -- Long-term IDR at 'A+';
  -- Long-term senior at 'A+';
  -- Support at '1'.

Merrill Lynch Bank USA

  -- Long-term IDR at 'A+';
  -- Long-term deposits at 'AA-';
  -- Short-term IDR at `F1+';
  -- Short-term deposits at 'F1+';
  -- Support at '1';
  -- Support Floor at `A+'.

Merrill Lynch Bank & Trust Co., FSB

  -- Long-term IDR at 'A+';
  -- Long-term deposits at 'AA-';
  -- Short-term IDR at `F1+';
  -- Short-term deposits at 'F1+';
  -- Support at '1';
  -- Support Floor at `A+'.

Merrill Lynch Canada Finance

  -- Long-term IDR at 'A+';
  -- Long-term senior at 'A+';
  -- Short-term IDR at `F1+';
  -- Support at '1'.

Fitch has affirmed these ratings:

Merrill Lynch Finance (Australia) Pty LTD

  -- Short-term IDR at `F1+';
  -- Commercial Paper at `F1+'.

Merrill Lynch & Co., Canada Ltd.

  -- Short-term IDR at `F1+';
  -- Short-term debt at`F1+'.

BankAmerica Corporation

  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A'.

Countrywide Bank FSB

  -- Long-term deposits at `A+';
  -- Short-term deposits at `F1+'.

Countrywide Financial Corp.

  -- Long-term senior debt `A+';
  -- Long-term subordinated debt `A'.

Countrywide Home Loans, Inc.

  -- Long-term senior debt `A+'.

First Republic Bank

  -- Subordinated debt at 'A'.

FleetBoston Financial Corp

  -- Long-term subordinated debt at `A'.

LaSalle Bank N.A.
LaSalle Bank Midwest N.A.
United States Trust N.A.

  -- Long-term Deposits at `AA-';
  -- Short-term deposits at `F1+'.

LaSalle Funding LLC

  -- Long-term senior debt at `A+'.

MBNA Corp.

  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A';
  -- Short-term debt at 'F1+'.

NationsBank Corp

  -- Long-term senior debt at `A+';
  -- Long-term subordinated debt at `A'.

NationsBank, N.A.

  -- Long-term senior debt at `A+'.

NCNB, Inc.

  -- Long-term subordinated debt at `A'.

Fitch has withdrawn these ratings:

Countrywide Bank FSB

  -- Long-term IDR `A+';
  -- Long-term senior `A+';
  -- Short-term IDR `F1+';
  -- Short-term debt `F1+';
  -- Individual 'C/D';
  -- Support `1';
  -- Support Floor `A+'.


BANC OF AMERICA: Moody's Downgrades Ratings on 22 Tranches
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 22
tranches from 2 Alt-A RMBS transactions issued by Banc of America
Funding.  The collateral backing these transactions consists
primarily of first-lien, fixed and adjustable-rate, Alt-A
residential mortgage loans.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

Banc of America Funding 2004-1 Trust

  -- Cl. 1-A-1, Downgraded to Aa3; previously on 7/30/2004
     Assigned Aaa

  -- Cl. 2-A-1, Downgraded to Aa3; previously on 7/30/2004
     Assigned Aaa

  -- Cl. 3-A-1, Downgraded to Aa3; previously on 7/30/2004
     Assigned Aaa

  -- Cl. 4-A-1, Downgraded to Aa1; previously on 7/30/2004
     Assigned Aaa

  -- Cl. 5-A-1, Downgraded to Aa3; previously on 7/30/2004
     Assigned Aaa

  -- Cl. 6-A-1, Downgraded to Aa3; previously on 7/30/2004
     Assigned Aaa

  -- Cl. 7-A-1, Downgraded to Aa3; previously on 7/30/2004
     Assigned Aaa

  -- Cl. CB-IO, Downgraded to Aa1; previously on 7/30/2004
     Assigned Aaa

  -- Cl. NC-IO, Downgraded to Aa3; previously on 7/30/2004
     Assigned Aaa

  -- Cl. PO, Downgraded to Aa3; previously on 7/30/2004 Assigned
     Aaa

Banc of America Funding 2004-C Trust

  -- Cl. 2-A-1, Downgraded to Aa3; previously on 1/3/2005 Assigned
     Aaa

  -- Cl. 2-A-2, Downgraded to Aa3; previously on 1/3/2005 Assigned
     Aaa

  -- Cl. 2-X-1, Downgraded to Aa3; previously on 1/3/2005 Assigned
     Aaa

  -- Cl. 3-A-1, Downgraded to Aa1; previously on 1/3/2005 Assigned
     Aaa

  -- Cl. 4-A-1, Downgraded to A2; previously on 1/3/2005 Assigned
     Aaa

  -- Cl. 4-A-2, Downgraded to Aa3; previously on 1/3/2005 Assigned
     Aaa

  -- Cl. 4-A-3A, Downgraded to Baa1; previously on 1/3/2005
     Assigned Aa1

  -- Cl. 4-A-3B, Downgraded to A1; previously on 1/3/2005 Assigned
     Aa1

  -- Cl. 4-M-1, Downgraded to Ba2; previously on 10/14/2008
     Downgraded to Baa1

  -- Cl. 4-M-2, Downgraded to Caa3; previously on 10/14/2008
     Downgraded to Ba3

  -- Cl. 4-B-1, Downgraded to Ca; previously on 10/14/2008
     Downgraded to B3

  -- Cl. 4-B-2, Downgraded to C; previously on 10/14/2008
     Downgraded to Caa1


BAYVIEW FINANCIAL: Moody's Reviews Ratings on 70 Tranches
---------------------------------------------------------
Moody's Investors Service placed on May 21, 2009, on review the
ratings of seventy tranches issued in ten transactions from the
Bayview Financial Mortgage Pass-Through Trust shelf.  The
collateral backing each transaction consists primarily of first
lien adjustable-rate and fixed-rate subprime and Alt-A mortgage
loans.  The pools also include small percentages of commercial
mortgage loans (except for 2006-D, 2007-A and 2007-B), insured
mortgage loans and "hard money" mortgages, where loans have low
loan-to-value ratios but their borrowers have very poor payments
histories.

There is potential that the ratings on review could incur multi-
notch downgrades, especially on more recent transactions,
including 2006 and 2007 vintages.

The review is 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.

Preliminary loss estimation methodology is outlined, separately
for recent and for more seasoned vintages.

For recent vintages (2005 and later), Moody's calculates estimated
losses for MBS in a two-step process.  First, serious
delinquencies are projected through late 2009, primarily based
upon recent historical performance.  These projected delinquencies
are converted into projected losses using lifetime roll rates (the
probability of transition to default) averaging 60% for 60-day
delinquencies, 90% for delinquencies greater than 90 days, 100%
for foreclosure and 100% for REO, and severity assumptions based
on actual severities.

The second step is to determine losses beyond 2009.  Depending on
a deal's performance, as well as collateral characteristics, such
as loan type, or loan-to-value ratios and geographic
concentrations of remaining current loans, Moody's assumes varying
degrees of slowing in the loss rate (which is measured by loss-to-
liquidation) for the remaining life of the deal.  Typical degrees
of slowing in loss rate after late 2009 range from 15% to 35%.

For more seasoned vintages (before 2005), Moody's calculates
estimated losses for this RMBS collateral mix:

  -- 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 are based on actual historical severity for each
     transaction.

  -- 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:

Bayview Financial Mtge Pass-Through Tr 2004-C

  -- Cl. M-2, Aa1 Placed Under Review for Possible Downgrade;
     previously on 3/3/2008 Upgraded to Aa1

  -- Cl. M-3, Aa3 Placed Under Review for Possible Downgrade;
     previously on 3/3/2008 Upgraded to Aa3

  -- Cl. M-4, A3 Placed Under Review for Possible Downgrade;
     previously on 10/29/2004 Assigned A3

  -- Cl. B, Baa3 Placed Under Review for Possible Downgrade;
     previously on 10/29/2004 Assigned Baa3

Bayview Financial Mtge Pass-Through Tr 2005-B

  -- Cl. M-1, Aaa Placed Under Review for Possible Downgrade;
     previously on 3/3/2008 Upgraded to Aaa

  -- Cl. M-2, Aa1 Placed Under Review for Possible Downgrade;
     previously on 3/3/2008 Upgraded to Aa1

  -- Cl. M-3, Aa3 Placed Under Review for Possible Downgrade;
     previously on 3/3/2008 Upgraded to Aa3

  -- Cl. M-4, A3 Placed Under Review for Possible Downgrade;
     previously on 6/16/2005 Assigned A3

  -- Cl. B-1, Baa2 Placed Under Review for Possible Downgrade;
     previously on 6/16/2005 Assigned Baa2

Bayview Financial Mtge Pass-Through Tr 2005-C

  -- Cl. M-3, A2 Placed Under Review for Possible Downgrade;
     previously on 9/26/2005 Assigned A2

  -- Cl. M-4, A3 Placed Under Review for Possible Downgrade;
     previously on 9/26/2005 Assigned A3

  -- Cl. B-1, Baa1 Placed Under Review for Possible Downgrade;
     previously on 9/26/2005 Assigned Baa1

  -- Cl. B-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 9/26/2005 Assigned Baa2

  -- Cl. B-3, B3 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to B3

Bayview Financial Mtge Pass-Through Tr 2005-D

  -- Cl. AF-4, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/21/2005 Assigned Aaa

  -- Cl. A-PO, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/21/2005 Assigned Aaa

  -- Cl. M-1, Aa1 Placed Under Review for Possible Downgrade;
     previously on 11/21/2005 Assigned Aa1

  -- Cl. M-2, Aa2 Placed Under Review for Possible Downgrade;
     previously on 11/21/2005 Assigned Aa2

  -- Cl. M-3, A2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to A2

  -- Cl. M-4, Baa1 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Baa1

  -- Cl. M-5, Baa3 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Baa3

  -- Cl. M-6, Ba3 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Ba3

  -- Cl. B-1, Caa1 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Caa1

Bayview Financial Mtge Pass-Thru Tr 2006-A

  -- Cl. 1-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aaa

  -- Cl. 1-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aaa

  -- Cl. 1-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aaa

  -- Cl. 1-A5, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aaa

  -- Cl. 2-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aaa

  -- Cl. 2-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aaa

  -- Cl. M-1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aa2

  -- Cl. M-2, Aa3 Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned Aa3

  -- Cl. M-3, A2 Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned A2

  -- Cl. M-4, A3 Placed Under Review for Possible Downgrade;
     previously on 2/21/2006 Assigned A3

  -- Cl. B-1, B1 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to B1

  -- Cl. B-2, Caa1 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Caa1

Bayview Financial Mtge Pass-Thru Tr 2006-B

  -- Cl. 1-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/17/2006 Assigned Aaa

  -- Cl. 1-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/17/2006 Assigned Aaa

  -- Cl. 1-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/17/2006 Assigned Aaa

  -- Cl. 1-A5, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/17/2006 Assigned Aaa

  -- Cl. 2-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/17/2006 Assigned Aaa

  -- Cl. 2-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/17/2006 Assigned Aaa

  -- Cl. M-1, A2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to A2

  -- Cl. M-2, Baa1 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Baa1

  -- Cl. M-3, B2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to B2

  -- Cl. M-4, B3 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to B3

  -- Cl. B-1, Caa2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Caa2

Bayview Financial Mtge Pass-Thru Tr 2006-C

  -- Cl. 1-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/11/2006 Assigned Aaa

  -- Cl. 2-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 12/11/2006 Assigned Aaa

Bayview Financial Mtge Pass-Thru Tr 2006-D

  -- Cl. 1-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/8/2007 Assigned Aaa

  -- Cl. 1-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/8/2007 Assigned Aaa

  -- Cl. 1-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/8/2007 Assigned Aaa

  -- Cl. 1-A5, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/8/2007 Assigned Aaa

  -- Cl. 2-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/8/2007 Assigned Aaa

  -- Cl. 2-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/8/2007 Assigned Aaa

  -- Cl. 2-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/8/2007 Assigned Aaa

  -- Cl. M-1, A2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to A2

  -- Cl. M-2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Baa2

Bayview Financial Mtge Pass-Thru Tr 2007-A

  -- Cl. 1-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/30/2007 Assigned Aaa

  -- Cl. 1-A2, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/30/2007 Assigned Aaa

  -- Cl. 1-A3, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/30/2007 Assigned Aaa

  -- Cl. 1-A4, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/30/2007 Assigned Aaa

  -- Cl. 1-A5, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/30/2007 Assigned Aaa

  -- Cl. 2-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/30/2007 Assigned Aaa

  -- Cl. A-IO, Aaa Placed Under Review for Possible Downgrade;
     previously on 4/30/2007 Assigned Aaa

  -- Cl. M-1, Baa3 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Baa3

  -- Cl. M-2, B1 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to B1

  -- Cl. M-4, Caa2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Caa2

Bayview Financial Mtge Pass-Thru Tr 2007-B

  -- Cl. 2-A1, Aaa Placed Under Review for Possible Downgrade;
     previously on 8/9/2007 Assigned Aaa

  -- Cl. M-1, Ba3 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Ba3

  -- Cl. M-3, Caa2 Placed Under Review for Possible Downgrade;
     previously on 9/18/2008 Downgraded to Caa2


BEAR STEARNS: Fitch Junks Ratings on 3 Classes of 2005-PWR7 Certs.
------------------------------------------------------------------
Fitch Ratings downgrades and assigns Rating Outlooks to Bear
Stearns Commercial Mortgage Securities Trust's commercial mortgage
pass-through certificates, series 2005-PWR7:

  -- $11.2 million class E to 'BBB+' from 'A-'; Outlook Stable;
  -- $11.2 million class F to 'BBB' from 'BBB+'; Outlook Stable;
  -- $9.8 million class G to 'BBB-' from 'BBB'; Outlook Stable;
  -- $12.7 million class H to 'BB-' from 'BBB-'; Outlook Negative;
  -- $4.2 million class J to 'B+' from 'BB+'; Outlook Negative;
  -- $4.2 million class K to 'B' from 'BB'; Outlook Negative;
  -- $5.6 million class L to 'B-' from 'BB-'; Outlook Negative.

Fitch also downgrades and assigns Recovery Ratings to these
classes:

  -- $4.2 million class M to 'CCC/RR1' from 'B+';
  -- $1.4 million class N to 'CC/RR1' from 'B';
  -- $2.8 million class P to 'C/RR1' from 'B-'.

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

  -- $179.4 million class A-2 at 'AAA'; Outlook Stable;
  -- $106 million class A-AB at 'AAA'; Outlook Stable;
  -- $527.7 million class A-3 at 'AAA'; Outlook Stable;
  -- $85.7 million class A-J at 'AAA'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $33.7 million class B at 'AA'; Outlook Stable;
  -- $8.4 million class C at 'AA-'; Outlook Stable;
  -- $15.5 million class D at 'A'; Outlook Stable.

Fitch does not rate the $14.1 million class Q certificates.  Class
A-1 is paid in full.

The downgrades are the result of Fitch expected losses on the
specially serviced loan which will significantly impact credit
enhancement levels.  Rating Outlooks reflect the likely direction
of any rating changes over the next twelve to twenty-four months.
As of the May 2009 distribution date, the pool has paid down 7.7%
to $1.04 billion from $1.12 billion at issuance.  To date, three
loans (3.2%) have been defeased.  The seventh largest loan (2.6%)
in the deal is currently in special servicing and losses are
expected.

The specially serviced loan, Garden State Pavillion (2.6%) is
secured by a retail property located in Cherry Hill, New Jersey,
and the sponsor is Rubin Pachulski Properties.  Major tenants
include ShopRite, Ross Stores, Staples, and Petco.  The center was
shadow anchored by Home Depot which vacated in 2007, and the space
remains dark.  The loan transferred to special servicing in
January 2009 due to imminent default when the borrower advised
they could no longer continue to fund property operating
shortfalls caused by tenants' vacating at lease expiration.  Old
Navy, one of the four main anchors (25,287sf) left when its lease
expired in April 2007 in addition to another tenant which occupied
(10,411 sf) which vacated in November 2007.  The property is
currently 72% occupied.  The special servicer is pursuing
foreclosure.

Fitch reviewed the shadow ratings of these loans: 405 Park Avenue
(2.4%), 33 Route 304 (1.1%), Sam Moon Center II (1%), and Visalia
Medical Clinic (0.7%).  Based on their stable to improved
performance, 405 Park Avenue, Sam Moon Center II, and Visalia
Medical Clinic maintain their investment grade shadow ratings.

The largest shadow rated loan, 405 Park Avenue (2.4%), is
collateralized by a 156,614 square foot office property located in
the Plaza District in Midtown Manhattan.  Major tenants include
Allied Irish Banks, P.L.C., The Wicks Group of Companies and First
States Group, LP.  The property continues to show improved
performance since issuance.  The servicer reported year-end 2008
net operating income increased 39.8% since issuance.  The YE 2008
servicer-report debt service coverage ratio was 4.12 times (x) up
from 2.95x at issuance.  YE 2008 occupancy increased to 92.7% from
87.6% at issuance.

Sam Moon Center II (1%) is secured by a 126,355 sf anchored retail
center located in Dallas, Texas.  The center is anchored by Sam
Moon Trading Co. Major tenants include Sam Moon Luggage & Gifts
and Sam Moon Home Decor.  The servicer-reported YE 2008 NOI
declined 5.8% as a result of increased operating expenses since
issuance.  As of YE 2008, the servicer-reported DSCR decreased to
1.53x from 1.62x at issuance and occupancy increased to 100% up
from 97.9% at issuance.

Visalia Medical Clinic (0.7%) is secured by a 95,590 sf medical
office property located in Visalia, California.  The property is
100% occupied by the Visalia Medical Clinic.  The property
continues to show improved performance since issuance with a YE
2008 servicer-reported NOI increase of 32% since issuance as a
result of increased rental income.  As of YE 2008, the servicer-
reported DSCR improved to 2.65x up from 2.03x at issuance.

33 Route 304 (1.1%), is secured by a 120,292 sf retail and flex
office property located in Nanuet, New York.  Major tenants
include Bassett Furniture, Planet Fitness, and Verizon.  The
property has shown a YE 2008 servicer-reported decline in NOI of
32%.  The decline in performance is due to decreased rental income
as a result of declining occupancy caused by tenant's vacating.
La-Z-Boy (15.9%GLA) vacated the center in 2007 and the space
remains vacant.  As of YE 2008, the servicer-reported DSCR
decreased to 0.83x from 1.22x at issuance. Occupancy as of YE 2008
decreased to 71% from 88% at issuance.  Fitch no longer considers
this loan investment grade.


BEAR STEARNS: Moody's Downgrades Ratings on 17 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded 17 tranches and confirmed
2 tranches from 2 Bear Stearns ARM Trust deals issued in 2005.

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 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.

Complete rating actions are:

Bear Stearns ARM Trust 2005-2

  -- Cl. A-1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. X-1, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to A2; previously on 3/19/2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Ba1; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to B2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to Ca; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

Bear Stearns ARM Trust 2005-5

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

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

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

  -- Cl. M, Downgraded to A1; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Baa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to B1; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

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

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 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.


BEAR STEARNS: Moody's Downgrades Ratings on 49 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 49
tranches from 9 Alt-A RMBS transactions issued by Bear Stearns.
The collateral backing these transactions consists primarily of
first-lien, fixed-rate, Alt-A residential mortgage loans.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

Bear Stearns Asset Backed Secs I Tr 2004-AC5

  -- Cl. A-1, Downgraded to Aa1; previously on 11/23/2004 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa1; previously on 11/23/2004 Assigned
     Aaa

  -- Cl. A-3, Downgraded to Aa1; previously on 11/23/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A1; previously on 11/23/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 1/21/2009
     Downgraded to A3

  -- Cl. M-3, Downgraded to Baa3; previously on 1/21/2009
     Downgraded to Baa2

  -- Cl. B-2, Downgraded to B2; previously on 1/21/2009 Downgraded
     to B1

Bear Stearns Asset Backed Secs I Tr 2004-AC6

  -- Cl. A-1, Downgraded to Aa2; previously on 12/6/2004 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa2; previously on 12/6/2004 Assigned
     Aaa


  -- Cl. A-3, Downgraded to Aa2; previously on 12/6/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A1; previously on 12/6/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 12/6/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa3; previously on 1/21/2009
     Downgraded to Baa1

  -- Cl. B-1, Downgraded to Ba2; previously on 1/21/2009
     Downgraded to Baa3

  -- Cl. B-2, Downgraded to B2; previously on 1/21/2009 Downgraded
     to Ba3

Bear Stearns Asset-Backed Sec I Tr 2004-AC2

  -- Cl. I-A2, Downgraded to Aa1; previously on 6/18/2004 Assigned
     Aaa

  -- Cl. I-A3, Downgraded to Aa1; previously on 6/18/2004 Assigned
     Aaa

  -- Cl. I-A4, Downgraded to Aa1; previously on 6/18/2004 Assigned
     Aaa

  -- Cl. II-A, Downgraded to Aa3; previously on 1/21/2009
     Downgraded to Aa1

  -- Cl. II-PO, Downgraded to Aa3; previously on 1/21/2009
     Downgraded to Aa1

  -- Cl. II-X, Downgraded to Aa3; previously on 1/21/2009
     Downgraded to Aa1

  -- Cl. B-1, Downgraded to Baa2; previously on 1/21/2009

     Downgraded to A2

  -- Cl. B-2, Downgraded to B3; previously on 1/21/2009 Downgraded
     to Ba1

Bear Stearns Asset-Backed Sec Trust 2003-AC4

  -- Cl. M-1, Downgraded to Aa3; previously on 10/20/2006 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A3; previously on 10/20/2006 Upgraded
     to Aa2

  -- Cl. BB, Downgraded to Ba1; previously on 10/20/2006 Upgraded
     to A1

Bear Stearns Asset-Backed Sec Trust 2003-AC5


  -- Cl. M-1, Downgraded to Aa1; previously on 10/20/2006 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A2; previously on 10/20/2006 Upgraded
     to Aa3

  -- Cl. B, Downgraded to Baa1; previously on 1/21/2009 Downgraded
     to A3

Bear Stearns Asset-Backed Sec Trust 2003-AC6

  -- Cl. M-2, Downgraded to A1; previously on 10/20/2006 Upgraded
     to Aa2

  -- Cl. BB, Downgraded to Baa1; previously on 10/20/2006 Upgraded
     to A1

Bear Stearns Asset-Backed Sec Trust 2003-AC7

  -- Cl. M-1, Downgraded to Aa1; previously on 10/20/2006 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A2; previously on 10/20/2006 Upgraded
     to Aa3

  -- Cl. B, Downgraded to Baa3; previously on 1/21/2009 Downgraded
     to Baa2

Bear Stearns Asset-Backed Secs I Tr 2004-AC3

  -- Cl. A-1, Downgraded to Aa2; previously on 7/30/2004 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa2; previously on 7/30/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A1; previously on 7/30/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 7/30/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa3; previously on 7/30/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Ba3; previously on 1/21/2009
     Downgraded to Baa2

  -- Cl. B-2, Downgraded to Caa3; previously on 1/21/2009
     Downgraded to B2

Bear Stearns Asset-Backed Secs I Tr 2004-AC4

  -- Cl. A-1, Downgraded to Aa2; previously on 9/1/2004 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa2; previously on 9/1/2004 Assigned
     Aaa

  -- Cl. A-4, Downgraded to Aa2; previously on 9/1/2004 Assigned
     Aaa

  -- Cl. A-5, Downgraded to Aa2; previously on 9/1/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A1; previously on 1/21/2009 Downgraded
     to Aa3

  -- Cl. M-2, Downgraded to Baa2; previously on 1/21/2009
     Downgraded to A3

  -- Cl. B, Downgraded to Caa3; previously on 1/21/2009 Downgraded
     to Caa1


BEAR STEARNS: Moody's Reviews Ratings on 15 2005-PWR9 Certificates
------------------------------------------------------------------
Moody's Investors Service placed on May 21, 2009, 15 classes of
Bear Stearns Commercial Mortgage Corporation, Commercial Mortgage
Pass-Through Certificates, Series 2005-PWR9 on review for possible
downgrade as a result of higher expected losses for the pool due
to anticipated losses from loans in special servicing.  On April
27, 2009 the pool's largest loan, Trilogy Apartments, was
transferred to special servicing.  The action is the result of
Moody's on-going surveillance of commercial mortgage backed
securities transactions.

As of the May 11, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 4% to
$2.07 billion from $2.15 billion at securitization.  The
Certificates are collateralized by 198 mortgage loans ranging in
size from less than 1% to 7% of the pool, with the top 10 loans
representing 30% of the pool.

Twenty-nine loans, representing 15% of the pool, are on the master
servicer's watchlist.  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 performance.

Nine loans, representing 8% of the pool, are currently in special
servicing.  The largest loan in special servicing is Trilogy
Towers, which is now known as Tower's at Wyncote, ($136.2 million
-- 6.6%).  This loan is secured by a 1,086 unit apartment complex
located north of Philadelphia in Wyncote, Pennsylvania.  According
to the most recent remittance statement, the borrower has
indicated that it had been funding debt service deficits since
2007 and that it planned to stop financially supporting the
property.  The loan was interest only for the first three years
and now amortizes on a 30-year schedule.

Moody's review will focus on the performance of the overall pool
and potential losses from specially serviced loans.

Moody's rating action is:

  -- Class A-J, $166,811,000, currently rated Aaa, on review for
     possible downgrade; previously affirmed at Aaa on 7/6/2007

  -- Class B, $13,452,000, currently rated Aa1, on review for
     possible downgrade; previously affirmed at Aa1 on 7/6/2007

  -- Class C, $34,976,000, currently rated Aa2, on review for
     possible downgrade; previously affirmed at Aa2 on 7/6/2007

  -- Class D, $24,215,000, currently rated Aa3, on review for
     possible downgrade; previously affirmed at Aa3 on 7/6/2007

  -- Class E, $29,595,000, currently rated A2, on review for
     possible downgrade; previously affirmed at A2 on 7/6/2007

  -- Class F, $21,524,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 7/6/2007

  -- Class G, $26,905,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 7/6/2007

  -- Class H, $21,524,000, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 7/6/2007

  -- Class J, $24,214,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 7/6/2007

  -- Class K, $5,381,000, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 7/6/2007

  -- Class L, $8,072,000, currently rated Ba2, on review for
     possible downgrade; previously affirmed at Ba2 on 7/6/2007

  -- Class M, $10,716,000, currently rated Ba3, on review for
     possible downgrade; previously affirmed at Ba3 on 7/6/2007

  -- Class N, $8,072,000, currently rated B1, on review for
     possible downgrade; previously affirmed at B1 on 7/6/2007

  -- Class P, $8,071,000, currently rated B2, on review for
     possible downgrade; previously affirmed at B2 on 7/6/2007

  -- Class Q, $5,381,000, currently rated B3, on review for
     possible downgrade; previously affirmed at B3 on 7/6/2007


BEAR STEARNS: Moody's Junks Ratings on Four 2005-PWR7 Certificates
------------------------------------------------------------------
Moody's Investors Service affirmed the ratings of five classes and
downgraded 14 classes of Bear Stearns Commercial Mortgage
Corporation, Commercial Mortgage Pass-Through Certificates, Series
2005-PWR7.  The downgrades are due to higher expected losses for
the pool resulting from higher leverage, increased credit quality
dispersion and anticipated losses from a specially serviced loan.
The action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the May 11, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 8% to
$1.04 billion from $1.12 billion at securitization.  The
Certificates are collateralized by 122 loans, ranging in size from
less than 1% to 9% of the pool, with the top 10 non-defeased loans
representing 41% of the pool.  The pool includes three loans,
representing 4% of the pool, with investment grade underlying
ratings.  Three loans, representing 3% of the current outstanding
pool balance, have defeased and are collateralized by U.S.
Government securities.

Fifteen loans, representing 14% of the pool, are on the master
servicer's watchlist.  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 performance.

The pool has not realized any losses since securitization.  There
is currently one loan, the Garden State Pavilion ($27.3 million --
2.6%), in special servicing. The loan is secured by a 257,000
square foot retail center located in Cherry Hill, New Jersey.  The
loan was transferred to special servicing in January 2009 due to
payment default.  The center is currently approximately 68%
occupied compared to 83% at securitization.  The center was shadow
anchored by Home Depot, who vacated two years ago.  Subsequently
Old Navy and Rack Room Shoes vacated and Ross and Staples began
paying percentage rents.  Occupancy is expected to decline further
due to co-tenancy clauses which allow tenants to terminate their
leases if occupancy drops below a certain level or major tenants
vacate the center.  Moody's is estimating a $15.3 million loss
(52% loss severity) from this loan.

Moody's was provided with year-end 2007 and 2008 operating results
for 99% and 77% of the pool, respectively.  Moody's weighted
average loan to value ratio for the conduit component, excluding
the specially serviced loan, is 95% compared to 93% at Moody's
prior full review in May 2007.  In addition to the overall
increase in LTV, the pool has experienced increased LTV
dispersion.  Based on Moody's analysis, 16% of the conduit
component has a LTV ratio in excess of 120% compared to 1% at last
review.

The largest loan with an underlying rating is the 405 Park Ave
Loan ($25.0 million -- 2.4%), which is secured by a 157,000 square
foot office building located in the Plaza District of New York
City.  The loan is interest only for its entire term.  Performance
has been stable. Moody's current underlying rating is A2, the same
as at last review.

The second loan with an underlying rating is the Sam Moon Center
Loan ($9.5 million -- 0.9%), which is secured by a 126,000 square
foot retail center located in Dallas, Texas.  The property was
100% occupied as of December 2009 compared to 92% at last review.
Despite the increase in occupancy, financial performance declined
due to increased expenses.  The loan is structured with a 15-year
amortization schedule and has amortized by approximately 12% since
last review. Moody's current underlying rating is A2, the same as
at last review.

The third loan with an underlying rating is the Visalia Medical
Center Loan ($7.4 million -- 0.7%), which is secured by a 95,590
square foot medical office building located in Visalia,
California. Moody's current underlying rating is Baa3, the same as
at last review.

The top three conduit loans represent 19.8% of the pool.  The
largest conduit loan is the 11 Penn Plaza Loan ($88.8 million --
8.6%), which is secured by a 1.04 million square foot office
building with ground level retail space.  The property is located
in the Penn Plaza submarket of New York City.  The loan represents
a 43% pari-passu interest in a $205.6 million loan.  Performance
has improved since last review due to increased rental revenues
and stable operating expenses.  Moody's LTV is 77% compared to 87%
at last review.

The second largest conduit loan is the Campus at Marlborough Loan
($60.1 million -- 5.8%), which is secured by a 532,000 square
foot, three building office complex located in Marlborough,
Massachusetts.  The property was 100% leased as of December 2008.
The two largest tenants occupy 77% of the net rentable area.  The
property's financial performance has improved since last review,
but Moody's stressed the cash flow because of concerns about
potential lease turnover at the end of 2009 when the lease for the
second largest tenant, which occupies 33% of the NRA, expires.
The loan has amortized 3% since last review.  Moody's LTV is 91%,
compared to 94% at last review.

The third largest conduit loan is the Shops at Boca Park Loan
($56.1 million -- 5.4%), which is secured by a 277,000 square foot
retail lifestyle center located in the Summerlin section of Las
Vegas, Nevada.  The property was 83% occupied as of March 2009
compared to 76% at last review and 98% at securitization.  The
decline in occupancy has impacted property performance.  The loan
is on the servicer's watchlist due to low debt service coverage.
Moody's LTV is 136% compared to 104% at last review.

Moody's rating action is:

  -- Class A-2, $179,408,035, affirmed at Aaa; previously affirmed
     at Aaa on May 8, 2007.

  -- Class A-3, $527,652,000, affirmed at Aaa; previously affirmed
     at Aaa on May 8, 2007.

  -- Class A-AB, $106,000,000, affirmed at Aaa; previously
     affirmed at Aaa on May 8, 2007.

  -- Class X-1, Notional, affirmed at Aaa; previously affirmed at
     Aaa on May 8, 2007.

  -- Class X-2, Notional, affirmed at Aaa; previously affirmed at
     Aaa on May 8, 2007.

  -- Class A-J, $85,748,000, downgraded to Aa2 from Aaa;
     previously affirmed at Aaa on May 8, 2007.

  -- Class B, $33,737,000, downgraded to A1 from Aa2; previously
     affirmed at Aa2 on May 8, 2007.

  -- Class C, $8,434,000, downgraded to A2 from Aa3; previously
     affirmed at Aa3 on May 8, 2007.

  -- Class D, $15,463,000, downgraded to Baa1 from A2; previously
     affirmed at A2 on May 8, 2007.

  -- Class E, $11,246,000, downgraded to Baa2 from A3; previously
     affirmed at A3 on May 8, 2007.

  -- Class F, $11,245,000, downgraded to Baa3 from Baa1;
     previously affirmed at Baa1 on May 8, 2007.

  -- Class G, $9,840,000, downgraded to Ba2 from Baa2; previously
     affirmed at Baa2 on May 8, 2007.

  -- Class H, $12,652,000, downgraded to B1 from Baa3; previously
     affirmed at Baa3 on May 8, 2007.

  -- Class J, $4,217,000, downgraded to B2 from Ba1; previously
     affirmed at Ba1 on May 8, 2007.

  -- Class K, $4,217,000, downgraded to B3 from Ba2; previously
     affirmed at Ba2 on May 8, 2007.

  -- Class L, $5,623,000, downgraded to Caa2 from Ba3; previously
     affirmed at Ba3 on May 8, 2007.

  -- Class M, $4,217,000, downgraded to Caa3 from B1; previously
     affirmed at B1 on May 8, 2007.

  -- Class N, $1,406,000, downgraded to Caa3 from B2; previously
     affirmed at B2 on May 8, 2007.

  -- Class P, $2,811,000, downgraded to Ca from B3; previously
     affirmed at B3 on May 8, 2007.


BEAR STEARNS: S&P Puts Ratings on 12 Classes on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services on May 21, 2009, placed its
ratings on 12 classes of commercial mortgage pass-through
certificates from Bear Stearns Commercial Mortgage Securities
Trust 2005-PWR9 on CreditWatch with negative implications.

The negative CreditWatch placements follow S&P's preliminary
analysis of the largest loan in the pool secured by real estate,
the Trilogy Apartments loan ($136.0 million, 6.6%), which was
transferred to the special servicer, Capmark Finance Inc., on
April 27, 2009, due to imminent default.  In addition, eight other
loans ($32.0 million, 1.6%) are with the special servicer.  S&P is
also examining loans with reported low debt service coverage and
declining net cash flow, along with loans that are scheduled to
mature within the next two years and could face difficulties with
refinancing.

The Trilogy Apartments loan is secured by a first mortgage
encumbering a 1,086-unit high-rise multifamily apartment building
in Wyncote, Pennsylvania, a suburb of Philadelphia.  At year-end
2008, the loan had a reported DSC of 0.57x and occupancy of 86.0%.
The DSC reflects increased operating expenses and a change in debt
service following the expiration of the loan's interest-only
period and the commencement of amortization.

Nineteen loans ($153.7 million, 7.4%) in the pool that are not in
special servicing have a reported low DSC.  These loans are
secured by a variety of office, retail, multifamily, lodging, and
industrial properties.  S&P's preliminary analysis indicates that
these loans are likely to be credit concerns due to low or
declining DSC.

S&P also believe the 13 loans ($259.8 million, 12.6%) in the pool
that are scheduled to mature within the next two years could face
difficulties in refinancing, and S&P considered these loans in
S&P's analysis.

Standard & Poor's will resolve the CreditWatch negative placements
as more information on all of the assets with the special servicer
becomes available and after S&P review the credit characteristics
of the remaining loans in the pool.

             Ratings Placed On Creditwatch Negative

   Bear Stearns Commercial Mortgage Securities Trust 2005-PWR9
          Commercial mortgage pass-through certificates

                     Rating
                     ------
    Class     To                From   Credit enhancement (%)
    -----     --                ----   ----------------------
    A-J       AAA/Watch Neg     AAA                     12.74
    B         AA+/Watch Neg     AA+                     12.09
    C         AA/Watch Neg      AA                      10.40
    D         AA-/Watch Neg     AA-                      9.23
    E         A/Watch Neg       A                        7.80
    F         A-/Watch Neg      A-                       6.76
    G         BBB+/Watch Neg    BBB+                     5.46
    H         BBB/Watch Neg     BBB                      4.42
    J         BBB-/Watch Neg    BBB-                     3.25
    K         BB+/Watch Neg     BB+                      2.99
    L         BB/Watch Neg      BB                       2.60
    M         BB-/Watch Neg     BB-                      2.08


BSSP NIM: Moody's Confirms Ratings on 2004-QA1 NIM Securities
-------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of BSSP NIM
Trust 2004-QA1 net interest margin securities backed by
residential mortgage-backed securitizations.  This NIM transaction
relies on residual cash flows and prepayment penalties generated
by the underlying mortgage-backed securitizations.  These cash
flows are sensitive to a number of factors:

i) Prepayment speeds on the collateral backing the RMBS

ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

Complete rating actions are:

Issuer: BSSP NIM Trust 2004-QA1

  -- Notes, Confirmed at Caa2; previously on 4/15/2009 Caa2 Placed
     Under Review for Possible Downgrade


BUCHANAN SPC: S&P Downgrades Ratings on Class A1J Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A1J series 2006-I notes issued by Buchanan SPC to 'D' from 'CCC-'.

The downgrade follows a number of recent write-downs of underlying
reference entities, which have caused the notes to incur partial
principal losses.

                          Rating Lowered

                           Buchanan SPC
                           Series 2006-I

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    A1J            D    CCC-


CALLIDUS DEBT: Moody's Downgrades Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service downgraded on May 18, 2009, the ratings
of these notes issued by Callidus Debt Partners CDO Fund I, Ltd.:

  -- US$264,000,000 Class A-2 Floating Rate Senior Secured Term
     Notes due December 20, 2013, Downgraded to Baa2; previously
     on December 4, 2008, Downgraded to Aa2;

  -- US$50,600,000 Class A-3 Floating Rate Senior Secured
     Revolving Notes due December 20, 2013, Downgraded to Baa2;
     previously on December 4, 2008, Downgraded to Aa2;

  -- US$24,700,000 Class B-2 Floating Rate Second Priority Senior
     Secured Notes due December 20, 2013, Downgraded to Caa3;
     previously on December 4, 2008, Downgraded to Baa2.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds will be below their historical
averages, consistent with Moody's research (see Moody's Special
Comment titled "Strong Loan Issuance in Recent Years Signals Low
Recovery Prospects for Loans and Bonds of Defaulted U.S. Corporate
Issuers" dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and failure of the Class B
and C Overcollateralization Tests.  The weighted average rating
factor is currently at 2724 versus a test level of 2600 as of the
last trustee report, dated April 20, 2009.  The number of
defaulted securities in the collateral pool has also increased
substantially over the last few months and currently amounts to
about $21.2 million.

In addition, the ratings on Class A-2 and A-3 Notes are based
solely on the intrinsic credit quality of the notes in the absence
of the guarantee from Ambac Assurance Corporation, whose insurance
financial strength rating was downgraded from Baa1 to Ba3 on
April 13, 2009.  This is consistent with Moody's modified approach
to rating structured finance securities wrapped by financial
guarantors as described in the press release dated November 10,
2008, titled "Moody's modifies approach to rating structured
finance securities wrapped by financial guarantors."

Callidus Debt Partners CDO Fund I, Ltd., issued in December of
2001, is a collateralized bond obligation backed primarily by a
portfolio of senior unsecured bonds.


CARRINGTON MORTGAGE: Moody's Cuts Rating on 2004-NC2 Securities
---------------------------------------------------------------
Moody's Investors Service downgraded on May 18, 2009, the rating
of five securities from Carrington Mortgage Loan Trust, Series
2004-NC2.  These actions are part of an ongoing review of subprime
RMBS transactions.

The rating actions are the result of an analysis of credit
enhancement relative to the updated collateral loss projection.
The revised loss projection generally result from deterioration in
collateral performance in recent months.  Additionally, the
effected transaction has, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case 80%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

The complete rating actions follow:

Issuer: Carrington Mortgage Loan Trust, Series 2004-NC2

  -- Cl. M-2, Downgraded to Baa3; previously on September 21,
     2004, Assigned A2

  -- Cl. M-3, Downgraded to Ba1; previously on September 21, 2004,
     Assigned A3

  -- Cl. M-4, Downgraded to Ba2; previously on September 21, 2004,
     Assigned Baa1

  -- Cl. M-5, Downgraded to Ba3; previously on September 21, 2004,
     Assigned Baa2

  -- Cl. M-6, Downgraded to Caa3; previously on September 21,
     2004, Assigned Baa3


CBA COMMERCIAL: Fitch Downgrades Ratings on Class M-3 to 'BB'
-------------------------------------------------------------
Fitch Ratings downgrades CBA Commercial Assets, LLC, series 2004-
1, small balance U.S. CMBS:

  -- $3.6 million class M-2 to 'A' from 'AA+'; Outlook Negative;
  -- $3.7 million class M-3 to 'BB' from 'BBB+'; Outlook Negative.

Fitch also downgrades and assigns a recovery rating to this class:

  -- $770,000 class M-5 to 'C/RR6' from 'B'.

Fitch affirms these classes:

  -- 19.5 million class A-1 at 'AAA'; Outlook Stable;
  -- $8.5 million class A-2 at 'AAA'; Outlook Stable;
  -- $4.6 million class A-3 at 'AAA'; Outlook Stable;
  -- interest only class IO at 'AAA'; Outlook Stable;
  -- $2.9 million class M-1 'AAA'; Outlook Negative.

Classes M-4, M-6, M-7 and M-8 are not rated by Fitch.

The downgrades are the result of increased specially serviced
loans and loss expectations since Fitch's last rating action.
Rating Outlooks reflect the likely direction of any rating changes
over the next 12 to 24 months.

As of the April 2009 distribution date, the transaction's balance
has been reduced 51.8% to $49.2 million from $102 million at
issuance.  The transaction is collateralized by 144 small balance
commercial loans secured by multifamily, retail, office,
industrial, and mixed use properties.  The loans are smaller than
typical CMBS loans with an average loan size of $341,727 ranging
from approximately $93,527 to $1.5 million and in some instances
are not structured as single purpose entities and are full
recourse.

Twenty-four loans (16.9%) are currently in special servicing.
Upon liquidation, losses are expected to deplete the non-rated
class M-6, class M-5, and impact the non-rated class M-4.


C-BASS CBO: Fitch Downgrades Ratings on Class E Notes to 'BB'
-------------------------------------------------------------
Fitch Ratings has taken various rating actions and assigned Rating
Outlooks to classes of notes issued by C-BASS CBO VI, Ltd./Corp.:

  -- $35,476,269 class A affirmed at 'AAA'; Outlook Stable

  -- $7,125,474 class B affirmed at 'AAA'; Outlook Stable;

  -- $5,000,000 class C affirmed 'AA'; Outlook Stable;

  -- $21,874,397 class D downgraded to 'BBB' from 'A+'; Outlook
     Negative

  -- $3,000,000 class E downgrade to 'BB' from 'BBB+'; Outlook
     Negative.

The downgrades to the class D and E notes are a result of the
credit deterioration of the portfolio since the last review.
Approximately 29.2% of the portfolio is rated below investment
grade, of which 18.7% is rated 'CCC' and lower.  The Fitch derived
weighted average rating has decreased to the 'BB' rating category
from the 'BBB/BBB-' rating category at last review.

The affirmations of class A, class B, and class C notes are the
result of deleveraging of the transaction which offset the
negative credit migration. All coverage tests continue to pass the
covenants and all classes of notes continue to receive interest
payments.  The class A and B notes pay principal pro-rata when all
coverage tests are passing.  The class A and B notes have paid
down approximately 85.7% since closing.  The class D notes have
benefited from a pay-down feature in the interest waterfall, which
has resulted in a paydown of 29.4% since closing.  Due to an
interest shortfall the class D notes have not received principal
from the interest waterfall since the August 2008 payment date.
This feature ends after the February 2011 payment date, but a
reverse pay-down feature will begin in May 2011 redeeming the
classes in reverse sequential order starting from the class E to
the extent there are interest proceeds available.

C-BASS VI is a structured finance CDO that closed Apr. 15, 2003.
The portfolio is monitored by C-Bass Investment Management LLC.
The portfolio is primarily composed of Prime residential mortgage-
backed securities (47.8%), subprime RMBS (27.7%), consumer ABS
(10.6%), SF CDOs (6.4%), manufactured housing (5.5%), and
commercial ABS (2%).

The ratings on the class A and B notes address the timely payment
of interest and ultimate payment of principal as outlined in the
governing documents.  The ratings on classes C, D and E address
the ultimate payment of interest and principal as outlined in the
governing documents.

Additionally, classes A thru C were assigned a Stable Outlook
reflecting Fitch's expectation that the ratings will remain stable
over the next one to two years.  Classes D and E were assigned a
Negative Outlook reflecting Fitch's expectation that the ratings
could change over the next one to two years.


CENTURION CDO: Moody's Junks Ratings on Two Classes from 'B1'
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of these classes of notes issued by Centurion CDO III,
Limited:

  -- Class II Senior Secured Fixed Rate Notes Due 2013, Downgraded
     to A2; previously on March 30, 2001, Assigned Aa2;

  -- Class III Mezzanine Secured Fixed Rate Notes Due 2013,
     Downgraded to B3; previously on March 30, 2001, Assigned
     Baa2;

  -- Class IV-A Mezzanine Secured Floating Rate Notes Due 2013,
     Downgraded to Ca; previously on March 30, 2001, Assigned B1;

  -- Class IV-B Mezzanine Secured Fixed Rate Notes Due 2013,
     Downgraded to Ca; previously on March 30, 2001, Assigned B1;

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  Moody's analysis also reflects the
expectation that recoveries for high-yield corporate bonds will be
below their historical averages, consistent with Moody's research
(see Moody's Special Comment titled "Strong Loan Issuance in
Recent Years Signals Low Recovery Prospects for Loans and Bonds of
Defaulted U.S. Corporate Issuers" dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the average portfolio rating), an increase in the dollar
amount of defaulted securities, an increase in the proportion of
securities from issuers rated Caa1 and below, and failure of
Average Portfolio Rating Test.  The average portfolio rating has
steadily increased recently and it is currently at 3414 versus a
test level of 2775 as of the last trustee report, dated April 6,
2009.  Based on the same report, defaulted securities account for
6.75% of the Aggregate Principal Balance and securities rated Caa1
or lower make up 19.76% of the Aggregate Principal Balance.

Centurion CDO III, Limited, issued in March 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior secured loans and senior unsecured bonds.


CHASE FUNDING: Moody's Downgrades Rating on 64 Securities
---------------------------------------------------------
Moody's Investors Service has downgraded the rating of 64
securities from 13 transactions issued by Chase.  These actions
are part of an ongoing review of subprime RMBS transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
affected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools (i.e. prior
to 2H 2005) takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life. Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 40% to
70%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

The complete rating actions:

Chase Funding Trust, Series 2001-4

  -- Cl. IM-1, Downgraded to A1; previously on 12/21/2001 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to Baa1; previously on 12/21/2001
     Assigned A2

  -- Cl. IIM-1, Downgraded to Baa3; previously on 12/21/2001
     Assigned Aa2

  -- Cl. IIM-2, Downgraded to B2; previously on 12/21/2001
     Assigned A2

  -- Cl. IB, Downgraded to Ba2; previously on 12/21/2001 Assigned
     Baa2

Chase Funding Trust, Series 2002-1

  -- Cl. IB, Downgraded to Ba1; previously on 4/23/2002 Assigned
     Baa2

Chase Funding Trust, Series 2002-2

  -- Cl. IA-5, Downgraded to Aa2; previously on 7/24/2002 Assigned
     Aaa

  -- Cl. IA-6, Downgraded to Aa2; previously on 7/24/2002 Assigned
     Aaa

  -- Cl. IM-1, Downgraded to A3; previously on 7/24/2002 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to Ba2; previously on 7/24/2002 Assigned
     A2

  -- Cl. IB, Downgraded to Ba3; previously on 7/24/2002 Assigned
     Baa2

Chase Funding Trust, Series 2002-3

  -- Cl. IA-5, Downgraded to Aa2; previously on 9/23/2002 Assigned
     Aaa

  -- Cl. IA-6, Downgraded to Aa2; previously on 9/23/2002 Assigned
     Aaa

  -- Cl. IM-1, Downgraded to A3; previously on 9/23/2002 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to Ba2; previously on 9/23/2002 Assigned
     A2

  -- Cl. IIM-1, Downgraded to Baa1; previously on 9/23/2002
     Assigned Aa2

  -- Cl. IIM-2, Downgraded to Baa2; previously on 9/23/2002
     Assigned A2

  -- Cl. IB, Downgraded to Ba3; previously on 9/23/2002 Assigned
     Baa2

Chase Funding Trust, Series 2002-4

  -- Cl. IIM-2, Downgraded to Baa2; previously on 11/26/2002
     Assigned A2

Chase Funding Trust, Series 2003-1

  -- Cl. IA-5, Downgraded to Aa2; previously on 2/4/2003 Assigned
     Aaa

  -- Cl. IA-6, Downgraded to Aa2; previously on 2/4/2003 Assigned
     Aaa

  -- Cl. IM-1, Downgraded to A2; previously on 2/4/2003 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to Ba1; previously on 2/4/2003 Assigned
     A2

  -- Cl. IIM-1, Downgraded to Baa1; previously on 2/4/2003
     Assigned Aa2

  -- Cl. IIM-2, Downgraded to Baa3; previously on 2/4/2003
     Assigned A2

  -- Cl. IB, Downgraded to Caa1; previously on 2/4/2003 Assigned
     Baa2

Chase Funding Trust, Series 2003-2

  -- Ser. 2003-2 Cl. IA-5, Downgraded to Aa3; previously on
     5/9/2003 Assigned Aaa

  -- Ser. 2003-2 Cl. IA-6, Downgraded to Aa3; previously on
     5/9/2003 Assigned Aaa

  -- Ser. 2003-2 Cl. IM-1, Downgraded to Baa1; previously on
     5/9/2003 Assigned Aa2

  -- Ser. 2003-2 Cl. IM-2, Downgraded to Ba1; previously on
     5/9/2003 Assigned A2

  -- Ser. 2003-2 Cl. IIM-1, Downgraded to Baa1; previously on
     5/9/2003 Assigned Aa2

  -- Ser. 2003-2 Cl. IIM-2, Downgraded to Ba1; previously on
     5/9/2003 Assigned A2

  -- Ser. 2003-2 Cl. IB, Downgraded to Caa2; previously on
     5/9/2003 Assigned Baa2

Chase Funding Trust, Series 2003-3

  -- Cl. IA-5, Downgraded to Aa2; previously on 6/16/2003 Assigned
     Aaa

  -- Cl. IA-6, Downgraded to Aa2; previously on 6/16/2003 Assigned
     Aaa

  -- Cl. IM-1, Downgraded to A2; previously on 6/16/2003 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to Ba1; previously on 6/16/2003 Assigned
     A2

  -- Cl. IIM-2, Downgraded to Baa2; previously on 6/16/2003
     Assigned A2

  -- Cl. IB, Downgraded to Caa2; previously on 6/16/2003 Assigned
     Baa2

  -- Cl. IIB, Downgraded to Baa3; previously on 6/16/2003 Assigned
     Baa2

Chase Funding Trust, Series 2003-4

  -- Cl. IA-5, Downgraded to Aa1; previously on 9/11/2003 Assigned
     Aaa

  -- Cl. IA-6, Downgraded to Aa1; previously on 9/11/2003 Assigned
     Aaa

  -- Cl. IM-1, Downgraded to A1; previously on 9/11/2003 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to Baa2; previously on 9/11/2003
     Assigned A2

  -- Cl. IIM-1, Downgraded to Baa1; previously on 9/11/2003
     Assigned Aa2

  -- Cl. IB, Downgraded to Caa1; previously on 9/11/2003 Assigned
     Baa2

  -- Cl. IIB, Downgraded to Ba3; previously on 9/11/2003 Assigned
     Baa2

Chase Funding Trust, Series 2003-5

  -- Cl. IIM-1, Downgraded to A1; previously on 10/1/2003 Assigned
     Aa2

  -- Cl. IIM-2, Downgraded to Baa1; previously on 10/1/2003
     Assigned A2

  -- Cl. IB, Downgraded to Ba2; previously on 10/1/2003 Assigned
     Baa2

Chase Funding Trust, Series 2003-6

  -- Cl. IIM-1, Downgraded to Baa1; previously on 1/23/2004
     Assigned Aa2

  -- Cl. IIM-2, Downgraded to Baa3; previously on 1/23/2004
     Assigned A2

  -- Cl. IB, Downgraded to Ba1; previously on 1/23/2004 Assigned
     Baa2

  -- Cl. IIB, Downgraded to Ba1; previously on 1/23/2004 Assigned
     Baa2

Chase Funding Trust, Series 2004-1

  -- Cl. IA-5, Downgraded to Aa2; previously on 3/26/2004 Assigned
     Aaa

  -- Cl. IA-6, Downgraded to Aa2; previously on 3/26/2004 Assigned
     Aaa

  -- Cl. IA-7, Downgraded to Aa2; previously on 3/26/2004 Assigned
     Aaa

  -- Cl. IM-1, Downgraded to A2; previously on 3/26/2004 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to Baa3; previously on 3/26/2004
     Assigned A2

  -- Cl. IIM-1, Downgraded to A3; previously on 3/26/2004 Assigned
     Aa2

  -- Cl. IIM-2, Downgraded to Baa3; previously on 3/26/2004
     Assigned A2

  -- Cl. IB, Downgraded to Ba3; previously on 3/26/2004 Assigned
     Baa2

  -- Cl. IIB, Downgraded to Ba2; previously on 3/26/2004 Assigned
     Baa2

Chase Funding Trust, Series 2004-2

  -- Cl. IIM-2, Downgraded to Baa1; previously on 8/27/2004
     Assigned A2


CHASE MORTGAGE: Moody's Downgrades Ratings on 159 Tranches
----------------------------------------------------------
Moody's Investors Service has downgraded 159 tranches from 3 Chase
Mortgage Finance Trust Series deals issued in 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 listed below
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:

Chase Mortgage Finance Trust Series 2007-A1

  -- Cl. 1-A1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to B3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A3, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A5, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A6, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A2, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A3, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A1, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A1, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 8-A1, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 9-A1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 9-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 10-A1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 10-A2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A2, Downgraded to Ca; previously on 3/19/2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A3, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A4, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A5, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A6, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A7, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-A8, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-F1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-F5, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-F8, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-L1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-L5, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-L8, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-M1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-M5, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-M8, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-S1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-S5, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 11-S8, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 12-A1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 12-A2, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 12-A3, Downgraded to Caa1; previously on 4/9/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 12-A4, Downgraded to Ca; previously on 3/19/2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. 12-F3, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 12-L3, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 12-M3, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 12-S3, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 13-A1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 13-A2, Downgraded to Caa1; previously on 4/9/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 13-A3, Downgraded to Ca; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 13-F2, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 13-L2, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 13-M2, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 13-S2, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

Chase Mortgage Finance Trust Series 2007-A3

  -- Cl. 1-A1, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2, Downgraded to Ca; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

-- Cl. 1-A3, Downgraded to B3; previously on 3/19/2009 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. 1-A4, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A5, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A6, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A7, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A8, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A9, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A10, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A11, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A12, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A13, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A14, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A15, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A16, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A17, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A18, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A19, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A20, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

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

  -- Cl. 2-A3, Downgraded to B1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A4, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A5, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A6, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A7, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A8, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A9, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A10, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A11, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A12, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A13, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A14, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A15, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A16, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A17, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A18, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A19, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A20, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A21, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A22, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A23, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A1, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A3, Downgraded to B3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A4, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A5, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A6, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A7, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A8, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A9, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A10, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A11, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A12, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A13, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A14, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A15, Downgraded to Caa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A16, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A17, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A18, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A19, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A20, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A21, Downgraded to Caa1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Caa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 Caa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to C; previously on 3/19/2009 Caa3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ca Placed
     Under Review for Possible Downgrade

Chase Mortgage Finance Trust Series 2007-S3

  -- Cl. 1-A-1, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade


  -- Cl. 1-A-5, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Ca; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to B3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Ba1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to Ba3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to Ba3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to Ba3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to Ba3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-AX, Downgraded to Ba1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-AX, Downgraded to Caa1; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-M, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 3/19/2009 Caa2 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.


CHL MORTGAGE: Moody's Downgrades Ratings on 37 Tranches
-------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 37
tranches from 5 Alt-A RMBS transactions issued by CHL Mortgage
Pass-Through Trust.  The collateral backing these transactions
consists primarily of first-lien, adjustable-rate, Alt-A
residential mortgage loans.

These actions are a result of updated loss expectations on the
underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

CHL Mortgage Pass-Through Trust 2003-52

  -- Cl. A-1, Downgraded to A1; previously on 11/18/2003 Assigned
     Aaa

  -- Cl. A-2, Downgraded to A3; previously on 11/18/2003 Assigned
     Aa1

  -- Cl. M, Downgraded to Baa3; previously on 11/18/2003 Assigned
     Aa2

  -- Cl. B-1, Downgraded to B1; previously on 11/18/2003 Assigned
     A2

  -- Cl. B-2, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to Baa3

  -- Cl. B-3, Downgraded to Ca; previously on 12/24/2008
     Downgraded to B3

  -- Cl. B-4, Downgraded to C; previously on 12/24/2008 Downgraded
     to Ca

CHL Mortgage Pass-Through Trust 2003-53

  -- Cl. A-1, Downgraded to Baa1; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. M, Downgraded to Ba1; previously on 12/24/2008 Downgraded
     to A1

  -- Cl. B-1, Downgraded to Caa1; previously on 12/24/2008
     Downgraded to Baa1

  -- Cl. B-2, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to Ba3

  -- Cl. B-4, Downgraded to C; previously on 12/24/2008 Downgraded
     to Ca

CHL Mortgage Pass-Through Trust 2004-15

  -- Cl. 1-A, Downgraded to B3; previously on 12/24/2008
     Downgraded to A3

  -- Cl. 2-A, Downgraded to B3; previously on 12/24/2008
     Downgraded to A3

  -- Cl. 3-A, Downgraded to B3; previously on 12/24/2008
     Downgraded to A3

  -- Cl. 4-A, Downgraded to B3; previously on 12/24/2008
     Downgraded to A3

  -- Cl. 5-A, Downgraded to B3; previously on 12/24/2008
     Downgraded to A3

  -- Cl. M, Downgraded to Caa2; previously on 12/24/2008
     Downgraded to Ba1

  -- Cl. B-1, Downgraded to Ca; previously on 12/24/2008
     Downgraded to Caa3

  -- Cl. B-2, Downgraded to C; previously on 12/24/2008 Downgraded
     to Ca

  -- Cl. B-3, Downgraded to C; previously on 12/24/2008 Downgraded
     to Ca

CHL Mortgage Pass-Through Trust 2004-HYB6

  -- Cl. A-1, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. A-2, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. A-3, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. A-4, Downgraded to Baa3; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. X, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. M, Downgraded to Caa1; previously on 12/24/2008
     Downgraded to A3

  -- Cl. B-1, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to Ba2

  -- Cl. B-3, Downgraded to C; previously on 12/24/2008 Downgraded
     to Ca

CHL Mortgage Pass-Through Trust 2004-HYB9

  -- Cl. 1-A-1, Downgraded to A3; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. 1-B-1, Downgraded to Baa3; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. 1-B-2, Downgraded to B3; previously on 12/24/2008
     Downgraded to A3

  -- Cl. 1-B-3, Downgraded to Caa2; previously on 12/24/2008
     Downgraded to Baa3

  -- Cl. 2-A-1, Downgraded to Baa3; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. 2-A-2, Downgraded to Ba2; previously on 12/24/2008
     Downgraded to A1

  -- Cl. 2-M, Downgraded to Caa1; previously on 12/24/2008
     Downgraded to Baa2

  -- Cl. 2-B-1, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to B1


CITIFINANCIAL MORTGAGE: Moody's Cuts Rating on Class MV-3 to Ba1
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of three
securities from three transactions issued by CitiFinancial.  These
actions are part of an ongoing review of subprime RMBS
transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
affected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools (i.e. prior
to 2H 2005) takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 70% to
75%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

The complete rating actions:

Issuer: CitiFinancial Mortgage Securities Inc. 2003-1

  -- Cl. MV-3, Downgraded to Ba1; previously on 3/21/2003 Assigned
     Baa2

Issuer: CitiFinancial Mortgage Securities Inc. 2003-4

  -- Cl. MV-6, Downgraded to Ba3; previously on 1/5/2004 Assigned
     Baa1

Issuer: CitiFinancial Mortgage Securities Inc. 2004-1

  -- Cl. MV-7, Downgraded to Baa3; previously on 5/21/2004
     Assigned Baa1


CITIGROUP COMMERCIAL: S&P Junks Ratings on 8 Classes of Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 18
classes of commercial mortgage pass-through certificates from
Citigroup Commercial Mortgage Trust 2007-FL3 and removed them from
CreditWatch with negative implications, where they were placed on
April 7, 2009.  Concurrently, S&P affirmed its ratings on two
other classes from this transaction and removed them from
CreditWatch with negative implications.

The reasons for the downgrades included S&P's expectation that
revenue per available room would decline for the hotel properties
securing the remaining loans in the pool since issuance.  Based on
S&P's analysis of the remaining loans, S&P's resulting overall
property valuations were between 6% and 53% below the levels S&P
assessed at issuance.

S&P based its analysis on a review of the borrower's operating
statements for the year ended Dec. 31, 2008, and its 2009 budgets,
which projected that for eight of the remaining loans
($566.3 million, 84% of the pool balance), the RevPAR for the
hotel properties would decline (between 7% and 25%) in 2009 from
2008 levels.  In conjunction with the borrower's data for 2009,
S&P also factored in S&P's expectation that average 2009 RevPAR
for the industry would decline between 14% and 16%, as S&P noted
in a recent article.

According to the May 15, 2009, remittance report, statistics of
the pool are:

  -- There are 13 loans in the pool, including senior
     participation interests in six floating-rate interest-only
     mortgage loans and seven floating-rate IO whole-mortgage
     loans.

  -- There are mortgages on 16 full-service and three limited-
     service hotels, concentrated in four areas: New York City
      (five loans; 54% of the pool's trust balance), Scottsdale,
     Arizona (one loan; 21%), Southern California (four loans;
     12%), and Miami (one loan; 9%).  According to Smith Travel,
     the New York City lodging market posted a significant 31%
     decline in RevPAR in the first four months of 2009 compared
     with 2008, whereas the general U.S. hotel industry reported
     an 18% decline in RevPAR.

  -- All of the loans are indexed to one-month LIBOR.

Details of the three largest loans in the New York City,
Scottsdale, and Miami markets that contributed to S&P's analysis
are:

  -- The Fairmont Scottsdale Princess loan, the largest loan in
     the trust ($140.0 million, 21%), is secured by a 651-room
     full-service hotel resort in Scottsdale.  In addition, the
     borrower's equity interests secure a $40.0 million mezzanine
     loan.  The master servicer, KeyBank Real Estate Capital,
     reported debt service coverage of 2.69x for the 12 months
     ended March 31, 2009, and 65% occupancy for the year ended
     Dec. 31, 2008.  Based on the 2009 budget, the borrower
     expects RevPAR to decline 21% in 2009 compared with 2008.
     The loan matures on Sept. 9, 2009, and has two 12-month
     extension options remaining.  S&P's adjusted valuation was \
     43% lower than the level S&P assessed at issuance.

  -- The Hudson Hotel loan, the third-largest loan in the pool,
     has a whole-loan balance of $217.0 million that is split into
     two pari passu pieces.  The first is a $108.5 million pari
     passu loan that is further divided into a $93.8 million
     pooled senior component (14% of the pool trust balance), an
     $8.6 million nonpooled subordinate component that is raked to
     the "THH-1" and "THH-2" certificates, and a $6.1 million
     nontrust junior participation.  In addition, the borrower's
     equity interests secure a $32.5 million mezzanine loan.  The
     senior portion of the other pari passu piece is included in
     the Wachovia Bank Commercial Mortgage Trust Commercial
     Mortgage Pass-Through Certificates Series 2007-WHALE8
     transaction.  This loan is secured by an 805-room full-
     service hotel in midtown Manhattan.  KeyBank reported a DSC
     of 7.46x and 91% occupancy for the year ended Dec. 31, 2008.
     Based on the 2009 budget, the borrower expects RevPAR to
     decline 9% in 2009 compared with 2008.  The loan matures on
     July 12, 2010, and has one 15-month extension option
     available.  S&P's adjusted valuation has fallen 24% since
     issuance.

  -- The Intercontinental Miami loan, the fifth-largest loan in
     the pool, has a whole-loan balance of $64.0 million that is
     split into a $61.1 million (9%) pooled senior component and a
     $2.9 million nonpooled subordinate component that supports
     the "INM" certificates (not rated by Standard & Poor's).  In
     addition, the borrower's equity interests secure two
     mezzanine loans totaling $26.0 million.  This loan is secured
     by a 641-room full-service hotel in Miami.  KeyBank reported
     a 4.56x DSC for the 12 months ended March 31, 2009, and 68%
     occupancy for the year ended Dec. 31, 2008.  The loan matures
     on Oct. 9, 2009, and has two 12-month extension options
     remaining.  S&P's adjusted valuation declined 22% since
     issuance.

Details of the loan that was transferred to special servicing
following the May 15, 2009, remittance report are:

  -- The Westmont Hotel Portfolio loan, the 10th-largest loan in
     the pool, has a whole-loan balance of $104.2 million that
     consists of a $72.9 million senior A note that is divided
     into two pari passu pieces and a $31.3 million subordinate B
     note that is not part of the trust.  In addition, the
     borrower's equity interests secure a $3.4 million mezzanine
     loan.  Each of the pari passu pieces is further divided into
     a senior and a junior component.  The senior component of one
     of the pari passu pieces is included in the trust,
     $20.8 million of which makes up 3% of the pool trust balance,
     and $1.5 million is raked to the "WES" certificates (not
     rated by Standard & Poor's).  The other pari passu pieces are
     outside the trust.

To date, two hotel properties that make up $55.8 million of the
whole-loan balance have been released, $11.8 million of which
relates to the trust's portion of the outstanding loan balance.
The remaining collateral includes seven full-service hotel
properties totaling 1,670 rooms in various locations throughout
the U.S.  This loan was transferred to the special servicer, also
KeyBank, on May 20, 2009, due to a monetary default after the
borrower failed to fund the required reserves.  KeyBank reported
an overall DSC of 2.39x and 56% occupancy for the year ended
Dec. 31, 2008.  The loan matures on Oct. 9, 2009, and has two 12-
month extension options remaining.  S&P's adjusted valuation was
28% below the level S&P assessed at issuance.

Should the performance of the hotel sector continue to deteriorate
beyond S&P's current expectations, S&P may revise its analysis and
adjust S&P's ratings accordingly.

      Ratings Lowered And Removed From Creditwatch Negative

          Citigroup Commercial Mortgage Trust 2007-FL3
          Commercial mortgage pass-through certificates

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-2      A+        AAA/Watch Neg                      20.60
    B        BBB+      AAA/Watch Neg                      16.90
    C        BBB-      AA+/Watch Neg                      13.93
    D        BB+       AA-/Watch Neg                      12.01
    E        BB        A+/Watch Neg                       10.23
    F        BB-       A/Watch Neg                         8.30
    G        B-        A-/Watch Neg                        6.52
    H        CCC+      BBB+/Watch Neg                      4.74
    J        CCC       BBB/Watch Neg                       2.96
    K        CCC-      BBB-/Watch Neg                       N/A
    THH-1    CCC+      BBB-/Watch Neg                       N/A
    THH-2    CCC+      BBB-/Watch Neg                       N/A
    MLA-1    CCC-      BB+/Watch Neg                        N/A
    HTT-1    B+        BBB/Watch Neg                        N/A
    HTT-2    B-        BBB-/Watch Neg                       N/A
    VSM-1    B-        BBB/Watch Neg                        N/A
    VSM-2    CCC+      BB+/Watch Neg                        N/A
    RSI-1    CCC-      BBB+/Watch Neg                       N/A

      Ratings Affirmed And Removed From Creditwatch Negative

          Citigroup Commercial Mortgage Trust 2007-FL3
          Commercial mortgage pass-through certificates

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-1      AAA       AAA/Watch Neg                      45.09
    X-2      AAA       AAA/Watch Neg                        N/A

                    N/A - Not applicable.


COLISEUM SPC: S&P Cuts Ratings on Seven Tranches From 4 CDOs to D
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
tranches from four U.S. synthetic collateralized debt obligation
transactions issued by Coliseum SPC.  At the same time, S&P
withdrew S&P's rating on the notes issued by Coliseum SPC's series
TACLS 2007-II.

The downgrades of the notes issued by TACLS 2007-III, IV, V, and
VI follow a number of write-downs of underlying reference
entities, which have caused these notes to incur partial principal
losses.

The rating withdrawal of the TACLS 2007-II notes follows the
complete paydown of the notes on the Oct. 14, 2008, payment date.

                         Ratings Lowered

                           Coliseum SPC

                                              Rating
                                              ------
            Series                Class      To   From
            ------                -----      --   ----
            TACLS 2007-III        I          D    CCC-
            TACLS 2007-III        Sub Nts    D    CCC-
            TACLS 2007-IV         I          D    CCC-
            TACLS 2007-V          I          D    CCC-
            TACLS 2007-V          Sub Nts    D    CCC-
            TACLS 2007-VI         I          D    CCC-
            TACLS 2007-VI         Sub Nts    D    CCC-

                         Rating Withdrawn

                           Coliseum SPC

                                           Rating
                                           ------
             Series              Class    To    From
             ------              -----    --    ----
             TACLS 2007-II       Notes    NR    CCC-

                          NR - Not rated.


COUNTRYWIDE ALT-A: Moody's Downgrades Ratings on 37 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 37
tranches from 6 Alt-A RMBS transactions issued by Countrywide.
The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate, Alt-A residential mortgage
loans.

These actions are a result of updated loss expectations on the
underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

Alternative Loan Trust 2004-J13

  -- Cl. M-1, Downgraded to Aa3; previously on 1/10/2005 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba1; previously on 11/5/2008
     Downgraded to Baa2

Alternative Loan Trust 2004-J4

  -- Cl. 1-A-5, Downgraded to Aa2; previously on 5/21/2004
     Assigned Aaa

  -- Cl. 1-A-6, Downgraded to Aa2; previously on 5/21/2004
     Assigned Aaa

  -- Cl. 1-A-7, Downgraded to Aa2; previously on 5/21/2004
     Assigned Aaa

  -- Cl. 2-A-1, Downgraded to Aa2; previously on 5/21/2004
     Assigned Aaa

  -- Cl. M-1, Downgraded to A3; previously on 5/21/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba1; previously on 5/21/2004 Assigned
     A2

  -- Cl. B, Downgraded to B1; previously on 5/21/2004 Assigned
     Baa2

Alternative Loan Trust 2004-J5

  -- Cl. 1-A-5, Downgraded to Aa1; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 1-A-6, Downgraded to Aa1; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 2-A-1, Downgraded to Aa1; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 2-A-3, Downgraded to Aa1; previously on 7/14/2004
     Assigned Aaa

  -- Cl. 2-A-4, Downgraded to Aa2; previously on 7/14/2004
     Assigned Aa1

  -- Cl. M-1, Downgraded to A3; previously on 7/14/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to B1; previously on 11/5/2008 Downgraded
     to Baa1

  -- Cl. B, Downgraded to Ca; previously on 11/5/2008 Downgraded
     to Caa1

Alternative Loan Trust 2004-J7

  -- Cl. 1-A-3, Downgraded to Aa2; previously on 11/5/2008
     Downgraded to Aa1

  -- Cl. 2-A-1, Downgraded to Baa1; previously on 11/5/2008
     Downgraded to Aa2

  -- Cl. 3-A-1, Downgraded to Baa1; previously on 11/5/2008
     Downgraded to Aa2

  -- Cl. M-1, Downgraded to B1; previously on 11/5/2008 Downgraded
     to Baa2

  -- Cl. M-2, Downgraded to Caa3; previously on 11/5/2008
     Downgraded to Caa1

  -- Cl. B, Downgraded to C; previously on 11/5/2008 Downgraded to
     Ca

Alternative Loan Trust 2004-J8

  -- Cl. 1-A-1, Downgraded to A2; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. 1-X, Downgraded to A2; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. 2-A-1, Downgraded to A2; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. 2-X, Downgraded to A2; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. 3-A-1, Downgraded to Aa3; previously on 9/14/2004
     Assigned Aaa

  -- Cl. 3-X, Downgraded to Aa3; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. 4-A-1, Downgraded to Aa3; previously on 9/14/2004
     Assigned Aaa

  -- Cl. 4-X, Downgraded to Aa3; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. PO-A, Downgraded to A2; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. PO-B, Downgraded to A2; previously on 9/14/2004 Assigned
     Aaa

  -- Cl. M-IO, Downgraded to A2; previously on 9/14/2004 Assigned
     Aaa

Alternative Loan Trust 2004-J9

  -- Cl. M-1, Downgraded to Baa2; previously on 10/7/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Caa1; previously on 10/14/2008
     Downgraded to Baa2

  -- Cl. B, Downgraded to C; previously on 10/14/2008 Downgraded
     to Caa1


COUNTRYWIDE ALTERNATIVE: Moody's Adjusts Rating on 2007-OA10 Loan
-----------------------------------------------------------------
Moody's has adjusted the rating on Class 2-A-2 issued by
Countrywide Alternative Loan Trust 2007-OA10.  This action is a
correction to the rating action announced on February 19, 2009,
which did not take into account the fact that the Class 2-A-2
tranche is guaranteed by Assured Guaranty Corporation (currently
rated Aa2 on review for downgrade).  Moody's ratings on securities
that are guaranteed or "wrapped" by a financial guarantor are the
higher of: a) the rating of the guarantor or b) the published
underlying rating. After incorporating this structural feature,
the ratings on bond 2-A-2 are:

  -- Cl. 2-A-2: on 2/19/2009, downgraded from Aaa to Ca;
     corrected to Aa2 on review for downgrade

  -- Underlying Rating: Ca

  -- Financial Guarantor: Assured Guaranty Corporation (Assigned
     Aa2 on review for downgrade on 5/20/2009)


CREDIT SUISSE: Moody's Affirms Ratings on Six 1998-C2 Certs.
------------------------------------------------------------
Moody's Investors Service affirmed on May 21, 2009, the ratings of
six classes and downgraded one class of Credit Suisse First Boston
Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 1998-C2.  The downgrade is due to higher
expected losses for the pool resulting from increased leverage,
realized and anticipated losses from specially serviced loans and
concerns about maturing loans.  Five loans, representing 18% of
the pool, have passed their Anticipated Repayment Date.  The
overall decline in the pool's credit quality has been partially
offset by increased subordination due to loan payoffs and
amortization.  The pool has amortized 73% since Moody's last
review.  The rating action is the result of Moody's on-going
surveillance of commercial mortgage backed securities
transactions.

As of the May 15, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 84%
to $305.4 million from $1.9 billion at securitization.  The
Certificates are collateralized by 51 loans ranging in size from
less than 1% to 20% of the pool, with the top 10 loans
representing 65% of the pool.  The pool includes a credit tenant
lease component, representing 50% of the pool.  One loan,
representing 20% of the pool, has an investment grade underlying
rating.  Four loans, representing 5% of the pool, have defeased
and are collateralized with U.S. Government securities.

Five loans, representing 23% of the pool, are on the master
servicer's watchlist.  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 performance.

Fifteen loans have been liquidated from the pool, resulting in an
aggregate $46.0 million realized loss.  Currently there are two
loans, representing 3% of the pool, in special servicing.  Moody's
estimates an aggregate loss of $3.3 million for the specially
serviced loans.

Moody's was provided with full year 2007 and partial or full-year
2008 operating results for 87% and 70% of the pool, respectively,
excluding the CTL and defeased loans.  Moody's weighted average
loan to value ratio for the conduit component is 130% compared to
96% at Moody's prior review in February 2008.

The loan with the underlying rating is the 180 Water Street Loan
($60.5 million -- 19.8%), which is secured by a 505,000 square
foot office building located in the Financial District submarket
of New York City.  The property is 100% leased to the City of New
York Department of Citywide Administrative Services (Moody's
general obligation bond rating of New York City -- Aa3) under a
long-term lease which expires in June 2018.  The loan amortizes on
a 20-year schedule and matures in August 2013. Moody's current
underlying rating is A3, the same at last review.

The top three non-defeased conduit loans represent 16% of the
outstanding pool balance.  The largest conduit loan is the Camco
Portfolio Loan ($32.2 million -- 10.6%), which is secured by two
retail properties and one industrial property totaling 547,000
square feet.  The properties are located in North Richland Hills
(2) and Irving, Texas.  The portfolio was 85% leased as of
December 2008, essentially the same as last review.  Although
occupancy has remained stable, performance has declined since last
review due to lower rental revenues and increased operating
expenses.  The loan has passed its October 11, 2008 ARD and the
borrower is in compliance with the extended term loan provisions
outlined in its loan documents.  The loan is on the master
servicer's watchlist due to low DSCR.  Moody's LTV is 122%,
compared to 105% at last review.

The second largest loan is the St. Landry Plaza Shopping Center
Loan ($9.2 million -- 3.0%), which is secured by a 222,000 square
foot retail center located in Opelousas, Louisiana.  The center's
major tenant, Wal-Mart (55% of NRA; lease expiration June 2011)
vacated its space in 2004, but has continued to make its rental
payments.  The center's economic occupancy was 84% as of March
2009.  The loan has passed its July 2008 Anticipated Repayment
Date and is now in an extended term.  The loan is on the
servicer's watchlist due low DSCR.  The master servicer's most
recently reported DSCR is 0.67x.  Moody's LTV is in excess of 200%
compared to 162% at last review.

The third largest loan is the Jewelry Theatre Building loan ($8.8
-- 2.9%), which is secured by a 72,000 square foot retail property
located in the Jewelry District of Los Angeles, California.
Moody's valuation of this loan incorporates a stressed cash flow
to reflect Moody's concerns about retail performance in the
current stressed economic environment.  Moody's LTV is 108%
compared to 103% at last review.

The CTL component includes thirty five loans ($154.1 million --
50.4%) secured by properties leased to seven tenants under
bondable leases.  The largest exposures are Motel 6/Accor SA (53%
of the CTL component), CVS/Caremark Corp. (20%; Moody's senior
unsecured rating Baa2 - positive outlook) and United Artists
(10%).

Moody's rating action is:

  -- Class A-X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 2/25/2008

  -- Class D, $92,290,082, affirmed at Aaa; previously affirmed at
     Aaa on 2/25/2008

  -- Class E, $28,800,000, affirmed at Aaa; previously affirmed at
     Aaa on 2/25/2008

  -- Class F, $105,600,000, affirmed at Ba1; previously affirmed
     at Ba1 on 2/25/2008

  -- Class G, $19,200,000, affirmed at Ba2; previously affirmed at
     Ba2 on 2/25/2008

  -- Class H, $47,900,000, downgraded to Caa3 from Caa1;
     previously downgraded to Caa1 from B3 on 2/25/2008

  -- Class I, $11,653,085, affirmed at C; previously affirmed at C
     on 2/25/2008


CREDIT SUISSE: Moody's Affirms Ratings on 1997-C2 Certificates
--------------------------------------------------------------
Moody's Investors Service affirmed on May 21, 2009, the ratings of
Credit Suisse First Boston Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 1997-C2 due to overall
stable pool performance and increased subordination levels due to
amortization and loan payoffs.  The action is the result of
Moody's on-going surveillance of commercial mortgage backed
securities transactions.

As of the May 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 87%
to $183.3 million from $1.5 billion at securitization.  The
Certificates are collateralized by 48 loans ranging in size from
less than 1% to 12% of the pool, with the top 10 non-defeased
loans representing 54% of the pool.  The pool includes a credit
tenant lease component which represents 44% of the pool.  Four
loans, representing 15% of the pool, have defeased and are
collateralized with U.S. Government securities.

Four loans, representing 16% of the pool, are on the master
servicer's watchlist.  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 performance.

Eighteen loans have been liquidated from the pool, resulting in an
aggregate $39 million realized loss.  There are six loans,
representing 12% of the pool, currently in special servicing.
Moody's estimates an aggregate loss of $5.1 million for the
specially serviced loans.

Moody's was provided with partial or full-year 2008 operating
results for 80% of the pool, excluding defeased and CTL loans.
Moody's weighted average loan to value ratio is 87% compared to
86% at Moody's prior review in May 2008.

The top three non-defeased loans represent 23% of the outstanding
pool balance.  The largest loan is the 78 Corporate Center Loan
($18.8 million -- 10.2%), which is secured by a 176,700 square
foot office building located in Bedminster Township, New Jersey.
The property is 100% leased to Verizon Wireless (Moody's senior
unsecured rating for parent, Verizon Communications, Inc., is A3;
negative outlook) through November 2021.  The loan matures in May
2014.  Moody's LTV is 65%, essentially the same as the last
review.

The second largest loan is the Kendig Square Shopping Center Loan
($13.0 million -- 7.1%), which is secured by a 260,200 square foot
retail center located in West Lampeter Township (Lancaster
County), Pennsylvania.  The two largest tenants are K-Mart and
Weis Market.  These tenants occupy 56% of the NRA through
September 2016.  The loan matures in November 2011.  Moody's LTV
is 75%, essentially the same as the last review.

The third largest loan is the 1515 Industrial Way loan

($11.1 -- 6.1%), which is secured by a 225,000 square foot
industrial building located in Belmont, California. The property
is 100% occupied by Novatis until July 2012.  The loan has passed
its December 11, 2007 Anticipated Repayment Date.  A lockbox has
been put in place and excess cash flow is applied to amortization
of the principal.  Moody's LTV is 98% compared to 93% at last
review.

The CTL component includes thirty five loans ($81.0 million --
44.1%) secured by properties leased to seven tenants under
bondable leases.  The largest exposures are CVS/Caremark Corp.
(Moody's senior unsecured rating Baa2 - positive outlook; 32% of
the CTL Component), Kmart Corporation (Moody's LT corporate issuer
rating of parent, Sears Holdings Company, is Ba2; stable outlook;
25%), and Rite Aid Corportaion (Moody's senior unsecured rating
Caa3/Ca - negative outlook; 12%).

Moody's rating action is:

  -- Class A-X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 5/14/2008

  -- Class D, $24,351,031, affirmed at Aaa; previously affirmed at
     Aaa on 5/14/2008

  -- Class E, $25,655,000, affirmed at Aaa; previously affirmed at
     Aaa on 5/14/2008

  -- Class H, $29,320,000, affirmed at Caa2; previously affirmed
     at Caa2 on 5/14/2008

  -- Class J, $14,660,000, affirmed at C; previously affirmed at C
     on 5/14/2008


CREDIT SUISSE: S&P Cuts Ratings on 3 Classes of Certs. to Low-B
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp. series 2006-
TFL1 and removed them from CreditWatch with negative implications,
where they were placed on April 7, 2009.  Concurrently, S&P
affirmed its ratings on five other classes from this transaction
and removed them from CreditWatch with negative implications.

The reasons for the downgrades included anticipated declines in
revenue per available room since issuance for the hotel properties
securing the remaining two loans in the pool, which, based on
S&P's analysis, resulted in lower overall property valuations.

S&P based its hotel analysis on a review of the borrower's
operating statements for the year ended Dec. 31, 2008, and its
budgets for 2009.  S&P's analysis assumed average 2009 RevPAR in
the industry would decline 14%-16%, as S&P noted in a recent
article.

As of the May 15, 2009, remittance report, statistics of the pool
were:

  -- The trust collateral consisted of the senior participation
     interest in one floating-rate, interest-only mortgage loan
     and one floating-rate, interest-only whole-mortgage loan.

  -- Both of the loans are indexed to one-month LIBOR.

     Details of the remaining loans are:

  -- The largest loan in the pool, the Tharaldson portfolio, has a
     whole-loan balance of $655.9 million that consists of a
     $478.5 million senior participation and a $177.5 million
     junior participation.  The senior participation makes up 88%
     of the trust balance, while the junior participation is held
     outside the trust.  In addition, the borrower's equity
     interests in the properties secure a $145.1 million mezzanine
     loan.  The whole loan is secured by the fee and/or leasehold
     interests in a portfolio of 105 cross-collateralized and
     cross-defaulted limited service/extended-stay hotel
     properties totaling 8,238 rooms in 26 states.  The master
     servicer, KeyBank Real Estate Capital, reported debt service
     coverage of 2.63x for the 12 months ended Dec. 31, 2008, and
     a 5% decline in net cash flow from 2007.  Standard & Poor's
     valuation of the properties has declined 18% since issuance.
     The loan matures on April 9, 2010, and has one 12-month
     extension option remaining.

  -- The Charleston Place Hotel has a trust and whole-loan balance
     of $67.0 million.  The loan is secured by a 442-room, full-
     service luxury hotel in Charleston, South Carolina.  The
     property includes a 21,000-sq.-ft. spa, 51,200 sq. ft. of
     retail space, and 35,900 sq. ft. of meeting space. KeyBank
     reported a DSC of 5.70x for the 12 months ended March 31,
     2009, and a decline in NCF of nearly 6% from year-end 2008.
     Standard & Poor's valuation of the property has declined 21%
     since issuance.  The loan matures on March 9, 2010, and has
     one 12-month extension option remaining.

If the performance of the hotel sector continues to deteriorate
further from S&P's expectations, S&P may revise its analysis and
adjust S&P's ratings accordingly.

      Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2006-TFL1

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    C        AA        AA+/Watch Neg                      41.34
    D        A+        AA/Watch Neg                       36.39
    E        A-        AA-/Watch Neg                      31.08
    F        BBB+      A+/Watch Neg                       26.68
    G        BBB       A/Watch Neg                        22.09
    H        BBB-      A-/Watch Neg                       17.51
    J        BB+       BBB+/Watch Neg                     12.56
    K        BB        BBB/Watch Neg                       5.96
    L        BB-       BBB-/Watch Neg                       N/A

      Ratings Affirmed And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2006-TFL1

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-1      AAA       AAA/Watch Neg                      90.48
    A-2      AAA       AAA/Watch Neg                      54.73
    B        AAA       AAA/Watch Neg                      47.58
    AX1      AAA       AAA/Watch Neg                        N/A
    AX2      AAA       AAA/Watch Neg                        N/A

                    N/A - Not applicable.


CREDIT SUISSE: Moody's Downgrades Ratings on Five 2006-TFL2 Notes
-----------------------------------------------------------------
Moody's Investors Service on May 21, 2009, downgraded and placed
on review for possible downgrade the ratings of five rake classes
of Credit Suisse First Boston Mortgage Securities Corp., Series
2006-TFL2 due to credit deterioration of the Sheffield Loan.

The Sheffield Loan (1.6% of the pool balance) is secured by 349
remaining unsold apartment units and units under contract in a
mixed-use condominium conversion project with a total of 597
residential units.  The property is located at 322 West 57th
Street in midtown Manhattan, New York City.  The commercial
portion of the property that includes four floors of office space,
an underground parking garage and ground floor retail, was
previously released from the collateral.  The unsold units include
215 vacant and 103 rented units.  The rented units include 77
leased to tenants protected by the New York City Rent
Stabilization Law, 22 leased to non-regulated holdover tenants and
four leased on a month-to-month basis.  The borrow reports signed
contracts on 31 units with a total purchase price of $57.3
million.  Eleven of the 31 units are included in a proposed bulk
sale.  The bulk sale purchase contract has a mortgage contingency
and an impending expiration date.

The senior mortgage with a current principal balance of
$30.0 million was transferred into Special Servicing on April 24,
2009, when the borrower chose not to cover the current
construction shortfall of $52 million resulting in mechanics liens
in the approximate amount of $6 million.  The liens have precluded
future condominium closings due to clouds on title.  An additional
$14.2 million in unpaid construction costs is owed to the general
contractor and its subcontractors and a lawsuit was filed by condo
unit owners on May 1, 2009 for $5.5 million in unpaid common
charges allegedly owed on the sponsor units.

The Attorney General has withheld approval of the 19th amendment
to the condominium offering plan due to the borrowers failure to
provide financial disclosure.  The borrower was notified that the
offering plan had expired and the Attorney General has ordered
that all sales efforts cease.

As of April 8, 2009 the Interest Reserve had a balance of only
$154. However, a $9.0 million letter of credit had been posted by
the borrower at loan closing.  The letter of credit has a final
expiration date of July 9, 2009.  It can be drawn in the event of
a default under the loan agreement, or to pay any deficiencies
pertaining to construction draw requisitions or debt service
payments.  The borrower failed to remit the May 2009 interest
payment, although the special servicer had sufficient funds on
hand from rental income to pay interest on the senior debt.

Additional debt includes approximately $2.0 million in a non-trust
junior component and $240.0 million in mezzanine debt, excluding
accrued interest.

Moody's rating action is:

  -- Class SHD-A, $2,983,497, downgraded to A1 from Aa1, on review
     for possible downgrade; previously affirmed at Aa1 on 3/19/09

  -- Class SHD-B, $2,839,522 downgraded to A3 from Aa3, on review
     for possible downgrade; previously affirmed at Aa3 on 3/19/09

  -- Class SHD-C, $2,743,538, downgraded to Baa3 from A3, on
     review for possible downgrade; previously affirmed at A3 on
     3/19/09

  -- Class SHD-D, $2,143,639, downgraded to Ba1 from Baa1, on
     review for possible downgrade; previously affirmed at Baa1 on
     3/19/09

  -- Class SHD-E, $2,679,548, downgraded to Ba3 from Baa3, on
     review for possible downgrade; previously affirmed at Baa3 on
     3/19/09


CREDIT SUISSE: Moody's Downgrades Ratings on 123 Securities
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of 123
securities from 30 subprime RMBS transactions issued by Credit
Suisse.  These actions are part of an ongoing review of subprime
RMBS transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
affected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools (i.e. prior
to 2H 2005) takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 55% to
80%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

The complete rating actions:

CSFB ABS Trust Series 2001-HE16

  -- Cl. M-1, Downgraded to B2; previously on 6/24/2008 Downgraded
     to Ba2

  -- Cl. M-2, Downgraded to C; previously on 6/24/2008 Downgraded
     to Caa2

  -- Cl. B, Downgraded to C; previously on 6/24/2008 Downgraded to
     Ca

CSFB ABS Trust Series 2001-HE17

  -- Cl. M-1, Downgraded to B1; previously on 6/24/2008 Downgraded
     to A2

  -- Cl. M-2, Downgraded to C; previously on 6/24/2008 Downgraded
     to Caa1

CSFB ABS Trust Series 2001-HE20

  -- Cl. M-1, Downgraded to Baa3; previously on 6/24/2008
     Downgraded to A1

  -- Cl. M-2, Downgraded to Ca; previously on 6/24/2008 Downgraded
     to B1

  -- Cl. B, Downgraded to C; previously on 10/24/2006 Downgraded
     to Ca

CSFB ABS Trust Series 2001-HE25

  -- Cl. M-1, Downgraded to Baa1; previously on 10/24/2006
     Downgraded to Aa2

  -- Cl. M-2, Downgraded to Ca; previously on 6/20/2006 Downgraded
     to Baa1

  -- Cl. B, Downgraded to C; previously on 10/24/2006 Downgraded
     to Ca

CSFB ABS Trust Series 2001-HE30

  -- Cl. M-1, Downgraded to Baa2; previously on 1/3/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ca; previously on 5/11/2007 Downgraded
     to Baa3

  -- Cl. M-F-1, Downgraded to A1; previously on 1/3/2002 Assigned
     Aa2

  -- Cl. M-F-2, Downgraded to Baa3; previously on 7/28/2005
     Downgraded to Baa1

  -- Cl. B, Downgraded to C; previously on 5/11/2007 Downgraded to
     Caa3

  -- Cl. B-F, Downgraded to Ca; previously on 10/24/2006
     Downgraded to Caa3

CSFB ABS Trust Series 2001-HE8

  -- Cl. M-1, Downgraded to Baa1; previously on 3/30/2001 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba3; previously on 3/30/2001 Assigned
     A2

  -- Cl. B, Downgraded to C; previously on 7/28/2005 Downgraded to
     Ba2

CSFB ABS Trust Series 2002-HE1

  -- Cl. M-1, Downgraded to Baa2; previously on 11/13/2007
     Downgraded to A2

  -- Cl. M-2, Downgraded to Ca; previously on 6/24/2008 Downgraded
     to Ba3

  -- Cl. B, Downgraded to C; previously on 11/13/2007 Downgraded
     to Ca

CSFB ABS Trust Series 2002-HE11

  -- Cl. M-2, Downgraded to Ba2; previously on 6/24/2008
     Downgraded to Baa3

  -- Cl. B-1, Downgraded to C; previously on 6/24/2008 Downgraded
     to Caa3

CSFB ABS Trust Series 2002-HE16

  -- Cl. M-2, Downgraded to Baa2; previously on 5/29/2002 Assigned

     A2

  -- Cl. B-1, Downgraded to B1; previously on 11/13/2007
     Downgraded to Ba3

CSFB ABS Trust Series 2002-HE4

  -- Cl. M-1, Downgraded to Baa1; previously on 10/28/2005
     Upgraded to Aa1

  -- Cl. M-2, Downgraded to B2; previously on 11/13/2007
     Downgraded to Baa3

  -- Cl. M-F-1, Downgraded to A3; previously on 2/26/2002 Assigned
     Aa2

  -- Cl. M-F-2, Downgraded to Ba3; previously on 10/28/2005
     Downgraded to Baa1

  -- Cl. B, Downgraded to C; previously on 11/13/2007 Downgraded
     to B2

  -- Cl. B-F, Downgraded to C; previously on 8/1/2006 Downgraded
     to Caa3

CSFB Home Equity Pass-Thru Ctfs 2004-8

  -- Cl. M-4, Downgraded to Ba1; previously on 1/29/2008
     Downgraded to Baa2

  -- Cl. M-5, Downgraded to B1; previously on 1/29/2008 Downgraded
     to Baa3

  -- Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to Ba1

  -- Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded
     to B1

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa1

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa3

Home Equity Asset Trust 2002-1

  -- Cl. M-1, Downgraded to A3; previously on 6/27/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba3; previously on 8/6/2007 Downgraded
     to Baa2

  -- Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded
     to Caa3

Home Equity Asset Trust 2002-2

  -- Cl. M-1, Downgraded to A3; previously on 7/29/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to B1; previously on 8/6/2007 Downgraded
     to Baa1

  -- Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded
     to Caa2

Home Equity Asset Trust 2002-3

  -- Cl. M-1, Downgraded to Baa2; previously on 9/26/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Caa1; previously on 8/6/2007
     Downgraded to Ba1

  -- Cl. B-1, Downgraded to C; previously on 7/23/2007 Downgraded
     to Caa3

Home Equity Asset Trust 2002-4

  -- Cl. M-1, Downgraded to Baa1; previously on 10/29/2002
     Assigned Aa2

  -- Cl. M-2, Downgraded to B3; previously on 8/6/2007 Downgraded
     to Baa1

  -- Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded
     to Caa1

Home Equity Asset Trust 2002-5

  -- Cl. M-1, Downgraded to A2; previously on 1/6/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 1/6/2003 Assigned
     A2

  -- Cl. B-1, Downgraded to Ca; previously on 8/6/2007 Downgraded
     to Caa1

Home Equity Asset Trust 2003-1

  -- Cl. B-2, Downgraded to C; previously on 8/6/2007 Downgraded
     to Caa1

Home Equity Asset Trust 2003-2

  -- Cl. M-1, Downgraded to Baa1; previously on 4/9/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba2; previously on 4/9/2003 Assigned
     A1

  -- Cl. M-3, Downgraded to Ca; previously on 8/6/2007 Downgraded
     to Baa3

  -- Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded
     to Caa1

Home Equity Asset Trust 2003-3

  -- Cl. M-1, Downgraded to A2; previously on 9/22/2006 Upgraded
     to Aa1

  -- Cl. M-2, Downgraded to Baa3; previously on 9/22/2006 Upgraded
     to A1

  -- Cl. M-3, Downgraded to B3; previously on 8/6/2007 Downgraded
     to Baa3

  -- Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded
     to B3

Home Equity Asset Trust 2003-5

  -- Cl. M-1, Downgraded to Baa1; previously on 8/28/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 8/28/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba3; previously on 8/6/2007 Downgraded
     to Baa1

  -- Cl. B-1, Downgraded to Ca; previously on 8/6/2007 Downgraded
     to B3

  -- Cl. B-2, Downgraded to C; previously on 8/6/2007 Downgraded
     to Caa2

Home Equity Asset Trust 2003-6

  -- Cl. M-2, Downgraded to Caa1; previously on 11/14/2003
     Assigned A2

  -- Cl. M-3, Downgraded to C; previously on 8/6/2007 Downgraded
     to Baa2

  -- Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded
     to B1

Home Equity Asset Trust 2003-7

  -- Cl. M-1, Downgraded to A3; previously on 12/23/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 12/23/2003
     Assigned A2

  -- Cl. M-3, Downgraded to Ba3; previously on 12/23/2003 Assigned
     A3

  -- Cl. B-1, Downgraded to C; previously on 8/6/2007 Downgraded
     to Ba1

  -- Cl. B-2, Downgraded to C; previously on 8/6/2007 Downgraded
     to B3

Home Equity Asset Trust 2003-8

  -- Cl. M-1, Downgraded to A2; previously on 1/5/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 1/5/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba3; previously on 1/5/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Caa3; previously on 1/5/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Ca; previously on 8/6/2007 Downgraded
     to Ba1

  -- Cl. B-3, Downgraded to C; previously on 8/6/2007 Downgraded
     to B3

Home Equity Asset Trust 2004-1

  -- Cl. M-2, Downgraded to Ba1; previously on 1/29/2008
     Downgraded to Baa3

  -- Cl. M-3, Downgraded to B1; previously on 1/29/2008 Downgraded
     to Ba1

  -- Cl. B-1, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to B1

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa2

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Ca

Home Equity Asset Trust 2004-2

  -- Cl. M-2, Downgraded to Baa3; previously on 1/29/2008
     Downgraded to Baa2

  -- Cl. M-3, Downgraded to Ba3; previously on 1/29/2008
     Downgraded to Baa3

  -- Cl. B-1, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to Ba3

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa1

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Ca

Home Equity Asset Trust 2004-3

  -- Cl. M-2, Downgraded to B1; previously on 1/29/2008 Downgraded
     to Baa3

  -- Cl. M-3, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to Ba2

  -- Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded
     to B3

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa3

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Ca

Home Equity Asset Trust 2004-4

  -- Cl. M-3, Downgraded to Baa2; previously on 1/29/2008
     Downgraded to A2

  -- Cl. M-4, Downgraded to Baa3; previously on 1/29/2008
     Downgraded to Baa1

  -- Cl. M-5, Downgraded to B3; previously on 1/29/2008 Downgraded
     to Baa2

  -- Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to Ba1

  -- Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded
     to Ba3

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa1

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Ca

Home Equity Asset Trust 2004-5

  -- Cl. M-3, Downgraded to Baa3; previously on 1/29/2008
     Downgraded to A3

  -- Cl. M-4, Downgraded to Ba1; previously on 1/29/2008
     Downgraded to Baa2

  -- Cl. M-5, Downgraded to B3; previously on 1/29/2008 Downgraded
     to Baa3

  -- Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to Ba3

  -- Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded
     to B2

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa3

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Ca

Home Equity Asset Trust 2004-6

  -- Cl. M-3, Downgraded to Baa3; previously on 1/29/2008
     Downgraded to A2

  -- Cl. M-4, Downgraded to Ba1; previously on 1/29/2008
     Downgraded to Baa1

  -- Cl. M-5, Downgraded to B3; previously on 1/29/2008 Downgraded
     to Baa2

  -- Cl. M-6, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to Baa3

  -- Cl. B-1, Downgraded to C; previously on 1/29/2008 Downgraded
     to Ba3

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to B3

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa3

Home Equity Asset Trust 2004-7

  -- Cl. M-5, Downgraded to Ba1; previously on 1/29/2008
     Downgraded to Baa2

  -- Cl. M-6, Downgraded to Caa1; previously on 1/29/2008
     Downgraded to Ba1

  -- Cl. B-1, Downgraded to Ca; previously on 1/29/2008 Downgraded
     to Ba3

  -- Cl. B-2, Downgraded to C; previously on 1/29/2008 Downgraded
     to B3

  -- Cl. B-3, Downgraded to C; previously on 1/29/2008 Downgraded
     to Caa3


CREST G-STAR: S&P Downgrades Ratings on Various 2001-2 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services on May 21, 2009, lowered its
ratings on the class B-1, B-2, C, and combination notes issued by
Crest G-Star 2001-2 Ltd., a static collateralized debt obligation
of asset-backed securities transaction consisting primarily of
mezzanine commercial mortgage-backed securities and REIT assets,
and removed them from CreditWatch with negative implications,
where they were placed April 8, 2009.  At the same time, S&P
affirmed its rating on the class A notes based on the current
level of credit enhancement available.  In addition, S&P withdrew
its rating on the preferred shares issued by Crest G-Star 2001-2
Ltd.

The downgrades reflect, among other factors, deterioration in the
credit quality of the underlying collateral in the portfolio since
the transaction closed in January 2001.  S&P's ratings on
approximately 9.8% of the assets in the underlying portfolio are
on CreditWatch with negative implications.  The downgrades also
reflect S&P's revised probability of default and correlation
assumptions used to rate CDOs with exposure to REIT assets.

S&P withdrew its rating on the preference shares because the rated
notional amount has been paid back in full.

                         Ratings Lowered

                    Crest G-Star 2001-2 Ltd.

                                  Rating
                                  ------
           Class                To      From
           -----                --      ----
           B-1                  A-      A+/Watch Neg
           B-2                  A-      A+/Watch Neg
           C                    B+      BBB-/Watch Neg
           Combo                BBB     A+/Watch Neg

                         Rating Affirmed

                     Crest G-Star 2001-2 Ltd.

                      Class         Rating
                      -----         ------
                      A             AAA

                         Rating Withdrawn

                     Crest G-Star 2001-2 Ltd.

                                   Rating
                                   ------
            Class                To      From
            -----                --      ----
            Preference Shares    NR      BB-/Watch Neg


                     Transaction Information

         Issuer:               Crest G-Star 2001-2 Ltd.
         Co-issuer:            Crest G-Star 2001-2 Corp.
         Underwriter:          First Union Securities Inc.
         Trustee:              LaSalle Bank N.A.
         Transaction type:     CDO of ABS


CSFB MORTGAGE: Moody's Cuts Ratings on 2 Classes of Tranches to B1
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches issued in CSFB Mortgage Pass-Through Certificates, Series
2001-S6 transaction.  Underlying securities' collateral consists
primarily of closed-end second lien residential mortgage loans.

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) Moody's
review of the nature, sufficiency, and quality of historical loan
performance information, ii) analysis of the collateral
composition and pool credit performance including prepayment, loan
delinquency and loss data, iii) consideration of the transaction's
capital structure and related allocations of collateral cash flows
and losses, and iv) a comparison of current credit enhancement
levels to updated Moody's pool loss projections based on present
collateral credit performance.

This transaction is currently backed by a small number of loans.
Should a default occur on any of those loans, protection from loss
to the subordinate bonds in the transaction is dependant on
payment made from pool policy provided by Radian Insurance Inc.
(Insurance Financial Strength rating B1).

When analyzing underlying ratings for CES and HELOC transactions,
Moody's projects cumulative losses for each deal based on a
collateral analysis of the deal's Constant Prepayment Rate and
Constant Default Rate.

CPR is based on the average of the last six months 1-month CPR.

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.
Moody's assumes that the CDR will not decline for the next three
years and will decline subsequently for the life of the deal under
a schedule, typically reducing by 50% in year 4 and remaining
constant thereafter.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation can also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.

Aggregate credit enhancement which combines subordination benefit
(including over-collateralization and/or reserve accounts) and
excess spread benefit is compared with projected cumulative losses
for the deal to derive coverage multiples and associated ratings
by deal tranche.  Moody's will analyze tranche coverage multiples
after consideration of timing of tranche repayment and allocation
of losses (if any).

Complete rating actions are:

Issuer: CSFB Mortgage Pass-Through Certificates, Series 2001-S6

  -- Cl. B-2, Downgraded to B1; previously on 3/30/2001 Assigned
     A2

  -- Cl. XB-2, Downgraded to B1; previously on 3/30/2001 Assigned
     A2


CSFB HOME: Moody's Junks Ratings on Six 2006-1 Trusts
-----------------------------------------------------
Moody's Investors Service has downgraded 12 ratings from CSFB Home
Equity Asset Trust 2006-1.

The collateral backing this transaction consists primarily of
first-lien, fixed and adjustable-rate, subprime residential
mortgage loans.  The actions are triggered by a combination of
factors that can include increased delinquencies, higher loss
severities, slower prepayments and mounting losses in the
underlying collateral.  Additionally, the continued deterioration
of the housing market has also contributed to the increased loss
expectations for subprime pools.  The actions listed below reflect
Moody's updated loss projections for the subprime RMBS sector
first announced in a press release on February 29, 2009, and are
part of Moody's on-going review process.

Moody's final rating actions are based on collateral performance
and updated pool-level loss expectations relative to current
levels of tranche-specific credit enhancement.  Moody's took into
account credit enhancement provided by subordination, cross-
collateralization, excess spread, time tranching, and other
structural features.

Complete rating actions are:

CSFB Home Equity Asset Trust 2006-1

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

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

  -- Cl. 2-A-4, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Baa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Ba3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Caa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. M-5, Downgraded to C; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

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

  -- Cl. M-7, Downgraded to C; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. M-8, Downgraded to C; previously on 4/21/2008 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 3/19/2009 Caa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 3/19/2009 Caa2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to C; previously on 3/19/2009 Caa3 Placed
     Under Review for Possible Downgrade


DEL MAR: Moody's Junks Rating on Class D Notes
----------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Del Mar CLO I:

  -- US$75,000,000 Class A-1 Floating Rate Notes, Due 2018,
     Downgraded to A1; previously on July 28, 2006 Assigned Aaa;

  -- US$250,000 Class A-2 Floating Rate Notes, Due 2018,
     Downgraded to A1; previously on July 28, 2006 Assigned Aaa;

  -- US$180,250,000 Class A-3 Floating Rate Notes, Due 2018,
     Downgraded to A1; previously on July 28, 2006 Assigned Aaa;

  -- US$23,625,000 Class B Floating Rate Notes, Due 2018,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$15,575,000 Class C Deferrable Floating Rate Notes, Due
     2018, Downgraded to Ba3; previously on March 17, 2009
     downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$15,050,000 Class D Deferrable Floating Rate Notes, Due
     2018, Downgraded to Caa2; previously on March 17, 2009
     downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$13,125,000 Class E Deferrable Floating Rate Notes, Due
     2018, Downgraded to Ca; previously on March 17, 2009
     downgraded to Caa3 and Placed Under Review for Possible
     Downgrade;

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."

Credit deterioration of the collateral pool is observed in a
decline in the average credit rating (as measured through the
weighted average rating factor), an increase in the dollar amount
of defaulted securities, an increase in the proportion of
securities from issuers rated Caa1 and below, and failure of the
Class C Par Value Ratio, the Class D Par Value Ratio, and the
Class E Par Value Ratio.  As of the last trustee report, dated
April 23, 2009, WARF was 2800, defaulted securities represented
approximately 6.6% of performing par, and the proportion of
securities from issuers rated Caa1 and below represented
approximately 15.2% of the portfolio.


DEUTSCHE ALT-A: Moody's Downgrades Ratings on 54 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 54
tranches from 8 Alt-A RMBS transactions issued by Deutsche Alt-A
Securities Inc and Deutsche Mortgage Securities Inc.  The
collateral backing these transactions consists primarily of first-
lien, fixed and adjustable-rate, Alt-A residential mortgage loans.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

For securities insured by a financial guarantor, the rating on the
securities is equal to the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty and is as described in the two previous
paragraphs.

List of actions:

Deutsche Alt-A Secs Inc Mtge Loan Tr 2003-2XS

  -- Cl. A-5, Downgraded to A2; previously on 1/5/2009 Downgraded
     to Aa1

  -- Cl. A-6, Downgraded to A1; previously on 11/20/2003 Assigned
     Aaa

  -- Cl. M-1, Downgraded to Baa3; previously on 1/5/2009
     Downgraded to A2

  -- Cl. M-2, Downgraded to Caa2; previously on 1/5/2009
     Downgraded to Ba3

  -- Cl. M-3, Downgraded to C; previously on 1/5/2009 Downgraded
     to Ca

Deutsche Alt-A Secs Inc Mtge Loan Tr 2003-4XS

  -- Cl. A-5, Downgraded to A2; previously on 1/5/2009 Downgraded
     to Aa2


  -- Cl. A-6A, Downgraded to A1; previously on 2/18/2009 Upgraded
     to Aaa

  -- Financial Guarantor: MBIA (currently B3)

  -- Cl. A-6B, Downgraded to A1; previously on 1/5/2009 Downgraded
     to Aa3

  -- Cl. M-1, Downgraded to Baa2; previously on 1/5/2009
     Downgraded to Baa1

  -- Cl. M-2, Downgraded to Caa2; previously on 1/5/2009
     Downgraded to B3

  -- Cl. M-3, Downgraded to C; previously on 1/5/2009 Downgraded
     to Ca

Deutsche Mtge Secs, Inc. Mtge Loan Tr-2004-1

  -- Cl. III-A-5, Downgraded to Aa3; previously on 2/26/2004
     Assigned Aaa


  -- Cl. III-A-6, Downgraded to Aa3; previously on 2/26/2004
     Assigned Aaa

  -- Cl. III-M-1, Downgraded to Baa1; previously on 1/5/2009
     Downgraded to Aa3

  -- Cl. III-M-2, Downgraded to Ba1; previously on 1/5/2009
     Downgraded to A3

  -- Cl. III-M-3, Downgraded to B2; previously on 1/5/2009
     Downgraded to Baa3

Deutsche Mtge Secs Inc Mtge Loan Tr 2004-2

  -- Cl. A-5, Downgraded to Aa3; previously on 3/30/2004 Assigned
     Aaa

  -- Cl. A-6, Downgraded to Aa2; previously on 3/30/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to Baa1; previously on 1/5/2009
     Downgraded to A1

  -- Cl. M-2, Downgraded to Ba2; previously on 1/5/2009 Downgraded
     to Baa1

  -- Cl. M-3, Downgraded to B3; previously on 1/5/2009 Downgraded
     to Ba2

Deutsche Mtge Secs Inc Mtge Loan Tr 2004-3

  -- Cl. I-A-5, Downgraded to A2; previously on 3/3/2009 Upgraded
     to Aaa

  -- Financial Guarantor: Ambac Assurance (currently Ba1)

  -- Cl. I-A-6, Downgraded to A1; previously on 3/3/2009 Upgraded
     to Aaa

  -- Financial Guarantor: Ambac Assurance (currently Ba1)

  -- Cl. II-AR-1, Downgraded to A2; previously on 7/5/2004
     Assigned Aaa

  -- Cl. II-AR-2, Downgraded to Aa1; previously on 7/5/2004
     Assigned Aaa

  -- Cl. I-M-1, Downgraded to Baa3; previously on 1/5/2009
     Downgraded to A2

  -- Cl. I-M-2, Downgraded to Caa1; previously on 1/5/2009
     Downgraded to Baa3

  -- Cl. I-M-3, Downgraded to Caa3; previously on 1/5/2009
     Downgraded to Ba3

  -- Cl. II-MR-1, Downgraded to Baa3; previously on 7/5/2004
     Assigned Aa2

  -- Cl. II-MR-2, Downgraded to B1; previously on 7/5/2004
     Assigned A2

  -- Cl. II-MR-3, Downgraded to Caa3; previously on 7/5/2004
     Assigned Baa2

Deutsche Mtge Secs Inc Mtge Loan Trust 2004-4

  -- Cl. I-A-5, Downgraded to A1; previously on 1/5/2009
     Downgraded to Aa2

  -- Cl. I-A-6, Downgraded to Aa3; previously on 1/5/2009
     Downgraded to Aa2

  -- Cl. II-AR-1, Downgraded to Aa3; previously on 7/1/2005
     Assigned Aaa


  -- Cl. II-AR-2, Downgraded to Aa1; previously on 7/1/2005
     Assigned Aaa

  -- Cl. III-AR-1, Downgraded to Baa2; previously on 1/5/2009
     Downgraded to Aa1

  -- Cl. IV-AR-1, Downgraded to Baa2; previously on 1/5/2009
     Downgraded to Aa2

  -- Cl. V-AR-1, Downgraded to Baa2; previously on 1/5/2009
     Downgraded to Aa1

  -- Cl. VI-AR-1, Downgraded to Baa2; previously on 7/1/2005
     Assigned Aaa

  -- Cl. VII-AR-1, Downgraded to Baa2; previously on 7/1/2005
     Assigned Aaa

  -- Cl. VII-AR-2, Downgraded to Baa2; previously on 7/1/2005
     Assigned Aaa

  -- Cl. VII-AR-3, Downgraded to Baa2; previously on 7/1/2005
     Assigned Aaa

  -- Cl. I-M-1, Downgraded to Baa2; previously on 1/5/2009
     Downgraded to A3

  -- Cl. I-M-2, Downgraded to B3; previously on 1/5/2009
     Downgraded to B1

  -- Cl. I-M-3, Downgraded to C; previously on 1/5/2009 Downgraded
     to Ca

  -- Cl. II-MR-1, Downgraded to A3; previously on 7/1/2005
     Assigned Aa2

  -- Cl. II-MR-2, Downgraded to Baa3; previously on 7/1/2005
     Assigned A2

  -- Cl. II-MR-3, Downgraded to B1; previously on 1/5/2009
     Downgraded to Baa3

Deutsche Mtge Secs Inc Mtge Loan Trust 2004-5

  -- Cl. A-4A, Downgraded to Baa1; previously on 1/5/2009
     Downgraded to Aa2

  -- Financial Guarantor: FGIC (currently Caa3)

  -- Cl. A-4B, Downgraded to Baa1; previously on 1/5/2009
     Downgraded to Aa2

  -- Cl. A-5B, Downgraded to Baa1; previously on 1/5/2009
     Downgraded to Aa1

  -- Financial Guarantor: FGIC (currently Caa3)

  -- Cl. M-1, Downgraded to Ba3; previously on 1/5/2009 Downgraded
     to Baa1

  -- Cl. M-2, Downgraded to Caa2; previously on 1/5/2009
     Downgraded to B1

  -- Cl. M-3, Downgraded to C; previously on 1/5/2009 Downgraded
     to Ca


DIVERSIFIED ASSET: Fitch Affirms 'B' Rating on Two Classes
----------------------------------------------------------
Fitch Ratings affirms and assigns Outlooks to $84.6 million from
two classes of notes issued by Diversified Asset Securitization
Holdings I, L.P.:

  -- $70,101,329 class A-1 at 'B' from 'B/DR1', Negative Outlook;
  -- $14,470,458 class A-2 at 'B' from 'B/DR1', Negative Outlook.

In addition, the class A-1 and A-2 notes were assigned a Negative
Outlook because the notes are dependent on the interest proceeds
from low-rated collateral, including assets rated 'CCC' and below,
to pay a portion of the principal due to the notes.

Fitch also removes all of the distressed recovery ratings from the
notes.

The rating actions incorporate Fitch's recently adjusted default
and recovery rate assumptions for analyzing structured finance
collateralized debt obligations, in addition to the current credit
profile of the underlying portfolio.  Assets rated below
investment grade currently comprise 20.3% of the portfolio, of
which 19.4% of the portfolio is considered 'CCC' or below.

The pro rata class A-1 and A-2 (together, class A) notes have
amortized 67.8% since closing and still represent 57.9% of the
capital structure.  While credit enhancement to the class A notes
may be further eroded by future losses on below investment grade
collateral, the class A notes benefit from excess spread as
interest proceeds are currently being used to pay down the
principal due to the notes to cure the class A over
collateralization test, therefore providing additional credit
enhancement going forward.  Additionally, the interest rate swap
has ended, providing more interest proceeds to pay noteholders in
a low interest rate environment.

DASH I is a static cash flow CDO which closed in December 1999
with a portfolio selected by Asset Allocation & Management, LLC.
DASH I is composed of 47.6% RMBS from the 1995 through 2002
vintages, 28.2% commercial mortgage-backed securities, 13.6%
commercial asset-backed securities, 8% U.S. Treasury Principal
Only Notes, and 2.6% corporate CDOs from the 1998 vintage.

The rating actions resolve the 'Under Analysis' status issued on
Oct. 14, 2008 following Fitch's announcement of its proposed
criteria revision for analyzing structured finance 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 makes 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.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


DIVERSIFIED REIT: Fitch Downgrades Ratings on Five 2000-1 Notes
---------------------------------------------------------------
Fitch Ratings downgraded on May 21, 2009, five and affirmed two
classes of notes issued by Diversified REIT Trust 2000-1
Ltd./Corp.:

  -- $20,268,000 class C notes affirmed at 'AAA';
  -- $21,249,000 class D notes downgraded to 'A' from 'AA';
  -- $11,343,000 class E notes downgraded to 'CCC/RR1' from 'BB+';
  -- $4,307,000 class F notes downgraded to 'C/RR6' from 'B+';
  -- $5,025,000 class G notes downgraded to 'C/RR6' from 'B+';
  -- $4,308,000 class H notes downgraded to 'C/RR6' from 'B+';
  -- $66,500,000 class X notes (interest only) affirmed at 'AAA'.

In addition, Fitch assigned Stable Rating Outlooks to the class C
and D notes and removes the class E, F, G, and H notes from Rating
Watch Negative.

The downgrades are due to the default of The Rouse Company LP ,
representing 29.3% and the concentrated nature of the pool.  On
April 16, 2009, Fitch downgraded General Growth Properties and its
wholly-owned subsidiary The Rouse Company's Issuer Default Ratings
to 'D' with related bank loan facilities and unsecured senior
notes affirmed at 'C/RR5', suggesting below average recovery
prospects ranging from 11% to 30%.

DREIT 2000-1 is a collateralized debt obligation which closed
April 13, 2000 and is composed of a static pool of senior
unsecured real estate investment trust securities.  There are
three remaining performing assets in the portfolio of which two
are rated investment grade ('AA+': 30.1% and 'BBB+': 10.5%), and
the other is rated 'BB+/Outlook Stable': 30.1%.  These assets have
expected maturities in the first quarter of 2010.  The notes pay
principal in sequential order and there are no over-
collateralization or interest coverage tests.

Fitch applied a hypothetical loss to the capital structure of the
transaction based on the recovery rating of the Rouse security to
evaluate the impact on the rated classes.  Those classes that
would suffer losses or significant impairment to its credit
enhancement were downgraded.  The assignment of an 'RR1' to the
class E notes and an 'RR6' to the class F through H notes
indicates Fitch's view of the recovery prospects for the classes.


FEP RECEIVABLES: Fitch Cuts Ratings on Two Notes to 'C/RR6'
-----------------------------------------------------------
Fitch Ratings has downgraded two classes and revised the Recovery
Rating on all classes of notes issued by FEP Receivables Trust
2001-1:

  -- $20,212,341 class A-3L floating rate notes downgraded to
     'C/RR6' from 'CCC/DR3';

  -- $5,000,000 class BL floating rate notes affirmed at 'C/RR6'
      (revised from 'C/DR5');

  -- $12,624,642 class A notes downgraded to 'C/RR6' from
     'CCC/DR4';

  -- $5,000,000 class B notes affirmed at 'C/RR6' (revised from
     'C/DR5').

FEP 2001-1 is collateralized by receivables of certain fees
charged to the class B shareholders of a select pool of mutual
funds.  Namely, FEP 2001-1 receives, from a predetermined set of
shareholders in the mutual funds, the asset-based sales charges
(12b-1 fees), contingent deferred sales charges, and shareholder
servicing fees which are charged to these shareholders.  The
primary factors in determining cash flows in this transaction are
the net asset values of the underlying funds, share redemption
rates, and the expiration of the transaction's entitlements to
fees from each underlying fund.

The underlying funds in FEP 2001-1 experienced significant NAV
declines soon after the inception of the transaction in January
2001.  The poor performance led to insufficient cash flows
supporting the notes, and therefore a slow rate of principal
redemption of the notes.  Performance has continued to
deteriorate, as many of the initial underlying funds are no longer
generating fees that may be passed through to FEP 2001-1.  This
occurs as shares of the underlying funds are no longer subject to
the aforementioned fees once a certain time period has elapsed.
These pre-defined time frames will continue to expire for the
remaining fee-producing funds throughout the remaining life of the
transaction, further reducing the amount of proceeds available for
distribution to the notes.

The floating rate notes (classes A-3L and BL) receive 75% of all
proceeds, while the fixed rate notes (classes A and B) receive 25%
of the proceeds.  Within these groups, interest is paid
sequentially, followed by principal. Currently, class A-3L and
class A are not receiving their full required interest payments,
causing class BL and class B, respectively, to receive no proceeds
at all.  Fitch expects classes A-3L and A to continue to receive
only partial interest distributions at future monthly payment
dates, while the classes BL and B notes are not expected to
receive any future distributions.  No further principal payments
are expected on any of the notes.

The Distressed Recovery Ratings on each class of notes have been
revised to Recovery Ratings to reflect Fitch's updated Rating
Definitions Criteria released March 3, 2009.


FIRST NATIONAL: Fitch Puts 'BB+' Ratings on Notes on Watch
----------------------------------------------------------
Fitch Ratings has taken various actions on classes of notes from
the First National Master Note Trust:

  -- Series 2004-1 class B: 'A', assigned a Negative Rating
     Outlook;

  -- Series 2004-1 class C: 'BBB', placed on Rating Watch
     Negative;

  -- Series 2004-1 class D: 'BB+', placed on Rating Watch
     Negative;

  -- Series 2008-2 class B: 'A', assigned a Negative Rating
     Outlook;

  -- Series 2008-2 class C: 'BBB', placed on Rating Watch
     Negative;

  -- Series 2008-2 class D: 'BB+', placed on Rating Watch
     Negative;

  -- Series 2008-3 class B: 'A', assigned a Negative Rating
     Outlook;

  -- Series 2008-3 class C: 'BBB', placed on Rating Watch
     Negative;

  -- Series 2008-3 class D: 'BB+', placed on Rating Watch
     Negative.

The rating actions are a result of a significant increase in
delinquencies and charge-offs in the trusts, along with slowing
monthly payment rates during the first half of 2009.  In
particular, the four most recent servicing reports show a rapid
increase in charge-offs.  On a gross basis, charge-offs have risen
from 6.34% at the beginning of the year to 8.80% for the most
recent reporting period.  The percentage of accounts that are 60
or more days delinquent has also risen during this period
indicating that an elevated level of charge-offs will persist over
the near term.

MPR, a measure of how quickly consumers are paying off their debt,
was at 13.60% in June compared to 14.42% for the same period a
year ago.  Given that payment rates are generally inversely
correlated to delinquency rates, a rise in delinquencies could
lead to a further slowdown in the payment rate in the trusts.

Excess spread, a measure of a trust's ability to generate
profitability, has experienced significant downward pressure in
2009.  All series that Fitch rated, 2004-1, 2008-2 and 2008-3,
experienced a decline of approximately 260 basis points in excess
spread during the April collection month, due primarily to higher
charge-offs and lower yield.  As a result, one-month excess spread
levels range from 278 bps to 367 bps.  The three-month average
excess spread levels range from 424 bps to 515 bps.  The spread
account has an upfront deposit of 50 bps and does not trap excess
spread until the three-month average falls below 400 bps, so
excess spread continues to be released to the issuer.

Upon issuance, Fitch assumed that 2.66% of excess spread would be
trapped prior to an early amortization to be used as enhancement
for the classes C and D notes.  However, the recent volatility in
excess spread is not consistent with the original assumption and
Fitch is concerned that the classes C and D notes may not derive
as much enhancement as originally anticipated from the excess
spread account.

Fitch's analysis included a comparison of observed performance
trends over the past few months to Fitch's base case expectations
for each outstanding rating category.

As part of its on-going surveillance efforts, Fitch will continue
to monitor the performance of these trusts.

The resolution of the Negative Watch status will incorporate
updated projections of trust performance and additional
information from the issuer.  Fitch expects to complete its review
within the next 90 days.


FREMONT HOME: Moody's Downgrades Rating on 59 Securities
--------------------------------------------------------
Moody's Investors Service has downgraded the rating of 59
securities from 10 subprime RMBS transactions issued by Fremont
Home Loan Trust.  These actions are part of an ongoing review of
subprime RMBS transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
effected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools (i.e. prior
to 2H 2005) takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions.  The results of these two
calculations -- Recent Losses and Pipeline Losses -- are weighted
to arrive at the lifetime cumulative loss projection.

The complete rating actions:

Fremont Home Loan Trust 2002-1

  -- Cl. M-1, Downgraded to Baa2; previously on 10/2/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Caa2; previously on 8/26/2008
     Downgraded to Ba1

  -- Cl. M-3, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ba3

  -- Cl. M-4, Downgraded to C; previously on 8/26/2008 Downgraded
     to B1

Fremont Home Loan Trust 2002-2

  -- Cl. M-1, Downgraded to Baa2; previously on 8/26/2008
     Downgraded to A3

  -- Cl. M-2A, Downgraded to Ba1; previously on 8/26/2008
     Downgraded to Baa2

  -- Cl. M-2B, Downgraded to Ba1; previously on 8/26/2008
     Downgraded to Baa2

Fremont Home Loan Trust 2003-1

  -- Ser. 2003-1 Cl. M-1, Downgraded to A2; previously on 5/9/2003
     Assigned Aa2

  -- Ser. 2003-1 Cl. M-2, Downgraded to Ba1; previously on
     5/9/2003 Assigned A2

  -- Ser. 2003-1 Cl. M-3, Downgraded to B2; previously on
     8/26/2008 Downgraded to Baa2

  -- Ser. 2003-1 Cl. M-4, Downgraded to Ca; previously on
     8/26/2008 Downgraded to Ba1

  -- Ser. 2003-1 Cl. M-5, Downgraded to C; previously on 8/26/2008
     Downgraded to Ba2

Fremont Home Loan Trust 2003-B

  -- Cl. M-1, Downgraded to Aa3; previously on 9/26/2007 Upgraded
     to Aa1

  -- Cl. M-2, Downgraded to A3; previously on 12/23/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa2; previously on 12/23/2003
     Assigned A3

  -- Cl. M-4, Downgraded to Ba1; previously on 12/23/2003 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Ba2; previously on 12/23/2003 Assigned
     Baa2

  -- Cl. M-6, Downgraded to B2; previously on 9/26/2007 Downgraded
     to Ba2

Fremont Home Loan Trust 2004-2

  -- Cl. M-5, Downgraded to Baa2; previously on 9/20/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Baa3; previously on 9/20/2004 Assigned
     A3

  -- Cl. M-7, Downgraded to Ba1; previously on 9/20/2004 Assigned
     Baa1

  -- Cl. M-8, Downgraded to Ba3; previously on 9/20/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to Ca; previously on 12/27/2007
     Downgraded to Ba2

  -- Cl. B-1, Downgraded to C; previously on 12/27/2007 Downgraded
     to Ca

Fremont Home Loan Trust 2004-4

  -- Cl. M-2, Downgraded to A3; previously on 1/12/2005 Assigned
     Aa2

  -- Cl. M-3, Downgraded to Baa3; previously on 1/12/2005 Assigned
     Aa3

  -- Cl. M-4, Downgraded to Ba1; previously on 1/12/2005 Assigned
     A1

  -- Cl. M-5, Downgraded to B2; previously on 8/26/2008 Downgraded
     to Baa2

  -- Cl. M-6, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ba2

  -- Cl. M-7, Downgraded to C; previously on 8/26/2008 Downgraded
     to B1

  -- Cl. M-8, Downgraded to C; previously on 8/26/2008 Downgraded
     to Caa1

  -- Cl. M-9, Downgraded to C; previously on 8/26/2008 Downgraded
     to Caa3

Fremont Home Loan Trust 2004-A

  -- Cl. M-1, Downgraded to A2; previously on 3/8/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 3/8/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba3; previously on 3/8/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Caa1; previously on 3/8/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ba1

  -- Cl. B-3, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ba2

Fremont Home Loan Trust 2004-B

  -- Cl. M-3, Downgraded to A1; previously on 5/21/2004 Assigned
     Aa3

  -- Cl. M-4, Downgraded to A3; previously on 5/21/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa2; previously on 5/21/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Baa3; previously on 5/21/2004 Assigned
     A3

  -- Cl. M-7, Downgraded to Ba2; previously on 5/21/2004 Assigned
     Baa1

  -- Cl. M-8, Downgraded to B2; previously on 5/21/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to Caa2; previously on 12/27/2007
     Downgraded to Ba2

Fremont Home Loan Trust 2004-C

  -- Cl. M-3, Downgraded to Baa2; previously on September 21, 2004
Assigned
     A2

  -- Cl. M-4, Downgraded to Baa3; previously on September 21, 2004
Assigned
     A3

  -- Cl. M-5, Downgraded to Ba2; previously on September 21, 2004
Assigned
     Baa1

  -- Cl. M-6, Downgraded to Ba3; previously on 8/26/2008
     Downgraded to Ba1

  -- Cl. M-7, Downgraded to B1; previously on 8/26/2008 Downgraded
     to Ba2

  -- Cl. M-8, Downgraded to C; previously on 8/26/2008 Downgraded
     to B3

Fremont Home Loan Trust 2004-D

  -- Cl. M3, Downgraded to A3; previously on 8/26/2008 Downgraded
     to A1

  -- Cl. M4, Downgraded to Baa2; previously on 8/26/2008
     Downgraded to Baa1

  -- Cl. M5, Downgraded to B1; previously on 8/26/2008 Downgraded
     to Baa2

  -- Cl. M6, Downgraded to B2; previously on 8/26/2008 Downgraded
     to Ba1

  -- Cl. M7, Downgraded to Caa1; previously on 8/26/2008
     Downgraded to Ba3

  -- Cl. M8, Downgraded to C; previously on 8/26/2008 Downgraded
     to B3

  -- Cl. M9, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ca

  -- Cl. M10, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ca


GALAXY III: Moody's Junks Ratings on Four Notes
-----------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings on these notes issued by Galaxy III CLO, Ltd.:

  -- US$40,833,000 Class B Floating Rate Notes Due 2016,
     Downgraded to Aa3; previously on March 4, 2008 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$21,000,000 Class C Floating Rate Notes Due 2016,
     Downgraded to A3; previously on March 4, 2008 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$7,750,000 Class E-1 Deferrable Floating Rate Notes Due
     2016, Downgraded to Ca; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$15,500,000 Class E-2 Deferrable Fixed Rate Notes Due
     2016, Downgraded to Ca; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$4,750,000 Class E-3 Deferrable Fixed Rate Notes Due
     2016, Downgraded to Ca; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$20,500,000 Combination Securities Due 2016, Downgraded
     to Ca; previously on August 30, 2004 Assigned Baa1.

Moody's Investors Service also announced that it has confirmed its
ratings on these notes issued by Galaxy III CLO, Ltd.:

  -- US$100,000,000 Class A-1 Revolving Floating Rate Notes due
     2016, Confirmed at Aaa; previously on March 18, 2009 Placed
     Under Review for Possible Downgrade;

  -- US$115,833,000 Class A-2 Floating Rate Notes due 2016,
     Confirmed at Aaa; previously on March 18, 2009 Placed Under
     Review for Possible Downgrade;

  -- US$18,000,000 Class D Deferrable Floating Rate Notes due
     2016, Confirmed at Ba3; previously on March 4, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  Moody's analysis also reflects the
expectation that recoveries for second lien loans will be below
their historical averages, consistent with Moody's research (see
Moody's Special Comment titled "Strong Loan Issuance in Recent
Years Signals Low Recovery Prospects for Loans and Bonds of
Defaulted U.S. Corporate Issuers" dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below.  The
current total defaulted obligations are $19,345,973, which is
equivalent to approximately 5.7% of the total par and the weighted
average rating factor has increased over the last few months and
it is currently at 3007 versus a test level of 2490 as of the last
trustee report dated May 6, 2009.  Based on the same trustee
report, approximately 15.2% of the transaction's assets are from
issuers rated Caa1 and below.  The Class D Par Value Ratio is
reported as failing in the same trustee report at 106.13% versus a
test level of 108.9%.  Additionally, the Class E Par Value Ratio
is reported as failing in the same trustee report at 96.87% versus
a test level of 101.80%.  Moody's also assessed the collateral
pool's elevated concentration risk in a small number of
industries.  This includes a significant concentration in debt
obligations of companies in the banking, finance, real estate, and
insurance industries, which Moody's views to be more strongly
correlated in the current market environment.

Galaxy III CLO, Ltd., issued in August of 2004, is a
collateralized loan obligation backed primarily by a portfolio of
Senior Secured Loans.


GENERAL MOTORS: S&P Puts 14 Classes' Ratings on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed on May 21, 2009, its
ratings on 14 classes from four GMAC dealer floorplan asset-backed
securities trusts on CreditWatch with negative implications.

The CreditWatch actions reflect S&P's view that a General Motors
Corp. Chapter 11 bankruptcy filing within the next several weeks,
which has been reported as increasingly likely in the financial
press, could deplete the transactions' credit support as non-
essential dealers are eliminated and residual values come under
pressure to the extent the vehicles are not disposed in an orderly
manner.

GM recently announced plans to reduce the number of its dealers by
42%--to 3,605 from 6,246--by the end of 2010.  This process, which
could take place regardless of whether GM files for bankruptcy,
represents both a more substantial and accelerated reduction in
dealers than the company announced in February of 2009.  It is
unclear if GM will provide support to the dealers whose franchise
agreements are scheduled to be terminated, and to the extent
support is provided, how long the support will last.  As such, S&P
believes it is possible that there could be an increase in the
number and frequency of dealer defaults.  This may lead to
deterioration in credit enhancement as dealer support through
sales incentives, including rebates, subvention of consumer auto
loans, and occasional voluntarily repurchases of cars from
distressed dealers, could be eliminated.  In addition, GM has
announced that it will focus its resources on four core brands:
Chevrolet, Cadillac, Buick, and GMC.  GM has also announced it
will phase out the Pontiac brand by the end of 2010.  Furthermore,
GM plans to resolve the future of Saab, Saturn, and Hummer by the
end of 2009.  Aside from the general reduction in vehicle prices
that can be expected when a manufacturer is in bankruptcy, it is
possible there could be further severity of loss on the brands
that are being phased out or sold.

Because the transactions with ratings S&P placed on CreditWatch
negative are structured without a GM Chapter 11 bankruptcy
trigger, a filing by GM will not result in an early amortization
event.  Thus, S&P does not expect a bankruptcy filing to initially
lead to cash accumulation and increase in credit support (as a
percent of the investor's share of principal receivables), which
would otherwise offset the potential increase in losses as
described above.

Standard & Poor's will follow all developments related to a
possible GM bankruptcy filing, monitor how the health of the
dealer base and the value of collateral is being affected, and
take rating actions when S&P deem appropriate.

              Ratings Placed On Creditwatch Negative

               SWIFT Master Auto Receivables Trust

                                       Rating
                                       ------
            Series     Class      To              From
            ------     -----      --              ----
            2007-1     A          AA+/Watch Neg   AA+
            2007-1     B          A-/Watch Neg    A-
            2007-1     C          BBB-/Watch Neg  BBB-
            2007-1     D          BB/Watch Neg    BB
            2007-2     A          AA+/Watch Neg   AA+
            2007-2     B          A-/Watch Neg    A-
            2007-2     C          BBB-/Watch Neg  BBB-
            2007-2     D          BB/Watch Neg    BB

       Superior Wholesale Inventory Financing Trust 2007-AE1

                                       Rating
                                       ------
            Series     Class      To              From
            ------     -----      --              ----
            2007-AE1   A          AA+/Watch Neg   AA+
            2007-AE1   B          A-/Watch Neg    A-
            2007-AE1   C          BBB-/Watch Neg  BBB-
            2007-AE1   D          BB/Watch Neg    BB
            2007-AE1   RN1        AA+/Watch Neg   AA+


     Superior Wholesale Inventory Financing Trust 2007-Bridge

                                       Rating
                                       ------
            Series     Class      To              From
            ------     -----      --              ----
            2007       A          AA+/Watch Neg    AA+


GFCM LLC: Moody's Junks Ratings on Three Classes of 2003-1 Notes
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of eight classes
and downgraded four classes of GFCM LLC, Commercial Mortgage Pass-
Through Certificates, Series 2003-1.  The downgrades are due to
the anticipated loss from a specially serviced loan and interest
shortfalls.  Class J, the lowest Moody's rated class, has
experienced accumulated interest shortfalls of $145,681.  The
action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the May 12, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 44%
to $458.3 million from $822.6 million at securitization.  The
Certificates are collateralized by 120 loans ranging in size from
less than 1% to 7% of the pool, with the top 10 loans representing
31% of the pool.  The pool has not experienced any realized losses
since securitization.  No loans have defeased.

Twenty-three loans, representing 13% of the pool, are on the
master servicer's watchlist.  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 performance.

There is one loan, representing 2% of the pool, currently in
special servicing.  The Tenth Street Industrial loan
($8.4 million) is secured by a 249,600 square feet industrial
property located in Plano, Texas.  The loan was transferred to
Special Servicer in March 2009 due to monetary default.  The
property has recently experienced a significant decline in
occupancy and the borrower has indicated that he is unable to fund
tenant improvements and leasing commissions as required for new
leases.  Moody's estimates a loss of $3.2 million (38% loss
severity) for this specially serviced loan.

Moody's was provided with full-year 2007 operating results for
100% of the pool.  Moody's weighted loan to value ratio, excluding
the specially serviced loan, is 59% compared to 62% at Moody's
last review in November 2007.  Borrowers are not required to
submit quarterly financial statements and Moody's have not yet
received full-year 2008 financials.

The top three loans represent 16% of the outstanding pool balance.
The largest loan is the Maryland Industrial Office Portfolio Loan
($31.8 million -- 6.9%), which consists of ten cross-
collateralized and cross-defaulted loans secured by nine
industrial and one office properties located in Baltimore,
Maryland.  The portfolio properties total 1.3 million square feet,
and most of the properties were constructed in the late 1980s.
The loan matures in February 2018 and fully amortizes on a 180-
month schedule.  The loan has benefited from 11% amortization
since last review.  Moody's LTV is 63% compared to 70% at last
review.

The second largest loan is the Gateway Plaza I & II Loan
($26.9 million -- 5.9%), which consists of two cross-
collateralized and cross-defaulted loans secured by a 339,200
square-foot anchored power center in Patchogue (Suffolk County),
New York.  The loan matures in April 2023 and amortizes on a 300-
month schedule.  The retail centers are anchored by Bob's, Best
Buy, Marshall's, King Kullen, and Michaels Stores.  The properties
were 90% occupied as of February 2009 compared to 99% at last
review.  The decline in occupancy was mainly due to the bankruptcy
filing of Linens 'n Things, which occupied 7% of the premises.
Moody's stressed the cash flow of these properties to reflect
Moody's concerns about the retail environment.  Since last review,
the loan has amortized by 4%. Moody's LTV is 74%, compared to 68%
at last review.

The third largest loan is the Eastover Ridge Apartment & Brunswick
Office Loan ($13.5 million -- 2.9%), which consists of two cross-
collateralized and cross-defaulted loans secured by a 208-unit,
11-building apartment complex (Eastover Ridge Apartment), and a
16,000 square feet medical office building (Brunswick Office) in
Charlotte, North Carolina.  The loan matures in September 2027 and
fully amortizes on a 300-month schedule.  Performance has been
negatively impacted by higher vacancy rates at both properties.
Since last review, the loan has amortized by 4%.  Moody's LTV is
95% compared to 84% at last review.

Moody's rating action is:

  -- Class A-3, $5,618,129, affirmed at Aaa; previously affirmed
     at Aaa on 11/28/2007

  -- Class A-4, $270,000,000, affirmed at Aaa; previously affirmed
     at Aaa on 11/28/2007

  -- Class A-5, $112,724,000, affirmed at Aaa; previously affirmed
     at Aaa on 11/28/2007

  -- Class X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 11/28/2007

  -- Class B, $11,311,000, affirmed at Aaa; previously upgraded to
     Aaa from Aa1 on 11/28/2007

  -- Class C, $13,368,000, affirmed at Aa3; previously upgraded to
     Aa3 from A2 on 11/28/2007

  -- Class D, $11,311,000, affirmed at Baa1; previously upgraded
     to Baa1 from Baa2 on 11/28/2007

  -- Class E, $10,284,000, affirmed at Baa3; previously affirmed
     at Baa3 on 11/28/2007

  -- Class F, $12,339,000, downgraded to Ba3 from Ba1; previously
     affirmed at Ba1 on 11/28/2007

  -- Class G, $7,198,000, downgraded to Caa1 from Ba2; previously
     affirmed at Ba2 on 11/28/2007

  -- Class H, $2,057,000, downgraded to Caa3 from Ba3; previously
     affirmed at Ba3 on 11/28/2007

  -- Class J, $2,057,204, downgraded to Ca from B3; previously
     affirmed at B3 on 11/28/2007


GMAC COMMERCIAL: Interest Shortfalls Cue S&P's Rating Cut to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'D' from
'CCC-' on the class P commercial mortgage pass-through
certificates from GMAC Commercial Mortgage Securities Inc.'s
series 2001-C2.

The downgrade to 'D' reflects recurring interest shortfalls
resulting from five appraisal reduction amounts totaling
$16.0 million in effect on five assets with the special servicer
(Capmark Finance Inc.).  The interest shortfalls have occurred for
the last three months, and S&P expects them to recur for the
foreseeable future.

Details concerning the five assets with the special servicer are:

  -- The Princeton Park Corporate Center loan has a total exposure
     of $19.5 million and was transferred to the special servicer
     in May 2008 due to payment default.  The loan is 90-plus-days
     delinquent and is secured by a 178,591-sq.-ft. office
     building in South Brunswick, New Jersey; the property was
     built in 1987 and is currently 64% leased.  The property has
     suffered a significant loss in revenue since July 2007
     following the departure of a major tenant that vacated after
     its lease expired.  Subsequently, a fire caused significant
     damage in the building in July 2008.  The special servicer is
     seeking to negotiate a forbearance with the borrower while
     overseeing the administration of the insurance claim related
     to the fire.  A $1.4 million ARA is in effect on this asset.
     Standard & Poor's expects a minimal loss, if any, upon the
     liquidation of the asset.

  -- The 400 Horsham Road asset has a total exposure of
     $15.8 million and became real estate owned in September 2008.
     The asset is a 150,581-sq.-ft. office building built in 1960
     and renovated in 2000 located in Horsham, Pennsylvania.  A
     $4.1 million ARA is in effect on this asset.  The property is
     being actively marketed and Standard & Poor's expects a
     moderate loss upon the resolution of this asset.

  -- The Demco Portfolio loan has a total exposure of $11.7
     million and was transferred to the special servicer in
     October 2008 due to a payment default.  The loan is 90-plus-
     days delinquent and is secured by a 207,717-sq.-ft. office
     portfolio built in 1999 in Plymouth Township, Michigan.  The
     properties have a collective occupancy of 28%.  An
     $8.1 million ARA is in effect on this loan.

The borrower and special servicer have agreed to a payoff of the
loan and counsel is documenting the transaction, which is expected
to close by June 30, 2009.  Standard & Poor's expects a
significant loss upon the liquidation of the asset.  S&P expects
the interest shortfalls on class P to continue even if this asset
is resolved and no shortfall occurs from this loan due to the ARAs
from the other four specially serviced assets.

  -- The 145 Wyckoff Road loan has a total exposure of
     $5.1 million and was transferred to the special servicer in
     December 2008 due to payment default.  The loan is secured by
     a 49,810-sq.-ft. office building built in 1986 in Eatontown,
     New Jersey.  The property recently lost a major tenant. A
     $2.0 million ARA is in effect on this loan.  The special
     servicer is in the process of foreclosing on this asset.  At
     this time, Standard & Poor's expects a moderate loss upon the
     liquidation of the asset.

  -- The Southlake Retail Center asset has a total exposure of
     $1.8 million and became REO in October 2007.  The asset is a
     22,520-sq.-ft. retail center built in 1993 in Morrow,
     Georgia, approximately 12 miles south of the Atlanta central
     business district.  A $398,616 ARA is in effect on the asset.
     The property is being actively marketed, and Standard &
     Poor's expects a moderate loss upon the resolution of this
     asset.

                          Rating Lowered

             GMAC Commercial Mortgage Securities Inc.
  Commercial mortgage pass-through certificates series 2001-C2

                   Rating
                   ------
       Class     To       From        Credit enhancement (%)
       -----     --       ----        ----------------------
       P         D        CCC-                          1.72


GMAC COMMERCIAL: S&P Downgrades Ratings on 2000-C2 Cert. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
L commercial mortgage pass-through certificate from GMAC
Commercial Mortgage Securities Inc.'s series 2000-C2 to 'D' from
'CCC-'.

The downgrade of class L reflects a $53,875 loss to the
outstanding principal balance of the security, according to the
remittance report dated May 18, 2009.  The principal loss resulted
from the liquidation of one asset that was previously with the
special servicer, Capmark Finance Inc.

The liquidated asset, Mervyns Plaza, is a 38,960-sq.-ft. retail
property in Dallas that had a total exposure of $2,804,934. The
asset was transferred to the special servicer on Jan. 23, 2009,
for imminent default.  Mervyns, which is not part of the
collateral, had anchored the center but vacated in 2008 after its
bankruptcy filing.  The property reported 47.9% occupancy and
0.20x debt service coverage as of Dec. 31, 2008.  The trust
incurred a $1.6 million realized loss when the asset was
liquidated on April 24, 2009.

                          Rating Lowered

             GMAC Commercial Mortgage Securities Inc.
   Commercial mortgage pass-through certificates series 2000-C2

                    Rating
                    ------
         Class   To         From    Credit enhancement (%)
         -----   --         ----    ----------------------
         L       D          CCC-                      0.00


GMAC LLC: Moody's Downgrades Ratings on 18 Subordinate Tranches
---------------------------------------------------------------
Moody's has confirmed six and downgraded eighteen subordinate
tranches from eight auto loan transactions issued during 2007 and
2008 by GMAC LLC.  These rating actions were prompted by Moody's
updated higher loss expectations relative to the current levels of
credit enhancement.  The rating actions conclude the review of the
securities that were previously placed on review for possible
downgrade on March 13, 2009.

Moody's currently anticipates that these transactions will incur
cumulative lifetime net losses between 3.00% and 5.00%, with the
more recent transactions projecting toward the higher end of the
range.  For the transactions that closed during the third quarter
of 2007 (2007-2, 2007-3 and 2007-A), Moody's currently anticipates
cumulative lifetime net losses to be between 3.00% and 3.50% (as a
percentage of the pool balance at closing).  Moody's had
originally expected cumulative lifetime net losses for these
transactions to be between 1.25% and 1.75%.  The transactions that
closed after the third quarter of 2007 are expected to incur
cumulative lifetime net losses between 4.00% and 5.00%, with the
majority experiencing losses in the middle of this range.
Original loss expectations for these transactions ranged between
1.50% and 2.50%, with the more recent transactions falling toward
the higher end of the range.

The weaker than expected performance of recent GMAC transactions
has occurred amid a challenging economic environment that has put
pressure on prime auto loan performance across the industry in
general.

Complete rating actions are:

Issuer: Capital Auto Receivables Asset Trust 2007-2

  -- Cl. B, Confirmed at A1, previously on 3/13/2009 A1 Placed on
     Review for Possible Downgrade

  -- Cl. C, Downgraded to Baa3 from Baa1, previously on 3/13/2009
     Baa1 Placed on Review for Possible Downgrade

  -- Cl. D, Downgraded to Ba2 from Baa3, previously on 3/13/2009
     Baa3 Placed on Review for Possible Downgrade

Issuer: Capital Auto Receivables Asset Trust 2007-3

  -- Cl. B, Confirmed at A1, previously on 3/13/2009 A1 Placed on
     Review for Possible Downgrade

  -- Cl. C, Downgraded to Baa3 from Baa1, previously on 3/13/2009
     Baa1 Placed on Review for Possible Downgrade

  -- Cl. D, Downgraded to Ba2 from Baa3, previously on 3/13/2009
     Baa3 Placed on Review for Possible Downgrade

Issuer: Capital Auto Receivables Asset Trust 2007-A

  -- Cl. B, Confirmed at A1, previously on 3/13/2009 A1 Placed on
     Review for Possible Downgrade

  -- Cl. C, Downgraded to Baa3 from Baa2, previously on 3/13/2009
     Baa2 Placed on Review for Possible Downgrade

  -- Cl. D, Downgraded to Ba2 from Ba1, previously on 3/13/2009
     Ba1 Placed on Review for Possible Downgrade

Issuer: Capital Auto Receivables Asset Trust 2007-B

  -- Cl. B, Downgraded to A3 from A1, previously on 3/13/2009 A1
     Placed on Review for Possible Downgrade

  -- Cl. C, Downgraded to Ba1 from Baa1, previously on 3/13/2009
     Baa1 Placed on Review for Possible Downgrade

  -- Cl. D, Downgraded to Ba3 from Baa3, previously on 3/13/2009
     Baa3 Placed on Review for Possible Downgrade

Issuer: Capital Auto Receivables Asset Trust 2007-4

  -- Cl. B, Downgraded to Baa2 from A2, previously on 3/13/2009 A2
     Placed on Review for Possible Downgrade

  -- Cl. C, Downgraded to Ba2 from Baa2, previously on 3/13/2009
     Baa2 Placed on Review for Possible Downgrade

  -- Cl. D, Downgraded to B1 from Ba1, previously on 3/13/2009 Ba1
     Placed on Review for Possible Downgrade

Issuer: Capital Auto Receivables Asset Trust 2008-1

  -- Cl. B, Downgraded to A3 from Aa3, previously on 3/13/2009 Aa3
     Placed on Review for Possible Downgrade

  -- Cl. C, Downgraded to Baa3 from A2, previously on 3/13/2009 A2
     Placed on Review for Possible Downgrade

  -- Cl. D, Downgraded to Ba2 from Baa1, previously on 3/13/2009
     Baa1 Placed on Review for Possible Downgrade

Issuer: Capital Auto Receivables Asset Trust 2008-2

  -- Cl. B, Confirmed at A2, previously on 3/13/2009 A2 Placed on
     Review for Possible Downgrade

  -- Cl. C, Confirmed at Baa2, previously on 3/13/2009 Baa2 Placed
     on Review for Possible Downgrade

  -- Cl. D, Confirmed at Ba1, previously on 3/13/2009 Ba1 Placed
     on Review for Possible Downgrade

Issuer: Capital Auto Receivables Asset Trust 2008-A

  -- Cl. B, Downgraded to A3 from A2, previously on 3/13/2009 A2
     Placed on Review for Possible Downgrade

  -- Cl. C, Downgraded to Baa3 from Baa2, previously on 3/13/2009
     Baa2 Placed on Review for Possible Downgrade

  -- Cl. D, Downgraded to Ba2 from Ba1, previously on 3/13/2009
     Ba1 Placed on Review for Possible Downgrade

                            Servicer

GMAC (senior unsecured rating of C with a developing outlook)
provides wholesale, retail, and lease financing, primarily to GM
dealers and is one of the world's largest auto finance companies.
GM is one of the world's largest auto manufacturers.  GM has a
corporate family rating of Ca with a negative outlook.


GMACM MORTGAGE: Moody's Downgrades Ratings on 54 Tranches
---------------------------------------------------------
Moody's Investors Service downgraded on May 21, 2009, 54 tranches
from 5 from GMACM Jumbo Deals.

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:

GMACM Mortgage Loan Trust 2005-AR1

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

  -- Cl. 1-A-2, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 4-A, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. M-3, Downgraded to C; previously on 5/16/2008 Baa2 Placed
     Under Review for Possible Downgrade

GMACM Mortgage Loan Trust 2005-AR3

  -- Cl. 1-A, Downgraded to B2; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to B2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-4, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-4, Downgraded to B1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-5, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to B1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

GMACM Mortgage Loan Trust 2005-AR4

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

  -- Cl. 2-A-1, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. M-3, Downgraded to C; previously on 5/16/2008 Baa2 Placed
     Under Review for Possible Downgrade

GMACM Mortgage Loan Trust 2005-AR6

  -- Cl. 1-A-1, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-1, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 5/16/2008 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 5/16/2008 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 5/16/2008 Baa2 Placed
     Under Review for Possible Downgrade

GMACM Mortgage Loan Trust 2006-AR1

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

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ca; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Ca; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 3/19/2009 Caa3 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

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.


GOLDMAN SACHS: Moody's Cuts Rating on Class E Notes to Ca
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Goldman Sachs Asset Management
CLO, P.L.C.:

  -- US$257,400,000 Class A-1 Floating Rate Notes Due 2022,
     Downgraded to Aa1; previously on March 13, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$28,600,000 Class A-2 Floating Rate Notes Due 2022,
     Downgraded to A2; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$27,000,000 Class B Floating Rate Notes Due 2022,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$16,000,000 Class E Deferrable Floating Rate Notes Due
     2022, Downgraded to Ca; previously on March 13, 2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade.

In addition, Moody's confirmed the ratings of these notes:

  -- US$21,000,000 Class C Deferrable Floating Rate Notes Due
     2022, Confirmed at Ba1; previously on March 13, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$18,000,000 Class D Deferrable Floating Rate Notes Due
     2022, Confirmed at B3; previously on March 13, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
second lien loans will be below their historical averages,
consistent with Moody's research.

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of the Overcollateralization Test with respect to all of
the Notes.  The weighted average rating factor has steadily
increased over the last year and it is currently at 3180 versus a
test level of 2787 as of the last trustee report, dated May 1,
2009.  Based on the same report, defaulted securities account for
roughly 6% of the collateral balance, and securities rated Caa1 or
lower make up approximately 13.79% of the underlying portfolio.
Additionally, interest payments on the Class C Notes, Class D
Notes and Class E Notes are presently being deferred as a result
of the failure of all the Overcollateralization Tests.

Goldman Sachs Asset Management CLO, P.L.C., issued in July 19,
2007, is a collateralized loan obligation backed primarily by a
portfolio of senior secured loans.


GREENWICH CAPITAL: S&P Junks Ratings on 5 2006-FL4 Certificates
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 14
classes of commercial mortgage pass-through certificates from
Greenwich Capital Commercial Funding Corp.'s series 2006-FL4.

Concurrently, S&P affirmed its ratings on 11 other classes from
this transaction.  In addition, S&P removed all 25 of the ratings
from CreditWatch with negative implications, where they were
placed on March 19, 2009, and April 7, 2009.

The reasons for the downgrades included:

  -- Depressed rental rates and higher vacancy rates for the
     office and retail collateral properties since issuance, which
     resulted in lower Standard & Poor's valuations of these
     assets, ranging between 1% and 71% below the levels S&P
     assessed at issuance;

  -- S&P's expectation for declines in revenue per available for
     the hotel properties since issuance, which, based on S&P's
     analysis, resulted in lower property valuations, ranging
     between 4% and 76% below the levels S&P assessed at issuance;
     and

  -- A lower occupancy rate for the Plaza Del Sol property and,
     based on S&P's analysis, a resultant valuation decline of 14%
     since issuance for this asset.

Eight loans in the pool totaling $243.2 million (47% of the pool
trust balance) are secured by office and retail properties.  These
properties are located in New York City (18% of the pool trust
balance); Houston (10%); Southern California (10%), St. Ann,
Missouri (5%); and Trumbull, Massachusetts (4%).

The largest loan secured by an office or retail property is the
second-largest loan in the pool, the Metropolitan Tower loan.
This loan has a $145.5 million whole-loan balance, which consists
of a $72.8 million pooled senior component (14% of the pool trust
balance), an $8.8 million nonpooled subordinate component that is
raked to the "MET" certificates (not rated by Standard & Poor's),
and two nontrust junior participation interests totaling
$63.9 million, $59.2 million of which has been funded to date.
The loan is secured by a condominium interest totaling 259,800 sq.
ft. in the first 18 stories of a 66-story class A office building
in midtown Manhattan.  The portion that serves as collateral for
the loan was 91% occupied as of March 2009.  The master servicer,
Wachovia Bank N.A. (Wachovia), reported debt service coverage of
2.40x for the year ended December 31, 2008.  The loan matures on
November 1, 2009, and has two one-year extension options
available.  S&P's adjusted valuation was comparable to the level
S&P assessed at issuance.

Seven loans in the pool totaling $231.1 million (45% of the pool
trust balance) are secured by hotel properties in Palm Beach
Gardens, Florida (15% of pool trust balance); Waikiki, Hawaii
(12%); Boston (5%); Scottsdale, Arizona (5%); Costa Mesa,
California (3%); Portland, Ore. (3%); and Metairie, Louisiana
(2%).  S&P based its hotel analysis on a review of the borrower's
operating statements for the year ended December 31, 2008, and its
budgets for 2009.  S&P's analysis assumed average 2009 RevPAR in
the industry would decline 14%-16%, as S&P noted in a recent
article.

According to Smith Travel, the Oahu Island and Boston lodging
markets posted significant RevPAR declines of 18% and 22%,
respectively, in the first four months of 2009 compared with 2008,
whereas the U.S. hotel industry overall reported RevPAR declines
of 18%.

The largest loan secured by a hotel property is also the largest
loan in the pool, the PGA National Resort and Spa loan.  This loan
has a trust balance of $76.9 million (15%) and a whole-loan
balance of $132.6 million.  The borrower's equity interests secure
a $30.4 million mezzanine loan.  This loan is secured by a 339-
room full-service resort hotel in Palm Beach Gardens, Florida.
Wachovia reported low DSC for the year ended December 31, 2007,
likely because the property was undergoing renovation, which was
completed in May 2008.  The property was 59% occupied for the 12
months ended December 31, 2008.  The loan matures on September 1,
2009, and has two one-year extension options remaining. S&P's
adjusted valuation declined 16% since issuance.

The Plaza Del Sol loan, the 13th-largest loan in the pool, has a
whole-loan balance of $24.2 million and is collateralized by a
196-unit multifamily complex in Santa Ana, California, with 12,250
sq. ft. of retail space.  The loan consists of a $15.9 million
pooled senior component (3% of the pool trust balance), a
$2.2 million nonpooled subordinate component that provides the
sole source of cash flow for the "PDS" raked certificates, and a
$6.1 million nontrust junior participation interest.  This loan
failed to meet certain extension hurdles that would have enabled
the borrower to exercise one of the two remaining 12-month
extension options.  As a result, this loan, which is 60-plus-days
delinquent, was transferred to the special servicer, also
Wachovia, on March 4, 2009, due to a maturity default.  Wachovia
reported a 1.43x DSC and 81% occupancy as of December 31, 2008,
and is currently evaluating potential workout strategies.  Based
on S&P's discussion with Wachovia, the property's cash flow has
been trapped in a lockbox and will be used to repay interest
shortfalls and accrued interest on the whole-loan balance next
month.

According to the May 7, 2009, remittance report, statistics for
the pool are:

  -- There are 17 loans in the pool, including senior
     participation interests in 15 floating-rate interest-only
     mortgage loans and two floating-rate IO whole-mortgage loans.

  -- There are mortgages on six full-service hotels, two boutique
     hotels, four class A and two class B office buildings, two
     data centers, three research and development buildings, one
     neighborhood shopping center, one regional mall, one
     multifamily apartment complex, and one condo conversion
     property.

  -- All of the loans are indexed to one-month LIBOR.

Details of the specially serviced loan in the pool that previously
prompted downgrades are:

  -- The Northwest Plaza Shopping Center loan has a whole-loan
     balance of $29.5 million, which consists of a $24.9 million
     pooled senior component (5% of the pool trust balance) and a
     $4.6 million nonpooled subordinate component that is raked to
     the "NW" certificates (not rated by Standard & Poor's).  The
     90-plus-days delinquent loan is secured by a 1.7 million-sq.-
     ft. super-regional mall and an attached 12-story, 152,600-
     sq.-ft. class B office building in St. Ann, Missouri, that
     were 48% and 56% occupied as of February 2009, respectively.
     This loan was transferred to Wachovia on October 8, 2008, due
     to imminent default.  It is S&P's understanding that the
     borrower had planned to redevelop and reposition the mall but
     was unable to do so.  A $21.8 million appraisal reduction
     amount, based on a December 16, 2008, appraisal value of
     $10.0 million, was effected against the whole loan.  Wachovia
     has ordered additional environmental testing and S&P has been
     informed that it is contemplating a foreclosure.

Details of the other specially serviced loan in the pool that S&P
has not discussed previously are:

  -- The 2600 West Olive Avenue loan has a $36.7 million whole-
     loan balance that consists of a $15.7 million pooled senior
     component (3% of the pooled trust balance), a $6.4 million
     subordinate nonpooled component that supports the "2600"
     raked certificates (not rated by Standard & Poor's), and a
     $14.6 million nontrust junior participation interest.  The
     loan, secured by a 148,300-sq.-ft. class A office building in
     Burbank, California, was transferred to Wachovia on March 25,
     2009, due to imminent default after the borrower submitted a
     proposal to modify the loan, which included a request for a
     $10.0 million principal write-down and a five-year term
     extension.  Wachovia denied the request and is exploring
     various workout options.  The loan is currently 60-plus-days
     delinquent, and has triggered a cash trap.  Wachovia reported
     a 0.34x DSC and 60% occupancy for the year ended December 31,
     2008.  The loan matures on December 1, 2009, and has one 12-
     month extension option remaining.  S&P's adjusted valuation
     declined 19% since issuance.

Near-term maturities (within the next three months) for the loans
in the pool are:

  -- The City West-Buildings 3 & 4 loan has a trust balance of
     $52.3 million (10% of the pool trust balance) and a whole-
     loan balance of $92.4 million.  This loan, secured by two
     class A office buildings in Houston totaling 723,650 sq. ft.,
     matures on July 1, 2009.  Wachovia indicated that the
     borrower plans to exercise one of its remaining two 12-month
     extension options.  Wachovia reported a 2.61x DSC for the
     nine months ended September 30, 2008, and 99% occupancy as of
     November 2008.  S&P's adjusted valuation was comparable to
     the level S&P assessed at issuance.

  -- The Greenwich Residential loan has a $25.9 million trust
     balance (5% of the pool trust balance) and a $40.9 million
     whole-loan balance.  This loan, secured by a 31-unit
     condominium conversion complex in Greenwich, Connecticut,
     matures on August 1, 2009.  Under the terms of the loan, the
     borrower is required to pay down the principal balance by
     $20.0 million in order to exercise one of its three remaining
     six-month extension options.  S&P's adjusted valuation
     declined 56% since issuance.

  -- The Trumbull Data Center loan has a whole-loan balance of
     $32.7 million that consists of a $21.9 million pooled senior
     component (4% of the pool trust balance), a $6.8 million
     nonpooled subordinate component that provides support for the
     "TRU" raked certificates, and a $4.0 million nontrust junior
     participation.  This loan, secured by a 45,000-sq.-ft. office
     building and a 59,600-sq.-ft. data center in Trumbull,
     Connecticut, matures on Aug. 1, 2009, and has two 12-month
     extension options remaining.  Wachovia reported a DSC of
     2.93x and 85% occupancy for the 12 months ended Dec. 31,
     2008.  S&P's adjusted valuation was comparable to S&P's level
     at issuance.

  -- The Mondrian-Scottsdale loan has a $26.0 million whole-loan
     balance that consists of a $23.4 million pooled senior
     component (5% of the pool trust balance) and a $2.6 million
     nonpooled subordinate component that provides the sole source
     of cash flow for the "MON" raked certificates.  In addition,
     the borrower's equity interests secure a $14.0 million
     mezzanine loan.  A 194-room full-service boutique hotel in
     Scottsdale, Arizona, secures this loan, which matures on
     June 1, 2009.  Wachovia has indicated that the loan currently
     does not meet the debt yield test that would allow the
     borrower to exercise one of the two remaining 12-month
     extension options, and the loan is being transferred to
     special servicing.  Wachovia is working with the borrower on
     a resolution.  The borrower reported negative cash flow at
     the property, and ocupancy was 51% for the year ended
     December 31, 2008.  S&P's adjusted valuation declined 76%
     since issuance.

  -- The Galleria Sheraton-Metairie loan has a whole-loan balance
     of $17.0 million that consists of an $8.5 million pooled
     senior component (2% of the pool trust balance), a
     $2.0 million nonpooled subordinate component that supports
     the "GSM" raked certificates, and a $6.5 million nontrust
     junior participation interest.  This loan, secured by a
     seven-story, 182-room hotel in Metairie, Louisiana, matures
     on June 1, 2009, and has two 12-month extension options.
     Wachovia indicated that the borrower has not given notice to
     extend the loan maturity and has proposed to modify the loan.
     The loan may be transferred to special servicing if it has
     not been extended by its maturity date.  DSC was 0.25x and
     occupancy was 73% for the year ended December 31, 2008.
     S&P's adjusted valuation declined 55% since issuance.

Should the performance of the lodging, office, and multifamily
sectors continue to deteriorate beyond S&P's current expectations,
S&P may revise its analysis and adjust S&P's ratings accordingly.

      Ratings Lowered And Removed From Creditwatch Negative

            Greenwich Capital Commercial Funding Corp.
  Commercial mortgage pass-through certificates series 2006-FL4

            Rating
            ------
Class          To        From              Credit enhancement (%)
-----          --        ----              ----------------------
A-2            AA+       AAA/Watch Neg                      35.62
B              AA-       AA+/Watch Neg                      28.77
C              BBB+      AA/Watch Neg                       22.82
D              BBB-      A/Watch Neg                        19.34
E              BB        A-/Watch Neg                       16.09
F              BB-       BBB/Watch Neg                      13.91
G              B         BB+/Watch Neg                      11.00
H              CCC+      B-/Watch Neg                        7.59
N-GSM          CCC-      B/Watch Neg                          N/A
O-GSM          CCC-      B-/Watch Neg                         N/A
N-MON          CCC-      B/Watch Neg                          N/A
O-MON          CCC-      B-/Watch Neg                         N/A
N-PDS          BB        BBB+/Watch Neg                       N/A
O-PDS          BB-       BBB-/Watch Neg                       N/A

      Ratings Affirmed And Removed From Creditwatch Negative

            Greenwich Capital Commercial Funding Corp.
  Commercial mortgage pass-through certificates series 2006-FL4

          Rating
          ------
Class        To        From                Credit enhancement (%)
-----        --        ----                ----------------------
A-1          AAA       AAA/Watch Neg                        80.24
J            CCC-      CCC-/Watch Neg                        4.84
X-2          AAA       AAA/Watch Neg                          N/A
N-TRU        AA+       AA+/Watch Neg                          N/A
O-TRU        A+        A+/Watch Neg                           N/A
P-TRU        A-        A-/Watch Neg                           N/A
Q-TRU        BBB+      BBB+/Watch Neg                         N/A
S-TRU        BBB-      BBB-/Watch Neg                         N/A
N-WSC        BBB-      BBB-/Watch Neg                         N/A
O-WSC        BB+       BB+/Watch Neg                          N/A
P-WSC        BB        BB/Watch Neg                           N/A

                     N/A - Not applicable.


HARBORVIEW MORTGAGE: Moody's Downgrades Ratings on 40 Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 40
tranches from 5 Alt-A RMBS transactions issued by HarborView.  The
collateral backing these transactions consists primarily of first-
lien, adjustable-rate, Alt-A residential mortgage loans.

These actions are a result of updated loss expectations on the
underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

HarborView Mortgage Loan Trust 2004-3

  -- Cl. 1-A, Downgraded to Aa1; previously on 7/6/2004 Assigned
     Aaa

  -- Cl. 2-A, Downgraded to Aa1; previously on 7/6/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 11/7/2007 Upgraded
     to Aaa

  -- Cl. B-2, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to A1

  -- Cl. B-3, Downgraded to B1; previously on 7/6/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to B1

HarborView Mortgage Loan Trust 2004-4

  -- Cl. 1-A, Downgraded to Aa2; previously on 6/17/2004 Assigned
     Aaa

  -- Cl. 2-A, Downgraded to Aa2; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. X-1, Downgraded to Aa2; previously on 6/17/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Baa1; previously on 12/24/2008
     Downgraded to A2

  -- Cl. B-2, Downgraded to B1; previously on 12/24/2008
     Downgraded to Ba2

HarborView Mortgage Loan Trust 2004-5

  -- Cl. 1-A, Downgraded to A3; previously on 6/18/2004 Assigned
     Aaa

  -- Cl. 2-A-6, Downgraded to A3; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. 3-A, Downgraded to A3; previously on 6/18/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Ba1; previously on 12/24/2008
     Downgraded to A2

  -- Cl. B-2, Downgraded to Caa2; previously on 12/24/2008
     Downgraded to Ba1

  -- Cl. B-3, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to Caa1

HarborView Mortgage Loan Trust 2004-6

  -- Cl. 1-A, Downgraded to A2; previously on 8/12/2004 Assigned
     Aaa

  -- Cl. 2-A, Downgraded to A2; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. 3-A-1, Downgraded to A2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. 3-A-2A, Downgraded to A2; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. 3-A-2B, Downgraded to A2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. 4-A, Downgraded to A2; previously on 8/12/2004 Assigned
     Aaa

  -- Cl. 5-A, Downgraded to A2; previously on 8/12/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Ba1; previously on 12/24/2008
     Downgraded to A2

  -- Cl. B-2, Downgraded to Caa2; previously on 12/24/2008
     Downgraded to Ba1

  -- Cl. B-3, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to Caa1

HarborView Mortgage Loan Trust 2004-7

  -- Cl. 1-A, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. 2-A-1, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. 2-A-2, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. 2-A-3, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. 3-A-1, Downgraded to A2; previously on 11/29/2004
     Assigned Aaa

  -- Cl. 3-A-2, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. 4-A, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa2

  -- Cl. X-1, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. X-2, Downgraded to A2; previously on 11/29/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to B3; previously on 12/24/2008
     Downgraded to A2

  -- Cl. B-2, Downgraded to Caa3; previously on 12/24/2008
     Downgraded to Ba2

  -- Cl. B-3, Downgraded to Ca; previously on 12/24/2008
     Downgraded to Caa3

  -- Cl. B-4, Downgraded to C; previously on 12/24/2008 Downgraded
     to Ca


HARTFORD FINANCIAL: Moody's Affirms Preferred Ratings at 'Ba1'
--------------------------------------------------------------
Moody's Investors Service affirmed the credit ratings of The
Hartford Financial Services Group, Inc. and its key operating
subsidiaries, and changed the outlook for the ratings to
developing, from negative.  The rating action follows The
Hartford's announcement that the US Treasury Department has
provided preliminary approval for the company to participate in
the Treasury's Capital Purchase Program -- a component of the
Troubled Asset Relief Program -- in the amount of $3.4 billion.

The developing outlook for The Hartford's ratings reflects a
continued high level of uncertainty regarding the company's
overall credit profile, with a mix of both opportunities and
risks.

Moody's believes that access to TARP funding improves The
Hartford's overall financial flexibility by providing additional
capital that can be used to support the group's insurance
operating subsidiaries if needed.  Potentially offsetting some of
this benefit is a perceived stigma in the marketplace with
accepting TARP funds that could negatively affect the company's
reputation and franchise, thereby dampening new sales and policy
retention.

"While it will help alleviate near term capital strain, the
acceptance of TARP funds is not without risks," said Moody's
Senior Credit Officer Paul Bauer.  "The addition of the US
Treasury as a major stakeholder of the company adds an element of
political risk and could result in restrictions to operational
flexibility."

Over the medium term, Moody's expects continued weak financial
performance at The Hartford's life companies due to substantial
business exposure to variable annuities with guarantees, and
potential capital volatility from investment performance.  Helping
offset some of this weakness is the expectation of continued
strong underwriting earnings from the group's property and
casualty operations.

Moody's will continue to monitor the shifting risk profile of The
Hartford, with particular attention given to: (1) capitalization
levels and financial flexibility at the consolidated organization;
(2) continued exposure to losses from investment performance and
variable annuities products; (3) the elevated political and
headline risk that would follow the acceptance of TARP funds; (4)
changes in the company's market reputation and franchise strength
which could impact new business development and policy retention;
and (5) the relative standing of subordinated creditors vis-a-vis
the addition of the US Treasury as a key stakeholder.

These ratings were affirmed and their outlook changed to
developing from negative:

* Hartford Financial Services Group, Inc. -- senior long-term
  unsecured debt at Baa3; junior subordinated notes at Ba1:
  provisional senior unsecured debt shelf at (P)Baa3; provisional
  subordinated debt shelf at (P)Ba1; provisional preferred shelf
  at (P)Ba2; short-term rating for commercial paper at Prime-3;

* Hartford Capital III - preferred stock at Ba1;

* Hartford Capital IV -- provisional preferred shelf at (P)Ba1;

* Hartford Capital V -- provisional preferred shelf at (P)Ba1;

* Hartford Capital VI -- provisional preferred shelf at (P)Ba1;

* Hartford Life, Inc. -- senior long-term unsecured debt at Baa3;

* Glen Meadow Pass-Through Trust -- senior secured debt at Ba1;

* Hartford Life & Accident Insurance Company -- insurance
  financial strength at A3;

* Hartford Life Insurance Company -- insurance financial strength
  at A3; short-term insurance financial strength at Prime-2;
  senior unsecured medium term note program at Baa1;

* Hartford Life & Annuity Insurance Company -- insurance financial
  strength at A3;

* Hartford Life Global Funding Trusts -- senior secured funding
  agreement-backed notes at A3;

* Hartford Life Institutional Funding -- senior secured funding
  agreement-backed notes at A3;

* Hartford Fire Insurance Company -- insurance financial strength
  at A2;

* Hartford Accident & Indemnity Co. -- insurance financial
  strength at A2;

* Hartford Casualty Insurance Co. -- insurance financial strength
  at A2;

* Trumbull Insurance Company -- insurance financial strength at
  A2;

* Hartford Insurance Company of Illinois -- insurance financial
  strength at A2;

* Hartford Insurance Company of Midwest -- insurance financial
  strength at A2;

* Hartford Insurance Company of Southeast -- insurance financial
  strength at A2;

* Hartford Lloyd's Insurance Company -- insurance financial
  strength at A2;

* Hartford Underwriters Insurance Company -- insurance financial
  strength at A2;

* Nutmeg Insurance Company -- insurance financial strength at A2;

* Pacific Insurance Company, Limited -- insurance financial
  strength at A2;

* Property & Casualty Insurance Company of Hartford -- insurance
  financial strength at A2;

* Sentinel Insurance Company -- insurance financial strength at
  A2;

* Twin City Fire Insurance Company -- insurance financial strength
  at A2.

The Hartford is an insurance and financial services organization
that offers a wide variety of property and casualty as well as
life and annuity insurance products through its insurance
operating subsidiaries.  For the first quarter of 2009, The
Hartford reported revenues of $5.4 billion and a net loss of
$1.2 billion.  Shareholders' equity at March 31, 2009 was
$7.9 billion.

The last rating action occurred on March 30, 2009 when Moody's
downgraded the senior debt rating of The Hartford to Baa3 from
Baa1.


HEARTLAND FUNDING: S&P Withdraws 'CCC-' Rating on 2007-3 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew on May 21, 2009, its
rating on the Heartland Funding Series 2007-3 notes issued by
Heartland Funding PLC.  Prior to the withdrawal, the rating on
these notes was on CreditWatch negative.

The rating withdrawal follows S&P's receipt of notice of the
paydown in full of the principal balance of the notes on Jan. 28,
2009.

                         Rating Withdrawn

                      Heartland Funding PLC
                          Series 2007-3

                            Rating
                            ------
               Class       To      From
               -----       --      ----
               Notes       NR      CCC-/Watch Neg


HOMEBANC MORTGAGE: Moody's Downgrades Ratings on Five Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 5 tranches
from HomeBanc Mortgage Trust 2004-1.  The collateral backing this
transaction consists primarily of first-lien, adjustable-rate,
Alt-A residential mortgage loans.

These actions are a result of updated loss expectations on the
underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination, over
collateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

Issuer: HomeBanc Mortgage Trust 2004-1

  -- Cl. I-A, Downgraded to A2; previously on 12/24/2008
     Downgraded to Aa3

  -- Cl. II-A, Downgraded to A1; previously on 12/24/2008
     Downgraded to Aa1

  -- Cl. I-M-1, Downgraded to Baa2; previously on 12/24/2008
     Downgraded to A3

  -- Cl. II-M1, Downgraded to Baa1; previously on 12/24/2008
     Downgraded to A1

  -- Cl. II-M-2, Downgraded to Ba1; previously on 12/24/2008
     Downgraded to Baa3


INDYMAC INDB: Moody's Junks Ratings on Twelve 2006-1 Trusts
-----------------------------------------------------------
Moody's Investors Service has downgraded twelve ratings from
IndyMac INDB Mortgage Loan Trust 2006-1.

The collateral backing this transaction consists primarily of
first-lien, adjustable-rate, subprime residential mortgage loans.
The actions are triggered by a combination of factors that can
include increased delinquencies, higher loss severities, slower
prepayments and mounting losses in the underlying collateral.
Additionally, the continued deterioration of the housing market
has also contributed to the increased loss expectations for
subprime pools.  The actions listed below reflect Moody's updated
loss projections for the subprime RMBS sector first announced in a
press release on February 29, 2009, and are part of Moody's on-
going review process.

Moody's final rating actions are based on collateral performance
and updated pool-level loss expectations relative to current
levels of tranche-specific credit enhancement.  Moody's took into
account credit enhancement provided by subordination, cross-
collateralization, excess spread, time tranching, and other
structural features.

Complete rating actions are:

Issuer: IndyMac INDB Mortgage Loan Trust 2006-1

  -- Cl. A-1, Downgraded to Caa2; previously on 7/18/2006 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Ca; previously on 7/18/2006 Assigned
     Aaa

  -- Cl. A-3A, Downgraded to Caa3; previously on 10/11/2007 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3B, Downgraded to C; previously on 10/11/2007 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to C; previously on 10/11/2007 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to C; previously on 10/11/2007 Aa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 10/11/2007 Aa3 Placed
     Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to C; previously on 10/11/2007 Downgraded
     to Baa2

  -- Cl. M-5, Downgraded to C; previously on 10/11/2007 Downgraded
     to Ba2

  -- Cl. M-6, Downgraded to C; previously on 10/11/2007 Downgraded
     to Ba3

  -- Cl. B-1, Downgraded to C; previously on 10/11/2007 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 10/11/2007 Ca


ISLES CBO: Moody's Downgrades Ratings on Three Classes of Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded these
notes issued by Isles CBO, Limited:

  -- US$30,000,000 Class A-1 Senior Secured Fixed Rate Notes,
     Due 2010, Downgraded to B1; previously on July 11, 2006
     Upgraded to Baa3;

  -- US$235,000,000 Class A-2 Senior Secured Floating Rate Notes,
     Due 2010, Downgraded to B1; previously on July 11, 2006
     Upgraded to Baa3;

  -- US$62,500,000 Second Priority Senior Secured Fixed Rate
     Notes, Due 2010, Downgraded to C; previously on July 2, 2002
     Downgraded to Ca.

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  Moody's analysis also reflects the
expectation that recoveries for high-yield corporate bonds will be
below their historical averages, consistent with Moody's research
(see Moody's Special Comment titled "Strong Loan Issuance in
Recent Years Signals Low Recovery Prospects for Loans and Bonds of
Defaulted U.S. Corporate Issuers" dated June 2008)

Credit deterioration of the collateral pool is observed in, among
others, an increase in the dollar amount of defaulted securities,
an increase in the proportion of securities rated Caa1 and below,
and failure of certain Overcollateralization and Interest Coverage
Tests.  The number of defaulted securities and percentage of Caa-
rated securities in the collateral pool has significantly
increased since the deal's prior rating action.  As of the last
trustee report, dated April 20, 2009, defaulted securities total
almost $3 million and the percentage of Caa1 and below rated
securities stands at 13.85% versus a covenant level of 5%.  The
Senior and Second Priority Par Value Tests as well as Second
Priority Interest Coverage Tests are currently failing.  However,
Moody's anticipates that the Senior Par Value Test failure is
likely to be cured in the near term resulting in the distribution
of Principal Proceeds towards payment of current interest on the
Second Priority Notes.  Moody's also assessed the underlying
portfolio's elevated concentration risk in a small number of
issuers.

Isles CBO, Limited, issued in October 1998, is a collateralized
bond obligation backed primarily by a portfolio of high yield
senior unsecured bonds.


JP MORGAN: Moody's Downgrades Ratings on 67 Tranches
----------------------------------------------------
Moody's Investors Service downgraded on May 21, 2009, 67 tranches
and confirmed 15 tranches from 4 J.P. Morgan Mortgage Trust deals
issued in 2005.

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:

J.P. Morgan Mortgage Trust 2005-A1

  -- Cl. 1-A-1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 2-A-4, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

  -- Cl. 4-A-1, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 6-T-1, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-1, Downgraded to A1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-2, Downgraded to Baa2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-3, Downgraded to B2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-4, Downgraded to Caa3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-5, Downgraded to Ca; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. T-B-1, Confirmed at Aa2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. T-B-2, Downgraded to A3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. T-B-3, Downgraded to Ba2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. T-B-4, Downgraded to Caa2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. T-B-5, Downgraded to Ca; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Trust 2005-A2

  -- Cl. 1-A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 3-A-4, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-2, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 7CB1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7CB2, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 8-A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 9-A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Ba2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Caa2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

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

  -- Cl. B-4, Downgraded to C; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-5, Downgraded to C; previously on 3/19/2009 B2 Placed
     Under Review for Possible Downgrade

J.P. Morgan Mortgage Trust 2005-A4

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

  -- Cl. 2-A-1, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 3-A-4, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Ba3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to Caa2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

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

J.P. Morgan Mortgage Trust 2005-A8

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

  -- Cl. 1-A-2, Downgraded to B3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1-A-4, Downgraded to B3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-2, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-4, Downgraded to B3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-2, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-3, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-4, Downgraded to Caa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Ca; previously on 3/19/2009 Aa3 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.


JWS CBO: Moody's Downgrades Ratings on Two Classes of Notes
-----------------------------------------------------------
Moody's Investors Service downgraded on May 18, 2009, these notes
issued by JWS CBO 2000-1, Ltd.:

  -- US$15,000,000 Class C-1 Fixed Rate Third Priority Senior
     Secured Notes due 2012, Downgraded to B1; previously on July
     18, 2000 Assigned Baa2;

  -- US$16,500,000 Class C-2 Floating Rate Third Priority Senior
     Secured Notes due 2012, Downgraded to B1; previously on July
     18, 2000 Assigned Baa2.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds will be below their historical
averages, consistent with Moody's research.

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of the Class C and D Overcollateralization Tests.  The
weighted average rating factor has significantly increased over
the last few months and it is currently at 3930 versus a test
level of 2650 as of the last trustee report, dated April 5, 2009.
Based on the same trustee report, the proportion of securities
rated Caa1 and below is currently at 44.6% of the underlying
collateral and defaulted securities amount to approximately
$26.5 million.

JWS CBO 2000-1, Ltd., issued in July of 2000, is a collateralized
bond obligation backed primarily by a portfolio of senior
unsecured bonds.


KATONAH IV: Moody's Junks Rating on Class C Notes
-------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of these notes issued by Katonah IV, Ltd.:

  -- US$265,000,000 Class A Floating Rate Notes Due 2015,
     Downgraded to A2; previously on March 20, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$32,750,000 Class B Floating Rate Notes Due 2015,
     Downgraded to B2; previously on March 20, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$14,000,000 Class C Floating Rate Notes Due 2015,
     Downgraded to Ca; previously on March 20, 2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade;

  -- US$2,250,000 Class D-1 Floating Rate Notes Due 2015,
     Downgraded to Ca; previously on March 20, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade;

  -- US$4,500,000 Class D-2 Fixed Rate Notes Due 2015,
     Downgraded to Ca; previously on March 20, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds and second lien loans will be below
their historical averages, consistent with Moody's research (see
Moody's Special Comment titled "Strong Loan Issuance in Recent
Years Signals Low Recovery Prospects for Loans and Bonds of
Defaulted U.S. Corporate Issuers" dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of the Class D Overcollateralization Test.  The weighted
average rating factor has steadily increased over the last year
and it is currently at 3368 versus a test level of 2505 as of the
last trustee report, dated April 10, 2009.  Based on the same
report, defaulted securities total about $29.4 million accounting
for roughly 9.5% of the collateral balance and securities rated
Caa1 or lower make up approximately 19.3% of the underlying
portfolio.

Katonah IV, Ltd., issued in February of 2003, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.


KATONAH VIII: Moody's Cuts Rating on Class D Notes to Ca
--------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings on these notes issued by Katonah VIII CLO, Ltd:

  -- $300,000,000 Class A Floating Rate Notes due 2018, Downgraded
     to A3; previously on March 17, 2009 Aaa, Placed Under Review
     for Possible Downgrade;

  -- $18,000,000 Class B Floating Rate Notes due 2018, Downgraded
     to Baa3; previously on March 4, 2009 Aa2, Placed Under Review
     for Possible Downgrade;

  -- $21,000,000 Class C Deferrable Floating Rate Notes due 2018,
     Downgraded to B1; previously on March 17, 2009 Downgraded to
     Ba2 and Placed Under Review for Possible Downgrade;

  -- $28,000,000 Class D Deferrable Floating Rate Notes due 2018,
     Downgraded to Ca; previously on March 17, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009, titled "Moody's updates key
assumptions for rating CLOs."  Moody's analysis also reflects the
expectation that recoveries for high-yield corporate bonds and
second lien loans will be below their historical averages,
consistent with Moody's research (see Moody's Special Comment
titled "Strong Loan Issuance in Recent Years Signals Low Recovery
Prospects for Loans and Bonds of Defaulted U.S. Corporate Issuers"
dated June 2008).

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of the Class A/B, Class C, and Class D Par Value Tests.
As of the trustee report dated April 20, 2009 the weighted average
rating factor is currently at 2705 versus a test level of 2612,
defaulted securities total approximately 11.19%, and securities
rated Caa1 or lower comprised about 11.8% of the portfolio.  In
the same report, the Class A/B Par Value Ratio is reported at
110.31% versus the test level of 110.90%, the Class C Par Value
Ratio is 103.42% versus test level of 107.90%, and the Class D Par
Value Ratio is 95.69% versus test level of 101.60%.  The Par Value
Ratios reflect an increase in the haircut attributed to Caa-rated
assets, as well as defaults.  Moody's also notes that during
recent payment dates, Advance Amounts have been provided by the
Class P Notes to cover interest shortfall on the Class D Notes.

Katonah VIII CLO, Ltd., issued in June of 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


LB COMMERCIAL: Moody's Cuts Rating on Class J of Certs. to Ca
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of six classes,
upgraded two classes and downgraded two classes of LB Commercial
Mortgage Trust, Commercial Mortgage Pass-Through Certificates,
Series 1999-C1.  The upgrades are due to improvement in pool
performance and higher credit subordination resulting from loan
payoffs and amortization.  The pool has paid down by 72% since
Moody's prior full review.  The downgrades are due to realized and
anticipated losses from loans in special servicing.  The rating
action is the result of Moody's ongoing surveillance of commercial
mortgage backed securities transactions.

As of the May 15, 2009 distribution date, the transaction's
aggregate balance has decreased by approximately 80% to
$316.1 million from $1.6 billion at securitization.  The
Certificates are collateralized by 48 mortgage loans ranging in
size from less than 1% to 36% of the pool, with the top 10 loans
representing 72% of the pool.  The pool includes one loan with an
underlying rating, representing 13% of the pool, and a credit
tenant lease component, representing 9% of the pool.  Three loans,
representing 8% of the pool, have defeased and are collateralized
by U.S. Government securities.

Five loans, representing 44% of the pool, are on the master
servicer's watchlist.  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 performance.

Thirteen loans have been liquidated from the trust, resulting in
an aggregate realized loss of $14 million.  Nineteen loans,
representing 36% of the pool, are currently in special servicing.
The largest specially serviced loan is the Crossroads Mall Loan
($39.7 million -- 12.6%), which is owned by an affiliate of
General Growth Properties and was transferred in April 2009 due to
GGP's bankruptcy filing.  The second largest specially serviced
loan is the Carmel Plaza Loan ($25.6 million -- 8.1%), which is
secured by an 115,000 square foot retail center located in Carmel,
California and was transferred in April 2009 for maturity default.
Fifteen of the loans, representing 20% of the pool, are in special
servicing due to maturity default.  Moody's is estimating an
aggregate $17 million loss (23% loss severity on average) from the
specially serviced loans.

Moody's was provided with full and partial year 2008 operating
results for 92% and 25% of the pool, respectively, excluding
specially serviced, defeased and CTL loans.  Moody's loan to value
ratio for the conduit component is 83% compared to 87% at Moody's
prior review.

The loan with an underlying rating is the Crossroads Mall Loan
($39.7 million -- 12.6%), which is secured by the borrower's
interest in a 765,000 square foot regional mall located in
Portage, Michigan.  The center is anchored by Macy's, Sears, J.C.
Penney, and Burlington Coat Factory.  The in-line space was 94%
occupied as of December 2008, compared to 98% at last review.  The
in-line sales were $325 per square foot for the trailing twelve
months ending December 2008, down 5% from the year prior.  The
property is owned by an affiliate of GGP and was included in GGP's
April 16, 2009 bankruptcy filing.  The loan was subsequently
transferred to special servicing.  Moody's stressed the property's
cash flow to reflect concerns about the impact of the bankruptcy
filing on property performance.  Moody's current underlying rating
is Aa2, compared to Aa1 at last review.

The top three conduit loans represent 44% of the outstanding pool
balance.  The largest conduit loan is the Starwood Financial
Portfolio Loan ($115.0 million -- 36.4%), which is secured by 15
full-service and two limited service hotels located in seven
western states.  The portfolio contains hotels operated as
DoubleTree (11) and Red Lion Inn (6).  The portfolio's performance
has declined since Moody's last review.  The overall occupancy and
RevPAR for the calendar year 2008 were 58% and $48, respectively,
compared to 67% and $64 at last review.  The loan is on the master
servicer's watchlist due to low DSCR and pending maturity.  The
decline in property performance has been offset by loan
amortization of 6% since last review.  Moody's current LTV is 85%
compared to 88% at last review.

The second largest conduit loan is the Wal-Mart Portfolio Loan
($18.1 million -- 5.7%), which is secured by 13 multi-tenant
retail centers located in seven Midwestern states.  The centers
are shadow-anchored by either Wal-Mart or Sams Club.  The
portfolio was 65% occupied as of December 2008 compared to 79% at
last review.  Moody's LTV is 92% compared to 73% at last review.

The third largest conduit loan is the Kohl's Shopping Center Loan
($5.4 million -- 1.7%), which is secured by a 100,000 square foot
retail center located in suburban Knoxville, Tennessee.  The
property was 100% occupied as of December 2008 with Kohl's
Department Store occupying 86% of the NRA through February 2019.
Moody's LTV is 81% compared to 82% at last review.

The CTL component includes 16 loans secured by properties under
bondable leases to seven credits.  The largest CTL exposures are
Eckerd Corporation (37% of CTL component) and CVS/Caremark Corp.
(22%; Moody's senior unsecured rating Baa2, positive outlook).

Moody's rating action is:

  -- Class X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 2/19/2008

  -- Class B, $45,285,266, affirmed at Aaa; previously affirmed at
     Aaa on 2/19/2008

  -- Class C, $86,904,000, affirmed at Aaa; previously affirmed at
     Aaa on 2/19/2008

  -- Class D, $63,202,000, upgraded to Aaa from Aa3; previously
     affirmed at Aa3 on 2/19/2008

  -- Class E, $31,602,000, upgraded to Aa3 from A3; previously
     affirmed at A3 on 2/19/2008

  -- Class F, $19,750,000, affirmed at Baa3; previously affirmed
     at Baa3 on 2/19/2008

  -- Class G, $29,232,000, affirmed at Ba2; previously affirmed at
     Ba2 on 2/19/2008

  -- Class H, $10,270,000, downgraded to B1 from Ba3; previously
     affirmed at Ba3 on 2/19/2008

  -- Class J, $22,911,000, downgraded to Ca from Caa2; previously
     downgraded to Caa2 from B3 on 2/19/2008

  -- Class K, $6,969,429, affirmed at Ca; previously downgraded to
     Ca from Caa2 on 2/19/2008


LB-UBS COMMERCIAL: Fitch Cuts Rating on Class K of Certs. to BB+
----------------------------------------------------------------
Fitch Ratings has downgraded and assigned Outlooks to LB-UBS's
commercial mortgage pass-through certificates, series 2005-C5:

  -- $26.4 million class G to 'BBB+' from 'A-'; Negative Outlook;
  -- $23.4 million class H to 'BBB' from 'BBB+'; Negative Outlook;
  -- $14.7 million class J to 'BBB-' from 'BBB'; Negative Outlook;
  -- $20.5 million class K to 'BB+' from 'BBB-'; Negative Outlook;
  -- $8.8 million class L to 'BB' from 'BB+'; Negative Outlook;
  -- $5.9 million class M to 'B+' from 'BB'; Negative Outlook;
  -- $8.8 million class N to 'B' from 'BB-'; Negative Outlook.

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

  -- $21.1 million class A-1 at 'AAA'; Stable Outlook;
  -- $347 million class A-2 at 'AAA'; Stable Outlook;
  -- $158 million class A-3 at 'AAA'; Stable Outlook;
  -- $76 million class A-AB at 'AAA'; Stable Outlook;
  -- $809.5 million class A-4 at 'AAA'; Stable Outlook;
  -- $172 million class A-1A at 'AAA'; Stable Outlook;
  -- Interest only class X-CL at 'AAA'; Stable Outlook;
  -- Interest only class X-CP at 'AAA'; Stable Outlook;
  -- $234.4 million class A-M at 'AAA'; Stable Outlook;
  -- $187.5 million class A-J at 'AAA'; Stable Outlook;
  -- $20.5 million class B at 'AA+'; Stable Outlook;
  -- $32.2 million class C at 'AA'; Stable Outlook;
  -- $29.3 million class D at 'AA-'; Stable Outlook;
  -- $23.4 million class E at 'A+'; Stable Outlook;
  -- $29.3 million class F at 'A'; Stable Outlook.

Fitch does not rate the $2.9 million class P, $5.9 million class
Q, $5.9 million class S and $23.4 million class T certificates.

The downgrades are due to upcoming maturities and expected losses
associated with specially serviced loans.  Rating Outlooks reflect
the likely direction of any rating changes over the next one to
two years. As of the May 2009 remittance report, the pool's
collateral balance has paid down 2.5% to $2.28 billion from
$2.34 billion at issuance.

Fitch has identified 11 Loans of Concern (13.3%), including two
assets (11.5%) in special servicing.  The largest specially
serviced asset is Providence Place Mall (11.3%) located in
Providence, Rhode Island.  This loan is sponsored by General
Growth Properties, which filed for Chapter 11 bankruptcy
protection on April 16, 2009, and included the property within its
filing.  While the mall is performing well, it is expected that
interest shortfalls will be incurred to the trust as a result of
the special servicing and legal fees.  As of year-end 2008, the
loan had a debt service coverage ratio of 1.87 times (x) and an
occupancy of 97%.  Providence Place Mall, which previously had an
investment-grade shadow rating, is no longer considered investment
grade.

The second largest specially serviced loan (0.2%) is secured by a
single-tenant retail property in Greenwood, South Carolina.  The
loan transferred to the special servicer on June 20, 2007, after
the borrower filed for bankruptcy.  The subject was sold in
January 2009 with the current debt being assumed by the new
borrower.

The largest Fitch Loan of Concern not in special servicing (0.3%)
is secured by a multifamily property in Tempe, Arizona.  The loan
is suffering from poor market conditions and is relying heavily on
concessions to keep occupancy stable.

These five loans (22.9%) maintain investment grade shadow ratings.

200 Park Avenue loan (12.5%) consists of a 2.9 million square feet
trophy office building located on the east side of Midtown
Manhattan.  As of September 2008, occupancy is 99% compared to
100% at issuance.  The loan has two pari passu components and a
junior note held outside the trust.

The Courtyard by Marriott Portfolio loan (7.6%) is secured by
9,443 rooms in 64 hotel properties located throughout the U.S.  As
of YE 2008, occupancy is 66.2% compared to 69.5% at issuance.  The
average daily rate has increased to $115.05 from $95.55 at
issuance and revenue per available room has increased to $76.14
from $66.43 at issuance.  The loan has two pari passu A notes, a
junior note and a B note held outside the trust.

1345 Avenue of Americas (1.7%) is secured by a 1,896,140 sf office
property in New York, New York.  As of YE 2008, the subject was
100% occupied compared to 96% at issuance.  The loan has five pari
passu components and a junior note held outside of the trust.

Park Avenue Plaza is (0.7%) is secured by a 1,137,452 sf office
property in New York, New York.  The property was 97% occupied as
of YE 2008, compared to 100% at issuance.  The loan has five pari
passu components and a junior note held outside the trust.

9200 Mentor (0.4%) is secured by a ground lease to a single
tenant, Super Kmart, whose lease expires in March 2019 per the
March 2009 rent roll.


LB-UBS COMMERCIAL: Fitch Downgrades Ratings on 2001-C2 Certs.
-------------------------------------------------------------
Fitch Ratings on May 21, 2009, downgraded and assigned a Rating
Outlook to LB-UBS commercial mortgage pass-through certificates,
series 2001-C2:

  -- $19.8 million class F to 'AA-' from 'AA+'; Stable Outlook;

  -- $16.5 million class G to 'A-' from 'AA-'; Stable Outlook;

  -- $23.1 million class H to 'BBB-' from 'BBB+'; Negative
     Outlook;

  -- $14.8 million class J to 'BB-' from 'BB+'; Negative Outlook.

Fitch downgraded and revised Recovery Ratings to these classes:

  -- $11.5 million class K to 'CCC/RR1' from 'BB-';
  -- $9.9 million class L to 'CC/RR3' from 'B+';
  -- $13.2 million class M to 'C/RR6' from 'B-/DR1';
  -- $6.6 million class N at 'C/RR6' from 'C/DR5'.

In addition, Fitch affirmed these classes and assigns Rating
Outlooks as indicated:

  -- $12.9 million class A-1 at 'AAA'; Stable Outlook;
  -- $789.3 million class A-2 at 'AAA'; Stable Outlook;
  -- Interest-only class X at 'AAA'; Stable Outlook;
  -- $49.5 million class B at 'AAA'; Stable Outlook;
  -- $62.6 million class C at 'AAA'; Stable Outlook;
  -- $16.5 million class D at 'AAA'; Stable Outlook;
  -- $13.2 million class E at 'AAA'; Stable Outlook;
  -- $3.3 million class P at 'C/RR6' from 'C/DR6'.

Fitch did not rate the $4.6 million class Q certificate.

The downgrades were due to expected losses on the specially
serviced assets.  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 collateral
balance has been reduced by 19.1%, to $1.067 billion from $1.319
billion at issuance.  Forty-seven loans (41.4%) are currently
defeased, including seven (19.9%) of the top 10 loans in the pool.
No loans mature in 2009 and only 5.4% of the pool matures in 2010.

Fitch has identified 21 Loans of Concern (19.9%), including six
assets (12.2%) that are in special servicing with losses expected.
The largest specially serviced loan (6.4%) is secured by a 390,000
square foot mall located in Newark, California.  This loan is
sponsored by General Growth Properties, which filed for Chapter 11
bankruptcy protection on April 16, 2009 and has listed the loans
collateral within its filing.  While the mall is performing well,
it is expected that interest shortfalls will be incurred to the
trust as a result of the special servicing and legal fees.

The second largest specially serviced asset is a multifamily
property (2.1%) located in Atlanta, Georgia.  The loan transferred
in March 2009 for monetary default.  It is currently 83% occupied.

The third largest specially serviced asset is a hotel property
(1.9%) also located in Atlanta, Georgia.  The loan transferred in
March 2005 and is currently real estate owned.

The fourth specially serviced asset (1.6%) is an office property
in Tulsa, Oklahoma.  This asset was transferred to special
servicing in November 2005 and is currently real estate owned.

The largest Fitch Loan of Concern not in special servicing (1.4%)
is secured by a single tenant office property in Thousand Oaks,
California.  The property is 100% leased to Countrywide.


LEHMAN BROS: S&P Cuts Ratings on Four 2006-LLF C5 Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes of commercial mortgage pass-through certificates from
Lehman Bros. Floating Rate Commercial Mortgage Trust 2006-LLF C5
and removed them from CreditWatch with negative implications,
where they were placed on April 7, 2009.  Concurrently, S&P
affirmed its 'AAA' ratings on four other classes from this
transaction and removed them from CreditWatch negative.

The reasons for the downgrades included:

  -- S&P's expectation that revenue per available room for the
     hotel properties would decline in 2009.  Based on S&P's
     analysis, S&P's resulting property valuations were between 7%
     and 57% below S&P's issuance levels.

  -- Depressed rental rates and higher vacancy rates for the
     office collateral properties since issuance, which, based on
     S&P's analysis, resulted in property valuations that were
     between 16% and 32% below the levels S&P assessed at
     issuance.

  -- Higher-than-expected operating expenses for the Praedium
     multifamily properties since issuance, which, based on S&P's
     analysis, resulted in declines of between 15% and 28% in
     property valuations from the levels S&P assessed at issuance.

Five loans in the pool totaling $577.5 million (63% of the pool
trust balance) are secured by hotel properties.  These properties
are located in Orlando, Florida (35% of the pool trust balance),
New York City (14%), Kailua-Kona, Hawaii (6%), Lansdowne, Virginia
(5%), and Pasadena, California (3%).  S&P based its hotel analysis
on a review of the borrowers' operating statements for the year
ended Dec. 31, 2008, and their 2009 budgets.  S&P's analysis
factored in S&P's assumption that average 2009 RevPAR in the
industry would decline between 14% and 16%, as S&P noted in a
recent article.

According to Smith Travel, the New York City and Orlando lodging
markets posted significant RevPAR declines of 31% and 22%,
respectively, in the first four months of 2009 compared with 2008,
whereas the general U.S. hotel industry reported RevPAR declines
of 18%.

The largest loan secured by hotel properties is the largest loan
in the pool, the Walt Disney World Swan & Dolphin loan.  This loan
has a whole-loan balance of $330.0 million that is split into a
$319.6 million (35%) senior pooled component and a $10.4 million
subordinate nonpooled component that supports the "WSD"
certificates (not rated by Standard & Poor's).  This loan is
secured by two upscale full-service convention and resort hotels
in Lake Buena Vista, Florida (near Orlando) with a total of 2,267
rooms.  The master servicer, Wachovia Bank N.A., reported debt
service coverage of 3.39x and 77% occupancy for the year ended
Dec. 31, 2008.  The loan matures on Sept. 12, 2009, and has four
12-month extension options available.  S&P's adjusted valuation
has fallen 16% since issuance.

Three loans totaling $273.3 million (30% of the pool trust
balance) are secured by office properties.  These properties are
located in New York City (23% of the pool trust balance), El
Segundo, California (4%), and Jersey City, New Jersey (3%).

The largest loan secured by an office property is the second-
largest loan in the pool, the 1515 Broadway loan.  This loan has a
whole-loan balance of $425.0 million that is split into two pari
passu pieces, $212.5 million of which makes up 23% of the pool
trust balance.  The other piece is in Wachovia Bank Commercial
Mortgage Trust's commercial mortgage pass-through certificates
series 2006-WHALE7 transaction.  In addition, the borrower's
equity interests secure a $200.0 million mezzanine loan.  This
loan is secured by a 1.77 million-sq.-ft. class A office building
in midtown Manhattan.  Wachovia reported a 2.86x DSC and 95%
occupancy for the year ended Dec. 31, 2008.  The loan matures on
Nov. 9, 2009, and has one 12-month extension option remaining.
S&P's adjusted valuation has declined 16% since issuance.

The three Praedium Rental Portfolio I, II, and III loans, which
are not cross-collateralized or cross-defaulted, have a whole-loan
balance totaling $79.7 million that consists of senior pooled
components totaling $69.6 million (8% of the pool trust balance)
and subordinate nonpooled components totaling $10.1 million that
are raked to the "PR1", "PR2", and "PR3" certificates (not rated
by Standard & Poor's).  In addition, the borrowers' equity
interests secure mezzanine loans totaling $65.3 million.  These
loans are secured by 50 low-income multifamily apartment buildings
totaling 1,369 units in the Morningside Heights, Hamilton Heights,
and East Harlem markets of northern Manhattan.  For the three
loans, Wachovia reported DSC ranging from 1.19x to 1.48x for the
six months ended June 30, 2008, and occupancy ranging from 92% to
97% as of February 2009.  The loans mature on Sept. 9, 2009, and
each have one 12-month extension option remaining.

According to the May 15, 2009, remittance report, pool statistics
are:

  -- There are 11 loans in the pool, including nine floating-rate
     interest-only whole-mortgage loans, senior participation
     interests in one FR IO mortgage loan, and one pari passu FR
     IO mortgage loan.

  -- There are mortgages on three upscale and two full-service
     hotels; one conference center; two class A office and one
     class B+ office properties; and 50 low-income multifamily
     apartment buildings.

  -- All of the loans are indexed to one-month LIBOR.

Details of the specially serviced loan in the pool that previously
prompted a downgrade are:

  -- The Sheraton Keauhou Bay Resort & Spa loan ($56.0 million,
     6%), secured by a 521-room full-service resort hotel in
     Kailua-Kona, Hawaii, was transferred to the special servicer,
     TriMont Real Estate Advisors Inc., on Sept. 18, 2008, due to
     imminent default.  For details of the rating actions related
     to this loan, see "Lehman Bros.  Floating Rate Commercial
     Mortgage Trust 2006-LLF C5 Class L Downgraded To 'D' On
     Interest Shortfalls," published March 3, 2009, on
     RatingsDirect.  Since publishing S&P's press release, an
     appraisal reduction amount of $6.0 million was effected
     against the 90-plus-days delinquent loan.  The ARA was based
     on a $56.9 million appraisal value received on Oct. 27, 2008.
     TriMont has indicated that foreclosure proceedings are still
     ongoing.  Wachovia reported a DSC of 0.17x and 54% occupancy
     for the year ended Dec. 31, 2008.

Near-term maturities (within the next three months) for the loans
in the pool are:

  -- The London NYC loan ($129.8 million, 14%), secured by a 564-
     room luxury full-service hotel in midtown Manhattan, matures
     on June 9, 2009.  Wachovia has indicated that the borrower is
     exercising one of its two remaining 12-month extension
     options.  Wachovia reported a DSC of 4.71x and 79% occupancy
     for the year ended Dec. 31, 2008.  S&P's adjusted valuation
     has declined 10% since issuance.

  -- The National Conference Center loan has a trust balance of
     $43.0 million (5%) and a whole-loan balance of 65.0 million.
     This loan, secured by a 1.2 million-sq.-ft. conference
     facility in Lansdowne, Virginia, that includes 917 guestrooms
     and 250,000 sq. ft. of meeting space, matures on Aug. 9,
     2009, and has two 12-month extension options remaining.
     Wachovia reported a DSC of 4.74x and 51% occupancy for the 12
     months ended Dec. 31, 2008.  S&P's adjusted valuation has
     fallen 7% since issuance.

  -- The Continental Grand II loan ($36.0 million, 4%), secured by
     a 238,400-sq.-ft. class A office building in El Segundo,
     California, matures on Aug. 6, 2009, and has three 12-month
     extension options remaining.  Wachovia reported a 3.94x DSC
     and 87% occupancy for the year ended Dec. 31, 2008.  S&P's
     adjusted valuation has declined 30% since issuance.

  -- The 30 Montgomery Street loan ($24.9 million, 3%), secured by
     a 292,200-sq.-ft. class B+ office building in Jersey City,
     New Jersey, matures on June 9, 2009.  Wachovia has indicated
     that the borrower is exercising one of its two remaining 12-
     month extension options.  Wachovia reported a DSC of 3.58x
     and 68% occupancy for the year ended Dec. 31, 2008.  S&P's
     adjusted valuation has fallen 32% since issuance.

Should the performance of the lodging, office, and multifamily
sectors continue to deteriorate beyond S&P's current expectations,
S&P may revise its analysis and adjust S&P's ratings accordingly.

      Ratings Lowered And Removed From Creditwatch Negative

Lehman Bros. Floating Rate Commercial Mortgage Trust 2006-LLF C5
          Commercial mortgage pass-through certificates

               Rating
               ------
   Class    To        From              Credit enhancement (%)
   -----    --        ----              ----------------------
   B        AA+       AAA/Watch Neg                      36.82
   C        AA        AAA/Watch Neg                      30.99
   D        AA-       AA+/Watch Neg                      27.28
   E        A-        AA/Watch Neg                       22.35
   F        BBB       AA-/Watch Neg                      19.48
   G        BB+       A/Watch Neg                        14.59
   H        BB        A-/Watch Neg                       10.15
   J        BB-       BBB+/Watch Neg                      9.76
   K        B+        BBB/Watch Neg                       6.19

      Ratings Affirmed And Removed From Creditwatch Negative

Lehman Bros. Floating Rate Commercial Mortgage Trust 2006-LLF C5
          Commercial mortgage pass-through certificates

               Rating
               ------
   Class    To        From              Credit enhancement (%)
   -----    --        ----              ----------------------
   A-1      AAA       AAA/Watch Neg                      85.36
   A-2      AAA       AAA/Watch Neg                      43.18
   X-FLP    AAA       AAA/Watch Neg                        N/A
   X-2      AAA       AAA/Watch Neg                        N/A

                      N/A - Not applicable.


LIBERTY SQUARE: Moody's Downgrades Ratings on Various Classes
-------------------------------------------------------------
Moody's Investors Service downgraded on May 21, 2009, the ratings
of these notes issued by Liberty Square CDO II, Ltd.:

  -- US$140,000,000 Class A-1 Floating Rate Notes Due 2013,
     Downgraded to A1; previously on January 22, 2007 Downgraded
     to Aa1;

  -- US$30,000,000 Class A-2 Floating Rate Notes Due 2013,
     Downgraded to A1; previously on January 22, 2007 Downgraded
     to Aa1;

  -- US$22,500,000 Class B Floating Rate Notes Due 2013,
     Downgraded to Ba2; previously on January 22, 2007 Downgraded
     to A2;

  -- US$25,000,000 Class C Floating Rate Notes Due 2013,
     Downgraded to Ca; previously on January 22, 2007 Downgraded
     to B1;

  -- US$10,000,000 Class D Floating Rate Notes Due 2013,
     Downgraded to C; previously on January 22, 2007 Downgraded to
     Caa3;

  -- US$30,000,000 Class 1 Combination Notes Due 2013, Downgraded
     to A1; previously on January 22, 2007 Downgraded to Aa1.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds will be below their historical
averages, consistent with Moody's research (see Moody's Special
Comment titled "Strong Loan Issuance in Recent Years Signals Low
Recovery Prospects for Loans and Bonds of Defaulted U.S. Corporate
Issuers," dated June 2008).

Credit deterioration of the collateral pool is observed in a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, and an increase in the proportion of
securities from issuers rated Caa1 and below.  As of the last
trustee report, dated April 6, 2009, the weighted average rating
factor was 3434 versus a test level of 1920, defaulted securities
totaled $9.66 million or approximately 7.3% of the portfolio, and
securities with a Moody's Rating at or below Caa1 or an S&P rating
at or below CCC+ comprised 31.4% of the portfolio.  Moody's also
notes that the Overcollateralization Ratio Test is failing with
respect to the Class C Notes and the Class D Notes, and the Class
D notes are currently deferring interest.

Liberty Square CDO II, Limited, issued in May of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
senior unsecured bonds.


LIGHTPOINT CLO: S&P Junks Ratings on Class D & E of Notes
---------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-1B, B, X, C, D, and E notes issued by LightPoint CLO 2004-
1 Ltd., a collateralized loan obligation transaction managed by
Lehman Bros. Asset Management LLC.  At the same time, S&P's
ratings on the class A-1B, B, X, C, and D notes were placed on or
remain on CreditWatch with negative implications following a
notice of acceleration by the trustee on May 8, 2009.
Additionally, S&P affirmed its 'AAA' rating on the class A-1A
notes, senior most class in the structure.

According to section 5.1(d) of the transaction's indenture,
LightPoint CLO 2004-1 triggered an event of default on Dec. 10,
2008, when the class A-1A note's overcollateralization ratio fell
below 103%.  On May 8, 2009, pursuant to sections 5.2 and 6.2 of
the indenture, an acceleration of maturity was declared.  Based on
section 13.1 of the indenture, class A-1A is the priority class.
Consequently, each subsequent class is subordinate and junior to
the priority class.

The lowered ratings also reflect the deterioration in the credit
quality in the portfolio over the past six months, in addition to
an increase in the amount of defaulted securities.  The trustee
acknowledged $12.4 million in defaults in the May 8, 2009, trustee
report, up from $1.99 million in defaults in the Nov. 7, 2008,
report.

Standard & Poor's will continue to review whether the ratings
assigned to the notes remain consistent with the credit
enhancement available to support them.

        Ratings Lowered And Placed On Creditwatch Negative

                    LightPoint CLO 2004-1 Ltd.

                 Rating
                 ------
   Class   To              From       Current balance (mil. $)
   -----   --              ----       ------------------------
   A-1B    BBB/Watch Neg   AAA                          22.000
   X       B+/Watch Neg    A                            10.623

      Ratings Lowered And Remaining On Creditwatch Negative

                    LightPoint CLO 2004-1 Ltd.

                  Rating
                  ------
   Class   To              From       Current balance (mil. $)
   -----   --              ----       ------------------------
   B       BB/Watch Neg    AA+/Watch Neg                26.000
   C       B-/Watch Neg    A-/Watch Neg                  9.037
   D       CCC/Watch Neg   BBB/Watch Neg                 9.203

           Rating Lowered And Off Creditwatch Negative

                    LightPoint CLO 2004-1 Ltd.

                 Rating
                 ------
   Class   To              From       Current balance (mil. $)
   -----   --              ----       ------------------------
   E       CC              BB/Watch Neg                 14.532

                         Rating Affirmed

                    LightPoint CLO 2004-1 Ltd.

        Class      Rating        Current balance (mil. $)
        -----      ------        ------------------------
        A-1A       AAA                            179.851

  Transaction Information
  -----------------------
Issuer:             LightPoint CLO 2004-1 Ltd.
Co-issuer:          LightPoint CLO 2004-1 Corp.
Collateral manager: Lehman Brothers Asset Management LLC
Underwriter:        Links Securities LLC
Indenture trustee:  LaSalle Bank N.A.


MADISON AVENUE: S&P Junks Ratings on Three Classes of Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Madison Avenue CDO II, Limited:

  -- US$415,000,000 Class A Floating Rate Notes due March 24,
     2014, Downgraded to A3; previously on November 6, 2006
     Upgraded to Aa1;

  -- US$31,000,000 Class B Floating Rate Notes due March 24,
     2014, Downgraded to Caa3; previously on July 27, 2005
     Upgraded to Ba2;

  -- US$23,000,000 Class C1 Floating Rate Notes due March 24,
     2014, Downgraded to C; previously on March 4, 2003 Downgraded
     to Ca;

  -- US$12,000,000 Class C2 Fixed Rate Notes due March 24, 2014
     Downgraded to C; previously on March 4, 2003 Downgraded to
     Ca.

According to Moody's, the rating actions taken on the notes are a
result of applying Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The actions also reflect
consideration of credit deterioration of the underlying portfolio.
The revised assumptions that have been applied to all corporate
credits in the underlying portfolio are described in the press
release dated February 4, 2009.

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, and an increase in the
proportion of securities rated Caa1 and below.  For example, the
weighted average rating factor as reported by the trustee is 1280,
exceeding the limit of 610.  The percentage of assets that are
rated Ba2 or below is approximately 25.1%, which is failing the
covenanted level of 20%.  Also, all of the overcollateralization
and interest coverage tests are currently failing.  As reported by
the trustee, the Class AB Overcollateralization Test is currently
100.2% and the Class C Overcollateralization Test is currently
82.5%, failing the required levels of 105% and 101% respectively.
Additionally, since the Diversity Score is reported as 33.3 by the
trustee, failing the required level of 41, Moody's assessed the
collateral pool's elevated concentration risk in a small number of
industries.  This includes a significant concentration in debt
obligations of companies in the banking, finance, real estate, and
insurance industries, which Moody's views to be more strongly
correlated in the current market environment.  Furthermore,
Moody's also noted that the transaction is negatively impacted by
a large pay-fixed, receive-floating interest rate swap whose
notional amount exceeds the current portfolio par.  Due to this
mismatch between the swap notional and the asset par, payments to
the hedge counterparty absorb a large portion of the excess spread
in the deal.  Furthermore, the Class C1 Notes and Class C2 Notes
are deferring interest and are not expected to receive any future
payments of interest or principal.

Madison Avenue CDO II, Limited, issued in March of 2001, is a
collateralized bond obligation backed primarily by a portfolio of
corporate bonds originally rated investment grade.


MASTR CI-CW1: Moody's Downgrades Ratings on Two NIM Securities
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two net
interest margin securities backed by residential mortgage-backed
securitizations issued by MASTR CI-CW1 NIM.  These NIM
transactions rely on residual cash flows and prepayment penalties
generated by the underlying mortgage-backed securitizations.
These cash flows are sensitive to a number of factors:

i) Prepayment speeds on the collateral backing the RMBS

ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties. To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: MASTR CI-CW1 NIM

  -- Cl. N-1, Downgraded to Caa3; previously on 4/15/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. N-2, Downgraded to C; previously on 4/15/2009 Caa1 Placed
     Under Review for Possible Downgrade


MERRILL LYNCH: Moody's Affirms Ratings on 12 2002-MW1 Certs.
------------------------------------------------------------
Moody's Investors Service affirmed on May 21, 2009, the ratings of
12 classes and downgraded four classes of Merrill Lynch Mortgage
Trust, Commercial Mortgage Pass-Through Certificates, Series 2002-
MW1.  The downgrades are due to higher expected losses for the
pool resulting from increased credit quality dispersion and
anticipated losses from specially serviced loans.  The action is
the result of Moody's on-going surveillance of commercial mortgage
backed securities transactions.

As of the May 14, 2009 distribution date, the aggregate
certificate balance has decreased by 17% to $893.3 million from
$1.1 billion at securitization.  The Certificates are
collateralized by 87 loans, ranging in size from less than 1% to
7% of the pool, with the top 10 non-defeased loans representing
33% of the pool.  The pool includes two loans with investment
grade underlying ratings, representing 17% of the pool.  Thirty-
four loans, representing 35% of the pool, have defeased and are
collateralized by U.S. Government securities.

Fifteen loans, representing 12% of the pool, are on the master
servicer's watchlist.  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 performance.

Four loans have been liquidated from the pool, resulting in an
aggregate realized loss of approximately $9 million.  Currently
there are three loans, representing 5% of the pool, in special
servicing.  Moody's estimates an aggregate loss of $15.9 million
(36% severity on average) from the specially serviced loans.

Moody's was provided with full year 2008 operating results for 86%
of the pool.  Moody's weighted average loan to value ratio for the
conduit component, excluding defeased and specially serviced
loans, is 91% compared to 89% at Moody's prior full review in July
2007.  Although the overall LTV increased slightly since last
review, the pool has experienced a significant increase in
dispersion.  Based on Moody's analysis, 33% of the conduit pool
has a LTV in excess of 100% compared to 27% at last review and 19%
of the pool has a LTV in excess of 120% compared to 2% at last
review.

The largest loan with an underlying rating is the Burbank Empire
Center Loan ($60.4 million - 6.8%), which is secured by the
borrower's interest in a 613,800 square foot retail shopping
center located in Burbank, California.  The center was 90%
occupied as of December 2008 compared to 100% at last review.  The
center is anchored by Target, Lowe's and Best Buy.  All of the
anchors are on long term leases that extend past the loan's
maturity.  Moody's current underlying rating is Baa2, the same as
at last review.

The second loan with an underlying rating is the U-Haul Portfolio
Loan ($57.9 million -- 6.5%), which is secured by 57 U-Haul self-
storage facilities located across 56 cities in 27 states.  The
portfolio totals 1.6 million square feet.  Property performance
has been stable.  Moody's current underlying rating is A3, the
same as at last review.

The top three non-defeased conduit loans represent 8.4% of the
pool.  The largest conduit loan is the Seven Mile Crossing Loan
($33.4 million -- 3.7%), which is secured by a leasehold interest
in a three-building office complex totaling 346,000 square feet
located in Livonia (Detroit), Michigan.  The complex was 65%
occupied as of October 2008 compared to 78% at last review and 92%
at securitization.  Occupancy is expected to decline further due
to lease expirations that are expected over the next 12 months.
Performance has been impacted by the decline in occupancy and
lower market rents due to soft market conditions.  The loan is on
the master servicer's watchlist.  Moody's LTV is 143% compared to
99% at last review.

The second largest conduit loan is the Keystone Technology Loan
($21.2 million -- 2.4%), which is secured by three office/R&D
buildings totaling 257,000 square feet located in Durham, North
Carolina.  The property was 63% occupied as of April 2009 compared
to 90% at last review and 100% at securitization.  Performance has
been impacted by the decline in occupancy and lower market rents.
The loan is on the master servicer's watchlist.  Moody's LTV is
122% compared to 109% at last review.

The third largest conduit loan is the Mayfair Shopping Center Loan
($20.9 million -- 2.3%), which is secured by a 214,700 square foot
retail center located in Commack, New York.  The property was 99%
occupied as of December 2008.  Anchor tenants include Waldbaums
and Burlington Coat Factory.  Moody's LTV is 70% compared to 76%
at last review.

Moody's rating action is:

  -- Class A-3, $106,662,963, affirmed at Aaa; previously affirmed
     at Aaa on 8/9/2007

  -- Class A-4, $559,033,000, affirmed at Aaa; previously affirmed
     at Aaa on 8/9/2007

  -- Class XC, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 8/9/2007

  -- Class XP, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 8/9/2007

  -- Class B, $41,951,000, affirmed at Aaa; previously affirmed at
     Aaa on 8/9/2007

  -- Class C, $46,011,000, affirmed at Aaa; previously affirmed at
     Aaa on 8/9/2007

  -- Class D, $10,826,000, affirmed at Aa1; previously upgraded to
     Aa1 from Aa2 on 8/9/2007

  -- Class E, $18,945,000, affirmed at Aa2; previously upgraded to
     Aa2 from A2 on 8/9/2007

  -- Class F, $17,592,000, affirmed at A3; previously upgraded to
     A3 from Baa2 on 8/9/2007

  -- Class G, $17,593,000, affirmed at Baa2; previously upgraded
     to Baa2 from Baa3 on 8/9/2007

  -- Class H, $18,945,000, affirmed at Ba1; previously affirmed at
     Ba1 on 8/9/2007

  -- Class J, $16,239,000, affirmed at Ba2; previously affirmed at
     Ba2 on 8/9/2007

  -- Class K, $5,413,000, downgraded to B3 from Ba3; previously
     affirmed at Ba3 on 8/9/2007

  -- Class L, $8,120,000, downgraded to Caa2 from B1; previously
     affirmed at B1 on 8/9/2007

  -- Class M, $13,532,000, downgraded to Ca from B3; previously
     affirmed at B3 on 8/9/2007

  -- Class N, $5,413,000, downgraded to Ca from Caa3; previously
     affirmed at Caa3 on 8/9/2007


MID OCEAN: Fitch Junks Ratings on Class A-1L 2000-1 Notes
---------------------------------------------------------
Fitch Ratings on May 18, 2009, downgraded one class and revises
two classes of notes issued by Mid Ocean CBO 2000-1, Ltd.:

  -- $93,692,998 class A-1L notes downgraded to 'CCC' from
     'B-/DR2';

  -- $16,500,000 class A-2 notes revised to 'CC' from 'C/DR4';

  -- $15,000,000 class A-2L notes revised to 'CC' from 'C/DR4'.

In addition, Fitch removed all of the distressed recovery ratings
from the notes.

The rating actions are due to Fitch's recently adjusted default
and recovery rate assumptions for analyzing structured finance
collateralized debt obligations, in addition to negative credit
migration in the underlying portfolio.  Assets rated below
investment grade now comprise 61.2% of the portfolio, of which
43.9% of the portfolio is considered 'CCC' or below.

Par coverage to all of the notes has continued to erode due to
defaulted and distressed assets, specifically residential
mortgage-backed securities.  According to the May 2009 trustee
report, the class A and B overcollateralization tests, the
interest coverage test, and the additional coverage test are all
failing.  There are no Events of Default triggered by OC ratios
falling below a certain threshold.  The class A OC test ratio has
dropped to 89.6% versus a trigger of 105%.  As a result of the
coverage test failures, interest proceeds otherwise available to
pay subordinated notes are being used to pay down the senior notes
sequentially until all of the coverage tests are cured.

The class A-1L notes have amortized 61% since closing and still
represent 62.4% of the capital structure.  Credit enhancement to
the class A-1L notes may be eroded by future losses on extremely
low quality collateral.  Even though the class A-1L notes are the
only notes receiving any principal payments due to the class A
coverage test failures, the continued deterioration of the
portfolio decreases the likelihood of full principal repayment to
class A-1L.

Furthermore, the continued credit deterioration of the portfolio
decreases the likelihood of full principal and interest payments
to the pro rata class A-2 and A-2L notes.  The class A-2 and A-2L
notes are currently receiving full interest payments; however,
principal proceeds are currently used to pay the remaining
interest due to the class A-2 and A-2L notes as interest proceeds
could not cover the complete interest payment.  Fitch expects the
class A-2 and A-2L notes to continue to receive future interest
payments, but principal payments are not expected as all principal
payments are going to the class A-1L notes which may not
themselves be paid in full.

Mid Ocean is a static cash flow CDO which closed in January 2001
with a portfolio selected by Deerfield Capital Management, LLC.
Mid Ocean is composed of 56.4% RMBS from the 1997 through 2004
vintages, 22.7% commercial asset-backed securities, 10.8%
commercial mortgage-backed securities, 6% SF CDOs from the 1999,
2000, and 2002 vintages, 3.6% corporate bonds, and 0.5% consumer
ABS.

The rating actions resolve the 'Under Analysis' status issued on
Oct. 14, 2008, following Fitch's announcement of its proposed
criteria revision for analyzing structured finance 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 makes 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.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


MKP CBO: Fitch Affirms 'C' Rating on Two Classes of Notes
---------------------------------------------------------
Fitch Ratings affirms $79.6 million from three classes and revises
$25 million from one class of notes issued by MKP CBO I, Ltd.:

  -- $65,193,419 class A-1L notes affirmed at 'CCC';
  -- $25,000,000 class A-2L notes revised to 'CC' from 'C';
  -- $7,375,000 class B-1A notes affirmed at 'C';
  -- $7,000,000 class B-1L notes affirmed at 'C'.

In addition, Fitch removes all of the distressed recovery ratings
from the notes.

The rating actions incorporate Fitch's recently adjusted default
and recovery rate assumptions for analyzing structured finance
collateralized debt obligations, in addition to the current credit
profile of the underlying portfolio.  Assets rated below
investment grade comprise 42% of the portfolio, of which 27.6% of
the portfolio is considered 'CCC' or below.

The class A-1L notes have amortized 73.9% since closing and still
represent 62.4% of the remaining rated notes.  Credit enhancement
to the class A-1L notes may be eroded by losses on distressed
collateral, and even though the class A-1L notes are the only
notes receiving principal payments due to the class A coverage
test failures, the performance of the portfolio continues to
threaten the likelihood of full principal repayment to class A-1L.
Principal proceeds are currently used to pay the entire amount of
interest due to the class A-1L notes as the interest waterfall
stops at the Swap Counterparty payment, which is prior to the
class A-1L interest payment.

Furthermore, the current portfolio performance indicates the
unlikelihood of full principal and interest payments to the class
A-2L, B-1A, and B-1L notes.  The class A-2L notes are currently
receiving full interest payments; however, principal proceeds are
currently used to pay the entire amount of interest due.  Fitch
expects the class A-2L notes to continue to receive future
interest payments, but principal payments are not expected.  The
pro rata class B-1A and B-1L notes are currently shut off from
interest payments due to the class A coverage test failures and
are expected to continue to be shut off from interest payments
going forward.  Fitch does not expect the class B-1A and B-1L
notes to receive any future interest or principal payments.

MKP I is a static cash flow CDO which closed in February 2001 with
a portfolio selected by MKP Capital Management, LLC.  MKP I is
composed of 52.5% residential mortgage-backed securities from the
1997 through 2004 vintages, 41.4% commercial asset-backed
securities, and 6.1% consumer ABS.

The rating actions resolve the 'Under Analysis' status issued on
Oct. 14, 2008 following Fitch's announcement of its proposed
criteria revision for analyzing structured finance 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 makes 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.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


MORGAN STANLEY: S&P Junks Ratings on Three 2007-XLF9 Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 12
classes of commercial mortgage pass-through certificates from
Morgan Stanley Capital I Inc.'s series 2007-XLF9 and removed them
from CreditWatch with negative implications, where they were
placed on April 7, 2009.  Concurrently, S&P affirmed its ratings
on three other classes from this transaction and removed them from
CreditWatch negative.

The 12 downgrades reflect these:

  -- Depressed rental rates and higher vacancies on the collateral
     office properties since issuance, which based on S&P's
     analysis are expected to result in valuation declines ranging
     from 14% to 35%; and

  -- S&P's expectation that revenue per available room would
     decline in 2009.  Based on S&P's analysis, its resulting
     property valuations for the collateral hotel properties were
     lower by 13% and 61% since issuance.

There are five loans totaling $529.2 million (45% of the pooled
trust balance) that are secured by office properties.  These
properties are in New York City (18% of the pooled trust balance);
Chicago, Illinois, (12%); Denver, Colorado (9%); and Sacramento,
California (3%).

The second-largest loan in the pool is secured by the 14 Wall
Street office property.  This loan has a pooled trust and whole-
loan balance of $145.0 million (12% of the pooled trust balance).
In addition to the first mortgage, there is a $175.0 million
mezzanine loan secured by a pledge of the equity interests of the
borrower.  The loan is secured by the fee interest in a 1,009,806-
sq.-ft., 37-story office building in downtown Manhattan.  The
property was 78% occupied as of April 2009, and the debt service
coverage as of January 2009 was 0.92x.  Standard & Poor's
valuation for this loan has declined 15% since issuance.  The loan
was recently extended through May 9, 2010, and has two, 12-month
extension options remaining.

The third-largest loan is secured by the 500 West Monroe office
property.  This loan has a pooled trust and whole-loan balance of
$140.0 million (12% of the pooled trust balance).  In addition to
the first mortgage, there is a $200.5 million mezzanine loan
secured by a pledge of the equity interests of the borrower.  The
loan is secured by the fee interest in a 963,819-sq.-ft., 46-story
office building in Chicago's West Loop.  The property was 69%
occupied as of December 2008, compared with 92% as of issuance.
The master servicer, Midland Loan Services Inc., reported a DSC of
2.50x for the year ended Dec. 31, 2008.  Standard & Poor's
valuation for this loan has declined 35% since issuance.  The loan
matures on Aug. 9, 2009, and has three, 12-month extension options
remaining.  Midland has indicated that the borrower has not given
notice of its intent to exercise the extension option.

The transaction includes four loans totaling $489.2 million (41%
of the pooled trust balance) that are secured by hotel properties.
These hotel properties are in Orlando, Florida (18% of pool trust
balance), Phoenix, Arizona (14%); Burlington, Iowa (5%);
Tarrytown, New York (3%); and Texas (2%).  S&P conducted its hotel
analysis based on S&P's review of the borrower's operating
statements for the year ended Dec. 31, 2008, and its 2009 budgets.
In conjunction with the borrower's data, S&P also factored in its
expectation that average 2009 RevPar in the industry would decline
between 14% and 16%.

According to Smith Travel, the Orlando and Phoenix lodging markets
posted significant RevPar declines of 22% and 28%, respectively,
on a year-to-date April 2008-to-2009 comparison, whereas the
general U.S. hotel industry reported RevPar declines of 18%.

The MSREF Luxury Resort Portfolio loan is the largest loan secured
by a hotel property, and the largest loan in the pool.  This loan
has a trust balance of $381.5 million (32%) and a whole-loan
balance of $729.9 million.  The whole loan consists of the
$381.5 million pari passu A-1 note in this transaction, a
$163.5 million pari passu A-2 note, and two levels of junior
participation interests totaling $184.9 million.  In addition, the
borrower's equity interests secure a $265.4 million mezzanine
loan.  This loan is secured by three cross-collateralized and
cross-defaulted hotel properties: the 950-room JW Marriott Desert
Ridge Resort & Spa in Phoenix, Arizona and the 998-room JW
Marriott Orlando Grande Lakes and 584-room Ritz-Carlton Orlando
Grande Lakes, both in Orlando, Florida.  Midland reported a
combined 4.03x DSC and occupancy of 74% for the year ended
Dec. 31, 2008.  Standard & Poor's valuation for this loan has
declined 13% since issuance.  The loan was recently extended
through May 9, 2010, and has two, 12-month extension options
remaining.

The Great River Entertainment Complex loan is the seventh-largest
loan in the pool.  This loan has a trust balance of $55.6 million
(5%) and a whole-loan balance of $98.4 million.  The whole loan
consists of the $55.6 million A note in this transaction, and a
$42.8 million junior participation interest.  This loan is secured
by a 23,700-sq.-ft. casino, a 250,000-sq.-ft. indoor/outdoor
amusement park, a 40-room boutique hotel, a 145-room limited
service hotel, two restaurants, and a 524-space parking structure.
The property is in Burlington, Iowa.  Midland reported a combined
1.29x DSC for the year ended Dec. 31, 2008.  Standard & Poor's
valuation for this loan has declined 51% since issuance.  The loan
matures on June 9, 2012, and has no extension options remaining.

As of the May 15, 2009, remittance report, pool statistics were:

  -- There are 13 loans secured by 21 properties, consisting of
     six whole loans, senior interests in four participated whole
     loans, a senior interest in one participated whole loan with
     a B note, a senior interest in one A/B structure, one pari
     passu interest in a senior participation of a whole loan, and
     five subordinated interests of participated whole loans that
     are assets of the trust but are not pooled with any other
     trust asset.

  -- There are mortgages on four, full-service hotels, four
     limited-service hotels, one hotel/casino, six class A office
     buildings, one data center, one ground lease, two condo
     conversion properties, and one undeveloped land parcel.

  -- All of the loans are indexed to one-month LIBOR.

Near-term maturities (within three months) for the loans in the
pool are:

  -- The 500 West Monroe loan, as discussed above.

  -- The 635 Madison Avenue Ground Lease loan (6%), the fifth-
     largest loan in the pool, matures on Aug. 9, 2009, and has
     one, 12-month extension option remaining.  Midland has
     indicated that the borrower has given notice of its intent to
     exercise the extension option.  The loan is secured by the
     fee interest in the land beneath 635 Madison Avenue, a 19-
     story class B office and ground floor retail property in
     Midtown Manhattan.

  -- The Artisan Lofts loan (4%), the ninth-largest loan in the
     pool, matures on June 9, 2009, and has one six-month
     extension option remaining.  Midland has indicated that the
     borrower has given notice of its intent to exercise the
     extension option.  The loan is secured by 28 unsold units in
     a 38-unit for-sale residential condominium building in the
     Tribeca neighborhood of downtown Manhattan, which is being
     converted from an office building.

  -- The Westchester Marriott loan (3%), the 11th-largest loan in
     the pool, matures on July 9, 2009, and has three, 12-month
     extension options remaining.  Midland has indicated that the
     borrower has given notice of its intent to exercise the
     extension option.  The loan is secured by a 444-room, full-
     service hotel in Tarrytown, New York.  This property's RevPar
     declined from $123.58 as of year-end 2007 to $100.42 as of
     year-end 2008, a decline of 19%.  Standard & Poor's valuation
     for this loan has declined 61% since issuance.

If the performance of the lodging and office sectors continue to
deteriorate further from S&P's expectations, S&P may revise its
analysis and adjust S&P's ratings accordingly.

       Ratings Lowered And Removed From Creditwatch Negative

                   Morgan Stanley Capital I Inc.
  Commercial mortgage pass-through certificates series 2007-XLF9

                 Rating
                 ------
  Class      To        From                Credit enhancement (%)
  -----      --        ----                ----------------------
A-2            AA        AAA/Watch Neg                      31.90
B              A+        AAA/Watch Neg                      28.11
C              A         AA+/Watch Neg                      24.87
D              BBB+      AA/Watch Neg                       21.63
E              BBB       AA-/Watch Neg                      18.38
F              BB+       A+/Watch Neg                       15.14
G              BB-       A/Watch Neg                        11.89
H              B+        BBB+/Watch Neg                      8.65
J              CCC+      BBB/Watch Neg                       5.41
K              CCC       BBB-/Watch Neg                      2.70
L              CCC-      BBB-/Watch Neg                      0.00
M-BEL          BB        BBB-/Watch Neg                       N/A

      Ratings Affirmed And Removed From Creditwatch Negative

                   Morgan Stanley Capital I Inc.
  Commercial mortgage pass-through certificates series 2007-XLF9

                Rating
                -------
  Class      To        From                Credit enhancement (%)
  -----      --        ----                ----------------------
A-1          AAA       AAA/Watch Neg                        50.47
M-635        BBB+      BBB+/Watch Neg                         N/A
N-635        BBB-      BBB-/Watch Neg                         N/A


MRU STUDENT: Moody's Downgrades Ratings on Four 2007-A Notes
------------------------------------------------------------
Moody's downgrades four classes of notes in MRU Student Loan Trust
2007-A securitization.  The ratings remain under review for
possible downgrade.  The underlying collateral consists of
unguaranteed private student loans originated through the direct-
to-consumer channel.

The rating actions are driven primarily by the worse than expected
performance of the collateral pool.  Cumulative defaults to date
have been approximately 3.0% of the original pool balance.  This
high level of defaults appears particularly troubling, considering
that only 20% of loans are in the active repayment status.  Since
the rest of the pool is either in school, grace, deferment or
forbearance, they are not required to make any payments and
consequently cannot become delinquent and default.  The level of
cumulative defaults is likely to increase as more borrowers enter
repayment.

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 16-20% from a
range of 8-12%.

In its review, Moody's assessed the available credit enhancement,
such as the reserve account, subordination, and excess spread, for
each class of notes relative to Moody's revised expected loss.
Moody's also considered significant uncertainties regarding future
college placement and unemployment rates due to the current
economic downturn.  The ratings also reflect structural
protections available in the transaction, such as the reserve
account floor level, and the change of interest and principal
payment priorities upon the occurrence of certain events, which
would benefit the senior classes.

The ratings of the notes were left under review for further
possible downgrade due to the uncertainties related to the
administration of this transaction.  Following the bankruptcy
filing of the former administrator and sponsor, MRU Holdings,
Inc., in February 2009, Bank of New York assumed the role of the
successor administrator as per the transaction documents.
Recently, Bank of New York has been approached by third parties
indicating interests in administering the transaction and
consideration is on going.

The complete rating actions are:

Issuer: MRU Student Loan Trust 2007-A

  -- Class A-1, downgraded to Baa3 from A1, under review for
     possible downgrade; previously on 2/10/2009 A1 placed under
     review for possible downgrade

  -- Class A-2, downgraded to Baa3 from A1,under review for
     possible downgrade; previously on 2/10/2009 A1 placed under
     review for possible downgrade

  -- Class B, downgraded to Caa3 from Ba3, under review for
     possible downgrade; previously on 2/10/2009 Ba3 placed under
     review for possible downgrade

  -- Class C, downgraded to Ca from Caa3, under review for
     possible downgrade; previously on 2/10/2009 Caa3 placed under
     review for possible downgrade


NEW CENTURY: Moody's Downgrades Ratings on 27 Securities
--------------------------------------------------------
Moody's Investors Service downgraded on May 18, 2009, the ratings
of 27 securities from 6 transactions issued by New Century.  These
actions are part of an ongoing review of subprime RMBS
transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
effected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 60% to
80%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

In light of the withdrawal of FGIC's insurance financial strength
ratings on March 25, 2009, Moody's ratings on structured finance
securities that are guaranteed or "wrapped" by FGIC are based
solely on the current underlying rating (i.e., absent
consideration of the guaranty) on the security, regardless of
whether the underlying rating had been previously published or
not.

The complete rating actions follow:

Issuer: New Century Home Equity Loan Trust, Series 2003-2

  -- Cl. M-2, Downgraded to Baa3; previously on 2/26/2008 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Ca; previously on 2/26/2008 Downgraded
     to Caa1

Issuer: New Century Home Equity Loan Trust, Series 2003-3

  -- CL. M-1, Downgraded to Aa3; previously on 7/12/2006 Upgraded
     to Aa1

  -- CL. M-2, Downgraded to Baa1; previously on 7/12/2006 Upgraded
     to Aa3

  -- CL. M-3, Downgraded to Baa2; previously on 7/30/2003 Assigned
     A3

  -- CL. M-4, Downgraded to Baa3; previously on 7/30/2003 Assigned
     Baa1

  -- CL. M-5, Downgraded to Ba1; previously on 10/17/2007 Baa2
     Placed Under Review for Possible Downgrade

  -- CL. M-6, Downgraded to Ba3; previously on 10/17/2007 Baa3
     Placed Under Review for Possible Downgrade

Issuer: New Century Home Equity Loan Trust, Series 2003-A

  -- Cl. M-5, Downgraded to Ba3; previously on 10/27/2003 Assigned
     Baa3

Issuer: New Century Home Equity Loan Trust, Series 2004-3

  -- Cl. M-4, Downgraded to A3; previously on 10/26/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa2; previously on 10/26/2004
     Assigned A2

  -- Cl. M-6, Downgraded to Baa3; previously on 10/26/2004
     Assigned A3

  -- Cl. M-7, Downgraded to Ba1; previously on 10/26/2004 Assigned
     Baa1

  -- Cl. M-8, Downgraded to Ba3; previously on 10/26/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to B3; previously on 9/21/2007 Downgraded
     to Ba1

Issuer: New Century Home Equity Loan Trust, Series 2004-4

  -- Cl. M-2, Downgraded to Aa3; previously on 12/23/2004 Assigned
     Aa2

  -- Cl. M-3, Downgraded to Baa1; previously on 12/23/2004
     Assigned Aa3

  -- Cl. M-4, Downgraded to Baa2; previously on 3/26/2008
     Downgraded to Baa1

  -- Cl. M-7, Downgraded to B3; previously on 3/26/2008 Downgraded
     to B1

  -- Cl. M-8, Downgraded to Ca; previously on 3/26/2008 Downgraded
     to Caa2

  -- Cl. M-9, Downgraded to C; previously on 3/26/2008 Downgraded
     to Caa3

Issuer: New Century Home Equity Loan Trust, Series 2004-A

  -- Cl. A-II-6, Downgraded to A2; previously on 6/9/2008 Upgraded
     to Aa3

  -- Current Underlying Rating: Downgraded to A2; previously on
     6/9/2008 Published at Aa3

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Rating Withdrawn on 3/25/2009)

  -- Cl. A-II-7, Downgraded to A3; previously on 6/9/2008 Upgraded
     to Aa3

  -- Current Underlying Rating: Downgraded to A2; previously on
     6/9/2008 Published at Aa3

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Rating Withdrawn on 3/25/2009)

  -- Cl. A-II-8, Downgraded to A3; previously on 6/9/2008 Upgraded
     to Aa3

  -- Current Underlying Rating: Downgraded to A2; previously on
     6/9/2008 Published at Aa3

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Rating Withdrawn on 3/25/2009)

  -- Cl. A-II-9, Downgraded to A2; previously on 6/9/2008 Upgraded
     to Aa3

  -- Current Underlying Rating: Downgraded to A2; previously on
     6/9/2008 Published at Aa3

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Rating Withdrawn on 3/25/2009)

  -- Cl. M-I-1, Downgraded to A3; previously on 6/9/2008 Upgraded
     to Aa2

  -- Current Underlying Rating: Downgraded to A3; previously on
     6/9/2008 Published at Aa2

  -- Financial Guarantor: Financial Guaranty Insurance Company
      (Rating Withdrawn on 3/25/2009)

  -- Cl. B-III, Downgraded to Ba3; previously on 8/30/2004
     Assigned Ba2


NEWCASTLE MORTGAGE: S&P Junks Ratings on Seven Classes of Certs.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 21
classes of residential mortgage-backed securities certificates
from Newcastle Mortgage Securities Trust Series 2007-1 and RFMSI
Trust Series 2006-S11 and removed them from CreditWatch with
negative implications.  S&P also affirmed the ratings on two
classes from Newcastle Mortgage Securities Trust Series 2007-1 and
removed them from CreditWatch negative.  Newcastle Mortgage
Securities Trust 2007-1 is backed by U.S. subprime mortgage loan
collateral issued in 2007, while RFMSI Trust 2006-S11 is backed by
U.S. prime jumbo collateral issued in 2006.

S&P derived the losses for these transactions using the criteria
that S&P outlined in "Standard & Poor's Revises U.S. Subprime And
Prime RMBS Loss Assumptions," published Feb. 6, 2009, on
RatingsDirect.

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 loss
assumptions S&P made in its analysis.  For example, in the case of
prime jumbo collateral, 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.  In the case of subprime
collateral, S&P assess whether a class can withstand approximately
110% 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 120% 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 150% of
S&P's base-case loss assumptions.

The downgrades for both transactions 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.

As part of its analysis, S&P considered the characteristics of the
underlying mortgage collateral as well as macroeconomic
influences.  For example, S&P's view of the risk profile of the
underlying mortgage pools influences S&P's default projections,
while S&P's outlook for housing price declines and the health of
the housing market influences S&P's loss severity assumptions.

The affirmations reflect S&P's belief that there is sufficient
credit enhancement to support the ratings at their current levels.

Newcastle Mortgage Securities Trust Series 2007-1 receives credit
support from a combination of overcollateralization, excess
spread, and subordination.  The underlying collateral originally
consisted of fixed- and adjustable-rate mortgage loans secured by
one- to four-family residential properties.  A senior-subordinate
structure provides credit support for the RFMSI Trust Series 2006-
S11 transaction.  The collateral backing the certificates
originally consisted of 15- to 30-year, prime jumbo fixed- and
adjustable-rate mortgage loans secured by one- to four-family
residential properties.

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

            Newcastle Mortgage Securities Trust 2007-1
                        Series     2007-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      65106FAA0     AA                   AAA/Watch Neg
   2-A-1      65106FAB8     AAA                  AAA/Watch Neg
   2-A-2      65106FAC6     AAA                  AAA/Watch Neg
   2-A-3      65106FAD4     AA                   AAA/Watch Neg
   2-A-4      65106FAE2     AA                   AAA/Watch Neg
   M-1        65106FAF9     BBB                  AA+/Watch Neg
   M-2        65106FAG7     BB                   AA+/Watch Neg
   M-3        65106FAH5     BB-                  AA/Watch Neg
   M-4        65106FAJ1     B                    AA/Watch Neg
   M-5        65106FAK8     B-                   AA-/Watch Neg
   M-6        65106FAL6     CCC                  A+/Watch Neg
   M-7-A      65106FAM4     CCC                  A/Watch Neg
   M-7-B      65106FAR3     CCC                  A/Watch Neg
   M-8-A      65106FAN2     CC                   BBB+/Watch Neg
   M-8-B      65106FAS1     CC                   BBB+/Watch Neg
   M-9        65106FAP7     CC                   BBB/Watch Neg
   M-10       65106FAQ5     CC                   BBB-/Watch Neg

                   RFMSI Series 2006-S11 Trust
                       Series     2006-S11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        74958FAA1     B                    A/Watch Neg
   A-2        74958FAB9     B                    A/Watch Neg
   A-3        74958FAC7     B                    A/Watch Neg
   A-4        74958FAD5     B                    A/Watch Neg
   A-P        74958FAE3     B                    A/Watch Neg
   A-V        74958FAF0     B                    AAA/Watch Neg


NEWTON CDO: S&P Cuts Ratings on Class A-1 & A-2 Notes to 'BB-'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-1 and A-2 notes issued by Newton CDO Ltd.  At the same
time, S&P affirmed its rating on the class B notes and withdrew
S&P's rating on the combination securities.

The downgrades of the class A-1 and A-2 notes reflect credit
deterioration in the underlying portfolio since S&P's last rating
action in July 2008.  The percentage of assets rated in the 'CCC'
category or rated 'CC' has increased to 15% from 1%, and the
percentage of assets rated 'D' or 'SD' has increased to almost 6%
from 2.4%.

Standard & Poor's lowered its rating on Syncora Guarantee Inc.,
the insurance provider for the class A-1 notes in this
transaction, to 'D' on April 27, 2009.  As such, the rating on the
class A-1 notes is now based on S&P's opinion of the stand-alone
creditworthiness of the underlying assets and the amount of credit
support, rather than the creditworthiness of the financial
guarantor.

The class B notes' par balance is backed by an 'AAA' rated zero-
coupon sovereign note, and the class B coupon is backed by 'AAA'
rated U.S. Government Treasury strips.  Accordingly, S&P has
affirmed the class B note rating at 'AAA' based on the structural
support for the class.

The combination securities were originally structured to include
the entire A-2 note and a portion of the equity.  S&P withdrew its
rating on these securities because the principal balance has been
paid back in full.

                         Ratings Lowered

                         Newton CDO Ltd.

                     Rating            Balance (mil. $)
                     ------            ----------------
          Class     To     From      Original    Current
          -----     --     ----      --------    -------
          A-1       BB-    A-         243.500    168.566
          A-2       BB-    A-          27.000     18.691

                         Rating Affirmed

                         Newton CDO Ltd.

                                  Balance (mil. $)
                                  ----------------
              Class     Rating   Original   Current
              -----     ------   --------   -------
              B         AAA        21.000    20.999

                        Rating Withdrawn

                         Newton CDO Ltd.

                     Rating            Balance (mil. $)
                     ------            ----------------
          Class     To     From      Original    Current
          -----     --     ----      --------    -------
          Combo sec NR     A-          30.000      0.000

  Transaction Information
  -----------------------
Issuer:                 Newton CDO Ltd.
Co-Issuer:              Newton CDO Corp.
Collateral manager:     Babson Capital Management LLC
Insurance provider:     Syncora Guarantee Inc.
Transaction type:       Cash flow arbitrage high-yield bond


NYLIM STRATFORD: Fitch Keeps C Rtng. on Class C, Preference Shares
------------------------------------------------------------------
Fitch Ratings has taken various rating actions and assigned
Outlooks to these classes of notes issued by NYLIM Stratford CDO
2001-1, Limited:

  -- $67,610,148 class A downgraded to 'AA' from 'AAA'; Outlook
     Stable;

  -- $40,000,000 class B downgraded to 'B' from 'A-'; Outlook
     Negative;

  -- $31,654,188 class C affirmed at 'CC';

  -- $16,000,000 preference shares affirmed at 'C'.

In addition, Fitch removes the distressed recovery ratings from
the class C notes and preference shares.

The class A notes were assigned a Stable Outlook reflecting
Fitch's expectation that the rating will remain stable over the
next one to two years.  The class B notes are more sensitive to
future deterioration in the portfolio and were therefore assigned
a Negative Outlook.  Fitch does not assign rating outlooks to
classes rated 'CCC' or below.

The downgrades to the class A and B notes are the result of credit
deterioration experienced since Fitch's last review, 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.  There has been mixed rating
migration, but the overall credit quality of the portfolio has
declined.  Approximately 20.6% of the portfolio has been
downgraded a weighted average of 5.6 notches while 24.3% has been
upgraded a weighted average of 1.7 notches.  Fitch now considers
27.3% of the portfolio to be rated below investment grade and
10.7% to be rated 'CCC' or lower.

The class A/B interest coverage test has been failing its covenant
of 113% since the July 2008 payment date, causing the class C
notes to pay-in-kind, whereby the principal balance of the notes
is written up by the amount of interest owed.  As of the April 20,
2009 trustee report, the class A/B IC ratio was 106.9%, while the
class A/B overcollateralization test ratio was passing at 116%,
relative to its covenant of 107%.  Though the class C notes did
not receive any interest or principal distributions on the most
recent distribution date in April 2009, it is possible they will
resume receiving interest distributions once the class A notes
have paid in full.  However, they are not expected to receive any
principal repayment.

Given the expected performance of the class C notes and the class
C OC and IC test failures, the preference shares are not expected
to receive any interest or principal distributions going forward.

NYLIM is a SF CDO that closed on April 12, 2001, and is managed by
New York Life Investment Management, LLC.  The portfolio is
comprised of real estate investment trusts (31.3%), asset-backed
securities (23.5%), residential mortgage-backed securities
(19.5%), senior unsecured bonds (12.4%), commercial mortgage-
backed securities (6.7%), SF CDOs (4.3%), and corporate CDOs
(2.3%).

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.


OCEANVIEW CBO: Fitch Junks Ratings on Three Classes of Notes
------------------------------------------------------------
Fitch Ratings has downgraded three and affirmed two classes of
notes issued by Oceanview CBO I, Ltd.:

  -- $35,332,919 class A-1B notes downgraded to 'CCC' from 'BB-';

  -- $28,000,000 class A-2 notes downgraded to 'CC' from
     'CCC/DR4', withdraw 'DR4';

  -- $14,375,393 class B-F notes affirmed at 'C', withdraw 'DR6';

  -- $6,755,622 class B-V notes affirmed at 'C', withdraw 'DR6';

  -- $6,309,450 combination securities downgraded to 'CCC' from
     'BB-'.

Fitch has also removed the class A-1B notes and the combination
securities from Rating Watch Negative.

The rating actions to the notes are the result of the negative
credit migration within the underlying portfolio, driven by the
weak performance of the U.S. residential mortgage-backed
securities.  The rating actions also reflect Fitch's recently
adjusted view of default and recovery rate assumptions for
structured finance collateralized debt obligations.

Since the last rating action, the credit quality of the
Oceanview's portfolio has continued to deteriorate.  Approximately
45.3% of the current portfolio has been downgraded a weighted
average of 6.2 notches.  Assets rated below investment grade
comprise 53.9% of the current portfolio, as compared to 20.4% at
the time of the last rating action, of which those rated 'CCC' and
below comprise 41.4% of the current portfolio, up from 10.7% at
the last review.  Additionally, assets deemed as defaulted as per
the transaction's governing documents represent over 13% of the
portfolio.

The extensive collateral deterioration within the portfolio,
attributed to the weak performance of the subprime RMBS has caused
each of the overcollateralization and interest coverage ratios to
further decline and fall below 100% breaching their respective
covenants.  The class A-1 OC and the class A-1 IC ratio levels
have been below the required triggers since August 2005.  As of
the latest trustee report dated March 31, 2009, the class A-1 OC
is 89.8%, versus the covenant of 108.0%, while the class A-1 IC
ratio is 55.3%, as compared to the covenant of 120%.  The class A-
2 OC test level has dropped to 77.4% versus a trigger of 101.5%
and the class B OC ratio is 70.1% compared to a trigger of 100.5%.
Similarly, the class A-2 IC and the class B IC ratios have fallen
below their covenant levels of 115% and 113%, to 46.6% and 37.4%
respectively.

The failures of the class A-1 OC and IC tests has caused all
interest proceeds otherwise available to pay interest to classes
B-F and B-V (class B) notes, as well as to the class C notes, to
be used to amortize down the class A-1A, A-1B and A-1C (class A-1)
notes, pro rata.  Since closing approximately 50% of the original
balance of the class A-1 notes has paid down.  As a timely class,
that is also first in the payment priority, the notes will
continue receiving their timely interest payments in foreseeable
future.  However, given the composition and performance of the
portfolio, the class A-1 notes are expected to experience some
impairment of principal over the remaining life of the
transaction.

The class A-2 notes continue to receive their semi-annual interest
distributions.  To date, the notes have note receive any
repayments of principal and Fitch does not expect the class A-2
noteholders to receive any going forward.

As a result of the class A-1 OC and IC test failure, interest due
to the class B notes has been deferring since August 2005.  As
reflected by their 'C' rating, Fitch does not expect the notes to
receive any additional payments of interest, including all
deferred interest and principal in the future.

The combination securities are a combination of the class A-1C
notes, which have not been rated by Fitch, and a portion the
equity.  As of the December 2008 payment date, the combination
notes received $6,190,550 in payments towards reduction of their
original balance of $12,500,000.  Presently, 50.5% of the notes'
original balance remains outstanding.  The rating of the
combination securities addresses an ultimate receipt of principal
by the stated maturity in June 2037.

Oceanview is a cash flow CDO that closed on Jun. 27, 2002 and is
managed by Deerfield Capital Management LLC and has a portfolio
comprised primarily of U.S. RMBS bonds, SF CDOs, various consumer
and commercial asset-backed securities, commercial mortgage-backed
securities, and corporate senior unsecured debt.  Presently
approximately 14.5% of the current portfolio consists of subprime
RMBS, 16.3% of manufactured housing RMBS assets, and 12.0% of SF
CDOs.  Additionally, 26.6% of the portfolio is comprised of prime
RMBS, 8.2% of ABS securities, 1.2% of CMBS bonds, and 19.7% of
corporate debt.

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 makes 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.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


ORIENT POINT: Fitch Downgrades Ratings on Four Classes of Notes
---------------------------------------------------------------
Fitch Ratings downgraded on May 21, 2009, four and affirmed four
classes of notes issued by Orient Point CDO, Ltd.:

  -- $634,360,607 class A-1NVA notes downgraded to 'CCC' from 'B';
  -- $637,055,843 class A-1NVB notes downgraded to 'CCC' from 'B';
  -- $245,021 class A-1V notes downgraded to 'CCC' from 'B';
  -- $99,250,000 class A-2 notes downgraded to 'CC' from 'CCC';
  -- $47,000,000 class B notes affirmed at 'CC';
  -- $12,702,165 class C notes affirmed at 'C';
  -- $20,187,432 class D notes affirmed at 'C';
  -- $15,609,689 class E notes affirmed at 'C'.

Fitch also removed the class A-1NVA, A1NVB, and A-1V (class A-1)
notes, and the class A-2 from Rating Watch Negative.

Fitch's rating actions are the result of the significant
collateral deterioration within the portfolio, since Fitch's last
review of the transaction in May 2008, driven by the weak
performance of the U.S. residential mortgage-backed securities.
The rating actions also reflect Fitch's recently adjusted view of
default and recovery rate assumptions for structured finance
collateralized debt obligations.

Since the last review in May 2008, 74% of the current portfolio
has been downgraded a weighted average of 9.4 notches.
Approximately 76.7% of the portfolio carries a rating below
investment grade, as compared to 20.4% at the time of the last
rating action, of which assets rated 'CCC' and below comprise
54.7% of the current portfolio, up from 9.7% at the last review.
Additionally, 47.8% of the portfolio is now considered defaulted
per the transaction's governing documents.

As a result of the negative portfolio migration, all of the
overcollateralization ratios have declined further, each to a
level below 50%.  As of the March 26, 2009 trustee report, the
class A/B, class C/D, and class E OC ratios are 49.0%, 47.9%, and
47.4% respectively and all are failing their tests with respective
triggers of 102.4%, 100.7% and 100.2%.  The failures of the tests
continue to redirect interest proceeds away from the class C, D,
and class E notes to reduce the principal of the class A-1 notes.

As of the last distribution date in April 2009, the class A-1, A-2
and B notes -- continue to receive their interest payments.  These
classes are expected to receive their interest for the foreseeable
future.  Nevertheless, considering the size of the senior notes,
the composition and performance of the current portfolio, Fitch
anticipates that only the class A-1 notes will receive some, but
not all, of their principal by the stated maturity date.  All
other classes of notes are not expected to receive any repayments
of their principal.

Orient Point is a collateralized debt obligation that closed Oct.
25, 2005 and is managed by Fortis Investments U.S.A.  Presently,
65.2% of the portfolio is comprised of U.S. subprime RMBS, 26%
consists of SF CDOs with the remaining 8.1% comprised of U.S.
Alternative-A RMBS (7.1%) and prime RMBS (1%).  A majority of
collateral was issued from 2004 through 2006.

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 makes 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.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


PLAQUEMINES PARISH: S&P Corrects Ratings on 2006 Certs. to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on
Plaquemines Parish Law Enforcement District, Louisiana's
certificates of indebtedness, series 2006, due March 1, 2010
through 2012, to 'BB/Stable' from 'AA/Negative'.

S&P had assigned the 'AA/Negative' rating on Nov.  4, 2008 based
on incorrect information that the certificates of indebtedness
were insured by MBIA Insurance Corp.  The revised rating is based
on the creditworthiness of the Plaquemines Parish Law Enforcement
District ('BB/Stable').


PPLUS TRUST: Moody's Downgrades Ratings on Two Certs. to 'Ba3'
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of $25,000,000 PPLUS 6.70% Class A Trust Certificates and
$25,000,000 Notional Principal PPLUS 0.25% Class B Trust
Certificates issued by PPLUS Trust Series LTD-1.

The rating actions are:

Class Description: $25,000,000 PPLUS 6.70% Class A Trust
Certificates

  -- Current Rating: Ba3
  -- Prior Rating: Ba2 on review for possible downgrade
  -- Prior Rating Date: 03/18/09

Class Description: $25,000,000 Notional Principal PPLUS 0.25%
Class B Trust Certificates

  -- Current Rating: Ba3
  -- Prior Rating: Ba2 on review for possible downgrade
  -- Prior Rating Date: 03/18/09

The transaction is a structured note whose ratings change with the
rating of the Underlying Securities.  The rating actions are a
result of the change of the rating $25,000,000 aggregate principal
amount of 6.95% Exchange Debentures due 2033 issued by Limited
Brands, Inc., which were downgraded on May 21, 2009.


PREFERREDPLUS TRUST: Moody's Reviews 'Ba2' Rating on Certificates
-----------------------------------------------------------------
Moody's Investors Service announced that it has placed on review
for possible upgrade its rating of $34,500,000 PREFERREDPLUS 7.05%
Trust Certificates issued by PREFERREDPLUS Trust Series CZN-1.

The rating action is:

Class Description: $34,500,000 PREFERREDPLUS 7.05% Trust
Certificates

  -- Current Rating: Ba2 on review for possible upgrade
  -- Prior Rating: Ba2
  -- Prior Rating Date: 09/21/06

The transaction is a structured note whose rating changes with the
rating of the Underlying Securities.  The rating action is a
result of the change of the rating of 7.05% Debentures due
October 1, 2046, issued by Frontier Communications Corporation,
which were placed on review for possible upgrade at on May 13,
2009.


PRUDENTIAL SECURITIES: Moody's Keeps Ratings on Nine 2000-C1 Notes
------------------------------------------------------------------
Moody's Investors Service affirmed on May 21, 2009, the ratings of
nine classes and downgraded three classes of Prudential Securities
Secured Financing Corporation, Commercial Mortgage Pass-Through
Certificates, Series Key 2000-C1.  The downgrades are due to
higher expected losses for the pool resulting from increased
credit quality dispersion, anticipated losses from specially
serviced loans and concerns about the pool's large exposure to
loans approaching maturity.  Fifty-eight loans, representing
approximately 40% of the pool mature within the next 12 months.
Nine of these loans, representing 9% of the pool, have a Moody's
debt service coverage ratio less than 1.0x.  The action is the
result of Moody's on-going surveillance of commercial mortgage
backed securities transactions.

As of the May 15, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 34%
to $542.7 million from $816.3 million at securitization.  The
Certificates are collateralized by 108 mortgage loans ranging in
size from less than 1% to 3% of the pool, with the top 10 non-
defeased loans representing 24% of the pool.  Thirty-one loans,
representing 35% of the pool, have defeased and are secured by
U.S. Government securities.

Thirty-four loans, representing 17% of the pool, are on the master
servicer's watchlist.  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 performance.

Ten loans have been liquidated from the trust since
securitization, resulting in an aggregate realized loss of
approximately $11.6 million.  Currently there are six loans in
special serving.  The largest specially serviced loan is the
Northcrest Village Shopping Center ($10.2 million -- 1.8%), which
is secured by a 136,000 square foot retail center located in
Carrollton, Texas.  The property was 37% leased as of December
2008.  Moody's has estimated an aggregate loss of $8.1 million
(27% severity on average) for the specially serviced loans.

Moody's was provided with full year 2007 and full or partial-year
2008 operating results for approximately 98% and 51% of the pool,
respectively, excluding the defeased loans.  Moody's loan to value
ratio, excluding the defeased and non-performing specially
serviced loans, is 85% compared to 83% at Moody's last full review
in August 2007.  In addition to an overall increase in LTV, the
pool has experienced increased LTV dispersion.  Based on Moody's
analysis, approximately 11% of the pool has an LTV in excess of
120% compared to 0% at last review.

The top three non-defeased loans represent 9% of the outstanding
pool balance.  The largest loan is the 4000 Alameda Loan
($18.2 million -- 3.2%), which is secured by an 112,000 square
foot office building located in Burbank, California.  The property
is currently 100% occupied compared to 93% at last review.
Although the property's occupancy has improved since last review,
Moody's is concerned about significant near term lease expirations
as well as the upcoming loan maturity.  The largest tenants are
Fremantle Media NA Inc. (42% of NRA; lease expiration November
2009) and Dream Works LLC (37% of NRA; lease expiration June
2010).  The loan matures in January 2010.  Moody's valuation of
this loan incorporates a stressed cash flow due to potential
tenant departures.  Moody's LTV is 103%, the same as at last
review.

The second largest loan is the Quality Inn Portfolio Loan
($17.8 million -- 3.1%), which is secured by two beachfront full-
service hotels totaling 309 rooms.  The properties are located in
Ocean City, Maryland and were built in the 1960's and renovated in
the 1980's.  RevPAR for the 12-month period ending December 2008
was $76 compared to $82 at last review.  Moody's analysis of this
loan incorporates a stressed cash flow due to Moody's concerns
about the impact of the continued economic downturn on the hotel
industry and the approaching loan maturity.  The loan matures in
November 2009. Moody's LTV is 122% compared to 64% at last review.

The third largest loan is the Red Rock Villas Apartments Loan
($15.9 million -- 2.8%), which is secured by a 192-unit apartment
complex located in Las Vegas, Nevada.  The property was 87% leased
as of December 2008 compared to 92% at last review.  Property
performance has declined due to the decline in occupancy and
increased operating expenses.  The loan matures in January 2010.
Moody's LTV is 86% compared to 80% at last review.

Moody's rating action is:

  -- Class A-2, $341,998,577, affirmed at Aaa; previously affirmed
     at Aaa on 8/16/2007

  -- Class X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 8/16/2007

  -- Class B, $34,693,000, affirmed at Aaa; previously affirmed at
     Aaa on 8/16/2007

  -- Class C, $40,815,000, affirmed at Aaa; previously affirmed at
     Aaa on 8/16/2007

  -- Class D, $10,203,000, affirmed at Aaa; previously affirmed at
     Aaa on 8/16/2007

  -- Class E, $10,203,000, affirmed at Aaa; previously upgraded to
     Aaa from Aa2 on 8/16/2007

  -- Class F, $18,367,000, affirmed at Aa2; previously upgraded to
     Aa2 from Aa3 on 9/25/08

  -- Class G, $14,285,000, affirmed at A1; previously upgraded to
     A1 from Baa2 on 9/25/08

  -- Class J, $4,081,000, affirmed at Ba2; previously affirmed at
     Ba2 on 8/16/2007

  -- Class K, $6,122,000, downgraded to B1 from Ba3; previously
     affirmed at Ba3 on 8/16/2007

  -- Class M, $10,204,000, downgraded to Ca from Caa1; previously
     affirmed at Caa1 on 8/16/2007

  -- Class N, $6,122,000, downgraded to Ca from Caa2; previously
     affirmed at Caa2 on 8/16/2007


REGIONS FINANCIAL: Moody's Downgrades Bank Strength Rating to 'D+'
------------------------------------------------------------------
Moody's Investors Service downgraded on May 18, 2009, the ratings
of Regions Financial Corporation (senior to Baa3 from A3) and its
subsidiaries, including its lead bank, Regions Bank (bank
financial strength to D+ from C+, long term deposits to Baa1 from
A2, and short-term deposits to Prime-2 from Prime-1).  Regions'
hybrid securities, including its preferred shelf (to (P)B1 from
(P)Baa2), trust preferreds (to Ba2 from Baa1), and bank level
preferred (to Ba2 from Baa1) remain on review for possible
downgrade.  Following these rating actions, other than the
aforementioned hybrid securities that remain on review, Moody's
outlook on Regions and its subsidiaries is negative.

These actions had no impact on the FDIC guaranteed debt issued by
Regions Bank, which remains at Aaa with a stable outlook.

The downgrade reflects Moody's view that Regions' is likely to
report losses at least through 2009 and likely into 2010 as a
result of rising credit costs.  Moody's believes these losses will
largely be attributable to its concentrations in residential home
builder and home equity loans, particularly in Florida.
Consequently, Regions' capital position will come under pressure
in the near to medium term.

Regions' CRE portfolio represents 2.8 times tangible common
equity, with approximately one-half comprised of construction and
land -- asset categories that are experiencing significant
deterioration.  Moody's further noted Regions' concentration in
home equity, which equals approximately 1.8 times TCE.  These
portfolios have been a primary factor behind the near doubling of
Regions' nonperforming assets over the past year.  Nonperforming
assets (including 90+) as a percentage of TCE plus reserves were
35% at March 31, 2009.  Moody's loss expectations on these
portfolios have increased and the rating agency expects further
deterioration in these portfolios as the credit cycle unfolds.

Although Regions entered this period with relatively sound capital
ratios -- at March 31, 2009, Tier 1 risk-based was 10.41% and
Moody's adjusted tangible common equity ratio was 7.77% - Moody's
believes Regions' capital position is likely to be increasingly
challenged by the substantial credit costs it faces.

Moody's negative outlook on Regions considers the possibility that
in a more pronounced economic downturn than is currently expected,
the company's performance might be negatively impacted, not only
from asset quality deterioration, but also from pressure on
businesses dependent on the level of asset prices, such as trust
and investment management.  That could weaken earnings and add to
the downward pressure on Regions' capital base.

The review of Regions' hybrid securities reflects Moody's opinion
that the probability of a missed dividend or interest payment on
these securities has increased because Regions must raise capital
in response to the outcome of the U.S. government's stress test.
During its review, Moody's will focus on these: (a) the likelihood
that Regions can successfully raise capital from its own resources
-- including through common equity issuance, asset sales, and
internal capital generation; (b) the likelihood that Regions will
need to suspend payments on its preferred or hybrid securities in
order to increase the success of any exchange offers, (c) the
likelihood that Regions will require additional capital from the
U.S. government, including the conversion of any additional TARP
preferred or the need to take additional U.S. government capital,
and (d) the expected loss on each security if the company were to
eliminate payments on the security.  Moody's expects to conclude
the review in several weeks.

The rating agency added that Regions' bank-level debt and deposit
ratings were only lowered two notches versus the three notch
downgrade to the company's BFSR because of the likelihood of
systemic support for Regions in a period of financial distress.
Moody's believes that given Regions' leading deposit market shares
in Alabama, Mississippi and Arkansas, as well as its solid market
shares in the company's other markets, the bank would benefit from
systemic support in a period of financial distress.  However,
systemic support is less beneficial for holding company creditors,
in Moody's view.  Therefore, the notching between the holding
company's and bank's long-term ratings has widened.

Moody's last rating action on Regions was on May 5, 2009, when the
ratings were placed under review for possible downgrade.

Issuer: AmSouth Bancorporation

Downgrades:

  -- Subordinate Regular Bond/Debenture, Downgraded to Ba1 from
     Baa1

Outlook Actions:

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: AmSouth Bank

Downgrades:

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa2 from
     A3

Outlook Actions:

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Regions Asset Management Company, Inc.

Downgrades:

  -- Preferred Stock Preferred Stock, Downgraded to Ba2 from Baa1

Issuer: Regions Bank

Downgrades:

  -- Bank Financial Strength Rating, Downgraded to D+ from C+

  -- Issuer Rating, Downgraded to Baa1 from A2

  -- OSO Rating, Downgraded to P-2 from P-1

  -- Deposit Rating, Downgraded to P-2 from P-1

  -- OSO Senior Unsecured OSO Rating, Downgraded to Baa1 from A2

  -- Multiple Seniority Bank Note Program, Downgraded to a range
     of Baa2 to P-2 from a range of A3 to P-1

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa2 from
     A3

  -- Senior Unsecured Deposit Rating, Downgraded to Baa1 from A2

Outlook Actions:

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Regions Financial Corporation

Downgrades:

  -- Issuer Rating, Downgraded to a range of Baa3 to P-3 from a
     range of A3 to P-2

  -- Multiple Seniority Shelf, Downgraded to a range of (P)B1 to
      (P)Baa3 from a range of (P)Baa2 to (P)A3

  -- Multiple Seniority Shelf, Downgraded to a range of (P)B1 to
      (P)Baa3 from a range of (P)Baa2 to (P)A3

  -- Multiple Seniority Shelf, Downgraded to a range of (P)B1 to
      (P)Baa3 from a range of (P)Baa2 to (P)A3

  -- Subordinate Regular Bond/Debenture, Downgraded to Ba1 from
     Baa1

  -- Subordinate Shelf, Downgraded to (P)Ba1 from (P)Baa1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3
     from A3

Issuer: Regions Financing Trust II

Downgrades:

  -- Preferred Stock Preferred Stock, Downgraded to Ba2 from Baa1
  -- Preferred Stock Shelf, Downgraded to (P)Ba2 from (P)Baa1

Issuer: Regions Financing Trust III

Downgrades:

  -- Preferred Stock Preferred Stock, Downgraded to Ba2 from Baa1
  -- Preferred Stock Shelf, Downgraded to (P)Ba2 from (P)Baa1

Issuer: Regions Financing Trust IV

Downgrades:

  -- Preferred Stock Shelf, Downgraded to (P)Ba2 from (P)Baa1

Issuer: Regions Financing Trust V

Downgrades:

  -- Preferred Stock Shelf, Downgraded to (P)Ba2 from (P)Baa1

Issuer: Regions Financing Trust VI

Downgrades:

  -- Preferred Stock Shelf, Downgraded to (P)Ba2 from (P)Baa1

Issuer: Union Planters Bank, National Association

Downgrades:

  -- Subordinate Regular Bond/Debenture, Downgraded to Baa2 from
     A3

Outlook Actions:

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Union Planters Corporation

Downgrades:

  -- Subordinate Regular Bond/Debenture, Downgraded to Ba1 from
     Baa1

  -- Senior Unsecured Regular Bond/Debenture, Downgraded to Baa3
     from A3

Outlook Actions:

  -- Outlook, Changed To Negative From Rating Under Review

Issuer: Union Planters Preferred Funding Corp.

Downgrades:

  -- Preferred Stock Preferred Stock, Downgraded to Ba2 from Baa1


RFC CDO: Fitch Downgrades Ratings on Five Classes of Notes
----------------------------------------------------------
Fitch Ratings on May 18, 2009, downgraded and assigned Stable
Outlooks to five classes of notes issued by RFC CDO I, Ltd.:

  -- $67,047,108 class A notes to 'AA' from 'AAA'; Outlook Stable;

  -- $22,500,000 class B-1 notes to 'A' from 'AA+'; Outlook
     Stable;

  -- $2,000,000 class B-2 notes to 'A' from 'AA+'; Outlook Stable;

  -- $16,200,000 class C notes to 'BB' from 'A+'; Outlook Stable;

  -- $7,393,447 class D notes to 'BB-' from 'BBB+'; Outlook
     Stable.

The downgrades are a result of the portfolio's credit
deterioration since Fitch's last review in May 2006.
Approximately 13.2% of the portfolio is rated below investment
grade, of which 8% is rated 'CCC' and lower.  The Fitch weighted
average rating has decreased to the 'BB+/BB' category from the
'BBB/BBB-' category.

The class A notes have paid down approximately 70.4% since
closing.  The class D notes have benefited from the class D
Priority Redemption feature in the interest waterfall, which has
resulted in a paydown of 42.7% since closing.  This feature ends
after the July 2009 payment date, but a reverse pay-down feature
will begin redeeming the class D notes, to the extent there are
proceeds available, commencing in July 2012.

RFC I is a structured finance CDO, which closed on June 30, 2004.
The portfolio is monitored by Residential Funding Corporation.
The rating actions incorporate Fitch's recently adjusted default
and recovery rate assumptions for analyzing structured finance
CDOs, in addition to negative credit migration in the underlying
portfolio.  The static portfolio is composed of 58.2% Prime
residential mortgage-backed securities, 29.4% Subprime RMBS, 5.9%
commercial mortgage-backed securities, and 3.6% CDOs, and 2.9%
manufactured housing RMBS.

The ratings of the class A, B-1, and B-2 notes address the
likelihood that investors will receive full and timely payments of
interest, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.  The
ratings of the class C and D notes address the likelihood that
investors will receive ultimate and compensating interest
payments, as per the governing documents, as well as the stated
balance of principal by the legal final maturity date.

All of the above referenced notes were assigned a Stable Outlook
reflecting Fitch's expectation that the ratings will remain stable
over the next one to two years.

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 makes 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.


SASCO NET: Moody's Downgrades Ratings on 2003-3XS NIM Securities
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the SASCO
Net Interest Margin Trust 2003-3XS net interest margin securities
backed by residential mortgage-backed securitizations.  This NIM
transaction relies on residual cash flows and prepayment penalties
generated by the underlying mortgage-backed securitizations.
These cash flows are sensitive to a number of factors:

i) Prepayment speeds on the collateral backing the RMBS

ii) Magnitude and timing of losses incurred on the collateral
backing the underlying RMBS

iii) Impact of trigger breaches (which in turn affects step-down
and release of cash to residual bondholders) and

iv) Volume and magnitude of interest rate modifications (which
affects excess spread).

These securities have been downgraded due to poor performance on
the underlying transactions that has negatively impacted residual
payments to the NIM holders.

Moody's analysis of NIM transactions with respect to this review
primarily focuses on each transaction's recent average monthly
principal paydown rate as well as the projected residual cashflows
on the underlying transaction.  The potential sources of cash to
the NIM include i) excess spread net of projected future losses,
ii) excess overcollateralization in the event of a step-down and
iii) collections of prepayment penalties.  To the extent the NIM
has accrued unpaid interest obligations that must be paid prior to
retiring the outstanding principal, such amounts have also been
taken into account when evaluating the expected severity of loss
to the NIM bondholders.

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating actions are:

Issuer: SASCO Net Interest Margin Trust 2003-3XS

  -- Cl. A, Downgraded to Ca; previously on 7/1/2008 Downgraded to
     B2


SHINNECOCK CLO: Moody's Cuts Rating on 2006-1 Notes to Ca
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded these
notes issued by Shinnecock CLO 2006-1, Ltd.:

  -- $22,000,000 Class A-2 Senior Floating Rate Notes Due 2018,
     Downgraded to A1; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- $24,000,000 Class B Senior Floating Rate Notes Due 2018,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- $14,000,000 Class C Deferrable Mezzanine Floating Rate Notes
     Due 2018, Downgrade to Ba2; previously on March 17, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- $12,000,000 Class D Deferrable Mezzanine Floating Rate Notes
     Due 2018, Downgrade to B2; previously on March 17, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- $7,500,000 Class E Deferrable Junior Floating Rate Notes Due
     2018, Downgrade to Ca; previously on March 17, 2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade;

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."

Credit deterioration of the collateral pool is observed in, among
others, a decline in the average credit rating (as measured
through the weighted average rating factor), an increase in the
dollar amount of defaulted securities, an increase in the
proportion of securities from issuers rated Caa1 and below, and
failure of the Senior, Mezzanine and Class E Junior
Overcollateralization Tests.  As of the last trustee report, dated
April 3, 2009, approximately $15.5mil (5.5%) in defaulted
securities and approximately $46mil (16%) in securities rated Caa
and below.


SOUTH COAST: Fitch Downgrades Ratings on Two Classes of Notes
-------------------------------------------------------------
Fitch Ratings on May 21, 2009, downgraded two and affirmed three
classes of notes issued by South Coast Funding II, Ltd.

  -- $230,763,020 class A-1 notes downgraded to 'CCC' from 'B';
  -- $40,050,000 class A-2 notes downgraded to 'CC' from 'CCC';
  -- $42,500,000 class A-3 notes affirmed at 'CC';
  -- $35,678,331 class B notes affirmed at 'C';
  -- $24,500,000 Preference Shares affirmed at 'C'.

In addition, Fitch removed the class A-1 notes from Rating Watch
Negative.

Fitch has taken these rating actions primarily due to negative
credit migration in the portfolio attributed to the weak
performance of the U.S. subprime residential mortgage-backed
securities assets.  The rating actions also incorporate Fitch's
recently adjusted default and recovery rate assumptions for
analyzing structured finance collateralized debt obligations.
Since the last review in May 2008, the portfolio has experienced
negative credit migration within the portfolio, with 63. 7% of the
portfolio downgraded a weighted average of 5.22 notches.

Approximately 77% of the portfolio is now rated below investment
grade, as compared to the last review when non-investment grade
assets comprised 61.2% of the portfolio.  Assets rated 'CCC' or
lower increased to 56.5% from 42.9% during the May 2008 review.

The extensive collateral deterioration within the portfolio,
attributed to the weak performance of the subprime RMBS bonds and
SF CDOs, led to an event of default.  South Coast II declared an
EOD on Feb. 10, 2009, following a drop of the class A
overcollateralization ratio to below 100%.  As of the time of this
review, holders of majority of the senior notes have not elected
to accelerate or terminate the transaction.

The continued deterioration of the portfolio, due to defaulted and
distressed assets, has caused each of OC and interest coverage
ratios to decline further below their trigger levels.  As per the
April 2009 Trustee report, the class A OC test level has dropped
to 62.9% versus a trigger of 105.5%, while the class A IC test
level has dropped to 69.3% versus the requirement of 112%.
Similarly, the class B OC test level has declined to 56.5% and the
class B IC test to5 5.8%, failing their respective triggers of
102% and 107%.  As a result of the coverage test failures,
interest proceeds otherwise available to pay subordinated notes
are being used to pay down the senior notes sequentially, until
all of the OC and IC tests are cured.

As of the latest distribution date in April 2009, each of the
class A-1, A-2 and A-3 notes continue to receive their interest
payments.  However, should the senior noteholders elect to
accelerate the transaction, the class A-2 and A-3 noteholders
would stop receiving their timely interest payments until the
principal of the class A-1 notes is paid in full.  Since closing,
only 2% of the class A-1 notes have delevered.  The class A-1
notes are expected to continue amortizing down; however, Fitch
projects that only a portion, and not all, of the notes' original
principal will be repaid to the holders by the maturity date.  All
other classes of notes are not expected to receive any principal
payments in the future.

South Coast II is CDO that closed on June 6, 2002 and is managed
by TCW Investment Management Company.  The reinvestment period
ended in June 2006.  South Coast II has a portfolio comprised
primarily of subprime RMBS bonds (57.6%), Alternative-A RMBS
(13.6%), prime RMBS (12.1%), and other structured finance assets.
Subprime RMBS bonds of the 2004, 2005 and 2006 vintages account
for approximately 6.9%, 25.1% and 6.0% of the portfolio,
respectively.  Subprime RMBS bonds of the 2003 and prior vintages
account for approximately 19.5% of the portfolio.  Alt-A RMBS of
the 2004 and 2005 vintages represent approximately 12.1% of the
current portfolio while 2003 and prior vintages represent 1.5%.
The remaining 13.8% of the portfolio is composed of various
commercial asset-backed securities, commercial mortgage-backed
securities, and a small percentage REIT senior unsecured debt and
of corporate and SF CDOs.

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 makes 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.


STRUCTURED ASSET: Moody's Downgrades Ratings on 35 Classes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 35 classes
of notes issued by Structured Asset Securities Corporation.

The ratings are based on the methodology applied to all
transactions with small pool factors.  Moody's defines low pool
factor deals as those that meet one of these two criteria: (1) the
outstanding collateral balance is less than $1 million, and the
pool factor is less than 5% or (2) the pool has fewer than 50
loans remaining

First, gross defaults are determined by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets and a pipeline
multiplier.  The pipeline multiplier accounts for further possible
defaults that might arise from borrowers that are current.  The
pipeline multiplier differs for each deal based on the number of
loans remaining in the pool - greater the number of loans
remaining the higher the multiplier.  The estimated defaults are
subject to a floor -- a minimum default.  The minimum default also
differs based on the number loans remaining in the pool.  The
fewer the number of loans remaining in the pool the higher the
minimum default since each loan represents a higher percentage of
the pool.

The final default number is then multiplied by expected loss
severity to arrive at Moody's expected loss estimate.  Loss
severity also differs by transaction and is higher for more recent
vintages.

Complete rating action:

Structured Asset Sec Corp 1995-2 (Loans Remaining: 41)

  -- I-B2, Current Balance: $2,892,832, Downgraded to Baa3;
     previously on 8/12/2003 Upgraded to A1

  -- I-B3, Current Balance: $716,271, Downgraded to Ca; previously
     on 8/12/2003 Downgraded to Caa2

  -- Structured Asset Securities Corp Trust 2001-21A (Loans
     Remaining: 17)

  -- Cl. 1-A1, Current Balance: $4,316,255, Downgraded to Baa3;
     previously on 1/4/2002 Assigned Aaa

  -- Cl. B1, Current Balance: $333,534, Downgraded to Ba1;
     previously on 11/30/2005 Upgraded to Aaa

  -- Cl. B2, Current Balance: $266,807, Downgraded to Ba3;
     previously on 11/30/2005 Upgraded to Aaa

  -- Cl. B3, Current Balance: $222,473, Downgraded to B3;
     previously on 11/30/2005 Upgraded to A3

Structured Asset Securities Corp Trust 2002-1A (Loans Remaining:
Pool 1 -- 18, Pool 2 -- 11)

  -- Cl. 1-A3, Current Balance: $4,764,651, Downgraded to Ba1;
     previously on 3/18/2002 Assigned Aaa

  -- Cl. 1-A4, Current Balance: $306,172, Downgraded to Ba1;
     previously on 3/18/2002 Assigned Aaa

  -- Cl. 1-A5, Current Balance: $47,743, Downgraded to Ba1;
     previously on 3/18/2002 Assigned Aaa

  -- Cl. 1-A6, IO Class, Downgraded to Ba1; previously on
     3/18/2002 Assigned Aaa

  -- Cl. B1-I, Current Balance: $559,589, Downgraded to B1;
     previously on 11/30/2005 Upgraded to Aaa

  -- Cl. B2-I, Current Balance: $329,179, Downgraded to Caa1;
     previously on 11/30/2005 Upgraded to Aaa

  -- Cl. B3-I Component, Current Balance: $ 213,936, Downgraded to
     Caa3; previously on 11/30/2005 Upgraded to Aa2

  -- Cl. B4-I, Current Balance: $ 130,843, Downgraded to Ca;
     previously on 2/7/2006 Upgraded to Baa1

  -- Cl. B5-I, Current Balance: $0, Downgraded to C; previously on
     2/7/2006 Upgraded to Ba1

  -- Cl. 2-A1, Current Balance: $4,219,955, Downgraded to Baa2;
     previously on 3/18/2002 Assigned Aaa

  -- Cl. 2-A2, IO Class, Downgraded to Baa2; previously on
     3/18/2002 Assigned Aaa

  -- Cl. B1-II, Current Balance: $316,396, Downgraded to Ba2;
     previously on 11/30/2005 Upgraded to Aaa

  -- Cl. B2-II, Current Balance: $203,383, Downgraded to B2;
     previously on 11/30/2005 Upgraded to Aaa

  -- Cl. B3-II Component, Current Balance: $ 165,689, Downgraded
     to Caa3; previously on 11/30/2005 Upgraded to Aa2

  -- Cl. B4-II, Current Balance: $ 75,319, Downgraded to Ca;
     previously on 2/7/2006 Upgraded to Baa1

  -- Cl. B5-II, Current Balance: $ 52,675, Downgraded to Ca;
     previously on 2/7/2006 Upgraded to Ba1

Structured Asset Securities Corp Trust 2002-8A (Loans Remaining:
21)

  -- Cl. 7-A1, Current Balance: $8,791,783, Downgraded to A1;
     previously on 5/24/2002 Assigned Aaa

  -- Cl. 7-A2, IO Class, Downgraded to A1; previously on 5/24/2002
     Assigned Aaa

Structured Asset Securities Corp Trust 2002-16A (Loans Remaining:
17)

  -- Cl. 1-A1, Current Balance: $5,070,086, Downgraded to A3;
     previously on 8/9/2002 Assigned Aaa

  -- Cl. 2-A1, Current Balance: $1,138,599, Downgraded to Baa2;
     previously on 8/9/2002 Assigned Aaa

  -- Cl. 3-A1, Current Balance: $1,792,655, Downgraded to Baa2;
     previously on 8/9/2002 Assigned Aaa

  -- Cl. 4-A1, Current Balance: $331,647, Downgraded to Baa2;
     previously on 8/9/2002 Assigned Aaa

  -- Cl. 4-A2, Current Balance: $1,377,067, Downgraded to Baa2;
     previously on 8/9/2002 Assigned Aaa

  -- Cl. B1-I, Current Balance: $264,098, Downgraded to B1;
     previously on 8/9/2002 Assigned Aa2

  -- Cl. B1-II, Current Balance: $448,420, Downgraded to B1;
     previously on 8/9/2002 Assigned Aa2

  -- Cl. B1-I-X, Current Balance: $0, IO Class, Downgraded to B1;
     previously on 8/9/2002 Assigned Aa2

  -- Cl. B2-I, Current Balance: $217,440, Downgraded to Caa1;
     previously on 8/9/2002 Assigned A2

  -- Cl. B2-II, Current Balance: $361,456, Downgraded to Caa2;
     previously on 8/9/2002 Assigned A2

  -- Cl. B2-I-X, Current Balance: $0, IO Class, Downgraded to
     Caa1; previously on 8/9/2002 Assigned A2

  -- Cl. B3, Current Balance: $352,326, Downgraded to Ca;
     previously on 8/9/2002 Assigned Baa2


STRUCTURED ASSET: Moody's Downgrades Ratings on 66 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 66
tranches from 10 Alt-A RMBS transactions issued by Structured
Asset Securities Corp.  The collateral backing these transactions
consists primarily of first-lien, fixed and adjustable-rate, Alt-A
residential mortgage loans.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 40% to 55%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

Once expected losses have been determined, Moody's assesses
available credit enhancement from subordination,
overcollateralization, excess spread and any external support
(mortgage insurance, pool policy, etc.).  The available
enhancement is weighed against projected future losses to
ultimately arrive at an updated rating.

List of actions:

Structured Asset Securities Corp Tr 2002-22H

  -- Cl. 1-A, Downgraded to Aa2; previously on 11/18/2002 Assigned
     Aaa

  -- Cl. 1-AX, Downgraded to Aa2; previously on 11/18/2002
     Assigned Aaa

  -- Cl. 2-A, Downgraded to Ba2; previously on 11/18/2002 Assigned
     Aaa

Structured Asset Securities Corp Tr 2003-20

  -- CL. 1-A1, Downgraded to Aa3; previously on 7/30/2003 Assigned
     Aaa

  -- CL. 1-AP, Downgraded to Aa3; previously on 7/30/2003 Assigned
     Aaa

  -- CL. 1-AX, Downgraded to Aa3; previously on 7/30/2003 Assigned
     Aaa

  -- CL. 1-PAX, Downgraded to Aa3; previously on 7/30/2003
     Assigned Aaa

  -- Cl. 3-A1, Downgraded to Aa1; previously on 7/30/2003 Assigned
     Aaa

  -- Cl. 3-AP, Downgraded to Aa1; previously on 7/30/2003 Assigned
     Aaa

  -- Cl. 3-PAX, Downgraded to Aa1; previously on 7/30/2003
     Assigned Aaa

  -- Cl. AX, Downgraded to Aa1; previously on 7/30/2003 Assigned
     Aaa

Structured Asset Securities Corp Tr 2003-33H

  -- Cl. 1A1, Downgraded to Aa2; previously on 11/17/2003 Assigned
     Aaa

  -- Cl. 1A-IO, Downgraded to Aa2; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 1A-PO, Downgraded to Aa2; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 1B1, Downgraded to A2; previously on 11/17/2003 Assigned
     Aa2

  -- Cl. 1B2, Downgraded to Baa3; previously on 11/17/2003
     Assigned A2

  -- Cl. 2A1, Downgraded to Aa2; previously on 11/17/2003 Assigned
     Aaa

  -- Cl. 2A-IO, Downgraded to Aa2; previously on 11/17/2003
     Assigned Aaa

  -- Cl. 2B1, Downgraded to Baa1; previously on 11/17/2003
     Assigned Aa2

  -- Cl. 2B2, Downgraded to Baa2; previously on 11/17/2003
     Assigned A2

  -- Cl. B3, Downgraded to B3; previously on 11/17/2003 Assigned
     Baa2

Structured Asset Securities Corp Tr 2004-10

  -- Cl. 1-A1, Downgraded to A3; previously on 6/11/2004 Assigned
     Aaa

Structured Asset Securities Corp Tr 2004-12H

  -- Cl. 1A, Downgraded to Aa2; previously on 6/15/2004 Assigned
     Aaa

  -- Cl. 1A-IO, Downgraded to Aa2; previously on 6/15/2004
     Assigned Aaa

  -- Cl. 1A-PO, Downgraded to Aa2; previously on 6/15/2004
     Assigned Aaa

  -- Cl. 1B1, Downgraded to A2; previously on 6/15/2004 Assigned
     Aa2

  -- Cl. 1B2, Downgraded to Baa3; previously on 6/15/2004 Assigned
     A2

  -- Cl. 2A, Downgraded to Ba1; previously on 6/15/2004 Assigned
     Aaa

  -- Cl. 2B1, Downgraded to Ba2; previously on 6/15/2004 Assigned
     Aa2

  -- Cl. 2B2, Downgraded to Ba3; previously on 6/15/2004 Assigned
     A2

  -- Cl. B3, Downgraded to Caa2; previously on 6/15/2004 Assigned
     Baa2

Structured Asset Securities Corp Tr 2004-13

  -- Cl. 1-A1, Downgraded to A1; previously on 8/6/2004 Assigned
     Aaa

  -- Cl. 1-A2, Downgraded to A1; previously on 8/6/2004 Assigned
     Aaa

  -- Cl. 1-A3, Downgraded to A1; previously on 8/6/2004 Assigned
     Aaa

  -- Cl. 2-A1, Downgraded to A1; previously on 8/6/2004 Assigned
     Aaa

Structured Asset Securities Corp Tr 2004-15

  -- Cl. 1-A1, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 2-A1, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 2-AP, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-A1, Downgraded to Aa2; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-A2, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-A3, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-A4, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-A5, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-A6, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-A7, Downgraded to Baa1; previously on 6/30/2005
     Assigned Aaa

  -- Cl. 3-A8, Downgraded to Baa1; previously on 6/30/2005
     Assigned Aaa

  -- Cl. 3-AP, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-AX, Downgraded to Aa2; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. 3-PAX, Downgraded to Aa2; previously on 6/30/2005
     Assigned Aaa

  -- Cl. 4-A1, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. AX, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

  -- Cl. PAX, Downgraded to A3; previously on 6/30/2005 Assigned
     Aaa

Structured Asset Securities Corp Tr 2004-2AC

  -- Cl. A1, Downgraded to Aa3; previously on 2/16/2004 Assigned
     Aaa

  -- Cl. A2, Downgraded to Aa3; previously on 2/16/2004 Assigned
     Aaa

Structured Asset Securities Corp Tr 2004-5H

  -- Cl. A4, Downgraded to Aa3; previously on 2/16/2004 Assigned
     Aaa

  -- Cl. A-PO, Downgraded to Aa3; previously on 2/16/2004 Assigned
     Aaa

  -- Cl. B1, Downgraded to A2; previously on 2/16/2004 Assigned
     Aa2

  -- Cl. B2, Downgraded to Baa3; previously on 2/16/2004 Assigned
     A2

  -- Cl. B3, Downgraded to B3; previously on 2/16/2004 Assigned
     Baa2

Structured Asset Securities Corp Trust 2004-3

  -- Cl. 1-A1, Downgraded to Aa2; previously on 3/22/2004 Assigned
     Aaa

  -- Cl. 2-A1, Downgraded to Aa2; previously on 3/22/2004 Assigned
     Aaa

  -- Cl. 3-A1, Downgraded to Aa2; previously on 3/22/2004 Assigned
     Aaa

  -- Cl. 3-PAX, Downgraded to Aa2; previously on 3/22/2004
     Assigned Aaa

  -- Cl. 4-A1, Downgraded to Aa2; previously on 3/22/2004 Assigned
     Aaa

  -- Cl. AP, Downgraded to Aa2; previously on 3/22/2004 Assigned
     Aaa

  -- Cl. AX, Downgraded to Aa2; previously on 3/22/2004 Assigned
     Aaa


STRUCTURED ASSET: Moody's Junks Ratings on Class M6 & M7 Tranches
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches issued in Structured Asset Securities Corp Trust 2004-S2
transaction.  Underlying securities' collateral consists primarily
of closed-end second lien residential mortgage loans.

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) Moody's
review of the nature, sufficiency, and quality of historical loan
performance information, ii) analysis of the collateral
composition and pool credit performance including prepayment, loan
delinquency and loss data, iii) consideration of the transaction's
capital structure and related allocations of collateral cash flows
and losses, and iv) a comparison of current credit enhancement
levels to updated Moody's pool loss projections based on present
collateral credit performance.

When analyzing underlying ratings for CES and HELOC transactions,
Moody's projects cumulative losses for each deal based on a
collateral analysis of the deal's Constant Prepayment Rate and
Constant Default Rate.

CPR is based on the average of the last six months 1-month CPR.

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.
Moody's assumes that the CDR will not decline for the next three
years and will decline subsequently for the life of the deal under
a schedule, typically reducing by 50% in year 4 and remaining
constant thereafter.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation can also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.

Aggregate credit enhancement which combines subordination benefit
(including over-collateralization and/or reserve accounts) and
excess spread benefit is compared with projected cumulative losses
for the deal to derive coverage multiples and associated ratings
by deal tranche.  Moody's will analyze tranche coverage multiples
after consideration of timing of tranche repayment and allocation
of losses (if any).

Complete rating actions are:

Issuer: Structured Asset Securities Corp Trust 2004-S2

  -- Cl. M5, Downgraded to Baa3; previously on 11/8/2007 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. M6, Downgraded to Caa2; previously on 11/8/2007 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M7, Downgraded to C; previously on 11/8/2007 Downgraded
     to B3 and Placed Under Review for Possible Downgrade


STRUCTURED ASSET: Moody's Downgrades Rating on Units to 'Ba3'
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of US$25,000,000 of 7.00% Callable Units due March 1, 2033,
issued by Structured Asset Trust Unit Repackagings Limited Brands
Inc. Debenture Backed Series 2005-3.

The rating action is:

Class Description: US$25,000,000 of 7.00% Callable Units due
March 1, 2033

  -- Current Rating: Ba3
  -- Prior Rating: Ba2 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 underlying securities.  The rating action is a
result of the change of the rating $25,340,000 of 6.95% Limited
Brands Inc. due March 1, 2033 which was downgraded on May 21,
2009.


SYNCORA GUARANTEE: S&P Cuts Rating on Class A of Certs. to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
classes of mortgage pass-through certificates from three U.S.
residential mortgage-backed securities transactions insured by
Syncora Guarantee Inc.  S&P removed two of the lowered ratings
from CreditWatch with negative implications.  At the same time,
the ratings on 13 classes from six U.S. RMBS transactions remain
on CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on 39 classes from 23 transactions.  Syncora
is the bond insurer on all 55 classes referenced in this release.

The rating actions follow the April 27, 2009, revision of the
financial strength rating on Syncora to 'R' from 'CC', which
indicates that the insurer is under regulatory supervision because
of its financial condition.

S&P's ratings on bond-insured classes usually reflect the higher
of the rating on the bond insurer and Standard & Poor's underlying
rating (SPUR) on the securities.  Because Syncora is now rated 'R'
and under regulatory supervision, the new ratings reflect the
respective SPUR on each RMBS class.  For eight of the classes S&P
reviewed, the SPUR is now 'D' due to a projected loss to the
class; however, S&P did not lower its long-term ratings on seven
of these classes to 'D' because they have not yet experienced
principal write-downs.  Rather, S&P affirmed its 'CC' ratings on
these classes, which reflect S&P's expectation of default without
continued support from Syncora.  S&P will downgrade these classes
to 'D', however, if Syncora stops making payments under the
insurance policy and the classes experience principal write-downs.
S&P lowered its long-term rating on class A from SACO I Trust
2006-1 to 'D' because this class has experienced a principal
write-down.

The affirmed ratings on the remaining 32 classes reflect the
associated SPURs on the respective classes, which were higher than
S&P's rating on Syncora prior to the insurer downgrade and thus,
according to S&P's criteria, are not affected by the negative
rating action on the insurer.

S&P's CreditWatch placements on 13 ratings will remain in place
until S&P completes its reviews of the underlying credit
enhancement in each associated transaction.

The 55 classes that were part of this review consisted of 16
classes from Alternative-A transactions, 14 classes from home
equity line of credit transactions, 13 classes from closed-end
second-lien transactions, 11 classes from subprime transactions,
and one class from a re-REMIC (resecuritized real estate mortgage
investment conduit) transaction.

Standard & Poor's will continue to monitor its ratings on all U.S.
RMBS classes related to Syncora and take rating actions as S&P
deem appropriate.

                          Rating Actions

      CWABS Revolving Home Equity Loan Trust, Series 2004-R
                          Series 2004-R

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2-A        126673QB1     CCC                  B/Watch Neg

       CWHEQ Revolving Home Equity Loan Trust, Series 2005-K
                          Series 2005-K

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        126685AT3     CCC                  B/Watch Neg

                       SACO I Trust 2006-1
                          Series 2006-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          785778QA2     D                    CC

            Ratings Remaining On Creditwatch Negative

                Ameriquest Mortgage Securities Inc.
                          Series 2004-R6

              Class      CUSIP         Rating
              -----      -----         ------
              A-1        03072SSH9     AAA/Watch Neg
              A-4        03072SSL0     AAA/Watch Neg

         CWABS Asset-Backed Certificates Trust 2005-BC5
                         Series 2005-BC5

              Class      CUSIP         Rating
              -----      -----         ------
              2-A-2      126670NA2     AAA/Watch Neg

       CWABS Revolving Home Equity Loan Trust Series 2004-Q
                          Series 2004-Q

              Class      CUSIP         Rating
              -----      -----         ------
              1-A        126673MX7     BBB/Watch Neg
              2-A        126673MY5     BBB/Watch Neg

      CWABS Revolving Home Equity Loan Trust, Series 2004-R
                          Series 2004-R

              Class      CUSIP         Rating
              -----      -----         ------
              1-A        126673QA3     BBB/Watch Neg

              HarborView Mortgage Loan Trust 2005-11
                          Series 2005-11

              Class      CUSIP         Rating
              -----      -----         ------
              1-A-1B     41161PUJ0     AAA/Watch Neg
              2-A-1C     41161PUM3     AAA/Watch Neg

             Option One Mortgage Loan Trust 2007-HL1
                         Series 2007-HL1

              Class      CUSIP         Rating
              -----      -----         ------
              I-A-1      68402SAA7     A/Watch Neg
              II-A-1     68402SAB5     A/Watch Neg
              II-A-2     68402SAC3     A/Watch Neg
              II-A-3     68402SAD1     A/Watch Neg
              II-A-4     68402SAE9     A/Watch Neg

                         Ratings Affirmed

                          2004-CB6 Trust
                          Series 2004-CB6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 AF-3       59020UJA4     AAA

                 Alternative Loan Trust 2005-52CB
                         Series 2005-52CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-3      12668ABG9     AAA

             Bear Stearns Second Lien Trust 2007-SV1
                         Series 2007-SV1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        07401UAB9     CCC
                 A-3        07401UAU7     CCC

                      C-BASS 2007-SL1 Trust
                         Series 2007-SL1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        1248MKAA3     CC
                 A-2        1248MKAB1     CC

           CWHEQ Home Equity Loan Trust, Series 2006-S7
                         Series 2006-S7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12668VAA7     CCC
                 A-2        12668VAB5     CCC
                 A-3        12668VAC3     CCC
                 A-4        12668VAD1     CCC
                 A-5        12668VAE9     CCC
                 A-6        12668VAF6     CCC

      CWHEQ Revolving Home Equity Loan Trust, Series 2005-K
                          Series 2005-K

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1      126685AU0     CC
                 2-A-3      126685AW6     CC
                 2-A-4      126685AX4     CC

      CWHEQ Revolving Home Equity Loan Trust, Series 2006-D
                          Series 2006-D

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        126685DS2     CC
                 2-A        126685DT0     CC

                DSLA Mortgage Loan Trust 2006-AR1
                         Series 2006-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1B      23332UGL2     BB
                 2A-1C      23332UGP3     BB

                        FFMLT 2007-FFB-SS
                        Series 2007-FFB-SS

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          30248EAA6     B

            GreenPoint Mortgage Funding Trust 2006-HE1
                         Series 2006-HE1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Ax         39539BAA1     CC

            GreenPoint Mortgage Funding Trust 2007-HE1
                         Series 2007-HE1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        39539JAA4     CC

              HarborView Mortgage Loan Trust 2006-4
                          Series 2006-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1B      41161PL35     B
                 2-A1C      41161PL68     B
                 3-A1C      41161PP72     BB

              HarborView Mortgage Loan Trust 2006-5
                          Series 2006-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1B      41161MAB6     B

             HarborView Mortgage Loan Trust 2006-BU1
                         Series 2006-BU1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1B      41161PG64     AAA
                 2A-1C      41161PG98     AAA

      IndyMac Home Equity Mortgage Loan Asset-Backed Trust,
                          Series 2006-H3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          45664UAA3     CC

            IndyMac INDX Mortgage Loan Trust 2006-AR6
                         Series 2006-AR6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1B     456612AB6     B
                 2-A-1C     456612AE0     B

                     Lehman XS Trust 2007-8H
                          Series 2007-8H

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A5         52524TAE4     B

   Nomura Asset Acceptance Corporation, Alternative Loan Trust,
                         Series 2007-S2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          65538BAA7     CC

                    Park Place Securities Inc.
                        Series 2004-MCW1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        70069FCB1     AAA

                   RALI Series 2006-QO4 Trust
                         Series 2006-QO4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-2      75114GAB5     B
                 II-A-3     75114GAE9     B

     Securitized Asset Backed Receivables LLC Trust 2005-HE1
                         Series 2005-HE1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1B       81375WGN0     AAA

   SunTrust Acquisition Closed-End Seconds Trust, Series 2007-1
                          Series 2007-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          86801CAA1     CC

   WaMu Mortgage Pass-Through Certificates Series 2004-RS1 Trust
                         Series 2004-RS1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        92922FMN5     AAA


TISHMAN SPEYER: High Leverage Prompts S&P to Junk Corp. Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered on May 18, 2009, its
corporate credit rating on Tishman Speyer Real Estate D.C. Area
Portfolio (Borrower) L.P. to 'CCC' from 'B+'.  At the same time,
S&P lowered all other TSDC-related credit ratings, affecting
$570 million in secured debt.  S&P's '4' recovery rating remains
unchanged on the unsecured debt.  Additionally, S&P revised its
outlook on TSDC to negative.

"These rating actions were driven by our concerns regarding TSDC's
very high leverage and weak coverage metrics, which have been
affected by declining asset values and slower-than-anticipated
leasing progress amid weak economic conditions," said credit
analyst Linda Phelps.  "We believe the partnership's ability to
remain in compliance with financial covenants for its fully drawn
credit facility is unlikely.  Concerns related to a possible
future breach of financial covenants under the current credit
agreement have also led to a going concern disclosure in TSDC's
recently provided 2008 audited financial statements, which, in
turn, has been asserted by the agent, Lehman Bros., to constitute
a technical default under the credit agreement."

Despite the very strong asset quality and the expected relative
stability of TSDC's property portfolio, the company may not be
successful in modifying its credit agreement.  In addition, weak
economic conditions could further erode the partnership's
currently very weak credit metrics.  S&P would lower its ratings
to 'D' if payments on the rated obligation are jeopardized.  S&P
would look for TSDC to meaningfully improve its credit metrics and
liquidity position, which would likely require additional capital
investment or a recapitalization, to drive any ratings momentum.


VARICK STRUCTURED: Fitch Junks Ratings on Two Classes of Notes
--------------------------------------------------------------
Fitch Ratings downgrades two classes of notes issued by Varick
Structured Asset Fund, Ltd.:

  -- $17,335,255 class A-1 notes to 'CCC' from 'B-/DR2';
  -- $104,011,531 class A-2 notes to 'CCC' from 'B-/DR2'.

In addition, Fitch removes the Distressed Recovery (DR) ratings
from the notes.

The downgrades to the class A-1 and A-2 notes, together class A,
are the result of credit deterioration experienced since Fitch's
last review, and reflect Fitch's view on the credit risk of the
rated notes.  According to the most recent trustee report dated
April 27, 2009, defaulted assets per the transaction's governing
documents comprise 17.5% of the portfolio, compared to 5.5% at
last review.  After adjusting for Rating Watch Negative and
Outlook Negative as described in the structured finance
collateralized debt obligation rating criteria, Fitch considers
50.9% of the portfolio to be rated below investment grade and
21.4% to be rated 'CCC+' or lower.

Varick declared an event of default on March 31, 2006, because the
sum of the aggregate outstanding balance of collateral, the
calculation amount of defaulted securities and principal cash was
less than 100% of the outstanding balance of the class A notes.
Since March 2006, the notes have become further
undercollateralized due to principal proceeds leaking to pay
accrued interest to the class A notes.  The class A
overcollateralization ratio is currently reported as 72.6%.  The
class A interest coverage (IC) ratio is reported as 0% because
interest collections were insufficient to cover the entire hedge
counterparty payment on the most recent distribution date on
May 1, 2009.  Due to the extent of undercollateralization and
principal leaking to pay interest, Fitch does not expect the class
A notes to receive full principal repayment.

Varick is an SF CDO that closed on September 29, 2000, and is
managed by Clinton Group, Inc.  The portfolio is comprised
primarily of asset-backed securities (60.6%), residential
mortgage-backed securities (23.5%), commercial mortgage-backed
securities (8.2%), and corporate CDOs (4.2%).


WACHOVIA BANK: Fitch Downgrades Ratings on 2005-C20 Certificates
----------------------------------------------------------------
Fitch Ratings downgraded on May 21, 2009, Wachovia Bank Commercial
Mortgage Trust, series 2005-C20, commercial mortgage pass-through
certificates:

  -- $77.9 million class B to 'A-' from 'AA'; Outlook to Negative
     from Stable;

  -- $27.5 million class C to 'BBB+' from 'AA-'; Outlook Negative;

  -- $68.7 million class D to 'BBB-' from 'A'; Outlook Negative;

  -- $41.2 million class E to 'BB+' from 'A-'; Outlook Negative;

  -- $41.2 million class F to 'BB-' from 'BBB-'; Outlook to
     Negative from Stable;

  -- $32.1 million class G to 'B-' from 'BB'; Outlook to Negative
     from Stable;

  -- $41.2 million class H to 'CC/RR4' from 'B-'.

Fitch downgraded and revised the Recovery Rating of this class:

  -- $22.9 million class J to 'C/RR6' from 'CCC/DR1'.

In addition, Fitch has affirmed and maintained Rating Outlooks:

  -- $270.4 million class A-3SF at 'AAA'; Outlook Stable;
  -- $218.5 million class A-4 at 'AAA'; Outlook Stable;
  -- $121.1 million class A-5 at 'AAA'; Outlook Stable;
  -- $218.8 million class A-6A at 'AAA'; Outlook Stable;
  -- $50 million class A-6B at 'AAA'; Outlook Stable;
  -- $176.1 million class A-PB at 'AAA'; Outlook Stable;
  -- $861.8 million class A-7 at 'AAA'; Outlook Stable;
  -- $311.3 million class A-1A at 'AAA'; Outlook Stable;
  -- $100 million class A-MFL at 'AAA'; Outlook Stable;
  -- $266.4 million class A-MFX at 'AAA'; Outlook Stable;
  -- $274.8 million class A-J at 'AAA'; Outlook Stable;
  -- Interest-only class X-P at 'AAA'; Outlook Stable;
  -- Interest-only class X-C at 'AAA'; Outlook Stable;

Fitch also affirmed and revised the Recovery Rating for these
classes:

  -- $13.7 million class K at 'C/RR6' from 'C/DR6';
  -- $13.7 million class L at 'C/RR6' from 'C/DR6';
  -- $9.2 million class M at 'C/RR6' from 'C/DR6';
  -- $9.2 million class N at 'C/RR6' from 'C/DR6';
  -- $9.2 million class O at 'C/RR6' from 'C/DR6'.

The $50.4 million class P is not rated by Fitch.  Classes A-1 and
A-2 have paid in full.

The downgrades are the result of an increase in specially serviced
assets combined with higher loss expectations on those assets
since Fitch's last rating action.  Rating Outlooks reflect the
likely direction of any rating changes over the next one to two
years.  The Negative Rating Outlooks reflect the increase in Fitch
Loans of Concern and the risks associated with upcoming
maturities.  As of the May 2009 remittance report, the transaction
has paid down 9.2% to $3.33 billion from $3.66 billion at
issuance.

There are three loans in special servicing (4.5%), including the
Macon & Burlington Mall Pool loan (4.1%) which is in foreclosure.
Significant losses to the trust are expected upon liquidation.

The Macon & Burlington Mall loan is backed by two cross-
collateralized regional malls located in Macon, Georgia and
Burlington, North Carolina.  Both mall properties have suffered
dramatic declines in occupancy due to newer competition in their
surrounding areas.  The remaining four anchor tenants of the
original six at Macon Mall include Sears, Belk, Macy's (all of
which own their spaces) and JCPenney, which is part of the
collateral.  At the Burlington Mall, the sole anchor tenant,
Sears, remains after another large tenant, Goody's, has liquidated
and closed all its stores and the other two original anchors
vacated their spaces. Another tenant, Linens 'n Things, liquidated
operations and closed all its stores.  A receiver has been
appointed to manage the properties.

There are no loans scheduled to mature in 2009.  In 2010, 14.8% of
the pool is scheduled to mature. The most recent servicer reported
weighted average debt service coverage ratio for these loans was
1.78 times with a weighted average coupon of 5.09%.  Using
property specific Fitch stressed cap rates ranging from 8.75% to
11.50%, 29 (86.3%) of the maturing loans have loan-to-values
greater than 100%.

Fitch has identified 18 Loans of Concern (10.6%), which includes
the three specially serviced loans.  The largest Loan of Concern
not in special servicing (2.6%) is secured by a retail property
located in Carlsbad, California.  The loan is currently 30 days
delinquent; however, the loan is in the process of being assumed.
The servicer reported year-end 2008 DSCR was 1.47x.

The third largest Loan of Concern (1.3%) is secured by a retail
property in Evansville, IN.  The center recently lost a major
tenant, Linens 'n Things, which closed all its stores.

Five loans, Americas Mart (5.8%), 60 Hudson Street (4.8%),
Westfield San Francisco Centre (1.8%), 101 Avenue of the Americas
(1.7%), and JC Studios (0.5%) maintain investment grade shadow
ratings due to stable performance since issuance.  The shadow
rated loans are scheduled to mature in 2015, excluding 101 Avenue
of the Americas, which is scheduled to mature in 2011.

The largest loan in the pool, Americas Mart, which is secured by a
4.1 million square foot merchandise mart property in Atlanta, GA,
had a servicer reported fiscal YE 2008 DSCR of 2.50x.  60 Hudson
Street, a 1.1 million sf office property located in New York City
was 76.7% occupied as of YE 2008 with a servicer reported DSCR of
4.77x.  Westfield San Francisco Centre, a 498,103 sf regional mall
located in San Francisco, California, was 99.2% occupied as YE
2008, in line with issuance.  101 Avenue of the Americas, a
411,097 sf office property located in New York, was 100% occupied
as of September 2008.  JC Studios, a 95,870 sf industrial property
located in Brooklyn, New York is 100% occupied by a production
subsidiary of Proctor & Gamble, unchanged from issuance.

The second largest loan in the pool (5.8%), the NGP Rubicon GSA
Pool, is collateralized by fourteen office and industrial
properties located in various states.  The servicer reported DSCR
and occupancy as of September 2008 was 1.49x and 98.6%,
respectively.


WACHOVIA BANK: S&P Junks Ratings on 12 Classes of Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 24
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2007-WHALE8 and
removed them from CreditWatch with negative implications, where
they were placed on Oct. 24, 2008, Dec. 23, 2008, and April 7,
2009.  Concurrently, S&P affirmed its ratings on two other classes
from this series and removed them from CreditWatch negative.

     The reasons for the downgrades included:

  -- S&P's expectation that revenue per available room for the
     hotel properties would decline since issuance.  Based on
     S&P's analysis, S&P's resulting property valuations were
     between 15% and 52% below the levels S&P assessed at
     issuance.

  -- Lower occupancy for the Southeast multifamily properties
     since issuance and, based on S&P's analysis, a resultant
     valuation decline of 19% since issuance.

Seven loans totaling $1.41 billion (94% of the pool trust balance)
are secured by hotel properties.  These hotel properties are
located in the Southwest and Southeast U.S. (46% of the pool trust
balance), Puerto Rico (29%), New York City (8%), Chicago (4%),
Montego Bay, Jamaica (4%), and Charlestown, Nevis, West Indies
(3%).

S&P based its hotel analysis on a review of the borrower's
operating statements for the year ended Dec. 31, 2008, and its
2009 budgets.  S&P's analysis assumed average 2009 RevPAR for the
industry would decline between 14% and 16%, as S&P noted in a
recent article.

According to Smith Travel, the general U.S. hotel industry
reported RevPAR declines of 18% in the first four months of 2009
compared with 2008.

The largest loan secured by hotel properties is the largest loan
in the pool, the LXR Hospitality Pool loan.  This loan has a
whole-loan balance of $1.267 billion that is split into a
$948.3 million (63%) pooled senior component, a $123.8 million
nonpooled subordinate component that supports the "LXR"
certificates (not rated by Standard & Poor's), and a
$194.9 million nontrust junior participation interest.  In
addition, the borrower's equity interests in the properties secure
mezzanine loans totaling $667.6 million.  This loan is secured by
12 full-service resort hotels totaling 4,642 rooms in various
locations.  Eight of the 12 hotels underwent major renovation work
that was substantially completed in late 2007 or mid-2008.  The
master servicer, Wachovia Bank N.A. (Wachovia), reported debt
service coverage of 2.31x and 66% occupancy for the year ended
Dec. 31, 2008.  The loan matures on May 9, 2010 and has two 12-
month extension options remaining.  S&P's adjusted valuation
declined 45% since issuance.

The Southeast multifamily pool loan, the fifth-largest loan in the
pool, has a trust balance of $55.4 million (4%) and a whole-loan
balance of $73.3 million.  In addition, the borrower's equity
interests in the properties secure an $11.9 million mezzanine
loan.  This loan is secured by eight multifamily apartment
complexes totaling 2,099 units in the Southeast U.S. Wachovia
reported a 3.59x DSC and 84% occupancy for the 12 months ended
Dec. 31, 2008.  The loan matures June 9, 2010, and has two 12-
month extension options remaining.

According to the May 15, 2009, remittance report, pool statistics
are:

  -- There are nine loans in the pool, including senior
     participation interests in five floating-rate interest-only
     mortgage loans, two pari passu IO mortgage loans, and two IO
     mortgage whole loans.

  -- There are mortgages on 13 full-service resorts; four full-
     service, three full-service boutique, four limited-stay, and
     44 extended-stay hotels; eight multifamily apartment
     complexes; and one golf course property.

  -- All of the loans are indexed to one-month LIBOR.

Details of the specially serviced loan in the pool that prompted
S&P's Oct. 24, 2008, CreditWatch placements are:

  -- The Four Seasons Nevis loan has a whole-loan balance of
     $126.7 million, split into a $51.0 million pooled senior
     component (3% of the pool trust balance), a $7.4 million
     nonpooled subordinate component that supports the "FSN" raked
     certificates, and a $68.3 million nontrust junior
     participation interest.  This loan, secured by a 196-room
     full-service hotel in Charlestown, Nevis, West Indies, did
     not meet its extension hurdles.  As a result, this loan,
     which is currently in foreclosure, was transferred to the
     special servicer, also Wachovia, on Oct. 23, 2008, due to a
     maturity default.

The Four Seasons Nevis hotel incurred significant flood damage
from Hurricane Omar on Oct. 16, 2008, and is currently closed.
Wachovia is processing the insurance claims, and has indicated
that the insurance proceeds will be used for property damage and
business interruption income replacement.  The property is
currently undergoing renovation, and Wachovia expects the hotel to
reopen in late 2009 upon its completion.  The December 2008
appraisal values the property in its current state at a level that
exceeds the outstanding debt on the senior trust balance.  Based
on S&P's discussion with Wachovia, it is S&P's understanding that
the "FSN" raked certificates are susceptible to interest
shortfalls due to special servicing fees.  If interest shortfalls
on these and other pooled certificate classes occur and are
continuing, S&P may lower its ratings to 'D'.

Near-term maturities (within three months) for the loans in the
pool are:

  -- The Longhouse Hospitality Pool loan, the second-largest loan
     in the pool, has a whole-loan balance of $165.0 million,
     which consists of a $150.0 million pooled senior component
     (10% of the pool trust balance) and a $15.0 million
     nonpooled subordinate component that supports the "LP" raked
     certificates.  In addition, the borrower's equity interests
     in the properties secure mezzanine loans totaling
     $155.0 million.  This loan, secured by 42 extended-stay
     hotels totaling 5,600 rooms in 11 states throughout the
     Southeast and Southwest U.S., matures on June 9, 2009.
     Wachovia has indicated that the borrower is working on
     exercising one of its three 12-month extension options.
     Wachovia reported a DSC of 4.20x and 63% occupancy for the
     year ended Dec. 31, 2008.  S&P's adjusted valuation has
     fallen 24% from issuance.

Should the performance of the lodging, multifamily, and golf
course sectors continue to deteriorate beyond S&P's current
expectations, S&P may revise its analysis and adjust S&P's ratings
accordingly.

      Ratings Lowered And Removed From Creditwatch Negative

             Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2007-WHALE8

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-2      A         AAA/Watch Neg                     25.22
    B        BBB+      AA+/Watch Neg                     21.12
    C        BBB-      AA+/Watch Neg                     17.95
    D        BB        AA/Watch Neg                      13.21
    E        B+        AA-/Watch Neg                     10.10
    F        B-        A+/Watch Neg                       6.99
    G        CCC+      A/Watch Neg                        3.89
    H        CCC       A-/Watch Neg                       1.86
    J        CCC       BBB+/Watch Neg                     1.18
    K        CCC-      BBB/Watch Neg                      0.83
    L        CCC-      BBB-/Watch Neg                      N/A
    AP-1     BB+       BBB/Watch Neg                       N/A
    AP-2     BB        BBB-/Watch Neg                      N/A
    AP-3     BB-       BB+/Watch Neg                       N/A
    AP-4     B+        BB/Watch Neg                        N/A
    LP-1     B+        BBB/Watch Neg                       N/A
    LP-2     B-        BBB-/Watch Neg                      N/A
    LP-3     CCC+      BB+/Watch Neg                       N/A
    HH-1     CCC+      BBB-/Watch Neg                      N/A
    HH-2     CCC+      BBB-/Watch Neg                      N/A
    FSN-1    CCC-      BB+/Watch Neg                       N/A
    FSN-2    CCC-      BB/Watch Neg                        N/A
    MH-1     CCC-      BB+/Watch Neg                       N/A
    MH-2     CCC-      BB/Watch Neg                        N/A

      Ratings Affirmed And Removed From Creditwatch Negative

             Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2007-WHALE8

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-1      AAA       AAA/Watch Neg                     48.25
    X-1B     AAA       AAA/Watch Neg                       N/A

                    N/A - Not applicable.


WASHINGTON MUTUAL: Moody's Reviews Ratings on 14 Securities
-----------------------------------------------------------
Moody's Investors Service on May 21, 2009, placed under review for
possible upgrade the ratings on 14 classes of credit card
receivable-backed securities issued through the Washington Mutual
Master Note Trust.  These securities are backed by approximately
$9.1 billion of consumer credit card receivables originated and
serviced by Chase Bank USA, NA and its affiliates.

                            Rationale

This ratings action is prompted by expectations for the Trust's
collateral performance to markedly improve following the May 19
removal by Chase of the entirety of legacy accounts and
receivables originated by Washington Mutual.  Following this
removal, the Trust collateral will be entirely comprised of
receivables originated by Chase, which have demonstrably better
performance and credit attributes than the legacy, WaMu-originated
receivables.

Specifically, compared to the legacy WaMu collateral, the Chase-
originated collateral exhibits both significantly lower charge-off
rates and a higher principal payment rate, while having lower
yield.  The Chase-originated collateral also has a lower
percentage of sub-prime and California/Florida domiciled obligors.
Chase's removal of legacy WaMu collateral mitigates a significant
element of uncertainty surrounding the loss and payment rate
trajectory of the Trust in the quarters ahead.

Moody's current range of performance expectations for the Trust
are a net charge-off rate of 13%-15%, a principal payment rate of
7%-9%, and a yield of 19%-22%.  As part of the review process,
Moody's will review these performance expectations in light of the
new collateral composition of the Trust.  Moody's revised
expectations will likely reflect the better credit quality and
performance of the Chase originated credit card receivables.

              Loss Of Sale Treatment For The Trust

The May 19 removal of WaMu accounts precludes sale accounting
treatment for the Trust's ABS and has further negative
implications for the securitized assets in the highly unlikely
event that Chase goes into receivership.

According to the Statement of Financial Accounting Standards No.
140, issuers are not permitted to initiate unilateral, non-random
removals of accounts without jeopardizing sale accounting
treatment.  Without sale accounting treatment, the Trust will not
qualify for the FDIC's safe harbor protections from the
repudiation of securitization contracts (rule 12 CFR Section
360.6).  In order to qualify for the safe harbor protection,
certain conditions must be met -- chief among them is that the
transfer of assets meets all conditions for sale accounting
treatment.  Without sale accounting treatment, there is no longer
the same level of assurance that in the unlikely event that Chase
goes into receivership, the FDIC, as receiver, will not exercise
its power to repudiate the securitization contracts.

Without the protection of the FDIC's safe harbor from repudiation,
Moody's believe that the WaMu ABS securities are subject to
incremental credit risk, including potential exposure to market
value risk and stay risk.  Even so, these risks remain very
remote, especially considering the minimal likelihood that the
FDIC would be assigned as the receiver of Chase (Aa1/P-1/C-)
anytime in the foreseeable future.  Nevertheless, the incremental
risk amplifies the linkages between the ratings of Chase and those
of the Trust notes.

In its review, Moody's will consider the likelihood for sustained
improvements in Trust collateral performance, an evaluation of
Chase's ability and willingness to support the trust in an adverse
scenario, and the implications of increased linkages to the
seller/servicer rating from the Trust's loss of true sale status.
At the conclusion of the review, which is typically no longer than
90 days, Moody's may upgrade the notes.

The complete rating actions are:

UNDER REVIEW FOR POSSIBLE UPGRADE

Issuer: Washington Mutual Master Note Trust

  -- $750,000,000 Floating Rate Class 2006-A2 Asset Backed Notes,
     A1 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at A1

  -- $1,250,000,000 Floating Rate Class 2006-A3 Asset Backed
     Notes, A1 Placed on Review for Possible Upgrade; previously
     on September 29, 2008, ratings confirmed at A1

  -- $500,000,000 Floating Rate Class 2006-A4 Asset Backed Notes,
     A1 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at A1

  -- $300,000,000 Floating Rate Class 2006-M1 Asset Backed Notes,
     A3 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at A3

  -- $200,000,000 Floating Rate Class 2006-C1 Asset Backed Notes,
     Ba2 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at Ba2

  -- $150,000,000 Floating Rate Class 2006-C2 Asset Backed Notes,
     Ba2 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at Ba2

  -- $200,000,000 Floating Rate Class 2006-C3 Asset Backed Notes,
     Ba2 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at Ba2

  -- $1,100,000,000 Floating Rate Class 2007-A1 Asset Backed
     Notes, A1 Placed on Review for Possible Upgrade; previously
     on September 29, 2008, ratings confirmed at A1

  -- $875,000,000 Floating Rate Class 2007-A2 Asset Backed Notes,
     A1 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at A1

  -- $425,000,000 Fixed Rate Class 2007-A4 Asset Backed Notes, A1
     Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at A1

  -- $200,000,000 Floating Rate Class 2007-A5 Asset Backed Notes,
     A1 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at A1

  -- $150,000,000 Fixed Rate Class 2007-B1 Asset Backed Notes,
     Baa3 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at Baa3

  -- $125,000,000 Floating Rate Class 2007-C1 Asset Backed Notes,
     Ba2 Placed on Review for Possible Upgrade; previously on
     September 29, 2008, ratings confirmed at Ba2

Class 2005-D2 Variable Funding Asset Backed Notes, B3 Placed on
Review for Possible Upgrade; previously on September 29, 2008,
ratings confirmed at B3

Chase, based in Newark, Delaware, reported total assets of
$88.7 billion as of March 31, 2009.  Chase's long-term bank
deposits are rated Aa1 and its Bank Financial Strength rating is
C-.  The rating outlook on all ratings is negative.


WELLS FARGO: Moody's Downgrades Ratings on 28 Tranches
------------------------------------------------------
Moody's Investors Service has downgraded 28 tranches and confirmed
one tranche from the Wells Fargo Mortgage Backed Securities 2007-3
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.

Complete rating actions are

Wells Fargo Mtge Bkd Securities 2007-3 Tr

  -- Cl. I-A-1, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to B2; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Confirmed at Ba3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-8, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-10, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-11, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-12, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to Caa3; previously on 3/19/2009 B1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-15, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-16, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-17, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-18, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-19, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-20, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to B3; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. A-E, Downgraded to B3; previously on 3/19/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B3; previously on 3/19/2009 Ba3
     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.


WELLS FARGO: Moody's Downgrades Ratings on 85 Tranches
------------------------------------------------------
Moody's Investors Service has downgraded 85 tranches from 12 Wells
Fargo Mortgage Backed Securities Trust deals issued in 2005.

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 listed below 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:

Wells Fargo Mtge Bkd Securities 2005-AR11 Tr

  -- Cl. I-A-1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

Wells Fargo Mtge Bkd Securities 2005-AR12 Tr

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

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

  -- Cl. II-A-2, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. II-A-11, Downgraded to Ba2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Wells Fargo Mtge Bkd Securities 2005-AR13 Tr

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

  -- Cl. A-2, Downgraded to B3; previously on 3/19/2009 Aaa Placed
     Under Review for Possible Downgrade

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

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

  -- Cl. I-A-2, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-3, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-4, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-5, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-6, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-7, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. II-A-2, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

Wells Fargo Mtge Bkd Securities 2005-AR14 Tr

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

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

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

  -- Cl. A-4, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B3; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

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

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

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

Wells Fargo Mtge. Bkd. Securities 2005-AR1 Tr

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

  -- Cl. I-A-2, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-B-1, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. I-B-4, Downgraded to C; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

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

  -- Cl. II-B-1, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

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

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

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

Wells Fargo Mtge. Bkd. Securities 2005-AR2 Tr

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

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

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

  -- Cl. II-A-4, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

Wells Fargo Mtge. Bkd. Securities 2005-AR4 Tr

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

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

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

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

Wells Fargo Mtge. Bkd. Securities 2005-AR5 Tr

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

  -- Cl. I-A-2, Downgraded to Baa2; previously on 3/19/2009 Aa1
     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 Aa1
     Placed Under Review for Possible Downgrade

Wells Fargo Mtge. Bkd. Securities 2005-AR6 Tr

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

Wells Fargo Mtge. Bkd. Securities 2005-AR7 Tr

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

  -- Cl. I-A-2, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. II-A-2, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Ba3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

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

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

Wells Fargo Mtge. Bkd. Securities 2005-AR8 Tr

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

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

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

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

  -- Cl. III-A-2, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to A2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to B3; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

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

Wells Fargo Mtge. Bkd. Securities 2005-AR9 Tr

  -- Cl. I-A-1, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. II-A-2, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. III-A-2, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-2, Downgraded to A3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to B3; previously on 3/19/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to C; previously on 3/19/2009 Baa2 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.


WICKER PARK: Moody's Downgrades Ratings on Various Notes
--------------------------------------------------------
Moody's Investors Service on May 18, 2009, downgraded these notes
issued by Wicker Park CDO I, Ltd.:

  -- US$880,000,000 Class A-1 Contingent Funding Notes, due
     September 2014, Downgraded to A1; previously on April 13,
     2009, Aaa Placed Under Review for Possible Downgrade;

  -- US$38,500,000 Class A-2 Floating Rate Notes, due September
     2014, Downgraded to Ba1; previously on April 13, 2009,
     Downgraded to Aa3 and Placed Under Review for Possible
     Downgrade;

  -- US$15,000,000 Class B Floating Rate Notes, due September
     2014, Downgraded to B1; previously on April 13, 2009,
     Downgraded to A1 and Placed Under Review for Possible
     Downgrade;

  -- US$21,500,000 Class C Floating Rate Deferrable Interest
     Notes, due September 2014, Downgraded to Caa3; previously on
     April 13, 2009, A2 Placed Under Review for Possible
     Downgrade;

  -- US$15,000,000 Class D-1 Floating Rate Deferrable Interest
     Notes, due September 2014, Downgraded to Ca; previously on
     April 13, 2009, Baa2 Placed Under Review for Possible
     Downgrade;

  -- US$5,000,000 Class D-2 Fixed Rate Deferrable Interest
     Notes, due September 2014, Downgraded to Ca; previously on
     April 13, 2009, Baa2 Placed Under Review for Possible
     Downgrade;

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."

Credit deterioration of the underlying portfolio is observed in,
among others, a decline in the average credit rating (as measured
through the weighted average rating factor) and an increase in the
proportion of securities from issuers rated Ba1 and below.  The
weighted average rating factor has significantly increased over
the last few months and it is currently at 875 versus a trigger
level of 375 as of the last trustee report, dated April 15, 2009.
Based on the same trustee report, approximately 33% of the
transaction's assets are rated Ba1 or below.  Moody's also
assessed the underlying portfolio's elevated concentration risk in
a small number of industries.  This includes a significant
concentration in debt obligations of companies in the banking,
finance, real estate, and insurance industries, which Moody's
views to be more strongly correlated in the current market
environment.  These four industries account for approximately 20%
of the transaction's underlying portfolio.

In addition, as a result of the failure of Class A/B Par Value
Test, excess interest is expected to be diverted towards paying
down the Class A-1 Notes.  The failure of this test is likely to
result in the deferral of interest payments on the Class C Notes,
the Class D-1 Notes and the Class D-2 Notes on the next payment
date.

Moody's also notes the additional risk posed to the noteholders by
the increased risk of the collateral and the CDS counterparty.
The Class A-2, Class B, Class C, Class D-1, and Class D-2 notes
are collateralized by floating rate global MTNs issued by General
Electric Capital Corporation.  On March 23, 2009, Moody's
downgraded the senior unsecured rating of GECC from Aaa to Aa2.
The credit default swap counterparty in this transaction is
Goldman Sachs Mitsui Marine Derivatives Products, L.P.  On
April 7, 2009, Moody's downgraded the counterparty rating of
GSMMDP from Aaa to Aa1.  In its analysis, Moody's took into
account the Aa2 default risk associated with GECC and the Aa1
expected loss associated with GSMMDP.

Wicker Park CDO I, LTD., issued in July of 2007, is a
collateralized bond obligation backed primarily by a synthetic
portfolio of senior unsecured bonds originally rated investment
grade.


WMC MORTGAGE: Moody's Cuts Rating on Class M-3 of Certs. to Ba1
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 3
securities issued by WMC Mortgage Pass-Through Certificates,
Series 1999-A.  These actions are part of an ongoing review of
subprime RMBS transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, this
transactions has, at some points, passed performance triggers and
released portions of credit enhancement.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions.  The results of these two
calculations -- Recent Losses and Pipeline Losses -- are weighted
to arrive at the lifetime cumulative loss projection.

Issuer: WMC Mortgage Pass-Through Certificates, Series 1999-A

  -- Cl. M-1, Downgraded to Aa2; previously on 12/24/2003 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A2; previously on 12/24/2003 Upgraded
     to Aa2

  -- Cl. M-3, Downgraded to Ba1; previously on 10/1/1999 Assigned
     Baa2


* Moody's Reviews Ratings on 69 Tranches From 13 RMBS Transactions
------------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade 69 tranches from 13 synthetic RMBS transactions.

The synthetic transaction provides the owner of a sizable pool of
jumbo mortgages (the Protected Party) credit protection similar to
the credit enhancement provided through subordination in
conventional residential mortgage backed securities transactions.

Through an agreement with the securities issuer, the Protected
Party pays a fee for the transfer of a portion of the portfolio
risk.  Investors in the securities have an interest in the
holdings of the issuer, which include highly rated investment
instruments, a forward delivery agreement and fee collections on
the agreement with the Protected Party.  Investors are exposed to
losses from the reference portfolio but benefit only indirectly
from cash flows from these assets.  Depending on the class of
securities held, investors have credit protection from
subordination.

The reference portfolio of these transactions includes prime
conforming and nonconforming fixed-rate and adjustable-rate jumbo
mortgages purchased from various originators.  As such, these
bonds are being put on watch pursuant to the Moody's revised jumbo
loss projections.

The rating agency says that during the last six months, Jumbo
mortgage loans, especially the ones backing 2005 to 2008
securitizations, have shown substantial increases in serious
delinquencies and decreases in prepayment rates -- levels that are
unprecedented for this asset class.  Revised loss expectations for
these vintages were announced in the press release titled "Moody's
updates loss projections for '05, '06, '07 and '08 Jumbo RMBS"
dated March 19th, 2009.

On average, Moody's is now projecting cumulative losses of about
1.70% for 2005 jumbo securitizations, 3.55% for 2006 jumbo
securitizations, 5.05% for 2007 jumbo securitizations and 6.20%
for 2008 jumbo securitizations (all loss projections are reported
as a percentage of original balance of loans securitized for each
vintage).

The current actions only impact deals that were issued in 2005 or
later.

                 Calculation of Estimated Losses

For securitizations backing Jumbo transactions from 2005 through
2008, borrowers who are 60 or more days delinquent on their
payments, have had foreclosure proceedings started against them or
properties that are held for sale comprise 1.6%, 2.9%, 3.6% and
3.75% for the 2005, 2006, 2007 and 2008 vintages respectively
(reported as a percentage of original pool balance).  The quickly
deteriorating performance, along with concerns about the
continuing drop in housing prices nationwide and the rising
unemployment rate has prompted Moody's to revise its loss
expectations.  Moody's revised loss expectations, however, take
into account the benefit afforded by the recent Housing
Affordability and Stability Plan that was announced by the Obama
Administration.  The Stability Plan under HASP will help some
Jumbo borrowers avoid foreclosure through loan modification.
Accounting for the government actions resulted in Moody's loss
expectations being reduced by approximately 15% for each vintage.

To estimate losses, Moody's first projected delinquency rates and
eventual losses through the end of 2009, when it anticipates that
home prices will reach a bottom in many parts of the US.  The
delinquency projections take into account:

i) The erosion in equity that borrowers face due to home price
depreciation experienced so far and expected in the future. Peak-
to-trough home price depreciation has been approximately 25%
(based on the Case-Schiller index) and Moody's Economy.com
projects another 11% decline by the end of the year.

ii) Increase in unemployment rates -- MEDC is projecting
unemployment rates in the US to peak at 9.8% and

iii) Limited refinancing options -- Voluntary prepayments for the
sector are at historical lows.  Recent government refinancing
programs have focused primarily on agency-eligible mortgages.
With only a small percentage of jumbo mortgages meeting agency
guidelines, Moody's expects prepayments to remain low for jumbo
borrowers in the near term.

The projected defaults were reduced to take into account the
positive effect of the Stability Plan under HASP.  The plan will
provide modification options to some borrowers who took out jumbo
mortgages in 2005-2007, as the loan eligibility limit has been set
at $729,750 for single family homes (and higher for 2-4 family
homes).  Agency loan eligibility limits were considerably lower
than $729,750 in 2005-2007.  Moody's estimates that approximately
15% of borrowers who would have otherwise defaulted on their
mortgages by the end of the year will be able to avoid default as
a result of taking advantage of modifications.  This estimate nets
out approximately 30-40% of borrowers who are projected to re-
default after modification of their loan.

Taking the above assumptions into account, Moody's is estimating
that eventual default rates for borrowers who become seriously
delinquent by end of 2009 on jumbo pools from 2005, 2006, 2007 and
2008 vintages will be 2.3%, 3.9%, 5.0%, and 6.2% respectively
(reported as a percentage of original pool balance).  Because
Moody's expects a further 11% decline in home prices, it has
assumed average losses on defaulting jumbo mortgages to be
approximately 40% -- which is higher than historical severities.

To estimate losses beyond 2009, Moody's has taken into account
economic, home price and foreclosure projections from MEDC.  When
compared to ultimate default rates in 2009, Moody's estimates
default rates to be 15% lower in 2010, 50% lower in 2011%, 70%
lower in 2012 and 90% lower in 2013 and beyond.  Moody's has also
assumed slightly higher voluntary prepay rates from 2010 and
beyond.  The above assumptions are then translated into a default
rate through the remaining life of the deal after 2009.  Based on
these assumptions, Moody's is now projecting cumulative losses of
about 1.70% for 2005 securitizations, 3.55% for 2006
securitizations, 5.05% for 2007 securitizations and 6.20% for 2008
securitizations.

Moody's has released a special that details its methodology for
determining revised loss projections for Jumbo transactions issued
in 2005, 2006, 2007 and 2008 titled "Prime Jumbo RMBS Loss
Projection Update: March 2009".

In summary, Moody's rates securities B2 or higher if they are
likely to be paid off under an expected scenario.  If a security
is likely to take a loss under an expected scenario, it will
typically be rated B3 or lower.  To determine ratings that are
lower than B3, an estimated recovery ratio is calculated using
available enhancement and the current priority of principal
distribution.  Securities with expected recoveries of 75% to 95%
are rated in the Caa range.  Securities with expected recoveries
of 25% to 75% are rated Ca, while securities with expected
recoveries below 25% are rated C.

Traditionally, Jumbo RMBS transactions are backed by mortgages
that are considered prime quality but which do not meet the
stricter underwriting guidelines required by Fannie Mae and
Freddie Mac for various reasons, most notably because of their
large loan size.

Complete rating actions are:

RESI Finance Limited Partnership 2005-A

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 4/11/2006 Assigned Aa2

  -- Cl. B2, Aa3 Placed Under Review for Possible Downgrade;
     previously on 4/11/2006 Assigned Aa3

  -- Cl. B3, A2 Placed Under Review for Possible Downgrade;
     previously on 6/27/2005 Assigned A2

  -- Cl. B4, A3 Placed Under Review for Possible Downgrade;
     previously on 6/27/2005 Assigned A3

  -- Cl. B5, Baa2 Placed Under Review for Possible Downgrade;
     previously on 6/27/2005 Assigned Baa2

  -- Cl. B6, Baa3 Placed Under Review for Possible Downgrade;
     previously on 6/27/2005 Assigned Baa3

  -- Cl. B7, Ba2 Placed Under Review for Possible Downgrade;
     previously on 6/27/2005 Assigned Ba2

  -- Cl. B8, B1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to B1

RESI Finance Limited Partnership 2005-B

  -- Class A5 Notes, Aa1 Placed Under Review for Possible
     Downgrade; previously on 1/30/2009 Assigned Aa1

  -- Cl. B1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 4/11/2006 Assigned Aa2

  -- Cl. B2, Aa3 Placed Under Review for Possible Downgrade;
     previously on 4/11/2006 Assigned Aa3

  -- Cl. B3, A2 Placed Under Review for Possible Downgrade;
     previously on 6/29/2005 Assigned A2

  -- Cl. B4, A3 Placed Under Review for Possible Downgrade;
     previously on 6/29/2005 Assigned A3

  -- Cl. B5, Baa3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Baa3

  -- Cl. B6, Ba2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Ba2

RESI Finance Limited Partnership 2005-C

  -- Cl. A-5, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aa2

  -- Cl. B1, Aa3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Aa3

  -- Cl. B2, A1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to A1

  -- Cl. B3, Baa2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Baa2

  -- Cl. B4, Ba1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Ba1

  -- Cl. B5, B3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to B3

RESI Finance Limited Partnership 2005-D

  -- Cl. A5 Notes, A1 Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned A1

  -- Cl. B1, Baa1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Baa1

  -- Cl. B2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Baa2

  -- Cl. B3, B1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to B1

  -- Cl. B4, Caa2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa2

  -- Cl. B5, Caa3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa3

RESI Finance Limited Partnership 2006-A

  -- Cl. A4 Notes, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aaa

  -- Cl. A5 Notes, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aa2

  -- Cl. B1, A1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to A1

  -- Cl. B2, A2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to A2

  -- Cl. B3, Ba1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Ba1

  -- Cl. B4, Ba3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Ba3

  -- Cl. B5, Caa1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa1

  -- Cl. B6, Caa3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa3

RESI Finance Limited Partnership 2006-B

  -- Cl. A4 Notes, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aaa

  -- Cl. A5 Notes, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aa2

  -- Cl. B1, A1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to A1

  -- Cl. B2, A3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to A3

  -- Cl. B3, Ba1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Ba1

  -- Cl. B4, Ba2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Ba2

  -- Cl. B5, B3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to B3

  -- Cl. B6, Caa2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa2

RESI Finance Limited Partnership 2006-C

  -- Cl. A2 Notes, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aaa

  -- Cl. A3 Notes, Aaa Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aaa

  -- Cl. A4 Notes, Aa2 Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned Aa2

  -- Cl. A5 Notes, A1 Placed Under Review for Possible Downgrade;
     previously on 1/30/2009 Assigned A1

  -- Cl. B1, A3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to A3

  -- Cl. B2, Baa2 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Baa2

  -- Cl. B3, B3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to B3

  -- Cl. B4, Caa1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa1

  -- Cl. B5, Caa3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa3

RESI Finance Limited Partnership 2007-A

  -- Cl. B3, Caa3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa3

RESI Finance Limited Partnership 2007-B

  -- Cl. B3, Caa1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa1

  -- Cl. B4, Caa3 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to Caa3

RESI Finance Limited Partnership 2007-C

  -- Cl. B6 Notes, Caa3 Placed Under Review for Possible
     Downgrade; previously on 12/12/2008 Downgraded to Caa3

RESIX Finance Limited Credit-Linked Notes, Series 2005-A

  -- Class B7, Ba2 Placed Under Review for Possible Downgrade;
     previously on 6/27/2005 Assigned Ba2

  -- Class B8, B1 Placed Under Review for Possible Downgrade;
     previously on 12/12/2008 Downgraded to B1

RESIX Finance Limited Credit Linked Notes, Series 2006-1

  -- Cl. B7, B3 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to B3

  -- Cl. B8, Caa2 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to Caa2

SASI Finance Limited Partnership 2006-A

  -- Cl. A, Aaa Placed Under Review for Possible Downgrade;
     previously on 6/29/2006 Assigned Aaa

  -- Cl. B1, Aa1 Placed Under Review for Possible Downgrade;
     previously on 6/29/2006 Assigned Aa1

  -- Cl. B2, Aa1 Placed Under Review for Possible Downgrade;
     previously on 6/29/2006 Assigned Aa1

  -- Cl. B3, A1 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to A1

  -- Cl. B4, A2 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to A2

  -- Cl. B5, Baa1 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to Baa1

  -- Cl. B6, Ba1 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to Ba1

  -- Cl. B7, B3 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to B3

  -- Cl. B8, Caa2 Placed Under Review for Possible Downgrade;
     previously on 12/16/2008 Downgraded to Caa2


* S&P Downgrades Ratings on 76 Classes from 23 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services on May 21, 2009, lowered its
ratings on 76 classes from 23 residential mortgage-backed
securities transactions backed by U.S. Alternative-A mortgage loan
collateral issued in 2003 and 2004.  S&P removed four of the
lowered ratings from CreditWatch with negative implications.  S&P
also affirmed its ratings on 263 classes from the downgraded
transactions and five additional deals issued in 2002-2004, and
S&P removed nine of the affirmed ratings from CreditWatch
negative.

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 with S&P's
projected lifetime losses for the transactions S&P reviewed, S&P
is projecting an increase in losses due to increases in
delinquencies and the current negative condition of the housing
market.  The affirmations reflect S&P's belief that there is
sufficient credit enhancement for these classes to support the
ratings at their current levels.

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 the
class is able to withstand approximately 120% of S&P's base-case
loss assumptions to maintain a 'BBB' rating.

The subordination of more-junior classes within each structure
provides credit support for the affected transactions.  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 collateral
backing these transactions 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, 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

          Banc of America Alternative Loan Trust 2003-2
                           Series 2003-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-5        05948KBQ1     CCC                  B

         Residential Asset Securitization Trust 2003-A10
                          Series 2003-J

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        45660NUP8     B                    BBB
        B-4        45660NUQ6     CCC                  BB
        B-5        45660NUR4     CC                   B

         Residential Asset Securitization Trust 2003-A11
                          Series 2003-K

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        45660NVF9     CCC                  BBB
        B-4        45660NVJ1     CC                   BB
        B-5        45660NVK8     CC                   B

         Residential Asset Securitization Trust 2003-A12
                          Series 2003-L

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        45660NVW2     B                    BB
        B-5        45660NVX0     CCC                  B

         Residential Asset Securitization Trust 2003-A13
                          Series 2003-M

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        45660NWG6     B                    BBB
        B-4        45660NWL5     CCC                  BB
        B-5        45660NWM3     CCC                  B

         Residential Asset Securitization Trust 2003-A14
                          Series 2003-N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        45660NXS9     BBB                  AA
        B-2        45660NXT7     B                    A
        B-3        45660NXU4     CCC                  BBB
        B-4        45660NXV2     CCC                  BB
        B-5        45660NXW0     CC                   B

         Residential Asset Securitization Trust 2003-A15
                          Series 2003-O

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        45660NXY6     B                    BB
        B-5        45660NXZ3     CCC                  B

          Residential Asset Securitization Trust 2003-A2
                          Series 2003-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-5        45660NNY7     CC                   B

          Residential Asset Securitization Trust 2003-A5
                          Series 2003-E

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        45660NQN8     CCC                  BB
        B-5        45660NQP3     CCC                  B

          Residential Asset Securitization Trust 2003-A6
                          Series 2003-F

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        45660NRD9     B                    BBB
        B-4        45660NRE7     CCC                  BB
        B-5        45660NRF4     CCC                  B

          Residential Asset Securitization Trust 2003-A8
                          Series 2003-H

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        45660NRH0     CCC                  BB
        B-5        45660NRJ6     CCC                  B

          Residential Asset Securitization Trust 2003-A9
                          Series 2003-I

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        45660NTK1     B                    BBB
        B-4        45660NUB9     CCC                  BB
        B-5        45660NUC7     CC                   B

          Residential Asset Securitization Trust 2004-A1
                          Series 2004-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        45660NZS7     B                    BBB
        B-4        45660NZT5     CCC                  BB
        B-5        45660NZU2     CC                   B

          Residential Asset Securitization Trust 2004-A10
                          Series 2004-J

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        45660LCA5     BBB                  AA
        B-2        45660LCB3     CCC                  A
        B-3        45660LCC1     CCC                  BBB
        B-4        45660LCE7     CC                   BB
        B-5        45660LCF4     CC                   B

          Residential Asset Securitization Trust 2004-A2
                          Series 2004-A2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-B-3      45660NC86     BB                   BBB
        1-B-4      45660ND85     CCC                  BB
        1-B-5      45660ND93     CC                   B

          Residential Asset Securitization Trust 2004-A3
                          Series 2004-C

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        45660NG58     B                    BBB
        B-4        45660NE68     CCC                  BB
        B-5        45660NE76     CC                   B

          Residential Asset Securitization Trust 2004-A4
                          Series 2004-D

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        45660NL52     BB                   A
        B-3        45660NL60     CCC                  BBB
        B-4        45660NM69     CC                   BB
        B-5        45660NM77     CC                   B

          Residential Asset Securitization Trust 2004-A5
                          Series 2004-E

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        45660NN50     A                    AA
        B-2        45660NN68     CCC                  A
        B-3        45660NN76     CCC                  BBB
        B-4        45660NP74     CC                   BB
        B-5        45660NP82     CC                   B

          Residential Asset Securitization Trust 2004-A6
                          Series 2004-F

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        45660NN84     BBB                  AAA
        PO         45660NN92     BBB                  AAA
        A-X        45660NP25     BBB                  AAA
        B-1        45660NP41     CCC                  BBB
        B-2        45660NP58     CC                   B+
        B-3        45660NP66     CC                   B
        B-4        45660NR49     CC                   B-

          Residential Asset Securitization Trust 2004-A7
                          Series 2004-G

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        45660NW27     BBB                  A
        B-3        45660NW35     CCC                  BBB
        B-4        45660N2B0     CC                   BB
        B-5        45660N2D6     CC                   B

          Residential Asset Securitization Trust 2004-A8
                          Series 2004-H

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        45660N4V4     BB                   A
        B-3        45660N4W2     CCC                  BBB
        B-4        45660N4X0     CCC                  BB
        B-5        45660N4Y8     CC                   B

          Residential Asset Securitization Trust 2004-A9
                          Series 2004-I

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        45660N5R2     AAA                  AAA/Watch Neg
   A-2        45660N5S0     AAA                  AAA/Watch Neg
   A-3        45660N5T8     AAA                  AAA/Watch Neg
   A-4        45660N5U5     AAA                  AAA/Watch Neg
   A-5        45660N5V3     AAA                  AAA/Watch Neg
   A-9        45660N5Z4     AAA                  AAA/Watch Neg
   A-10       45660N6A8     AAA                  AAA/Watch Neg
   PO         45660N6B6     AAA                  AAA/Watch Neg
   A-X        45660N6C4     AAA                  AAA/Watch Neg
   B-1        45660N6E0     CCC                  AA/Watch Neg
   B-2        45660N6F7     CC                   A/Watch Neg
   B-3        45660N6G5     CC                   BBB/Watch Neg
   B-4        45660N6H3     CC                   BB/Watch Neg

         Residential Asset Securitization Trust 2004-IP2
                         Series 2004-IP2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        45660LAV1     B                    A
        B-3        45660LAW9     CCC                  BBB
        B-4        45660LAX7     CC                   BB
        B-5        45660LAY5     D                    B

                         Ratings Affirmed

                Alternative Loan Trust 2002-8 CHL?
                          Series 2002-13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        12669CE48     AAA
                 A-5        12669CE55     AAA
                 A-6        12669CE63     AAA
                 A-8        12669CE89     AAA
                 A-9        12669CE97     AAA
                 PO         12669CF47     AAA

          Banc of America Alternative Loan Trust 2003-1
                          Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        05948KAA7     AAA
                 A-2        05948KAB5     AAA
                 A-3        05948KAC3     AAA
                 A-4        05948KAD1     AAA
                 A-5        05948KAE9     AAA
                 A-6        05948KAF6     AAA
                 A-WIO      05948KAJ8     AAA
                 A-PO       05948KAK5     AAA
                 B-1        05948KAL3     AA+
                 B-2        05948KAM1     A+
                 B-3        05948KAN9     BBB+

          Banc of America Alternative Loan Trust 2003-2
                          Series 2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 CB-1       05948KAS8     AAA
                 CB-2       05948KAT6     AAA
                 CB-3       05948KAU3     AAA
                 CB-4       05948KAV1     AAA
                 CB-5       05948KAW9     AAA
                 CB-6       05948KAX7     AAA
                 CB-7       05948KAY5     AAA
                 CB-WIO     05948KBB4     AAA
                 NC-1       05948KBC2     AAA
                 NC-2       05948KBD0     AAA
                 NC-3       05948KBE8     AAA
                 NC-4       05948KBF5     AAA
                 NC-5       05948KBG3     AAA
                 NC-WIO     05948KBH1     AAA
                 PO         05948KBJ7     AAA
                 B-1        05948KBK4     AA+
                 B-2        05948KBL2     A+
                 B-3        05948KBM0     BBB
                 B-4        05948KBP3     BB

         Residential Asset Securitization Trust 2002-A13
                          Series 2002-M

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        45660NJM8     AAA
                 A-5        45660NJN6     AAA
                 A-6        45660NJP1     AAA
                 PO         45660NJG1     AAA
                 A-X        45660NJW6     AAA
                 B-1        45660NJQ9     AA+
                 B-2        45660NJR7     AA
                 B-3        45660NJS5     A

         Residential Asset Securitization Trust 2002-A16
                          Series 2002-P

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        45660NLX1     AAA
                 PO         45660NLY9     AAA
                 A-X        45660NLZ6     AAA
                 B-1        45660NMB8     AA+
                 B-2        45660NMC6     AA
                 B-3        45660NMD4     A-

          Residential Asset Securitization Trust 2003-A1
                          Series 2003-A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NMJ1     AAA
                 A-2        45660NMK8     AAA
                 A-3        45660NML6     AAA
                 A-4        45660NMM4     AAA
                 A-11       45660NMU6     AAA
                 A-12       45660NMV4     AAA
                 PO         45660NMW2     AAA
                 A-X        45660NMY8     AAA
                 B-1        45660NMZ5     AA+
                 B-2        45660NNA9     AA
                 B-3        45660NNB7     A

         Residential Asset Securitization Trust 2003-A10
                          Series 2003-J

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NUD5     AAA
                 A-2        45660NUE3     AAA
                 A-3        45660NUF0     AAA
                 A-4        45660NUG8     AAA
                 A-5        45660NUH6     AAA
                 PO         45660NUJ2     AAA
                 A-X        45660NUK9     AAA
                 B-1        45660NUM5     AA
                 B-2        45660NUN3     A

         Residential Asset Securitization Trust 2003-A11
                          Series 2003-K

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        45660NUU7     AAA
                 A-3        45660NUV5     AAA
                 A-6        45660NUY9     AAA
                 A-8        45660NVG7     AAA
                 A-9        45660NVH5     AAA
                 PO         45660NVA0     AAA
                 A-X        45660NVB8     AAA
                 B-1        45660NVD4     AA
                 B-2        45660NVE2     A

         Residential Asset Securitization Trust 2003-A12
                          Series 2003-L

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NVM4     AAA
                 A-2        45660NVN2     AAA
                 A-3        45660NVP7     AAA
                 PO         45660NVQ5     AAA
                 A-X        45660NVR3     AAA
                 B-1        45660NVT9     AA
                 B-2        45660NVU6     A
                 B-3        45660NVV4     BBB

         Residential Asset Securitization Trust 2003-A13
                          Series 2003-M

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NVZ5     AAA
                 A-2        45660NWA9     AAA
                 A-3        45660NWB7     AAA
                 A-4        45660NWC5     AAA
                 A-5        45660NWD3     AAA
                 PO         45660NWJ0     AAA
                 A-X        45660NWK7     AAA
                 B-1        45660NWE1     AA
                 B-2        45660NWF8     A

         Residential Asset Securitization Trust 2003-A14
                          Series 2003-N

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NXN0     AAA
                 PO         45660NXP5     AAA
                 A-X        45660NXQ3     AAA

         Residential Asset Securitization Trust 2003-A15
                          Series 2003-O

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      45660NWS0     AAA
                 1-A-2      45660NWT8     AAA
                 1-A-3      45660NWU5     AAA
                 1-A-7      45660NWY7     AAA
                 1-A-8      45660NWZ4     AAA
                 1-A-X      45660NXA8     AAA
                 1-PO       45660NXB6     AAA
                 2-A-1      45660NXC4     AAA
                 2-A-2      45660NXD2     AAA
                 2-A-3      45660NXE0     AAA
                 2-A-4      45660NXF7     AAA
                 2-A-5      45660NXG5     AAA
                 2-A-X      45660NXH3     AAA
                 B-1        45660NXK6     AA
                 B-2        45660NXL4     A
                 B-3        45660NXM2     BBB

          Residential Asset Securitization Trust 2003-A2
                          Series 2003-B

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NNG6     AAA
                 A-2        45660NNH4     AAA
                 A-3        45660NNJ0     AAA
                 A-8        45660NNP6     AAA
                 A-9        45660NNQ4     AAA
                 PO         45660NNR2     AAA
                 A-X        45660NNS0     AAA
                 B-1        45660NNU5     AA+
                 B-2        45660NNV3     AA
                 B-3        45660NNW1     BBB+
                 B-4        45660NNX9     BB

          Residential Asset Securitization Trust 2003-A5
                          Series 2003-E

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NPZ2     AAA
                 A-2        45660NQA6     AAA
                 A-3        45660NQB4     AAA
                 A-4        45660NQC2     AAA
                 A-5        45660NQD0     AAA
                 A-6        45660NQE8     AAA
                 A-7        45660NQF5     AAA
                 PO         45660NQG3     AAA
                 A-X        45660NQM0     AAA
                 B-1        45660NQJ7     AA
                 B-2        45660NQK4     A
                 B-3        45660NQL2     BBB

          Residential Asset Securitization Trust 2003-A6
                          Series 2003-F

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NQR9     AAA
                 A-2        45660NQS7     AAA
                 A-3        45660NQT5     AAA
                 A-4        45660NQU2     AAA
                 A-5        45660NQV0     AAA
                 A-6        45660NQW8     AAA
                 A-7        45660NQX6     AAA
                 PO         45660NQY4     AAA
                 A-X        45660NQZ1     AAA
                 B-1        45660NRB3     AA
                 B-2        45660NRC1     A

          Residential Asset Securitization Trust 2003-A8
                          Series 2003-H

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NRL1     AAA
                 A-2        45660NRM9     AAA
                 A-3        45660NRN7     AAA
                 A-4        45660NRP2     AAA
                 A-5        45660NRQ0     AAA
                 PO         45660NRR8     AAA
                 A-X        45660NRS6     AAA
                 B-1        45660NRV9     AA
                 B-2        45660NRW7     A
                 B-3        45660NRU1     BBB

          Residential Asset Securitization Trust 2003-A9
                          Series 2003-I

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NSW6     AAA
                 A-2        45660NSX4     AAA
                 A-3        45660NSY2     AAA
                 A-4        45660NSZ9     AAA
                 A-5        45660NTA3     AAA
                 A-7        45660NTC9     AAA
                 A-8        45660NTD7     AAA
                 PO         45660NTE5     AAA
                 A-X        45660NTF2     AAA
                 B-1        45660NTH8     AA
                 B-2        45660NTJ4     A

          Residential Asset Securitization Trust 2004-A1
                          Series 2004-A

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NZE8     AAA
                 A-2        45660NZF5     AAA
                 A-3        45660NZG3     AAA
                 A-4        45660NZH1     AAA
                 A-5        45660NZJ7     AAA
                 A-6        45660NZK4     AAA
                 PO         45660NZM0     AAA
                 A-X        45660NZN8     AAA
                 B-1        45660NZQ1     AA
                 B-2        45660NZR9     A

         Residential Asset Securitization Trust 2004-A10
                          Series 2004-J

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660LBV0     AAA
                 A-2        45660LBW8     AAA
                 A-3        45660LCH0     AAA
                 PO         45660LBX6     AAA
                 A-X        45660LBY4     AAA

         Residential Asset Securitization Trust 2004-A2
                          Series 2004-A2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      45660NB20     AAA
                 1-A-2      45660NB38     AAA
                 1-A-3      45660NB46     AAA
                 1-A-4      45660NB53     AAA
                 1-A-8      45660NB95     AAA
                 1-A-9      45660NC29     AAA
                 1-A-10     45660NC94     AAA
                 1-A-X      45660NC45     AAA
                 1-PO       45660NC37     AAA
                 2-A-1      45660ND28     AAA
                 2-A-2      45660ND36     AAA
                 1-B-1      45660NC60     AA
                 1-B-2      45660NC78     A

          Residential Asset Securitization Trust 2004-A3
                          Series 2004-C

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NE92     AAA
                 A-2        45660NF26     AAA
                 A-3        45660NF34     AAA
                 A-4        45660NF42     AAA
                 A-6        45660NF67     AAA
                 A-7        45660NF75     AAA
                 A-X        45660NF91     AAA
                 PO         45660NF83     AAA
                 B-1        45660NG33     AA
                 B-2        45660NG41     A

         Residential Asset Securitization Trust 2004-A4
                          Series 2004-D

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        45660NJ55     AAA
                 A-5        45660NJ63     AAA
                 A-6        45660NJ71     AAA
                 A-7        45660NJ89     AAA
                 A-8        45660NJ97     AAA
                 A-9        45660NK20     AAA
                 A-10       45660NK38     AAA
                 A-11       45660NK46     AAA
                 A-13       45660NK61     AAA
                 A-14       45660NK79     AAA
                 A-15       45660NK87     AAA
                 PO         45660NK95     AAA
                 A-X        45660NL29     AAA
                 B-1        45660NL45     AA

         Residential Asset Securitization Trust 2004-A5
                          Series 2004-E

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NM93     AAA
                 PO         45660NN27     AAA
                 A-X        45660NN35     AAA

         Residential Asset Securitization Trust 2004-A7
                          Series 2004-G

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660NU86     AAA
                 A-2        45660NU94     AAA
                 A-3        45660NV28     AAA
                 A-4        45660NV36     AAA
                 A-5        45660NV44     AAA
                 A-6        45660NV51     AAA
                 PO         45660NV69     AAA
                 A-X        45660NV77     AAA
                 B-1        45660NV93     AA

         Residential Asset Securitization Trust 2004-A8
                          Series 2004-H

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45660N4H5     AAA
                 A-2        45660N4J1     AAA
                 A-3        45660N4K8     AAA
                 A-4        45660N4L6     AAA
                 A-5        45660N4M4     AAA
                 A-6        45660N4N2     AAA
                 A-7        45660N4P7     AAA
                 A-8        45660N4Q5     AAA
                 PO         45660N4R3     AAA
                 A-X        45660N4S1     AAA
                 B-1        45660N4U6     AA

         Residential Asset Securitization Trust 2004-IP2
                         Series 2004-IP2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      45660LAN9     AAA
                 1-A-2      45660LBB4     AAA
                 2-A-1      45660LAP4     AAA
                 2-A-2      45660LAQ2     AAA
                 2-A-3      45660LBC2     AAA
                 3-A-1      45660LAR0     AAA
                 3-A-2      45660LBD0     AAA
                 4-A        45660LAS8     AAA
                 B-1        45660LAU3     AA


* S&P Downgrades Ratings on 245 Classes from 20 Prime Jumbo RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered on May 18, 2009, its
ratings on 245 classes from 20 U.S. Alternative-A and prime jumbo
residential mortgage-backed securities transactions issued in
2005.  S&P removed 201 of the lowered ratings from CreditWatch
with negative implications.  Additionally, S&P affirmed its
ratings on 67 classes from the same transactions and removed 31 of
the affirmed ratings from CreditWatch negative.  Rating actions on
the A-1 and A-2 classes from Impac CMB Trust Series 2005-7 reflect
the downgrade of the related bond insurer, Ambac Assurance Corp.

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.

As part of S&P's analysis, S&P considered the characteristics of
the underlying mortgage collateral as well as macroeconomic
influences.  For example, the risk profile of the underlying
mortgage pools influences S&P's default projections, while S&P's
outlook for housing price declines and the health of the housing
market influence S&P's loss severity assumptions.  Furthermore,
for each deal, S&P adjusted its loss expectations based on upward
trends in delinquencies.

To maintain a 'AAA' rating, S&P consider whether a class in an
Alt-A transaction 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 assumption. 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.  For prime jumbo
transactions a class may have to withstand approximately 127% of
S&P's base-case loss assumptions in order to maintain a 'BB'
rating, while a different class may have to withstand
approximately 154% 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 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, given out current
projected losses.  The affirmations reflect S&P's belief that
there is sufficient credit enhancement to support the ratings at
their current levels.  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 subordination of classes within each structure
provides credit support for the affected transactions.

The collateral backing these deals originally consisted
predominantly either Alt-A, first-lien, fixed-rate, adjustable-
rate, or negative-amortization residential mortgage loans or prime
jumbo fixed- and adjustable-rate 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, 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 deem
appropriate.

                          Rating Actions

             Adjustable Rate Mortgage Trust 2005-12
                       Series      2005-12

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      2254W0MD4     A                    AAA/Watch Neg
   1-A-2      2254W0ME2     CCC                  B/Watch Neg
   2-A-1      2254W0MF9     A                    AAA/Watch Neg
   2-A-2      2254W0MG7     CCC                  B/Watch Neg
   3-A-1      2254W0MH5     A                    AAA/Watch Neg
   3-A-2      2254W0MJ1     CCC                  B/Watch Neg
   4-A-1      2254W0MK8     A                    AAA/Watch Neg
   4-A-2      2254W0ML6     CCC                  B/Watch Neg
   C-B-1      2254W0MU6     CC                   CCC
   C-B-2      2254W0MV4     D                    CC
   5-A-1      2254W0MM4     A                    AAA/Watch Neg
   5-A-2      2254W0MN2     BB                   BB/Watch Neg

                  Alternative Loan Trust 2005-17
                       Series      2005-17

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667GRV7     AAA                  AAA/Watch Neg
   1-A-2      12667GRW5     B                    AAA/Watch Neg
   1-A-3      12667GRX3     B-                   AAA/Watch Neg
   1-X-1      12667GRY1     AAA                  AAA/Watch Neg
   1-X-2      12667GRZ8     AAA                  AAA/Watch Neg
   1-X-3      12667GSA2     AAA                  AAA/Watch Neg
   1-M-1      12667GSH7     CCC                  AA+/Watch Neg
   1-M-2      12667GSJ3     CCC                  AA+/Watch Neg
   1-M-3      12667GSK0     CC                   AA+/Watch Neg
   1-M-4      12667GSL8     CC                   AA/Watch Neg
   1-M-5      12667GSM6     CC                   AA-/Watch Neg
   1-M-6      12667GSN4     CC                   A/Watch Neg
   1-B-1      12667GSQ7     CC                   BBB+/Watch Neg
   1-B-2      12667GSR5     CC                   BBB/Watch Neg
   1-B-3      12667GTC7     CC                   BB/Watch Neg
   2-A-1      12667GSB0     A                    AAA/Watch Neg
   2-A-2      12667GSC8     B                    AAA/Watch Neg
   2-A-3      12667GSD6     B-                   AAA/Watch Neg
   2-X        12667GSE4     A                    AAA/Watch Neg
   2-M-1      12667GST1     CC                   AA+/Watch Neg
   2-B-1      12667GTA1     CC                   A+/Watch Neg
   2-B-2      12667GTB9     CC                   BBB/Watch Neg

                  Alternative Loan Trust 2005-24
                       Series      2005-24

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667GNS8     B+                   AAA/Watch Neg
   1-A-2      12667GNT6     B-                   AAA/Watch Neg
   1-A-X      12667GNU3     B+                   AAA
   2A-1A      12667GNV1     B+                   AAA/Watch Neg
   2-A-1B     12667GUY7     A                    AAA
   2-A-1C     12667GUZ4     B+                   AAA
   2-A-2      12667GNW9     B-                   AAA/Watch Neg
   2-A-X      12667GNX7     A                    AAA
   3-A-1      12667GNY5     BB                   AAA/Watch Neg
   3-A-2      12667GNZ2     B                    AAA/Watch Neg
   4-A-2      12667GPC1     BBB                  AAA/Watch Neg
   4-A-3      12667GPD9     B                    AAA/Watch Neg
   I-M        12667GPE7     CC                   BB/Watch Neg
   II-M       12667GPL1     CC                   BB/Watch Neg
   I-B1       12667GPF4     CC                   CCC
   II-B1      12667GPM9     CC                   B/Watch Neg
   II-B2      12667GPN7     CC                   CCC

                  Alternative Loan Trust 2005-38
                       Series      2005-28

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        12667GY98     A                    AAA
   A-2        12667GZ22     B                    AAA
   A-3        12667GZ30     A                    AAA
   A-4        12667GZ48     B                    AAA
   A-6        12667GZ63     B                    AAA
   M-X        12667GZ89     CC                   AAA
   M          12667G2A0     CC                   BB/Watch Neg
   B-1        12667G2B8     CC                   B/Watch Neg

                  Alternative Loan Trust 2005-44
                       Series      2005-44

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667G3L5     BBB                  AAA
   1-A-2B     12667G3N1     B                    AAA
   1-A-3B     12667G3Q4     AAA                  AAA/Watch Neg
   1-A-3C     12667G3R2     CCC                  AAA/Watch Neg
   2-A-1      12667G3S0     BB                   AAA
   2-A-2B     12667G3U5     B                    AAA/Watch Neg
   2-A-3C     12667G3X9     CCC                  AAA/Watch Neg
   2X         12667G4C4     BB                   AAA
   M          12667G4D2     CC                   AA/Watch Neg
   B-1        12667G4E0     CC                   A/Watch Neg
   B-2        12667G4F7     CC                   BBB/Watch Neg

                  Alternative Loan Trust 2005-51
                       Series      2005-51

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12668ACG8     BB                   AAA
   1-A-2A     12668ACH6     BBB                  AAA/Watch Neg
   1-A-2B     12668ACJ2     B                    AAA/Watch Neg
   1-A-3B     12668ACL7     CCC                  AAA/Watch Neg
   1-A-3C     12668ACM5     CCC                  AAA/Watch Neg
   1-X        12668ACN3     BBB                  AAA
   2-A-1      12668ACP8     BB                   AAA
   2-A-2A     12668ACQ6     AAA                  AAA/Watch Neg
   2-A-2B     12668ACR4     B                    AAA/Watch Neg
   2-A-3B     12668ACT0     B                    AAA/Watch Neg
   2-A-3C     12668ACU7     CCC                  AAA/Watch Neg
   3-A-1      12668ACW3     CCC                  AAA/Watch Neg
   3-A-2A     12668ACY9     BB                   AAA
   3-A-3A     12668ACZ6     BB                   AAA
   3-A-B2     12668ADB8     CCC                  AAA/Watch Neg
   3-A-B3     12668ARF4     CCC                  AAA/Watch Neg
   4-A-1      12668AQH1     BB                   AAA
   4-A-2      12668AQJ7     B-                   AAA/Watch Neg
   4-A-3      12668AQK4     CCC                  AAA/Watch Neg
   3-X-1      12668ACX1     BB                   AAA
   4-X        12668AQL2     BB                   AAA
   M          12668ADD4     CC                   AA/Watch Neg
   B-1        12668ADE2     CC                   A/Watch Neg
   B-2        12668ADF9     CC                   BBB/Watch Neg

                  Alternative Loan Trust 2005-72
                       Series      2005-72

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        12668A3P8     B                    AAA
        A-3        12668A3Q6     B                    AAA
        A-4        12668A3R4     CCC                  AAA

              CHL Mortgage Pass-Through Trust 2005-9
                        Series      2005-9

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12669GYY1     AAA                  AAA/Watch Neg
   1-A-2      12669GYZ8     B-                    AAA/Watch Neg
   1-A-3      12669GZQ7     AAA                  AAA/Watch Neg
   1-A-5      12669GZS3     BBB                  AAA/Watch Neg
   1-A-6      12669GZT1     B                    AAA/Watch Neg
   1-X        12669GZA2     AAA                  AAA/Watch Neg
   2-A-1      12669GZB0     B                    AAA/Watch Neg
   2-A-2      12669GZC8     B-                   AAA/Watch Neg
   2-X        12669GZD6     B                    AAA/Watch Neg
   M-X        12669GZF1     CCC                  AAA/Watch Neg
   M-1        12669GZG9     CCC                  AA+/Watch Neg
   M-2        12669GZU8     CCC                  AA+/Watch Neg
   M-3        12669GZV6     CCC                  AA+/Watch Neg
   M-4        12669GZW4     CC                   AA/Watch Neg
   M-5        12669GZX2     CC                   A+/Watch Neg
   M-6        12669GZY0     CC                   A/Watch Neg
   B-1        12669GZH7     CC                   BBB+/Watch Neg
   B-2        12669GZJ3     CC                   BBB/Watch Neg
   B-3        12669GZK0     CC                   BB/Watch Neg

              HarborView Mortgage Loan Trust 2005-3
                        Series      2005-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A        41161PMF7     B                    AAA/Watch Neg
   2-A1B      41161PMH3     AAA                  AAA/Watch Neg
   2-A1C      41161PMJ9     B                    AAA/Watch Neg
   2-A2       41161PMK6     B                    AAA/Watch Neg
   PO-1       41161PMN0     B                    AAA
   PO-2       41161PNM1     B                    AAA/Watch Neg
   B-1        41161PMP5     CC                   AA/Watch Neg
   B-2        41161PMQ3     CC                   A/Watch Neg
   B-3        41161PMR1     CC                   BB/Watch Neg
   B-4        41161PMS9     CC                   B/Watch Neg
   B-5        41161PMT7     CC                   CCC

              HarborView Mortgage Loan Trust 2005-7
                        Series      2005-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1       41161PPN7     B+                   AAA/Watch Neg
   1-A2       41161PPP2     B-                   AAA/Watch Neg
   1-X        41161PPT4     B+                   AAA
   1-PO       41161PPV9     B-                   AAA/Watch Neg
   2-A2B      41161PPS6     B-                   AAA/Watch Neg
   2-PO       41161PPW7     B-                   AAA/Watch Neg
   1-B1       41161PPX5     CC                   AA/Watch Neg
   2-B1       41161PPY3     CC                   AA/Watch Neg
   1-B2       41161PPZ0     CC                   A/Watch Neg
   2-B2       41161PQA4     CC                   A/Watch Neg
   1-B3       41161PQB2     CC                   B/Watch Neg
   2-B3       41161PQC0     CC                   BB/Watch Neg

                  Impac CMB Trust Series 2005-4
                        Series      2005-4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1A     45254NPA9     AA                   AAA
   1-A-1B     45254NPB7     AA                   AAA
   1-A-2      45254NPC5     B                    AAA/Watch Neg
   1-M-1      45254NPG6     CCC                  AA+/Watch Neg
   1-M-2      45254NPH4     CCC                  AA/Watch Neg
   1-M-3      45254NPJ0     CC                   AA-/Watch Neg
   1-M-4      45254NPK7     CC                   BBB/Watch Neg
   1-M-5      45254NPL5     CC                   B/Watch Neg
   1-M-6      45254NPM3     CC                   CCC

                  Impac CMB Trust Series 2005-7
                        Series      2005-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        45254NQX8     A                    AA+/Watch Neg
   A-2        45254NQY6     A                    AA+/Watch Neg
   M-1        45254NQZ3     CC                   AA/Watch Neg
   M-2        45254NRA7     CC                   AA-/Watch Neg
   M-3        45254NRB5     CC                   BBB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2005-AR13
                      Series      2005-AR13

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      45660LQW2     B                    AAA/Watch Neg
   1-X        45660LQX0     B                    AAA/Watch Neg
   2-A-1      45660LQY8     BBB                  AAA/Watch Neg
   2-A-2      45660LQZ5     B                    AAA/Watch Neg
   2-X        45660LRA9     BBB                  AAA/Watch Neg
   3-A-1      45660LRB7     BBB                  AAA/Watch Neg
   3-A-2      45660LRC5     B                    AAA/Watch Neg
   3-X        45660LRD3     BBB                  AAA/Watch Neg
   4-A-1      45660LRE1     A                    AAA/Watch Neg
   4-A-2      45660LRF8     B                    AAA/Watch Neg
   4-X        45660LRG6     B                    AAA/Watch Neg
   5-A-1      45660LRH4     AAA                  AAA/Watch Neg
   5-A-2      45660LRJ0     B                    AAA/Watch Neg
   5-X        45660LRK7     AAA                  AAA/Watch Neg
   B-1        45660LRM3     CCC                  AA/Watch Neg
   B-2        45660LRN1     CC                   A/Watch Neg
   B-3        45660LRP6     CC                   BBB/Watch Neg

                 JPMorgan Mortgage Trust 2005-A2
                       Series      2005-A2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      466247NK5     AAA                  AAA/Watch Neg
   1-A-2      466247NL3     AAA                  AAA/Watch Neg
   2-A-1      466247NM1     AAA                  AAA/Watch Neg
   2-A-2      466247NN9     AAA                  AAA/Watch Neg
   3-A-1      466247NP4     AAA                  AAA/Watch Neg
   3-A-2      466247NQ2     AAA                  AAA/Watch Neg
   3-A-3      466247NR0     AAA                  AAA/Watch Neg
   3-A-4      466247NS8     AAA                  AAA/Watch Neg
   4-A-1      466247NT6     AAA                  AAA/Watch Neg
   5-A-1      466247NU3     AAA                  AAA/Watch Neg
   5-A-2      466247NV1     AAA                  AAA/Watch Neg
   5-A-3      466247NW9     AAA                  AAA/Watch Neg
   6-A-1      466247NX7     AAA                  AAA/Watch Neg
   6-A-2      466247NY5     AAA                  AAA/Watch Neg
   7-CB-1     466247NZ2     AAA                  AAA/Watch Neg
   7-CB-2     466247PA5     AAA                  AAA/Watch Neg
   8-A-1      466247PB3     AAA                  AAA/Watch Neg
   9-A-1      466247PC1     AAA                  AAA/Watch Neg
   B-1        466247PE7     A                    AA/Watch Neg
   B-2        466247PF4     B                    A/Watch Neg
   B-3        466247PG2     CCC                  BBB/Watch Neg
   B-4        466247PH0     CCC                  BB/Watch Neg
   B-5        466247PJ6     CC                   B/Watch Neg

           MASTR Adjustable Rate Mortgage Trust 2005-6
                       Series      2005-6

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      576433ZX7     B                    AAA/Watch Neg
   1-A-X      576433ZY5     B                    AAA/Watch Neg
   2-A-1      576433ZZ2     B                    AAA/Watch Neg
   2-A-X      576433A22     B                    AAA/Watch Neg
   3-A-1      576433A30     B                    AAA/Watch Neg
   3-A-2      576433C46     B                    AAA/Watch Neg
   3-A-X      576433A48     B                    AAA/Watch Neg
   4-A-1      576433A55     BB                   AAA/Watch Neg
   4-A-2      576433A63     B                    AAA/Watch Neg
   5-A-1      576433A71     B                    AAA/Watch Neg
   5-A-2      576433C53     B                    AAA/Watch Neg
   5-A-X      576433A97     B                    AAA/Watch Neg
   6-A-1      576433A89     B                    AAA/Watch Neg
   7-A-1      576433B21     B                    AAA/Watch Neg
   B-1        576433B54     CCC                  AA/Watch Neg
   B-2        576433B62     CC                   A/Watch Neg
   B-3        576433B70     CC                   BBB/Watch Neg

  Structured Adjustable Rate Mortgage Loan Trust Series 2005-12
                       Series      2005-12

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1       863579SQ2     BB                   AAA/Watch Neg
   1-A2       863579SR0     B                    AAA/Watch Neg
   2-A1       863579SS8     BB                   AAA/Watch Neg
   2-A2       863579ST6     B                    AAA/Watch Neg
   3-A1       863579SU3     BBB                  AAA/Watch Neg
   3-A2       863579SV1     B                    AAA/Watch Neg
   4-A1       863579SW9     BB                   AAA/Watch Neg
   4-A2       863579SX7     B                    AAA/Watch Neg
   5-A        863579SY5     B                    AAA/Watch Neg
   5-AX       863579SZ2     B                    AAA
   B-1        863579TA6     CCC                  AA+/Watch Neg
   B-2        863579TB4     CC                   AA/Watch Neg
   B-3        863579TC2     CC                   A/Watch Neg
   B-4        863579TD0     CC                   BBB-/Watch Neg
   B-5        863579TE8     CC                   BB/Watch Neg
   B-6        863579TF5     CC                   B/Watch Neg
   B-7        863579TG3     CC                   B/Watch Neg

     Structured Asset Mortgage Investments II Trust 2005-AR4
                      Series      2005-AR4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        86359LLZ0     B+                   AAA/Watch Neg
   A-2        86359LMA4     CCC                  AAA/Watch Neg
   A-3        86359LMB2     B-                   AAA/Watch Neg
   A-4        86359LMC0     CCC                  AAA/Watch Neg
   X-1        86359LMD8     B+                   AAA/Watch Neg
   X-2        86359LNX3     B-                   AAA/Watch Neg
   M-X        86359LME6     CC                   AA+/Watch Neg
   M-1        86359LMJ5     CC                   AA+/Watch Neg
   M-2        86359LMK2     CC                   AA+/Watch Neg
   M-3        86359LML0     CC                   AA/Watch Neg
   M-4        86359LMM8     CC                   AA-/Watch Neg
   M-5        86359LMN6     CC                   A+/Watch Neg
   M-6        86359LMP1     CC                   A/Watch Neg
   B-1        86359LMQ9     CC                   BBB+/Watch Neg
   B-2        86359LMR7     CC                   BBB/Watch Neg
   B-3        86359LMS5     CC                   BBB-/Watch Neg

  WaMu Mortgage Pass Through Certificates Series 2005-AR13 Trust
                      Series      2005-AR13

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1C3      92922F4V7     BB                   AAA
   A-1C4      92922F4W5     BB                   AAA
   B-1        92922F4Y1     CCC                  AA+/Watch Neg
   B-2        92922F4Z8     CCC                  AA/Watch Neg
   B-3        92922F5A2     CCC                  AA-/Watch Neg
   B-4        92922F5B0     CCC                  A+/Watch Neg
   B-5        92922F5C8     CCC                  A/Watch Neg
   B-6        92922F5D6     CC                   A-/Watch Neg
   B-7        92922F5E4     CC                   BBB+/Watch Neg
   B-8        92922F5F1     CC                   BB+/Watch Neg
   B-10       92922F5M6     CC                   B/Watch Neg
   B-11       92922F5N4     CC                   CCC
   B-12       92922F5P9     CC                   CCC
   B-9        92922F5G9     CC                   B+/Watch Neg

  WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust
                      Series      2005-AR15

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1C2      92922F6A1     A                    AAA/Watch Neg
   A-1C3      92922F6B9     B                    AAA/Watch Neg
   A-1C4      92922F6C7     B                    AAA/Watch Neg
   B-1        92922F6E3     CCC                  AA+/Watch Neg
   B-2        92922F6F0     CCC                  AA/Watch Neg
   B-3        92922F6G8     CCC                  AA-/Watch Neg
   B-4        92922F6H6     CCC                  A+/Watch Neg
   B-5        92922F6J2     CCC                  BBB-/Watch Neg
   B-6        92922F6K9     CC                   BB/Watch Neg
   B-7        92922F6L7     CC                   B/Watch Neg
   B-8        92922F6M5     CC                   B-/Watch Neg
   B-9        92922F6N3     CC                   CCC
   B-10       92922F6Q6     CC                   CCC
   B-11       92922F6R4     CC                   CCC
   B-12       92922F6S2     CC                   CCC

  WaMu Mortgage Pass-Through Certificates Series 2005-AR9 Trust
                       Series      2005-AR9

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   B-1        92922FV39     BB                   AA/Watch Neg
   B-2        92922FV47     CCC                  A/Watch Neg
   B-3        92922FV54     CCC                  BBB/Watch Neg
   B-4        92922FV70     CC                   B/Watch Neg

                         Ratings Affirmed

                  Alternative Loan Trust 2005-24
                       Series      2005-24

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-A-X     12667GPA5     AAA
                 4-A-1      12667GPB3     AAA

                  Alternative Loan Trust 2005-38
                       Series      2005-28

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5        12667GZ55     AAA
                 X          12667GZ71     AAA

                  Alternative Loan Trust 2005-44
                       Series      2005-44

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-2A     12667G3M3     AAA
                 1X         12667G4B6     AAA

                  Alternative Loan Trust 2005-51
                       Series      2005-51

                 Class      CUSIP         Rating
                 -----      -----         ------
                 3-A-B1     12668ADA0     AAA
                 2-X        12668ACV5     AAA
                 3-X-2      12668ADC6     AAA

                  Alternative Loan Trust 2005-72
                       Series      2005-72

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12668A3N3     AAA

              HarborView Mortgage Loan Trust 2005-3
                        Series      2005-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A1A      41161PMG5     AAA
                 X-1        41161PML4     AAA
                 X-2        41161PNK5     AAA

              HarborView Mortgage Loan Trust 2005-7
                       Series      2005-7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A1       41161PPQ0     AAA
                 2-X        41161PPU1     AAA

                  Impac CMB Trust Series 2005-4
                        Series      2005-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1      45254NPE1     AAA

WaMu Mortgage Pass Through Certificates Series 2005-AR13 Trust
                      Series      2005-AR13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1A1      92922F4M7     AAA
                 A-1A2      92922F4N5     AAA
                 A-1A3      92922F4P0     AAA
                 A-1B1      92922F4Q8     AAA
                 A-1B2      92922F4R6     AAA
                 A-1B3      92922F4S4     AAA
                 A-1C2      92922F4U9     AAA
                 X          92922F4X3     AAA

  WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust
                      Series      2005-AR15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1A1      92922F5T1     AAA
                 A-1A2      92922F5U8     AAA
                 A-1B1      92922F5V6     AAA
                 A-1B2      92922F5W4     AAA
                 A-1B3      92922F5X2     AAA
                 A-1B4      92922F5Y0     AAA
                 X          92922F6D5     AAA

  WaMu Mortgage Pass-Through Certificates Series 2005-AR9 Trust
                      Series      2005-AR9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1A       92922FU48     AAA
                 A-1B       92922FU55     AAA
                 A-1C3      92922FU89     AAA
                 A-2A       92922FU97     AAA
                 X          92922FV21     AAA


* S&P Junks Ratings on Seven Tranches From 12 Hybrid CDO Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 37
tranches from 12 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 25 of the downgraded tranches are on CreditWatch
with negative implications, indicating a significant likelihood of
further downgrades.

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 12 downgraded U.S. cash flow and hybrid transactions have a
total issuance amount of $5.556 billion.  Six of the 12 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.  Five of the 12 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 remaining
transaction is a CDO of CDOs that was collateralized at
origination primarily by notes from other CDOs, as well as by
tranches from RMBS and other SF transactions.  The CDO downgrades
reflect a number of factors, including credit deterioration and
recent negative rating actions on U.S. subprime RMBS.

In addition, Standard & Poor's reviewed the rating assigned to
Squared CDO 2007-1 Ltd. and, based on the current credit support
available to the tranches, has left the ratings at their current
levels.

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
-----------                   -----     --               ----
Altius II Funding Ltd.        A-1       BBB/Watch Neg    A+/Watch Neg
Altius II Funding Ltd.        A-2       B+/Watch Neg     BBB-/Watch Neg
Altius II Funding Ltd.        B         CC               CCC-
Duke Funding XI Ltd.          Sr Swap   CC               BB/Watch Neg
Duke Funding XI Ltd.          A-1E      CC               CCC+/Watch Neg
Duke Funding XI Ltd.          X         CC               CCC+/Watch Neg
E*Trade ABS CDO III Ltd.      A2        AA               AAA
E*Trade ABS CDO III Ltd.      B         CCC              BBB
E*Trade ABS CDO III Ltd.      C         CC               CCC-/Watch Neg
Jupiter High Grade CDO Ltd.   A-1A      A-/Watch Neg     AAA
Jupiter High Grade CDO Ltd.   A-1B      A-/Watch Neg     AAA
Jupiter High Grade CDO Ltd.   A-2       B/Watch Neg      AA/Watch Neg
Jupiter High Grade CDO Ltd.   B         CCC-/Watch Neg   BB-/Watch Neg
Jupiter High Grade CDO Ltd.   C         CC               CCC-/Watch Neg
Lakeside CDO I Ltd.           A-1       BBB+/Watch Neg   AAA
Mercury CDO 2004-1 Ltd.       A-2A      BBB/Watch Neg    AA+/Watch Neg
Mercury CDO 2004-1 Ltd.       A-2B      BBB/Watch Neg    AA+/Watch Neg
Mercury CDO 2004-1 Ltd.       B         CCC-/Watch Neg   BB+/Watch Neg
Mercury CDO 2004-1 Ltd.       C         CC               CCC-
Porter Square CDO I Ltd.      B         A+/Watch Neg     AAA/Watch Neg
Porter Square CDO I Ltd.      C         CCC/Watch Neg    B+/Watch Neg
Putnam Structured Product     A-1ST-a   A+/A-1/Watch Neg AAA/A-1+
  Funding 2003-1 Ltd.
Putnam Structured Product     A-1ST-b   A+/A-1/Watch Neg AAA/A-1+
  Funding 2003-1 Ltd.
Putnam Structured Product     A-1ST-c   A+/A-1/Watch Neg AAA/A-1+
  Funding 2003-1 Ltd.
Putnam Structured Product     A-2       BBB-/Watch Neg   AAA
  Funding 2003-1 Ltd.
Putnam Structured Product     B         B+/Watch Neg     A
  Funding 2003-1 Ltd.
Putnam Structured Product     C         CCC+/Watch Neg   BBB-
  Funding 2003-1 Ltd.
Reservoir Funding Ltd.        A-1-NV    BBB-/Watch Neg   AAA/Watch Neg
Reservoir Funding Ltd.        A-1-V     BBB-/Watch Neg   AAA/Watch Neg
Reservoir Funding Ltd.        A-2       CC               B/Watch Neg
South Coast Funding VI Ltd.   A-2       A/Watch Neg      AAA/Watch Neg
South Coast Funding VI Ltd.   B         B/Watch Neg      BBB/Watch Neg
South Coast Funding VI Ltd.   C         CC               CCC+
Tourmaline CDO I Ltd.         I         BB+/Watch Neg    AA
Vermeer Funding Ltd.          A-2       AA/Watch Neg     AAA
Vermeer Funding Ltd.          B         BB/Watch Neg     A+/Watch Neg
Vermeer Funding Ltd.          C         CC               CCC-/Watch Neg


                      Other Ratings Reviewed

           Transaction                   Class     Rating
           -----------                   -----     ------
           Altius II Funding Ltd.        C         CC
           Altius II Funding Ltd.        D         CC
           Duke Funding XI Ltd.          A-2E      CC
           Duke Funding XI Ltd.          A-3E      CC
           Duke Funding XI Ltd.          B-1E      CC
           E*Trade ABS CDO III Ltd.      A1        AAA
           E*Trade ABS CDO III Ltd.      Pref Shrs CC
           E*Trade ABS CDO III Ltd.      Series I  CC
           Mercury CDO 2004-1 Ltd.       A-1NV     AAA
           Mercury CDO 2004-1 Ltd.       A-1VA     AAA
           Mercury CDO 2004-1 Ltd.       A-1VB     AAA
           Porter Square CDO I Ltd.      A-2       AAA
           Porter Square CDO I Ltd.      A-3       AAA
           Reservoir Funding Ltd.        B         CC
           Reservoir Funding Ltd.        C         CC
           Reservoir Funding Ltd.        D         CC
           South Coast Funding VI Ltd.   A-1       AAA
           Squared CDO 2007-1 Ltd.       A-1       CC
           Squared CDO 2007-1 Ltd.       A-2a      CC
           Squared CDO 2007-1 Ltd.       A-2b      CC
           Squared CDO 2007-1 Ltd.       B         CC
           Squared CDO 2007-1 Ltd.       C         CC
           Squared CDO 2007-1 Ltd.       Comp Nts  AAA
           Squared CDO 2007-1 Ltd.       D         CC
           Squared CDO 2007-1 Ltd.       E         CC
           Tourmaline CDO I Ltd.         II        CC
           Tourmaline CDO I Ltd.         III       CC
           Tourmaline CDO I Ltd.         IV        CC
           Vermeer Funding Ltd.          A-1       AAA


* S&P Junks Ratings on 31 Classes From Four RMBS Transactions
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 50
classes from four residential mortgage-backed securities
transactions backed by U.S. Alternative-A and prime jumbo mortgage
loan collateral issued in 2005 and 2006.  S&P removed 22 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed its ratings on 19 classes from two of the
downgraded transactions and removed 14 of the affirmed ratings
from CreditWatch negative.

The downgrades, affirmations, and CreditWatch resolutions
incorporate current losses as well as projected losses based on
S&P's methodology and assumptions.  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.  The affirmed ratings reflect S&P's belief
that the amount of credit enhancement available for the classes is
sufficient to cover losses associated with the rating levels

For a list of publications detailing S&P's derivation of lifetime
losses for the reviewed transactions, refer to the "Related
Research" section below.

To maintain a 'AAA' rating for Alt-A transactions, 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.

To maintain a rating higher than 'B' for prime jumbo transactions,
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 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 subordination of more-junior classes within each structure
provides credit support for the affected transactions.  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.  Additionally, some
structures may utilize overcollateralization and excess interest
as credit enhancement.  The collateral backing these transactions
originally consisted predominantly of Alt-A or prime jumbo, fixed-
rate or adjustable-rate 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, 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

          Banc of America Alternative Loan Trust 2006-6
                        Series      2006-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        CB-1       059487AA6     CCC                  B
        CB-2       059487AB4     CCC                  B
        CB-3       059487AC2     BBB                  AA
        CB-4       059487AD0     CCC                  B
        CB-5       059487AE8     B                    BB
        CB-6       059487AF5     CCC                  B
        CB-7       059487AG3     CCC                  B
        CB-8       059487AH1     BBB                  AA
        CB-9       059487AJ7     BBB                  AA
        CB-10      059487AK4     BBB                  AA
        CB-11      059487AL2     BBB                  AA
        CB-IO      059487AN8     BBB                  AA
        2-A-5      059487AT5     CCC                  BB
        2-A-6      059487AU2     CCC                  BB
        2-A-7      059487AV0     CCC                  B
        2-A-8      059487AW8     CCC                  AA
        2-A-9      059487AX6     CCC                  B
        2-A-10     059487AY4     CCC                  B
        2-A-11     059487AZ1     CCC                  B
        2-A-12     059487BA5     CCC                  B
        2-A-13     059487BB3     CCC                  AA
        2-A-14     059487BC1     CCC                  AA
        2-A-15     059487BD9     CCC                  AA
        2-A-16     059487BE7     CCC                  AA
        2-IO       059487BF4     CCC                  AA
        X-PO       059487BG2     CCC                  B
        M          059487BH0     CC                   CCC

        First Horizon Mortgage Pass-Through Trust 2006-AR4
                       Series      2006-AR4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      32053AAA4     CCC                  BBB/Watch Neg
   I-A-2      32053AAB2     BBB                  AAA/Watch Neg
   I-A-3      32053AAC0     CCC                  BBB/Watch Neg
   I-A-IO     32053AAD8     BBB                  AAA/Watch Neg
   II-A-1     32053AAE6     BBB                  AAA/Watch Neg
   II-A-2     32053AAF3     CCC                  BBB/Watch Neg
   II-A-IO    32053AAG1     BBB                  AAA/Watch Neg
   III-A-1    32053AAH9     CCC                  BBB/Watch Neg

      Wells Fargo Mortgage Backed Securities 2005-AR1 Trust
                      Series      2005-AR1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      949781AA6     AAA                  AAA/Watch Neg
   I-A-2      949781AB4     AAA                  AAA/Watch Neg
   II-A-1     949781AC2     AAA                  AAA/Watch Neg
   II-A-IO                  AAA                  AAA/Watch Neg
   I-B-1      949781AG3     A                    AA/Watch Neg
   II-B-1     949781AK4     A                    AA/Watch Neg
   I-B-2      949781AH1     B                    A/Watch Neg
   II-B-2     949781AL2     B                    A/Watch Neg
   I-B-3      949781AJ7     CCC                  BBB/Watch Neg
   II-B-3     949781AM0     CCC                  BBB/Watch Neg
   I-B-4      949781AN8     CC                   BB/Watch Neg
   II-B-4     949781AR9     CC                   BB/Watch Neg
   I-B-5      949781AP3     CC                   B/Watch Neg
   II-B-5     949781AS7     CC                   CCC

      Wells Fargo Mortgage Backed Securities 2005-AR13 Trust
                      Series      2005-AR13

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      94983DAA3     AAA                  AAA/Watch Neg
   I-A-3      94983DAC9     AAA                  AAA/Watch Neg
   I-A-5      94983DAE5     AAA                  AAA/Watch Neg
   I-A-6      94983DAF2     AAA                  AAA/Watch Neg
   II-A-1     94983DAH8     AAA                  AAA/Watch Neg
   III-A-1    94983DAK1     AAA                  AAA/Watch Neg
   IV-A-1     94983DAL9     AAA                  AAA/Watch Neg
   A-1        94983DAM7     AAA                  AAA/Watch Neg
   A-2        94983DAN5     AAA                  AAA/Watch Neg
   A-3        94983DAP0     AAA                  AAA/Watch Neg
   B-1        94983DAQ8     BBB                  AA/Watch Neg
   B-2        94983DAR6     B                    A/Watch Neg
   B-3        94983DAS4     CCC                  BBB/Watch Neg
   B-4        94983DAT2     CC                   BB/Watch Neg
   B-5        94983DAU9     CC                   B/Watch Neg

                         Ratings Affirmed

      Wells Fargo Mortgage Backed Securities 2005-AR1 Trust
                      Series      2005-AR1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-IO     949781AF5     AAA

     Wells Fargo Mortgage Backed Securities 2005-AR13 Trust
                      Series      2005-AR13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-2      94983DAB1     AAA
                 I-A-4      94983DAD7     AAA
                 I-A-7      94983DAW5     AAA
                 II-A-2     94983DAJ4     AAA



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Ma. Theresa Amor J. Tan Singco, Ronald C. Sy, Joel Anthony
G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                  *** End of Transmission ***