TCR_Public/090614.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, June 14, 2009, Vol. 13, No. 163

                            Headlines


ALADDIN SYNTHETIC: S&P Withdraws 'CCC-' Ratings on Three Notes
AMMC VII: Moody's Junks Ratings on Class D & $3.3MM Securities
ARCAP 2005-RR5: S&P Downgrades Ratings on Class K Certs. to 'D'
ARES VIII: Moody's Downgrades Ratings on Various Classes of Notes
AUCTION PASS-THROUGH: Moody's Downgrades Ratings on 2007-T3 Certs.

AVENUE CLO: Moody's Downgrades Ratings on Various Classes of Notes
BABSON CLO: Moody's Puts 'Ba3' Rating on Class Q Combination Notes
BAKER STREET: Moody's Downgrades Ratings on 2005-1 Notes
BANC OF AMERICA: S&P Junks Ratings on Class K Mortgage Certs.
BEAR STEARNS: Fitch Puts Low-B Ratings on 6 Notes on Neg. Watch

BEAR STEARNS: Moody's Downgrades Rating on 41 Securities
BRYANT PARK: Moody's Junks Rating on $21MM Class C Sr. Sub. Notes
CALLIDUS DEBT: Moody's Downgrades Ratings on Various Classes
CITIGROUP MORTGAGE: Moody's Downgrades Ratings on 227 Tranches
COGECO CABLE: S&P Assigns Ratings on C$300 Mil. Senior Debentures

COMPUCREDIT CREDIT: Moody's Downgrades Ratings on 12 Classes
DUANE STREET: Moody's Junks Ratings on Class D & F Notes
DUKE FUNDING: S&P Corrects Ratings on Class A-1 Tranche to 'BB'
EMERSON PLACE: Moody's Junks Rating on $13 Million Class D Notes
FIRST NATIONAL: Fitch Cuts Rating on Class D Notes to 'BB'

G-FORCE 2005-RR2: S&P Downgrades Rating on Class N Notes to 'D'
GLENEAGLES CLO: Moody's Junks Rating on Class D Sr. Secured Notes
GREENBRIAR CDO: Moody's Junks Rating on $40MM Class D Notes
GREYWOLF CLO: Moody's Junks Rating on $30MM Class D Notes
GULF STREAM: Moody's Downgrades Ratings on Various 2005-II Notes

HEWETT'S ISLAND: Moody's Downgrades Ratings on Various Classes
IANUS CAPITAL: Moody's Assigns 'B2' Rating on EUR50 Mil. Notes
IMPAC CMB: Moody's Downgrades Ratings on 79 Tranches
ION MEDIA: S&P Withdraws 'D' Corporate Credit Rating
IXION PLC: S&P Downgrades Ratings on Series 26 & 27 to 'D'

JP MORGAN: Moody's Affirms Ratings on 19 2005-LDP2 Certificates
JPMCC 2006-LDP7: Fitch Puts Low-B Ratings on 3 Certs. on WatchNeg.
LANDMARK VI: Moody's Junks Rating on Class D of $15MM Notes
LATITUDE CLO: Moody's Junks Rating on Class C $13.30MM Notes
LB-UBS COMMERCIAL: Fitch Junks Rating on Class T of 2002-C7 Certs.

LIMEROCK CLO: Moody's Junks Ratings on Class C & J Notes
LONGSHORE CDO: S&P Corrects Ratings on Class A-1 Notes to 'CC'
MAGNOLIA FINANCE: S&P Downgrades Ratings on 2006-5A Notes to 'D'
MAMMOTH LAKES: S&P Downgrades Long-Term Rating on Certs. to 'BB'
MANUFACTURED HOUSING: S&P Corrects Ratings on 2 Certs. to BB-

MASTR ADJUSTABLE: Moody's Downgrades Ratings on 10 Classes
MAYPORT CLO: Moody's Cuts Rating on Class B-2L Notes to Ca
MERRILL LYNCH: Fitch Downgrades Rating on Class F Notes to 'B'
ML-CFC COMMERCIAL: Fitch Puts Ratings on Certs. on Negative Watch
ML-CFC COMMERCIAL: Fitch Puts Low-B Rtngs. on 7 Certs. on WatchNeg

MORGAN STANLEY: Fitch Junks Ratings on Class M & N of Certificates
MORGAN STANLEY: S&P Downgrades Rating on 2007-23 Notes to 'D'
MUNIMAE TE: Moody's Downgrades Ratings on $34 Mil. Notes to 'Ba1'
NATIONAL COLLEGIATE: Moody's Confirms Ratings on 10 Classes
NEW CENTURY: Moody's Downgrades Ratings on Two 2002-1 Notes

NOB HILL: Moody's Downgrades Ratings on Various Classes of Notes
PRIME MORTGAGE: Moody's Downgrades Ratings on 15 Tranches
PUNTO VERDE: S&P Downgrades Rating on $40 Mil. Notes to 'BB'
RAMP: Moody's Downgrades Ratings on 176 Securities
RED RIVER: Moody's Junks Rating on Class C of $40.50MM Notes

RMF FOUR: Fitch Upgrades Ratings on Four Classes of Notes
RMF FOUR: Moody's Upgrades Rating of Class M3 Notes From B1
SAGAMORE CLO: Moody's Junks Ratings on Class C-1 & C-2 Notes
SAGUARO ISSUER: Moody's Downgrades Ratings on Various Classes
SASCO SECURITIES: Moody's Downgrades Ratings on 10 Securities

SOLAR INVESTMENT: Moody's Cuts Ratings on Two Notes to Caa1
SPGS SPC: Recent Write-downs Prompts S&P's Rating Cut to 'D'
ST. LOUIS COUNTY: S&P Raises Rating on Bonds to 'AA+' From 'CC'
SUMMER REGIONAL: Fitch Cuts Ratings on $150 Mil. Bonds to 'B-'
TERWIN MORTGAGE: Moody's Downgrades Rating on 27 Securities

VERITAS CLO: Moody's Cuts Rating on $8,000,000 Class E Notes to C
WACHOVIA BANK: S&P Junks Ratings on Five 2007-ESH Certificates
WAMU MORTGAGE: Moody's Downgrades Ratings on 37 Classes of Notes
WASHINGTON MUTUAL: S&P Downgrades Ratings on Class N to 'D'
WELLS FARGO: Moody's Downgrades Ratings on Five 2007-AR10 Tranches

WELLS FARGO: Moody's Downgrades Ratings on Four 2007-17 Tranches
WELLS FARGO: Moody's Downgrades Ratings on Nine 2008 Tranches
WELLS FARGO: Moody's Junks Rating on Class II-A-2 of Tranches

* S&P Cuts Rating on Class B-1A of Certificates to 'D'
* S&P Cuts Ratings on 4 Classes From 26 RMBS Transactions to 'D'
* S&P Cuts Ratings on 5 Classes From 19 RMBS Transactions to 'D'
* S&P Cuts Ratings on Five Tranches From Four CLO Deals to Low-B
* S&P Downgrades Ratings on 104 Classes From Eight Alt-A RMBS

* S&P Downgrades Ratings on 116 Classes From 20 Alt-A RMBS Deals
* S&P Downgrades Ratings on 285 Classes From 14 Prime Jumbo RMBS
* S&P Junks Ratings on 26 Tranches From 30 Hybrid CDO Deals



                            *********


ALADDIN SYNTHETIC: S&P Withdraws 'CCC-' Ratings on Three Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' ratings on
the series B-2, C-4, and D-1 notes issued by Aladdin Synthetic CDO
II SPC, a synthetic collateralized debt obligation transaction.
The ratings were previously on CreditWatch with negative
implications.

The withdrawals follow the receipt of zero redemption option
notices, referencing the redemption of the notes as permitted by
section 9.9 of the indenture dated Dec. 19, 2006.

                        Ratings Withdrawn

                   Aladdin Synthetic CDO II SPC

                           Rating
                           ------
                Series   To      From
                ------   --      ----
                B-2      NR       CCC-/Watch Neg
                C-4      NR       CCC-/Watch Neg
                D-1      NR       CCC-/Watch Neg

                        NR - Not rated.


AMMC VII: Moody's Junks Ratings on Class D & $3.3MM Securities
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by AMMC VII, Limited:

  -- US$375,000,000 Class A Floating Rate Notes, Downgraded to
     A1; previously on January 4, 1997 Assigned Aaa;

  -- US$22,500,000 Class B Floating Rate Notes, Downgraded to
     Baa1; previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- US$17,500,000 Class C Deferrable Floating Rate Notes,
     Downgraded to Ba3; previously on March 17, 2009 Downgraded to
     Ba1 Placed Under Review for Possible Downgrade;

  -- US$30,000,000 Class D Deferrable Floating Rate Notes,
     Downgraded to Caa1; previously on March 17, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade;

  -- US$15,000,000 Class E Deferrable Floating Rate Notes,
     Downgraded to Ca; previously on March 17, 2009 Downgraded to
     Caa3 and Placed Under Review for Possible Downgrade;

  -- US$3,300,000 Combination Securities, Downgraded to Ca;
     previously on January 4, 2007 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.  Moody's analysis also reflects the expectation that
recoveries for high-yield corporate bonds, 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
other metrics, 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, Class D, Class E Par Value
Tests.  As of the trustee report dated April 10, 2009, defaulted
securities total about 8.63%, and securities rated Caa1 or lower
comprised approximately 8.69% of the portfolio.  In the same
report, the Class A/B Par Value Ratio is 110.66% versus a covenant
level of 111.70%, the Class C is 105.99% versus 108.90%, the Class
D is 98.85% versus 103.5%, and the Class E is 95.89% versus
102.10%.  Additionally, interest payments on the Class D and Class
E Notes are presently being deferred due to the Par Value Test
failures as of the last determination date.

AMMC VII, Limited, issued in December of 2006, is a collateralized
loan obligation, backed primarily by a portfolio of senior secured
loans.


ARCAP 2005-RR5: S&P Downgrades Ratings on Class K Certs. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
K commercial mortgage-backed securities pass-through certificate
from ARCap 2005-RR5 Resecuritization Inc. to 'D' from
'CCC-' and removed it from CreditWatch with negative implications.

The downgrade reflects interest shortfalls to class K that S&P
expects to continue for the foreseeable future.

As of the May 26, 2009, trustee report, the most recent interest
shortfall on class K totaled $44,568, which brought the cumulative
four-month interest shortfall amount to $179,626.  The interest
shortfalls are due in part to interest shortfalls on the
underlying commercial mortgage-backed securities collateral, which
S&P expects to continue.  The trust has incurred $99.8 million in
losses to date, which has caused principal losses to the
subordinate class M, N, and O certificates.


ARES VIII: Moody's Downgrades Ratings on Various Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded ratings
on these notes issued by Ares VIII CLO Ltd.:

  -- US$233,900,000 Class A-1-A Senior Secured Notes Due 2016,
     Downgraded to A1; previously on March 18, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$22,600,000 Class A-1-B Senior Secured Notes Due 2016,
     Downgraded to A1; previously on March 18, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$150,000,000 Class A-2 Senior Secured Notes Due 2016,
     Downgraded to Aa1; previously on March 18, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$17,000,000 Class A-3 Senior Secured Notes Due 2016,
     Downgraded to A2; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$19,200,000 Class C-1 Senior Secured Deferrable Interest
     Notes Due 2016, Downgraded to Caa1; previously on March 18,
     2009 Downgraded to B3;

  -- US$13,800,000 Class C-2 Senior Secured Deferrable Interest
     Notes Due 2016, Downgraded to Caa1; previously on March 18,
     2009 Downgraded to B3;

  -- US$6,750,000 Class D-1 Subordinated Secured Deferrable
     Interest Notes Due 2016, Downgraded to C; previously on March
     18, 2009 Downgraded to Caa3;

  -- US$3,000,000 Class D-2 Subordinated Secured Deferrable
     Interest Notes Due 2016, Downgraded to C; previously on March
     18, 2009 Downgraded to Caa3;

  -- US$1,250,000 Class D-3 Subordinated Secured Deferrable
     Interest Notes Due 2016, Downgraded to C; previously on March
     18, 2009 Downgraded to Caa3;

  -- US$8,000,000 Class 1 Composite Securities Due 2016,
     Downgraded to B1; previously on March 29, 2004 Assigned Baa3;

  -- US$8,000,000 Class 3 Composite Securities Due 2016,
     Downgraded to Baa2; previously on March 29, 2004 Assigned A2;

  -- US$2,750,000 Class 5 Composite Securities Due 2016,
     Downgraded to Baa2; previously on March 29, 2004 Assigned A2;

  -- US$13,000,000 Class 7 Composite Securities Due 2016,
     Downgraded to Ba1; previously on March 29, 2004 Assigned A3.

In addition, Moody's has confirmed the ratings on these notes:

  -- US$23,650,000 Class B-1 Senior Secured Deferrable Interest
     Notes Due 2016, Confirmed at Ba1; previously on March 18,
     2009 Downgraded to Ba1;

  -- US$9,350,000 Class B-2 Senior Secured Deferrable Interest
     Notes Due 2016, Confirmed at Ba1; previously on March 18,
     2009 Downgraded to Ba1.

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.

Credit deterioration of the collateral pool is observed through 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 B, Class C, and Class D Overcollateralization Tests.  The
weighted average rating factor has steadily increased over the
last year and it is currently at 2996 versus a test level of 2508
as of the last trustee report, dated May 18, 2009.  Based on the
same report, defaulted securities total about $11 million,
accounting for roughly 2.2% of the collateral balance, and
securities rated Caa1 or lower make up approximately 15.44% of the
underlying portfolio.  Additionally, interest payments on the
Class C-1, Class C-2, Class D-1, Class D-2, and Class D-3 Notes
are presently being deferred as a result of the failure of the
Class B Overcollateralization Test.

Ares VIII CLO Ltd., issued in 2004, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.


AUCTION PASS-THROUGH: Moody's Downgrades Ratings on 2007-T3 Certs.
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of $40,500,000 Class A Certificates and $13,500,000 Class
B Certificates issued by Auction Pass-Through Trust 2007-T3.

The rating actions are:

Class Description: $40,500,000 Class A Certificates

  -- Current Rating: B3
  -- Prior Rating: Baa2 on review for possible downgrade
  -- Prior Rating Date: 04/08/2009

Class Description: $13,500,000 Class B Certificates

  -- Current Rating: B3
  -- Prior Rating: Baa2 on review for possible downgrade
  -- Prior Rating Date: 04/08/2009

The transaction is a structured note whose rating changes with the
rating of the underlying securities.


AVENUE CLO: Moody's Downgrades Ratings on Various Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Avenue CLO VI, Ltd.:

  -- US$336,000,000 Class A-1 Senior Notes, Downgraded to Aa3;
     previously on June 28, 2007 Assigned Aaa;

  -- US$37,000,000 Class A-2 Senior Notes, Downgraded to A2;
     previously on March 4, 2009 Aa1 Placed Under Review for
     Possible Downgrade;

  -- US$33,000,000 Class B Senior Notes, Downgraded to Baa2;
     previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- US$24,000,000 Class C Deferrable Mezzanine Notes,
     Downgraded to Ba2; previously on March 13, 2009 Downgraded to
     Ba1and Placed Under Review for Possible Downgrade;

  -- US$19,000,000 Class D Deferrable Mezzanine Notes,
     Downgraded to Caa1; previously on March 13, 2009 Downgraded
     to B1 and Placed Under Review for Possible Downgrade;

  -- US$13,000,000 Class E Deferrable Junior Notes, Downgraded
     to C; previously on March 13, 2009 Downgraded to Caa3 and
     Placed Under Review for Possible Downgrade;

  -- US$3,000,000 Class F Combination Notes, Downgraded to Ba2;
     previously on March 4, 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."
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.

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 Class D Overcollateralization Tests.
The weighted average rating factor has steadily increased over the
last year and it is currently at 2747 versus a test level of 2445
as of the last trustee report, dated May 6, 2009.  Based on the
same report, defaulted securities total about $20 million
accounting for roughly 4.2% of the collateral balance and
securities rated Caa1 or lower make up approximately 13.57% of the
underlying portfolio.  Additionally, interest payments on the
Class D and Class E Notes are presently being deferred as a result
of the failure of the Class C Overcollateralization Test.

Avenue CLO VI, Ltd., issued in 2007, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.


BABSON CLO: Moody's Puts 'Ba3' Rating on Class Q Combination Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Babson CLO Ltd. 2007-I:

  -- US$298,000,000 Class A-1 Senior Floating Rate Notes Due
     2021, Downgraded to Aa1; previously on 3/23/07 Assigned Aaa;

  -- US$55,000,000 Class A-2b Senior Floating Rate Notes Due
     2021, Downgraded to Aa2; previously on 3/4/09 Placed Under
     Review for Possible Downgrade;

  -- US$42,500,000 Class A-3 Senior Floating Rate Notes Due
     2021, Downgraded to A2; previously on 3/4/09 Placed Under
     Review for Possible Downgrade;

  -- US$10,000,000 Class Q Combination Notes Due 2021,
     Downgraded to Ba3; previously on 3/4/09 Placed Under Review
     for Possible Downgrade.

In addition, Moody's has confirmed the ratings on these notes:

  -- US$36,500,000 Class B-1 Deferrable Mezzanine Floating Rate
     Notes Due 2021, Confirmed at Ba1; previously on 3/13/09
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$6,000,000 Class B-2 Deferrable Mezzanine Fixed Rate
     Notes Due 2021, Confirmed at Ba1; previously on 3/13/09
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$25,000,000 Class C Deferrable Mezzanine Floating Rate
     Notes Due 2021, Confirmed at B1; previously on 3/13/09
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$21,000,000 Class D-1 Deferrable Mezzanine Floating Rate
     Notes Due 2021, Confirmed at Caa3; previously on 3/13/09
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade;

  -- US$4,000,000 Class D-2 Deferrable Mezzanine Fixed Rate
     Notes Due 2021, Confirmed at Caa3; previously on 3/13/09
     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."
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
other metrics, 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 B, C and D Overcollateralization tests as
well as the Class D Interest Diversion Test.  The weighted average
rating factor has steadily increased over the last year and it is
currently at 3040 versus a test level of 2880 as of the last
trustee report, dated 5/8/2009.  Based on the same report,
defaulted securities total about $50 million accounting for
roughly 6.5% of the collateral balance and securities rated Caa1
or lower make up approximately 16% of the underlying portfolio.
Additionally, interest payments on the Class C, D-1 and D-2 Notes
are presently being deferred as a result of the failure of the
Class B Overcollateralization Test.

Babson CLO Ltd. 2007-I, issued on March 8, 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


BAKER STREET: Moody's Downgrades Ratings on 2005-1 Notes
--------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Baker Street Funding 2005-1 CLO:

  -- US$234,000,000 Class A-1 Floating Rate Notes Due 2018,
     Downgraded to Aa3; previously on 1/5/2006, Assigned Aaa;

  -- US$35,000,000 Class A-2 Variable Funding Floating Rate
     Notes Due 2018, Downgraded to Aa3; previously on 1/5/2006,
     Assigned Aaa;

  -- US$20,000,000 Class B Floating Rate Notes Due 2018,
     Downgraded to Baa1; previously on 3/18/2009, Aa2, Placed
     Under Review for Possible Downgrade;

  -- US$18,000,000 Class C Floating Rate Deferrable Notes Due
     2018, Downgraded to Ba3; previously on 3/18/2009, Downgraded
     to Ba1and Placed Under Review for Possible Downgrade;

  -- US$16,000,000 Class D Floating Rate Deferrable Notes Due
     2018, Downgraded to Caa1; previously on 3/18/2009, Downgraded
     to B1and Placed Under Review for Possible Downgrade;

  -- US$9,400,000 Class E Floating Rate Deferrable Notes Due
     2018, Downgraded to Ca; previously on 3/18/2009, 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."
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
other metrics, 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 overcollateralization tests.  The weighted average
rating factor has steadily increased over the last year and it is
currently at 2730 versus a test level of 2502 as of the last
trustee report, dated May 4, 2009.  Based on the same report,
defaulted securities total about $24 million accounting for
roughly 7% of the collateral balance and securities rated Caa1 or
lower make up approximately 21% of the underlying portfolio.
Additionally, interest payments on the Class D and Class E Notes
are presently being deferred as a result of the failure of the
Class C Overcollateralization Test.

Baker Street Funding 2005-1 CLO, issued in January 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


BANC OF AMERICA: S&P Junks Ratings on Class K Mortgage Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class K commercial mortgage pass-through certificates from Banc of
America Large Loan Inc.'s series 2004-BBA4 and removed it from
CreditWatch with negative implications, where it was placed on
April 7, 2009.  Concurrently, S&P affirmed its ratings on eight
other classes from this transaction and removed them from
CreditWatch with negative implications.

The reasons for the downgrade include:

  -- S&P expects special servicing fees to cause interest
     shortfalls to the class K certificate.

  -- The collateral office properties have experienced higher
     vacancies and higher operating expenses since S&P's last
     review, which, based on S&P's analysis, has resulted in
     decreased asset valuations.

The transaction includes two delinquent loans totaling
$30.3 million (50% of the pool trust balance) that are secured by
office properties.  These office properties are both located in
the Dallas/Fort Worth market.

Heritage Square I & II is the largest loan secured by an office
property and is the second-largest loan in the pool.  The loan has
a trust and whole-loan balance of $17.3 million that comprises 28%
of the pool trust balance.  In addition, the borrower's equity
interests secure an $8.0 million mezzanine loan.  Two office
buildings in Farmers Branch, Texas, totaling 354,500 sq. ft.
secure this loan.  The loan was transferred to the special
servicer, KeyBank Real Estate Capital (Key), on March 20, 2009,
due to monetary default.  According to Key, the borrower and
mezzanine lender have consented to a consensual receiver sale.
The properties were appraised for $25.2 million as of April 15,
2009.  Based on S&P's discussion with Key, S&P expects the June
remittance report to note an interest shortfall for the class K
certificate due to special servicing fees.  There is also the
possibility for a moderate loss upon the resolution of this loan.
Thus, depending upon the final outcome of the workout, S&P will
likely lower S&P's rating to 'D'.

The smallest loan in the pool, Arapaho Business Park, has a whole-
loan balance of $19.6 million that is divided into two pieces: a
$13.0 million senior participation interest that makes up 21% of
the trust balance and a $6.6 million junior participation interest
held outside the trust.  A 10-building flex (office/industrial)
complex totaling 423,400 sq. ft. in Richardson, Texas, secures
this loan.  The loan was transferred to the special servicer, CT
Investment Management Co. LLC (Capital Trust), on Oct. 22, 2008,
due to imminent default.  Capital Trust subsequently modified the
loan to allow the borrower to market the individual building for
sale.  Per the terms of the modification, the property cash flow
is being trapped such that the A note is being paid current
interest, while the B note payments are accruing.  According to
Capital Trust, one of the 10 buildings is currently under contract
for $1.0 million.  The properties were appraised for
$20.85 million as of Jan. 1, 2009.  At this time, Standard &
Poor's does not expect a loss upon resolution of the loan.

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

  -- There are three loans in the pool, including senior
     participation interests in two floating-rate interest-only
     mortgage loans and one floating-rate amortizing whole loan.

  -- There are two mortgages on office properties and one retail
     mall property;

  -- All of the loans are with the special servicers, including
     the two office building loans mentioned above.

  -- Two of the three loans, both mentioned above, are delinquent.
     Heritage Square I & II is 30 days delinquent and Arapaho
     Business Park is 90 days delinquent.  However, the Arapaho
     Business Park loan remains current with respect to the A note
     that serves as collateral for the trust.

  -- One loan, the Westgate Mall loan, is a performing balloon
     maturity default and is discussed below.

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

The Westgate Mall loan has a whole-loan balance of $51.0 million
that is divided into two pieces: a $31.0 million senior
participation interest that makes up 50% of the trust balance and
a $20.0 million subordinate junior participation interest that is
held outside the trust.  The collateral consists of 480,350 sq.
ft. of a 607,200-sq.-ft. regional mall in Brockton, Massachusetts.
The master servicer, Bank of America N.A., reported debt service
coverage of 3.00x for the year ended Dec. 31, 2008, and 84%
occupancy as of Dec. 31, 2008, compared with a DSC of 3.17x and
95% occupancy at issuance.  The drop in occupancy is due mainly to
the vacancy of one of the property's anchor tenants in early 2008.
The loan was transferred to the special servicer, also Bank of
America, on March 13, 2009, due to balloon maturity default.  The
loan is current, and Bank of America is evaluating the workout
strategies for the loan.  Standard & Poor's valuation for this
loan has declined 9% since issuance.

If the performance of the loans deteriorates further, S&P may
revise S&P's analysis and adjust its ratings accordingly.

       Rating Lowered And Removed From Creditwatch Negative

                 Banc of America Large Loan Inc.
Commercial mortgage pass-through certificates series 2004-BBA4

                  Rating
                  ------
     Class     To        From          Credit enhancement (%)
     -----     --        ----          ----------------------
     K         CCC-      B+/Watch Neg                    0.00

      Ratings Affirmed And Removed From Creditwatch Negative

                 Banc of America Large Loan Inc.
Commercial mortgage pass-through certificates series 2004-BBA4

                  Rating
                  ------
     Class     To        From          Credit enhancement (%)
     -----     --        ----          ----------------------
     F         AAA       AAA/Watch Neg                  89.62
     G         AAA       AAA/Watch Neg                  64.99
     H         A+        A+/Watch Neg                   49.72
     J         BBB       BBB/Watch Neg                  31.42
     X-1B      AAA       AAA/Watch Neg                    N/A
     X-2       AAA       AAA/Watch Neg                    N/A
     X-3       AAA       AAA/Watch Neg                    N/A
     X-4       AAA       AAA/Watch Neg                    N/A

                     N/A - Not applicable.


BEAR STEARNS: Fitch Puts Low-B Ratings on 6 Notes on Neg. Watch
---------------------------------------------------------------
Fitch Ratings places 14 classes of Bear Stearns Commercial
Mortgage Securities Trust 2007-TOP26, commercial mortgage pass-
through certificates, on Rating Watch Negative:

  -- $160.6 million class A-J 'AAA';
  -- $42.1 million class B 'AA';
  -- $18.4 million class C 'AA-';
  -- $29 million class D 'A';
  -- $15.8 million class E 'A-';
  -- $18.4 million class F 'BBB+';
  -- $18.4 million class G 'BBB';
  -- $18.4 million class H 'BBB-';
  -- $2.6 million class J 'BB+';
  -- $2.6 million class K 'BB';
  -- $5.3 million class L 'BB-';
  -- $2.6 million class M 'B+';
  -- $5.3 million class N 'B';
  -- $2.6 million class O 'B-'.

The Negative Watch placements on classes A-J through O are due to
the transfer of three loans to special servicing (3.7%) since
Fitch's last rating action, as well as an increasing amount of
Fitch Loans of Concern (8.3%).  The largest specially serviced
loan, Viad Corporate Center (3.1%), is secured by a 476,528 square
foot office property located in Phoenix, Arizona.  The loan
transferred to special servicing due to imminent default and the
loan is currently due for the May 2009 payment.  In addition,
property taxes are also delinquent.  The property is currently
80.6% occupied.

The two other specially serviced loans are collateralized by a
mixed-use property in Omaha, Nebraska (0.3%) and an office in West
Des Moines, Indiana (0.2%).

Fitch expects to resolve the Watch Negative status of these
classes as it completes the analysis of the 2006 through 2008
fixed rate transactions, and will incorporate updated information
on the specially serviced loans as it becomes available.


BEAR STEARNS: Moody's Downgrades Rating on 41 Securities
--------------------------------------------------------
Moody's Investors Service has downgraded the rating of 41
securities from 16 subprime RMBS transactions issued by Bear
Stearns Asset Backed Securities between 2002 and 2004.  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.

Complete rating actions are:

Bear Stearns ABS I Trust 2004-FR1

  -- Cl. M-5, Downgraded to Baa3; previously on 8/6/2004 Assigned
     Baa1

  -- Cl. M-7, Downgraded to B3; previously on 12/27/2007
     Downgraded to B2

  -- Cl. M-8B, Downgraded to C; previously on 12/27/2007
     Downgraded to Caa2

Bear Stearns Asset Backed Securities I Trust 2004-HE10

  -- Cl. M-3, Downgraded to Baa1; previously on 1/6/2005 Assigned
     A3

  -- Cl. M-4, Downgraded to Baa2; previously on 1/6/2005 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Baa3; previously on 1/6/2005 Assigned
     Baa2

  -- Cl. M-6, Downgraded to Ba2; previously on 3/26/2008
     Downgraded to Ba1

  -- Cl. M-7, Downgraded to Ca; previously on 3/26/2008 Downgraded
     to B2

Bear Stearns Asset Backed Securities I Trust 2004-HE11

  -- Cl. M-3, Downgraded to Baa2; previously on 2/16/2005 Assigned
     A3

  -- Cl. M-4, Downgraded to Baa3; previously on 2/16/2005 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Ca; previously on 3/26/2008 Downgraded
     to Ba1

Bear Stearns Asset Backed Securities I Trust 2004-HE6

  -- Cl. M-7B, Downgraded to C; previously on 3/26/2008 Downgraded
     to Caa2

Bear Stearns Asset Backed Securities I Trust 2004-HE7

  -- Cl. M-3, Downgraded to Baa1; previously on 9/30/2004 Assigned
     A3

  -- Cl. M-4, Downgraded to Baa2; previously on 9/30/2004 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Baa3; previously on 9/30/2004 Assigned
     Baa2

  -- Cl. M-7B, Downgraded to Ca; previously on 3/26/2008
     Downgraded to B3

Bear Stearns Asset Backed Securities I Trust 2004-HE8

  -- Cl. M-7B, Downgraded to C; previously on 3/26/2008 Downgraded
     to Caa3

Bear Stearns Asset Backed Securities I Trust 2004-HE9

  -- Cl. M-3, Downgraded to Baa2; previously on 12/20/2004
     Assigned A3

  -- Cl. M-4, Downgraded to Baa3; previously on 12/20/2004
     Assigned Baa1

  -- Cl. M-6, Downgraded to B1; previously on 3/26/2008 Downgraded
     to Ba3

  -- Cl. M-7B, Downgraded to C; previously on 3/26/2008 Downgraded
     to Caa1

Bear Stearns Asset Backed Securities Trust 2003-2

  -- Cl. B, Downgraded to Ba1; previously on 7/16/2003 Assigned
     Baa2

Bear Stearns Asset Backed Securities Trust 2003-3

  -- Cl. M-2, Downgraded to Baa1; previously on 10/27/2003
     Assigned A2

  -- Cl. B, Downgraded to Baa3; previously on 10/27/2003 Assigned
     Baa2

Bear Stearns Asset Backed Securities I Trust 2004-FR2

  -- Cl. M-8B, Downgraded to Caa1; previously on 12/27/2007
     Downgraded to B3

Bear Stearns Asset Backed Securities Trust 2002-2

  -- Cl. B, Downgraded to Ba1; previously on 7/30/2002 Assigned
     Baa2

Bear Stearns Asset Backed Securities 2003-1

  -- M-1, Downgraded to A1; previously on 3/10/2003 Assigned Aa2

  -- M-2, Downgraded to Baa3; previously on 3/10/2003 Assigned A2

  -- Cl. B, Downgraded to Caa1; previously on 3/10/2003 Assigned
     Baa2

Bear Stearns Asset Backed Securities Trust 2002-1

  -- Cl. M-2, Downgraded to Baa2; previously on 4/23/2002 Assigned
     A2

  -- Cl. B, Downgraded to Ba3; previously on 4/23/2002 Assigned
     Baa2

Bear Stearns Asset Backed Securities Trust 2003-HE1

  -- Cl. M-2, Downgraded to Baa1; previously on 11/16/2006
     Upgraded to Aa2

  -- Cl. M-3, Downgraded to Baa3; previously on 11/16/2006
     Upgraded to Aa3

  -- Cl. M-4, Downgraded to Ba1; previously on 11/16/2006 Upgraded
     to A1

  -- Cl. M-5, Downgraded to Ba3; previously on 11/16/2006 Upgraded
     to Baa1

  -- Cl. M-6, Downgraded to Caa2; previously on 1/6/2004 Assigned
     Baa3

Bear Stearns Asset Backed Securities Trust 2004-HE1

  -- Cl. M-4, Downgraded to Baa2; previously on 2/14/2004 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Ba1; previously on 2/14/2004 Assigned
     Baa2

Bear Stearns Asset Backed Securities Trust 2004-HE3

  -- Cl. M-5, Downgraded to Ba1; previously on 4/29/2004 Assigned
     Baa2

  -- Cl. M-6, Downgraded to Caa1; previously on 3/26/2008
     Downgraded to B1

  -- Cl. M-7, Downgraded to C; previously on 3/26/2008 Downgraded
     to Ca


BRYANT PARK: Moody's Junks Rating on $21MM Class C Sr. Sub. Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded these
notes issued by Bryant Park CDO Ltd.:

  -- US$30,000,000 Class B Floating Rate Deferrable Senior
     Subordinate Notes due 2019, Downgraded to B3 and Placed Under
     Review for Possible Downgrade; previously on February 5,
     2009, Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$21,000,000 Class C Floating Rate Deferrable Senior
     Subordinate Notes due 2019, Downgraded to Ca; previously on
     February 5, 2009, Downgraded to B1 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).  Moody's has
also applied resecuritization stress factors to default
probability assumptions for structured finance asset collateral as
described in the press release titled "Moody's updates its key
assumptions for rating structured finance CDOs," published on
December 11, 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 rated Caa1 and below.  The weighted
average rating factor has steadily increased over the last year
and it is currently at 2795 versus a test level of 2200 as of the
last trustee report, dated May 10, 2009.  Based on the same
report, defaulted securities total about $27.3 million accounting
for roughly 5% of the collateral balance and securities rated Caa1
or lower make up approximately 15% of the underlying portfolio.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  The majority of these CLO tranches are
currently assigned low speculative-grade ratings and carry
depressed market valuations that may herald poor recovery
prospects in the event of default.

Class A-1 and Class A-2 Notes remain on review for possible
downgrade as a result of the additional risk posed to the
noteholders due to the action taken by Moody's on the insurance
financial strength rating of Financial Security Assurance Inc.,
which acts as guarantor under the Investment Agreement in the
transaction.  On May 20, 2009, Moody's placed the financial
strength rating of Financial Security Assurance Inc. on review for
possible downgrade.  The Class B Notes remain on review for
possible downgrade due to the high concentration of CLO tranches
in the underlying portfolio.  Moody's expects further negative
actions on the ratings of these underlying CLO tranches during its
Stage II CLO sweep.

Bryant Park CDO Ltd, issued on January 25, 2005, is a synthetic
collateralized loan obligation referencing primarily a portfolio
of senior secured loans.


CALLIDUS DEBT: Moody's Downgrades Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Callidus Debt Partners CLO Fund
VI, Ltd.:

  -- US$25,000,000 Class A-1D Delayed Draw Senior Secured
     Floating Rate Notes Due 2021, Downgraded to A3; previously on
     September 18, 2007 Assigned Aaa;

  -- US$279,000,000 Class A-1T Senior Secured Floating Rate
     Notes Due 2021, Downgraded to A3; previously on September 18,
     2007 Assigned Aaa;

  -- US$23,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2021, Downgraded to Baa3; previously on March 13, 2009
     Aa2 Placed Under Review for Possible Downgrade;

  -- US$17,500,000 Class B Senior Secured Deferrable Floating
     Rate Notes Due 2021, Downgraded to Ba3; previously on March
     13, 2009 Downgraded to Ba2 and Placed Under Review for
     Possible Downgrade;

  -- US$20,500,000 Class C Senior Secured Deferrable Floating
     Rate Notes Due 2021, Downgraded to Ca; previously on March
     13, 2009 Downgraded to B2 and Placed Under Review for
     Possible Downgrade;

  -- US$13,000,000 Class D Senior Secured Deferrable Floating
     Rate Notes Due 2021, Downgraded to C; previously on March 13,
     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."
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).  Moody's has also applied resecuritization
stress factors to default probability assumptions for structured
finance asset collateral as described in the press release titled
"Moody's updates its key assumptions for rating structured finance
CDOs," published on December 11, 2008.

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 B, Class C, and Class D Overcollateralization Tests.  The
weighted average rating factor has steadily increased over the
last year and it is currently at 3039 versus a test level of 2823
as of the last trustee report, dated May 13, 2009.  Based on the
same report, defaulted securities total about $24 million
accounting for roughly 6% of the collateral balance and securities
rated Caa1 or lower make up approximately 17% of the underlying
portfolio.  Additionally, interest payments on the Classes B, C
and D Notes are presently being deferred as a result of the
failure of the Class A, Class B, and Class C Overcollateralization
Tests, respectively.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  The majority of these CLO tranches are
currently assigned low speculative-grade ratings and carry
depressed market valuations that may herald poor recovery
prospects in the event of default.

Callidus Debt Partners CLO Fund VI, Ltd., issued in September
2007, is a collateralized loan obligation backed primarily by a
portfolio of senior secured loans.


CITIGROUP MORTGAGE: Moody's Downgrades Ratings on 227 Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded 227 tranches and
confirmed 4 tranches from 17 Citicorp and Citigroup deals.

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 19th, 2009, and are part of
Moody's on-going review process.

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

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

Complete rating actions are:

Citicorp Mortgage Securities Trust 2007-1

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

  -- Cl. IA-2, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. IA-4, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

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

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

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

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

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

Citicorp Mortgage Securities Trust 2008-1

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

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

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

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

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

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

Citicorp Mortgage Securities Trust 2008-2

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

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

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

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

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

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

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

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

Citicorp Mortgage Securities Trust, 2007-3

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

  -- Cl. IA-2, Downgraded to B1; previously on 10/6/2008 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. IA-5, Downgraded to Ba3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-6, Downgraded to A3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-7, Downgraded to A3; previously on 10/6/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-8, Downgraded to B1; previously on 10/6/2008 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. IA-12, Downgraded to B1; previously on 10/6/2008 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

Citicorp Mortgage Securities Trust, 2007-4

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

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

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

  -- Cl. IA-4, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. IA-6, Downgraded to Ba2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. IA-9, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. IA-14, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-15, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-16, Downgraded to Ba2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

Citicorp Mortgage Securities, Inc. 2005-1

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

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

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

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

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

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

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

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

  -- Cl. IA-9, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-10, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

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

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

Citicorp Mortgage Securities, Inc. 2005-2

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

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

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

  -- Current Underlying Rating: Downgraded to A1; previously on
     9/16/2008 Published at Aaa

  -- Financial Guarantor: Ambac Assurance Corporation (Downgraded
     to Ba3 from Baa1; Outlook Developing on 4/13/2009)

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

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

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

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

  -- Cl. IIA-2, Downgraded to A1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

Citicorp Mortgage Securities, Inc. 2005-3

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

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

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

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

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

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

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

  -- Cl. IA-8, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

  -- Cl. IA-14, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. IA-15, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. IIA-2, Downgraded to A2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

Citicorp Mortgage Securities, Inc. 2005-4

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

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

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

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

  -- Cl. IA-5, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. IA-7, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

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

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

  -- Cl. IIIA-4, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

Citicorp Mortgage Securities, Inc. 2005-6

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

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

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

  -- Cl. IA-4, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

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

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

Citicorp Mortgage Securities, Inc. 2005-8

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

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

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

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

  -- Cl. IA-5, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. IA-8, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

Citicorp Mortgage Securities, Inc. 2006-1

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

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

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

  -- Cl. IA-4, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

  -- Cl. IA-10, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-11, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

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

  -- Cl. IIIA-2, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. A-PO1, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO2, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

Citicorp Mortgage Securities, Inc. 2006-2

  -- Cl. IA-1, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-2, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

  -- Cl. IA-4, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

  -- Cl. IA-6, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-7, Downgraded to Baa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-8, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-9, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-10, Downgraded to Baa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-11, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-12, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-13, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-14, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-15, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-16, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-17, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IA-PO, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-1, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IIA-PO, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

Citigroup Mortgage Loan Trust 2006-AR1

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

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

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

  -- Cl. III-A1, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. II-M, Downgraded to C; previously on 3/19/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. II-B1, Downgraded to C; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-B2, Downgraded to C; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. II-B3, Downgraded to C; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. III-B1, Downgraded to C; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. III-B2, Downgraded to C; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

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

Citigroup Mortgage Loan Trust 2006-AR2

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

  -- Cl. I-A2, Downgraded to B3; previously on 3/19/2009 A3 Placed
     Under Review for Possible Downgrade

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

  -- Cl. I-B1, Downgraded to C; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. I-B2, Downgraded to C; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

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

Citigroup Mortgage Loan Trust 2007-AR8

  -- Cl. 1-A1A, Downgraded to Caa2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A1B, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2A, Downgraded to Caa2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A2B, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A3A, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A3B, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1A, Downgraded to Caa2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A1B, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-2IO, Downgraded to Caa2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

Citigroup Mortgage Loan Trust, Series 2005-6

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

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

  -- Cl. A-3, Downgraded to A3; 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 Ba1; previously on 3/19/2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to B3; 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

  -- 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.


COGECO CABLE: S&P Assigns Ratings on C$300 Mil. Senior Debentures
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it assigned its debt issue
and recovery ratings to Montreal-based Cogeco Cable Inc.'s
proposed C$300 million 5.95% senior secured debentures series 1
due June 9, 2014.

S&P rates the notes at 'BBB-' (two notches higher than the
corporate credit rating on Cogeco Cable), with a recovery rating
of '1', indicating lenders can expect very high (90%-100%)
recovery in the event of a payment default.  The notes are being
issued under the company's C$500 million short-form base shelf
prospectus filed May 20.  The net proceeds will be used to reduce
balances outstanding under the company's revolving credit
facilities.

"The 'BB' long-term corporate credit rating and stable outlook on
Cogeco Cable reflect what S&P view as the solid business risk
profile of the company's Canadian operations, partially offset by
the weak the business risk profile of its Portugal-based cable
operator Cabovisao-Televisao por Cabo S.A.," said Standard &
Poor's credit analyst Madhav Hari.  "The ratings are also
supported by the company's healthy debt leverage and good asset
protection," Mr. Hari added.

The ratings are tempered, in S&P's opinion, by an aggressive
financial risk profile characterized by an aggressive financial
policy given management's desire to pursue additional debt-
financed acquisitions; high capital expenditures; and weak, albeit
improving, cash flow protection measures.

                           Ratings List

                         Cogeco Cable Inc.

     Corporate credit rating                    BB/Stable/--

                          Rating Assigned

         C$300 million senior secured debentures    BBB-


COMPUCREDIT CREDIT: Moody's Downgrades Ratings on 12 Classes
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on 12 classes
of asset-backed notes issued by the CompuCredit Credit Card Master
Note Business Trust, CompuCredit Credit Acquired Portfolio Voltage
Master Business Trust, and the CompuCredit Acquired Portfolio
Business Trust.  These notes are backed by revolving pools of
primarily sub-prime, unsecured, general purpose VISA credit card
receivables.

                            Rationale

In February 2009, Moody's downgraded the notes from the three
trusts citing marked collateral performance degradation and
heightened concerns regarding CompuCredit Corporation's funding
and liquidity as the firm navigates a highly challenging
environment for credit card lenders.  Since then, weakness in the
collateral performance across each of the three trusts has
intensified.  In particular, the principal payment rate of the
MNBT declined from 3.7% in December 2008 to its April level of
2.5%, leaving the current rate a full 300 basis points lower than
year-ago levels.  A lower payment rate means a slower return of
principal to noteholders, thereby increasing the risk of loss to
noteholders.  This negative trend in the payment rate is expected
to continue as economic conditions remain difficult.  The APBT has
similarly experienced deterioration across each of its key
performance metrics (charge-offs, payment rate, and yield), while
the worsening in the Voltage MBT has been evidenced by sharply
rising delinquency and charge-off rates that have reduced the one
month net yield of the trust (yield less charge-offs) to below 2%.

Given the trends in collateral performance and credit conditions
that remain constricted, CompuCredit's ability to refinance
upcoming securitization maturities is increasingly uncertain.  If
the ongoing operation of the credit card program becomes
unprofitable or unfeasible, CompuCredit could initiate a
liquidation of its portfolio by accelerating the closure of the
card accounts.  If the card accounts are closed and liquidated,
the already deteriorating collateral performance would be
amplified.  Furthermore, repayment of principal by the legal final
may not be possible if the payment rate remains weak, even if the
card accounts remain open.

As discussed in the February 2009 downgrade of 20 classes of
CompuCredit senior and subordinated notes, balance sheet strength
and liquidity continue to be important dimensions to Moody's
credit analysis, especially for those issuers with limited
alternative funding resources, including CompuCredit.  The most
significant source of liquidity for the company is the
securitization of its credit card receivables.  Furthermore,
CompuCredit's largest funding facility, containing $750 million in
overall capacity, reaches its maturity in January 2010.

Additionally, unlike nearly all other credit card companies,
CompuCredit does not have its own bank subsidiary; therefore, it
relies on its partner banks to originate credit card receivables.
The implications of a continued focus from bank regulators and the
May 22 passage of the CARD Act of 2009 may present future
difficulties for CompuCredit to attract and retain partner banks.

In conjunction with this ratings action, Moody's expected medium-
term range of performance for the MNBT principal payment rate has
been lowered to 1.5%-3.5% from 2.5%-4.5%.

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term.  From time to time, Moody's may, if warranted, change
these expectations.  Performance that falls outside the given
range may indicate that the collateral's credit quality is
stronger or weaker than Moody's had anticipated when the related
securities were rated.  Even so, a deviation from the expected
range will not necessarily result in a rating action nor does
performance within expectations preclude such actions.  The
decision to take (or not take) a rating action is dependent on an
assessment of a range of factors including, but not exclusively,
the performance metrics.

The MNBT Series 2004-Two notes with an expected maturity in
September 2009 are excluded from this ratings action.  A
substantial portion of noteholder principal has already been
accumulated in a Principal Funding Account under the control of
the Indenture Trustee for the benefit of MNBT Series 2004-Two
noteholders.

The complete rating actions are:

Issuer: CompuCredit Credit Card Master Note Business Trust

  -- $164,220,000 Class A Series 2004-Three Asset Backed Notes,
     Downgraded to Ba2 from Baa1; previously on February 19, 2009
     downgraded to Baa1 from Aaa

  -- $70,840,000 Class B Series 2004-Three Asset Backed Notes,
     Downgraded to B3 from B1; previously on February 19, 2009
     downgraded to B1 from A2

  -- $28,980,000 Class C Series 2004-Three Asset Backed Notes,
     Downgraded to Caa1 from B3; previously on February 19, 2009
     downgraded to B3 from Baa2

  -- $22,540,000 Class D-1 Series 2004-Three Asset Backed Notes,
     Downgraded to Caa2 from Caa1; previously on February 19, 2009
     downgraded to Caa1 from Ba2

Issuer: CompuCredit Credit Acquired Portfolio Voltage Master
Business Trust

(Amounts listed approximate issuance outstanding)

  -- $117,565,000 Class A-1 Series 2006-1 Asset Backed Notes,
     Downgraded to Ba1 from Baa2; previously on February 19, 2009
     downgraded to Baa2 from Aaa

  -- $27,925,000 Class A-2 Series 2006-1 Asset Backed Notes,
     Downgraded to Ba3 from Ba2; previously on February 19, 2009
     downgraded to Ba2 from Aa2

  -- $25,133,000 Class A-3 Series 2006-1 Asset Backed Notes,
     Downgraded to B3 from B1; previously on February 19, 2009
     downgraded to B1 from A2

  -- $47,473,000 Class A-4 Series 2006-1 Asset Backed Notes,
     Downgraded to Caa2 from B3; previously on February 19, 2009
     downgraded to B3 from Baa2

Issuer: CompuCredit Acquired Portfolio Business Trust

(Amounts listed approximate issuance outstanding)

  -- $27,245,000 Class A-1 Series 2004-One Asset Backed Notes,
     Downgraded to Baa3 from Baa2; previously on February 19, 2009
     downgraded to Baa2 from Aaa

  -- $12,455,000 Class A-2 Series 2004-One Asset Backed Notes,
     Downgraded to Ba3 from Ba2; previously on February 19, 2009
     downgraded to Ba2 from Aa2

  -- $7,006,000 Class A-3 Series 2004-One Asset Backed Notes,
     Downgraded to B2 from B1; previously on February 19, 2009
     downgraded to B1 from A2

  -- $6,227,000 Class A-4 Series 2004-One Asset Backed Notes,
     Downgraded to Caa1 from B3; previously on February 19, 2009
     downgraded to B3 from Baa2

                           Background

CompuCredit, headquartered in Atlanta, Georgia is an originator
and servicer of sub-prime credit card receivables.  In addition to
credit cards, the company provides the under-served consumer
credit market with a variety of other credit and related financial
services products.  As of March 31, 2009, the company had reported
assets of approximately $1.3 billion.


DUANE STREET: Moody's Junks Ratings on Class D & F Notes
--------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Duane Street CLO IV, Ltd.:

  -- US$412,500,000 Class A-1T Senior Floating Rate Notes Due
     2021, Downgraded to A1; previously on August 8, 2007 Assigned
     Aaa;

  -- US$150,000,000 Class A-1R Senior Revolving Floating Rate
     Notes Due 2021, Downgraded to A1; previously on August 8,
     2007 Assigned Aaa;

  -- US$37,500,000 Class B Floating Rate Notes Due 2021,
     Downgraded to Baa2; previously on March 4, 2009, Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$40,000,000 Class C Deferrable Mezzanine Floating Rate
     Notes Due 2021, Downgraded to Ba2; previously on March 13,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$35,000,000 Class D Deferrable Mezzanine Floating Rate
     Notes Due 2021, Downgraded to Caa2; previously on March 13,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$20,000,000 Class E Deferrable Mezzanine Floating Rate
     Notes Due 2021, Downgraded to C; previously on March 13, 2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade;

  -- US$10,000,000 Class F Combination Notes Due 2021,
     Downgraded to Caa1; previously on March 4, 2009, Baa1 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 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 and E Overcollateralization Ratio Tests.
The weighted average rating factor has steadily increased over the
last year and it is currently at 2772 versus a test level of 2800
as of the last trustee report, dated May 10, 2009.  Based on the
same report, defaulted securities total about $44.1 million
accounting for roughly 5.8% of the collateral balance and
securities rated Caa1 or lower make up approximately 14.2% of the
underlying portfolio.  Additionally, interest payments on the
Class E Notes are presently being deferred as a result of the
failure of the Class D Overcollateralization Ratio Test.

Duane Street CLO IV, Ltd., issued in August 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


DUKE FUNDING: S&P Corrects Ratings on Class A-1 Tranche to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
class A-1 tranche from Duke Funding IV Ltd. by raising it to 'BB'
from 'B' and removing it from CreditWatch with developing
implications, where it was placed in October 2008.

The tranche receives credit enhancement from CIFG Guaranty, which
S&P upgraded to 'BB' from 'B/Watch Dev' in January 2009.
According to S&P's criteria, the rating on a tranche that has the
benefit of credit enhancement is the higher of: S&P's rating on
the company providing the support; and Standard & Poor's
underlying rating on the tranche, which is based on S&P's analysis
of the tranches' credit support.  Due to an administrative error,
S&P did not raise the rating in January 2009 following the CIFG
upgrade.  As the current rating on CIFG is higher than the SPUR,
S&P has now corrected the tranche rating.

                         Rating Corrected

                       Duke Funding IV Ltd.

                              Rating
                              ------
                   Class     To     From
                   -----     --     ----
                   A-1       BB     B/Watch Dev


EMERSON PLACE: Moody's Junks Rating on $13 Million Class D Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Emerson Place CLO, Ltd.:

  -- $253,750,000 CLASS A SENIOR FLOATING RATE NOTES DUE 2019,
     Downgraded to Aa3; previously on March 17, 2009, Aaa Placed
     under Review for Possible Downgrade;

  -- $30,000,000 CLASS B SENIOR FLOATING RATE NOTES DUE 2019,
     Downgraded to Baa3; previously on March 4, 2009, Aa2 Placed
     under Review for Possible Downgrade;

  -- $16,000,000 CLASS C DEFERRABLE MEZZANINE FLOATING RATE NOTES
     DUE 2019, Downgraded to Ba3; previously on March 17, 2009,
     Downgraded to Ba1 and Placed under Review for Possible
     Downgrade;

  -- $13,000,000 CLASS D DEFERRABLE MEZZANINE FLOATING RATE NOTES
     DUE 2019, Downgraded to Caa2; previously on March 17, 2009,
     Downgraded to B1 and Placed under Review for Possible
     Downgrade;

  -- $16,000,000 CLASS E DEFERRABLE MEZZANINE FLOATING RATE NOTES
     DUE 2019, 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 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 and high yield 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), and an increase in
the dollar amount of defaulted securities.  The weighted average
rating factor has steadily increased over the last year and it is
currently at 2944 versus a test level of 2730 as of the last
trustee report, dated May 5, 2009.  Based on the same report,
defaulted securities total about $17 million, accounting for
roughly 5.1% of the collateral balance.  Moody's also assessed the
collateral pool's elevated concentration risk in a small number of
obligors and 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.

Emerson Place CLO, Ltd., issued in 2006, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.


FIRST NATIONAL: Fitch Cuts Rating on Class D Notes to 'BB'
----------------------------------------------------------
Fitch rates First National Master Note Trust Series 2009-1 asset
backed notes:

  -- $600,000,000 1 month LIBOR+1.35% class A (2009-1) 'AAA';
     Outlook Stable;

  -- $49,342,000 1 month LIBOR class C (2009-1) 'BBB'; Outlook
     Stable;

  -- $27,632,000 1 month LIBOR class D (2009-1) 'BB'; Outlook
     Stable.

The ratings above are based on the quality of the underlying
receivables pool, the available credit enhancement, and the legal
and cash flow structure.  Fitch also considers other features
embedded in the transaction for the ratings, such as 'fixed
allocation of finance charge collections' and other amortization
triggers.


G-FORCE 2005-RR2: S&P Downgrades Rating on Class N Notes to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
N commercial mortgage-backed securities pass-through certificate
from G-Force 2005-RR2 Trust to 'D' from 'CCC-' and removed it from
CreditWatch with negative implications.

The downgrade reflects interest shortfalls to class N that S&P
expects to continue for the foreseeable future.

As of the May 26, 2009, trustee report, class N incurred interest
shortfalls in the amount of $50,217 for one month.  The interest
shortfalls are due in part to interest shortfalls on the
underlying commercial mortgage-backed securities collateral, which
S&P expects to continue.  The trust has incurred $56.8 million in
losses to date, which has caused principal losses to the
subordinate class O certificate.


GLENEAGLES CLO: Moody's Junks Rating on Class D Sr. Secured Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded these
notes issued by Gleneagles CLO Ltd.:

  -- US$620,000,000 Class A-1 Floating Rate Senior Secured
     Extendable Notes Due 2017, Downgraded to Aa3; previously on
     November 29, 2005 Assigned Aaa;

  -- US$28,500,000 Class A-2 Floating Rate Senior Secured
     Extendable Notes Due 2017, Downgraded to A3; previously on
     November 29, 2005 Assigned Aaa;

  -- US$60,500,000 Class B Floating Rate Senior Secured
     Extendable Notes Due 2017, Downgraded to Baa3; previously on
     March 4, 2009, Aa2 Placed Under Review for Possible
     Downgrade;

  -- US$51,000,000 Class C Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2017, Downgraded to
     B1; previously on March 18, 2009 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$49,500,000 Class D Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2017, Downgraded to
     Ca; previously on March 18, 2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade;

  -- US$5,000,000 Class 1 Extendable Combination Securities Due
     2017, Downgraded to Ba3; previously on March 4, 2009, A2
     Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class 2 Combination Securities Due 2017,
     Downgraded to A2; previously on November 29, 2005 Assigned
     Aa2

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.
Moody's has also applied resecuritization stress factors to
default probability assumptions for structured finance asset
collateral as described in the press release published on
December 11, 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 an increase in the
proportion of securities from issuers rated Caa1 and below.  The
weighted average rating factor has steadily increased over the
last year and it is currently at 2886 versus a test level of 2778
as of the last trustee report, dated April 21, 2009.  Based on the
same report, defaulted securities total about $ 72.3 million
accounting for roughly 8.2% of the collateral balance and
securities rated Caa1 or lower make up approximately 14.1% of the
underlying portfolio.  Additionally, interest payments on the
Class D Notes are presently being deferred as a result of the
failure of the Class C Overcollateralization Tests.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  The majority of these CLO tranches is
currently assigned low speculative-grade ratings and carry
depressed market valuations that may herald poor recovery
prospects in the event of default.

Gleneagles CLO Ltd. Issued in October 2005 is a collateralized
loan obligation, backed primarily by a portfolio of senior secured
loans.


GREENBRIAR CDO: Moody's Junks Rating on $40MM Class D Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Greenbriar CDO, Ltd.:

  -- US$730,000,000 Class A Floating Rate Senior Secured
     Extendable Notes Due 2021, Downgraded to A1; previously on
     December 20, 2007 Assigned Aaa;

  -- US$60,000,000 Class B Floating Rate Senior Secured
     Extendable Notes Due 2021, Downgraded to Baa1; previously on
     March 4, 2009, Aa2 Placed Under Review for Possible
     Downgrade;

  -- US$50,000,000 Class C Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2021, Downgraded to
     Ba2; previously on March 13, 2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade;

  -- US$40,000,000 Class D Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2021, Downgraded to
     Caa1; previously on March 13, 2009 Downgraded to B1 and
     Placed Under Review for Possible Downgrade;

  -- US$40,000,000 Class E Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2021, Downgraded to
     C; previously on March 13, 2009 Downgraded to Caa1 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).  Moody's has
also applied resecuritization stress factors to default
probability assumptions for structured finance asset collateral as
described in the press release titled "Moody's updates its key
assumptions for rating structured finance CDOs," published on
December 11, 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 Class A/B, C, D and E Overcollateralization Tests.  The
weighted average rating factor has steadily increased over the
last year and it is currently at 3269 versus a test level of 2680
as of the last trustee report, dated April 21, 2009.  Based on the
same report, defaulted securities total about $45.6 million
accounting for roughly 4.8% of the collateral balance and
securities rated Caa1 or lower make up approximately 17.5% of the
underlying portfolio.  Additionally, interest payments on the
Class C, D and E Notes are presently being deferred as a result of
the failure of the Class A/B, C and D Overcollateralization Tests.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  The majority of these CLO tranches are
currently assigned low speculative-grade ratings and carry
depressed market valuations that may herald poor recovery
prospects in the event of default.

Greenbriar CLO, Ltd., issued on December 20, 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


GREYWOLF CLO: Moody's Junks Rating on $30MM Class D Notes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Greywolf CLO I, Ltd.:

  -- US$365,000,000 Class A Floating Rate Notes, Due 2021,
     Downgraded to A3; previously on 2/5/07 Assigned Aaa;

  -- US$22,500,000 Class B Floating Rate Notes, Due 2021,
     Downgraded to Baa3; previously on 3/4/09 Placed Under Review
     for Possible Downgrade.

  -- US$25,000,000 Class C Deferrable Floating Rate Notes, Due
     2021, Downgraded to Ba3; previously on 3/13/09 Downgraded to
     Ba1 and Placed Under Review for Possible Downgrade.

  -- US$30,000,000 Class D Deferrable Floating Rate Notes, Due
     2021, Downgraded to Caa3; previously on 3/13/09 Downgraded to
     B1 and Placed Under Review for Possible Downgrade.

  -- US$17,500,000 Class E Deferrable Floating Rate Notes, Due
     2021, Downgraded to C; previously on 3/13/09 Downgraded to
     Caa1 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 will be below their historical
averages, consistent with Moody's research.  Moody's has also
applied resecuritization stress factors to default probability
assumptions for structured finance asset collateral as described
in the press release titled "Moody's updates its key assumptions
for rating structured finance CDOs," published on December 11,
2008.

Credit deterioration of the collateral pool is observed in, among
other metrics, 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 Class A/B, C, D, E Par Value OC Tests.  The weighted
average rating factor has steadily increased over the last year
and it is currently at 3146 versus a test level of 2787 as of the
last trustee report, dated May 7, 2009.  Based on the same report,
defaulted securities total about $32 million accounting for
roughly 7% of the collateral balance and securities rated Caa1 or
lower make up approximately 7.5% of the underlying portfolio.
Additionally, interest payments on the Class D and Class E Notes
are presently being deferred as a result of the failure of the
Class C Par Value Test.

Greywolf CLO I, Ltd., issued on January 18th, 2007 is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


GULF STREAM: Moody's Downgrades Ratings on Various 2005-II Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Gulf Stream-Compass CLO 2005-II,
Ltd.:

  -- US$35,000,000 Class A-1 Senior Secured Variable Funding
     Floating Rate Notes due 2020, Downgraded to Aa3; previously
     on 1/31/2006 Assigned Aaa;

  -- US$350,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2020, Downgraded to Aa3; previously on 1/31/2006 Assigned
     Aaa;

  -- US$15,000,000 Class B Senior Secured Floating Rate Notes
     due 2020, Downgraded to A3; previously on 3/4/2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$25,000,000 Class D Secured Deferrable Floating Rate
     Notes due 2020, Downgraded to Caa2; previously on 3/17/2009
     Downgraded to B2 and Placed Under Review for Possible
     Downgrade;

  -- US$5,000,000 Type I Composite Notes due 2020, Downgraded to
     A2, previously on 3/4/2009 Aa2 Placed Under Review for
     Possible Downgrade

  -- US$10,000,000 Type II Composite Notes due 2020, Downgraded
     to B2, previously on 3/4/2009 Baa2 Placed Under Review for
     Possible Downgrade

Additionally, Moody's has confirmed the rating of these notes:

  -- US$35,000,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2020, Confirmed at Ba1; previously on
     3/17/2009 Downgraded to Ba1 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.  Moody's has also applied
resecuritization stress factors to default probability assumptions
for structured finance asset collateral as described in the press
release titled "Moody's updates its key assumptions for rating
structured finance CDOs," published on December 11, 2008.

Credit deterioration of the collateral pool is observed through 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 Par Value Ratio.  The weighted average rating factor has
steadily increased over the last year and it is currently at 2812
versus a test level of 2596 as of the last trustee report, dated
5/15/2009.  Based on the same report, defaulted securities total
about $23.9 million, accounting for roughly 5% of the collateral
balance, and securities rated Caa1 or lower make up approximately
9.64% of the underlying portfolio.  Moody's also noted that the
portfolio includes a number of investments in securities that
mature after the maturity date of the notes.  These investments
potentially expose the notes to market risk in the event of
liquidation at the time of the notes' maturity.

Moody's also observes that the transaction is exposed to a number
of mezzanine and junior CLO tranches in the underlying portfolio.
Some of these CLO tranches are currently assigned low speculative-
grade ratings and carry depressed market valuations that may
herald poor recovery prospects in the event of default.

Gulf Stream-Compass CLO 2005-II, Ltd., issued in January 24, 2006,
is a collateralized loan obligation backed primarily by a
portfolio of senior secured loans.


HEWETT'S ISLAND: Moody's Downgrades Ratings on Various Classes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Hewett's Island CLO VI, Ltd.:

  -- $50,000,000 Class A-R First Priority Senior Secured Floating
     Rate Revolving Notes Due 2019, Downgraded to A1; previously
     on 6/28/07 Assigned Aaa;

  -- US$255,500,000 Class A-T First Priority Senior Secured
     Floating Rate Term Notes Due 2019, Downgraded to A1;
     previously on 6/28/07 Assigned Aaa;

  -- US$27,500,000 Class B Second Priority Senior Secured
     Floating Rate Notes Due 2019, Downgraded to Baa3; previously
     on 3/4/09 Placed Under Review for Possible Downgrade;

  -- US$15,500,000 Class C Third Priority Senior Secured
     Deferrable Floating Rate Notes Due 2019, Downgraded to Ba3;
     previously on 3/13/09 Downgraded to Ba1 and Placed Under
     Review for Possible Downgrade;

  -- US$15,500,000 Class D Fourth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2019, Downgraded to Caa3;
     previously on 3/13/09 Downgraded to B1 and Placed Under
     Review for Possible Downgrade;

  -- US$16,000,000 Class E Fifth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2019, Downgraded to C;
     previously on 3/13/09 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."
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 A/B, C, D, E Overcollateralization Tests.
Based on the 5/4/09 trustee report, defaulted securities total
approximately $33 million accounting for roughly 8.5% of the
collateral balance and securities rated Caa1 or lower make up
approximately 11.39% of the underlying portfolio.  Additionally,
an interest payment on the Class E Note was deferred in March as a
result of the failure of the Class D Overcollateralization Test.

Hewett's Island CLO VI, Ltd., issued on 5/29/07 is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.


IANUS CAPITAL: Moody's Assigns 'B2' Rating on EUR50 Mil. Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has assigned a rating
to notes issued by Ianus Capital Ltd., an Irish special purpose
company incorporated with limited liability.  This rating was
assigned:

  -- B2 to the EUR50,000,000 Principal At-Risk Variable Rate
     Notes due June 2012

This transaction is a single issuance sponsored by Munich Re
offering notes that are linked to the occurrence of catastrophic
events in the covered areas during the specified risk period.  The
transaction is structured as a standard parametric catastrophe
bond.  The two perils covered by the transaction include European
Windstorm and Turkey Earthquake.  This transaction is the first
Moody's-rated catastrophe bond to include Turkish earthquake peril
as a Risk Event.

Moody's rating addresses the ultimate cash receipt of all required
interest and principal payments as provided by the governing
documents and is based on the expected loss posed to the note
holders relative to the promise of receiving the present value of
such payments.  The rating is based on Moody's analysis of the
probability of occurrence of qualifying events, their timing and
the severity of losses experienced by investors should these
events occur during the risk period.  The rating also addresses
the effectiveness of the documentation in conveying the risks
inherent in the structure as well as the credit strength of the
Cat Swap Counterparty and collateral.

Moody's evaluation included extensive review of the technical
basis, methodology and historical data used to develop the
probabilistic risk model used by EQECAT, Inc., the Modeling Agent,
for the analysis of potential losses and for its sensitivity
analysis of critical parameters of the model.  The risk analysis
developed by the Modeling Agent is expressed as an annualized
exceedance curve for the defined parametric indices, which is used
to define potential losses resulting from the perils covered by
the transaction.  In its rating analysis, Moody's used the risk
analysis results developed by EQECAT and, in addition, applied
stresses to capture uncertainties in the modeling and examine the
robustness of the ratings.  By creating a simplified model of the
transaction and using the modified results provided by the
Modeling Agent as an input, Moody's can simulate the occurrence of
multiple scenarios throughout the life of the transaction.  In
addition, counterparty and collateral default risks were included
in the model and evaluated.  Finally, Moody's assessment of the
risk of the transaction to investors also takes into account the
guarantee by Munich Re, as Cat Swap Counterparty, of the first
year's premium payments, regardless of any losses that may be
incurred following the occurrence of one or more Risk Events.

The proceeds from the sale of the Notes were used to purchase
EUR50,000,000 in aggregate principal amount of Puttable Floating
Rate Notes issued by the German bank, Kreditanstalt fr
Wiederaufbau under a note program (the Collateral).  The Issuer
may redeem the Collateral at par by delivering a put notice at any
time after the second interest payment date in December 2009.  A
put notice will be delivered for either making payments of cash
settlement amounts under the Cat Swap Agreement or for redeeming
the Collateral on or before the Scheduled Redemption Date.  This
transaction is also the first Moody's-rated catastrophe bond to
utilize this form of collateral in lieu of the more standard total
return swap structure.

Issuer and Munich Re, as the Cat Swap Counterparty, entered into a
Cat Swap Agreement, which will provide for the payment by the
Issuer to Munich Re of cash settlement amounts following certain
conditions to settlement being satisfied with regard to one or
more Risk Events.  The Cat Swap Counterparty Payments made by
Munich Re along with the payments on the Collateral are designed
to meet the anticipated cash flows under the Notes.


IMPAC CMB: Moody's Downgrades Ratings on 79 Tranches
----------------------------------------------------
Moody's Investors Service has downgraded the ratings of 79
tranches from 15 Alt-A RMBS transactions issued by Impac.  The
collateral backing these transactions consists primarily of first-
lien, 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.

Additionally, Moody's further stresses the default rate
assumptions for deals with extremely low pool factors to account
for volatility arising from the small number of loans backing
these transactions.  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.
For these deals, gross defaults are determined by applying assumed
lifetime roll-rates to the transactions' current delinquency
buckets ("Delinquency Pipeline") 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 differs by transaction and is higher for more recent
vintages.

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.

Complete rating actions:

Impac CMB Trust Series 2003-9F

  -- Cl. M, Downgraded to Aa3; previously on 8/25/2003 Assigned
     Aa2

Impac CMB Trust Series 2004-10

  -- Cl. 1-A-1, Downgraded to Ba3; previously on 7/29/2008
     Upgraded to A3

  -- Current Underlying Rating: Downgraded to Ba3; previously on
     7/29/2008 Published at A3

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

  -- Cl. 1-A-2, Downgraded to Ca; previously on 3/24/2009
     Downgraded to Caa2

  -- Current Underlying Rating: Downgraded to Ca; previously on
     11/21/2008 Downgraded to Caa2

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

  -- Cl. 3-A-1, Downgraded to Aa3; previously on 11/21/2008
     Downgraded to Aa1

  -- Cl. 3-A-2, Downgraded to A3; previously on 11/21/2008
     Downgraded to A1

  -- Cl. 3-M-1, Downgraded to Baa2; previously on 11/21/2008
     Downgraded to A2

  -- Cl. 3-M-2, Downgraded to Baa3; previously on 11/21/2008
     Downgraded to Baa1

  -- Cl. 3-M-3, Downgraded to Ba3; previously on 11/21/2008
     Downgraded to Ba1

  -- Cl. 3-M-4, Downgraded to B3; previously on 11/21/2008
     Downgraded to B2

  -- Cl. 3-M-5, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Caa2

Impac CMB Trust Series 2004-11

  -- Cl. 2-A-1, Downgraded to Baa2; previously on 1/14/2005
     Assigned Aaa

  -- Cl. 2-A-2, Downgraded to Baa3; previously on 11/21/2008
     Downgraded to Aa3

  -- Cl. 2-M-1, Downgraded to B2; previously on 11/21/2008
     Downgraded to A1

  -- Cl. 2-M-2, Downgraded to Caa2; previously on 11/21/2008
     Downgraded to A3

  -- Cl. 2-M-3, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Baa2

  -- Cl. 2-M-4, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Ba2

  -- Cl. 2-M-5, Downgraded to Ca; previously on 11/21/2008
     Downgraded to B3

  -- Cl. 2-M-6, Downgraded to Ca; previously on 11/21/2008
     Downgraded to Caa2

Impac CMB Trust Series 2004-4

  -- Cl. 1-A-1, Downgraded to Aa2; previously on 6/7/2004 Assigned
     Aaa

  -- Cl. 1-A-2, Downgraded to Aa2; previously on 6/7/2004 Assigned
     Aaa

  -- Cl. 1-A-3, Downgraded to Aa2; previously on 6/7/2004 Assigned
     Aaa

  -- Cl. 1-M-1, Downgraded to Aa3; previously on 6/7/2004 Assigned
     Aa1

Impac CMB Trust Series 2004-5

  -- Cl. 1-M-6, Downgraded to Baa2; previously on 7/26/2004
     Assigned A3

Impac CMB Trust Series 2004-6

  -- Cl. 1-A-1, Downgraded to A1; previously on 7/26/2004 Assigned
     Aaa

  -- Cl. 1-A-2, Downgraded to Aa3; previously on 7/26/2004
     Assigned Aaa

  -- Cl. 1-A-3, Downgraded to A1; previously on 7/26/2004 Assigned
     Aaa

  -- Cl. 2-A, Downgraded to Aa1; previously on 7/26/2004 Assigned
     Aaa

  -- Current Underlying Rating: Downgraded to Aa1; previously on
     7/29/2008 Published at Aaa

  -- Financial Guarantor: Ambac Assurance Corporation (Downgraded
     to Ba3, Outlook Developing on 4/13/2009)

  -- Cl. M-1, Downgraded to A3; previously on 7/26/2004 Assigned
     Aa1

  -- Cl. M-2, Downgraded to Baa2; previously on 7/26/2004 Assigned
     Aa2

  -- Cl. M-3, Downgraded to Baa3; previously on 11/21/2008
     Downgraded to A1

  -- Cl. M-4, Downgraded to Ba2; previously on 11/21/2008
     Downgraded to A2

  -- Cl. M-5, Downgraded to Caa2; previously on 11/21/2008
     Downgraded to Baa1

  -- Cl. M-6, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Ba1

Impac CMB Trust Series 2004-7

  -- Cl. 1-A-1, Downgraded to A3; previously on 11/21/2008
     Downgraded to Aa1

  -- Cl. 1-A-2, Downgraded to Baa2; previously on 11/21/2008
     Downgraded to A1

  -- Cl. 2-A, Downgraded to Ba2; previously on 11/21/2008
     Downgraded to Aa3

  -- Current Underlying Rating: Downgraded to Ba2; previously on
     11/21/2008 Downgraded to Aa3

  -- Financial Guarantor: Ambac Assurance Corporation (Downgraded
     to Ba3, Outlook Developing on 4/13/2009)

  -- Cl. M-1, Downgraded to Ba1; previously on 11/21/2008
     Downgraded to A2

  -- Cl. M-2, Downgraded to B2; previously on 11/21/2008
     Downgraded to A3

  -- Cl. M-3, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Baa2

  -- Cl. M-4, Downgraded to Ca; previously on 11/21/2008
     Downgraded to Ba1

  -- Cl. M-5, Downgraded to C; previously on 11/21/2008 Downgraded
     to Caa1

Impac CMB Trust Series 2004-8

  -- Cl. 2-A-1, Downgraded to Baa2; previously on 7/29/2008
     Upgraded to A1

  -- Current Underlying Rating: Downgraded to Baa2; previously on
     7/29/2008 Published at A1

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

  -- Cl. 2-A-2, Downgraded to Caa3; previously on 7/29/2008
     Downgraded to B1

  -- Current Underlying Rating: Downgraded to Caa3; previously on
     7/29/2008 Published at B1

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

Impac CMB Trust Series 2004-9

  -- Cl. 1-A-1, Downgraded to A3; previously on 11/21/2008
     Downgraded to Aa2

  -- Cl. 1-A-2, Downgraded to Baa3; previously on 11/21/2008
     Downgraded to A2

  -- Cl. 2-A, Downgraded to Ba1; previously on 11/21/2008
     Downgraded to A1

  -- Current Underlying Rating: Downgraded to Ba1; previously on
     11/21/2008 Downgraded to A1

  -- Financial Guarantor: Ambac Assurance Corporation (Downgraded
     to Ba3, Outlook Developing on 4/13/2009)

  -- Cl. M-1, Downgraded to Ba2; previously on 11/21/2008
     Downgraded to A3

  -- Cl. M-2, Downgraded to B3; previously on 11/21/2008
     Downgraded to Baa2

  -- Cl. M-3, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Baa3

  -- Cl. M-4, Downgraded to Ca; previously on 11/21/2008
     Downgraded to Ba3

  -- Cl. M-5, Downgraded to C; previously on 11/21/2008 Downgraded
     to Caa1

  -- Cl. M-6, Downgraded to C; previously on 11/21/2008 Downgraded
     to Ca

Impac Secured Assets Corp., 2004-3

  -- Cl. M-1, Downgraded to A1; previously on 10/26/2004 Assigned
     Aa1

  -- Cl. M-2, Downgraded to Baa3; previously on 10/26/2004
     Assigned Aa2

  -- Cl. M-3, Downgraded to Caa1; previously on 11/21/2008
     Downgraded to Baa2

  -- Cl. M-4, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Ba3

  -- Cl. M-5, Downgraded to Ca; previously on 11/21/2008
     Downgraded to Caa1

  -- Cl. B, Downgraded to C; previously on 11/21/2008 Downgraded
     to Ca

Impac Secured Assets Trust 2002-2

  -- Cl. B-1, Downgraded to B3; previously on 4/23/2002 Assigned
     Ba2

  -- Cl. B-2, Downgraded to Ca; previously on 11/21/2008
     Downgraded to Caa3

Impac Secured Assets Trust 2003-1

  -- Cl. M-1, Downgraded to Aa2; previously on 10/20/2006 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A2; previously on 10/20/2006 Upgraded
     to Aa1

  -- Cl. B, Downgraded to Baa2; previously on 10/20/2006 Upgraded
     to A1

Impac Secured Assets Trust 2004-1

  -- Cl. A-5, Downgraded to A1; previously on 3/18/2004 Assigned
     Aaa

  -- Cl. A-6, Downgraded to Aa3; previously on 3/18/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A3; previously on 11/21/2008
     Downgraded to Aa3

  -- Cl. M-2, Downgraded to Ba1; previously on 11/21/2008
     Downgraded to A3

  -- Cl. M-3, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Ba2

Impac Secured Assets Trust 2004-2

  -- Cl. A-5, Downgraded to A1; previously on 8/9/2004 Assigned
     Aaa

  -- Cl. A-6, Downgraded to Aa3; previously on 8/9/2004 Assigned
     Aaa

  -- Cl. M-1, Downgraded to Baa2; previously on 8/9/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to B3; previously on 8/9/2004 Assigned A2

  -- Cl. M-3, Downgraded to Caa3; previously on 11/21/2008
     Downgraded to Ba2

Impac Secured Assets Trust 2004-4

  -- Cl. M-1, Downgraded to A1; previously on 1/27/2005 Assigned
     Aa1

  -- Cl. M-2, Downgraded to Baa1; previously on 1/27/2005 Assigned
     Aa2

  -- Cl. M-3, Downgraded to Baa3; previously on 11/21/2008
     Downgraded to A1

  -- Cl. M-4, Downgraded to B1; previously on 11/21/2008
     Downgraded to Baa1

  -- Cl. M-5, Downgraded to Ca; previously on 11/21/2008
     Downgraded to B2

  -- Cl. B, Downgraded to C; previously on 11/21/2008 Downgraded
     to Ca


ION MEDIA: S&P Withdraws 'D' Corporate Credit Rating
----------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on ION
Media Networks Inc. due to the lack of financial information on
the company.

                           Ratings List

                     ION Media Networks Inc.

                                      To       From
                                      --       ----
          Corporate Credit Rating     NR       D/--/--
          Senior Secured              NR       D
            Recovery Rating           NR       6


IXION PLC: S&P Downgrades Ratings on Series 26 & 27 to 'D'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
notes issued by Ixion PLC's series 26 and 27 to 'D' from 'CCC-'.
Both deals are synthetic collateralized debt obligation of asset-
backed securities transactions.

The defaults follow recent write-downs of underlying reference
entities, which have caused each class of notes to incur a
principal loss.

                          Rating Actions

                            Ixion PLC
                            Series 26

                               Rating
                               ------
              Class       To                  From
              -----       --                  ----
              Notes       D                   CCC-


                            I Ixion PLC
                            I Series 27

                               Rating
                               ------
              Class       To                  From
              -----       --                  ----
              Notes       D                   CCC-


JP MORGAN: Moody's Affirms Ratings on 19 2005-LDP2 Certificates
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 19 classes and
downgraded 8 classes of J.P. Morgan Chase Commercial Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2005-LDP2 due to anticipated losses from specially serviced
loans, increased credit quality dispersion and concerns about
loans approaching maturity.  Seventeen loans, representing 6% of
the pool, mature within the next twelve months.  Nine of these
loans, representing 4% of the pool, have Moody's stressed debt
service coverage ratio less than 1.0x.  The action is the result
of Moody's on-going surveillance of commercial mortgaged-back
securities transactions.

As of the May 16, 2009 distribution date, the transaction's
aggregate principle balance has decreased by approximately 4% to
$2.84 billion from $2.98 billion at securitization.  The
Certificates are collateralized by 293 loans, ranging in size from
less than 1% to 4% of the pool, with the top 10 loans representing
26% of the pool.  The pool includes one investment grade loan with
an underlying rating, representing 4% of the pool.  At
securitization there were two other loans with underlying ratings
-- The Russ Building ($60.0 million -- 2.1%) and Four Peaks
($17.1 million -- 0.6%).  However, the performance of these loans
has declined and they are now analyzed as part of the conduit
pool.  Ten loans, representing 2% of the pool, have defeased and
are collateralized with U.S. Government securities.

Forty loans, representing 10% of the pool, are on the master
servicer's watch-list.  The master servicer's watch-list includes
loans which meet certain portfolio review guidelines established
as part of the Commercial Mortgage Securities Association's
monthly reporting package.  As part of Moody's ongoing monitoring
of a transaction, Moody's reviews the watch-list to assess which
loans have material issues that could impact performance.  Not all
loans on the watch-list are delinquent or have significant issues.

One loan has been liquidated from the pool since securitization,
resulting in a $7.8 million realized loss.  Currently four loans,
representing 1% of the pool, are in special servicing.  Moody's is
estimating a $14.4 million loss from these specially serviced
loans (51% severity on average).

Moody's was provided with year-end 2008 and partial-year 2008
operating results for 85% of the pool.  Moody's weighted average
loan to value ratio for the conduit component is 103%, compared to
99% at Moody's prior review in May 2007.  In addition to increased
leverage, the pool has experienced increased credit quality
dispersion since last review.  Based on Moody's analysis,
approximately 60% of the pool has a Moody's LTV ratio in excess of
100% compared to 50% at last review and 39% at securitization.

The loan with an underlying rating is the Gateway Plaza I & II
Loan ($98.8 million -- 3.4%), which is secured by a 629,000 square
foot retail center located in Salt Lake City, Utah.  The center is
anchored by Dick's Sporting Goods, Gateway Theaters and Barnes &
Noble.  The center was 98% occupied as of March 2009, compared to
98% at last review.  Performance has been stable.  Moody's current
underlying rating is Baa3, the same as at securitization.

The second loan which had an underlying rating at securitization
is the Russ Building Loan ($60.0 million -- 2.1%), which is
secured by a 509,000 square foot office building located in San
Francisco, California.  The property was 96% leased as of December
2008, essentially the same as at last review.  Although occupancy
has been stable since last review, performance has declined due to
increased operating expenses.  Due to increased leverage, the loan
no longer has an underlying rating and is now analyzed as part of
the conduit component.  Moody's current LTV is 78% compared to 73%
at last review.

The third loan which had an underlying rating at securitization is
the Four Peaks Loan ($17.0 million -- 0.6%), which is secured by a
141, 000 square foot retail center located approximately 30 miles
from Phoenix in Fountain Hills, Arizona.  The largest tenants
include Ross Dress for Less, Dollar Tree and Petco.  The property
was 85% leased as of December 2008 compared to 99% at last review.
Financial performance has declined due to decreased rental
revenues and the property is operating below original projections.
Due to increased leverage, the loan no longer has an underlying
rating and is now analyzed as part of the conduit component.
Moody's current LTV is 97% compared to 77% at last review.

The top three conduit loans represent 10.4% of the pool.  The
largest conduit loan is the City Place Corporate Center Loan
($121.6 million -- 4.2%), which is secured by five office
buildings totaling 789,000 square feet, a 50,000 square foot mixed
use property and a 28,000 square foot retail building.  All of the
properties are located in Creve Coeur, Missouri.  The portfolio's
weighted average occupancy as of year-end 2008 was 96% compared to
94% at last review.  Performance has been stable.  Moody's LTV is
104%, the same as at last review.

The second largest conduit loan is the Shops at Canal Place Loan
($90.0 million -- 3.1%), which is secured by a 215,000 square foot
retail center located in New Orleans, Louisiana.  The property was
severely damaged by fire and looting immediately following
Hurricane Katrina and was closed until February 2006.  The
property was 95% occupied as of December 2008 compared to 83% at
last review.  However, despite the increased occupancy, the
property is operating below original projections.  Moreover, the
property's future prospects are uncertain given the major
disruption to New Orleans' tourism and convention business.
Moody's LTV is 132% compared to 131% at last review.

The third largest conduit loan is the Hutchinson Metro Center Loan
($87.8 million -- 3.1%), which is secured by a 424,000 square foot
office building located in the Bronx, New York.  The property was
98% leased as of December 2008 compared to 89% at last review.
Despite increased occupancy, performance has declined due to
increased operating expenses.  Moody's LTV is 115% compared to
105% at last review.

Moody's rating actions is:

  -- Class A-1, $4,026,459, affirmed at Aaa; previously affirmed
     at Aaa on 5/4/2007

  -- Class A-2, $257,128,000, affirmed at Aaa; previously affirmed
     at Aaa on 5/4/2007

  -- Class A-3, $367,428,000, affirmed at Aaa; previously affirmed
     at Aaa on 5/4/2007

  -- Class A-3A, $122,717,000, affirmed at Aaa; previously
     affirmed at Aaa on 5/4/2007

  -- Class A-4, $561,321,000, affirmed at Aaa; previously affirmed
     at Aaa on 5/4/2007

  -- Class A-SB, $123,438,000, affirmed at Aaa; previously
     affirmed at Aaa on 5/4/2007

  -- Class A-1A, $543,589,378, affirmed at Aaa; previously
     affirmed at Aaa on 5/4/2007

  -- Class A-M, $247,946,000, affirmed at Aaa; previously affirmed
     at Aaa on 5/4/2007

  -- Class A-MFL, $50,000,000, affirmed at Aaa; previously
     affirmed at Aaa on 5/4/2007

  -- Class A-J, $216,011,000, affirmed at Aaa; previously affirmed
     at Aaa on 5/4/2007

  -- Class X-1, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 5/4/2007

  -- Class X-2, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 5/4/2007

  -- Class B, $18,621,000, affirmed at Aa1; previously affirmed at
     Aa1 on 5/4/2007

  -- Class C, $40,968,000, affirmed at Aa2; previously affirmed at
     Aa2 on 5/4/2007

  -- Class D, $26,070,000, affirmed at Aa3; previously affirmed at
     Aa3 on 5/4/2007

  -- Class E, $26,070,000, affirmed at A1; previously affirmed at
     A1 on 5/4/2007

  -- Class F, $29,795,000, affirmed at A2; previously affirmed at
     A2 on 5/4/2007

  -- Class G, $26,070,000, affirmed at A3; previously affirmed at
     A3 on 5/4/2007

  -- Class H, $44,692,000, affirmed at Baal; previously affirmed
     at Baa1 on 5/4/2007

  -- Class J, $29,795,000, downgraded to Ba1; previously affirmed
     at Baa2 on 5/4/2007

  -- Class K, $37,243,000, downgraded to Ba3; previously affirmed
     at Baa3 on 5/4/2007

  -- Class L, $11,173,000, downgraded to B2; previously downgraded
     to Ba2 from Ba1 on 5/4/2007

  -- Class M, $14,897,000, downgraded to B3; previously downgraded
     to Ba3 from Ba2 on 5/4/2007

  -- Class N, $11,173,000, downgraded to Caa1; previously
     downgraded to B1 from Ba3 on 5/4/2007

  -- Class O, $7,449,000, downgraded to Caa2; previously
     downgraded to B2 from B1 on 5/4/2007

  -- Class P, $7,449,000, downgraded to Caa3; previously
     downgraded to B3 from B2 on 5/4/2007

  -- Class Q, $11,173,000, downgraded to Caa3; previously
     downgraded to Caa2 from B3 on 5/4/2007


JPMCC 2006-LDP7: Fitch Puts Low-B Ratings on 3 Certs. on WatchNeg.
------------------------------------------------------------------
Fitch Ratings places these classes of JPMCC 2006-LDP7 commercial
mortgage pass-through certificates on Rating Watch Negative:

  -- $310.3 million class A-J 'AAA'; Rating Watch Negative;
  -- $78.8 million class B 'AA'; Rating Watch Negative;
  -- $44.3 million class C 'AA-'; Rating Watch Negative;
  -- $14.8 million class D 'A+'; Rating Watch Negative;
  -- $39.4 million class E 'A'; Rating Watch Negative;
  -- $39.4 million class F 'A-'; Rating Watch Negative;
  -- $49.2 million class G 'BBB+'; Rating Watch Negative;
  -- $39.4 million class H 'BBB'; Rating Watch Negative;
  -- $44.3 million class J 'BBB-'; Rating Watch Negative;
  -- $14.8 million class K 'BB+'; Rating Watch Negative;
  -- $14.8 million class L 'BB'; Rating Watch Negative;
  -- $19.7 million class M 'BB-'; Rating Watch Negative.

The Rating Watch Negative placements are due to the increased
number of Fitch Loans of Concern (9.85%), which includes 13
specially serviced loans (3.53%).  The largest loan in special
servicing (1.48%) is collateralized by a California office
building and transferred to the special servicer due to delinquent
payment.  The loan is currently 30 days delinquent.

Fitch expects to resolve the Rating Watch Negative status of these
classes as it completes the analysis of the 2006 through 2008
fixed rate transactions and will incorporate updated information
on the specially serviced loans as it becomes available.


LANDMARK VI: Moody's Junks Rating on Class D of $15MM Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Landmark VI CDO Ltd.:

  -- $222,000,000 Class A Senior Secured Floating Rate Notes due
     2018 Downgraded to Aa3; previously on January 30, 2006
     Assigned Aaa;

  -- $15,000,000 Class B Senior Secured Floating Rate Notes due
     2018 Downgraded to Baa1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- $19,000,000 Class C Secured Deferrable Floating Rate Notes
     due 2018 Downgraded to Ba2; previously on March 17, 2009
     Downgraded to Ba1and Placed Under Review for Possible
     Downgrade;

  -- $15,000,000 Class D Secured Deferrable Floating Rate Notes
     due 2018 Downgraded to Caa2; previously on March 17, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- $10,000,000 Class E Secured 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 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
other metrics, 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, C, D, and E Overcollateralization Tests.
The weighted average rating factor has steadily increased over the
last year and it is currently at 3103 versus a test level of 2775
as of the last trustee report, dated April 30, 2009.  Based on the
same report, defaulted securities total about $26.5 million
accounting for roughly 8.9% of the collateral balance and
securities rated Caa1 or lower make up approximately 19.2% of the
underlying portfolio.  Additionally, interest payments on the
Class C, D, and E Notes are presently being deferred.  Moody's
also assessed the collateral pool's elevated concentration risk in
a small number of obligors and 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.

Landmark VI CDO Ltd., issued in January 2006, is a collateralized
loan obligation, backed primarily by a portfolio of senior secured
loans.


LATITUDE CLO: Moody's Junks Rating on Class C $13.30MM Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings on these notes issued by Latitude CLO II Ltd.:

  -- US$45,500,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2018, Downgraded to A2; previously on March 4, 2008 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$27,000,000 Class B Second Priority Deferrable Floating
     Rate Notes Due 2018, Downgraded to Ba2; previously on March
     17, 2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

  -- US$13,300,000 Class C Third Priority Deferrable Floating
     Rate Notes Due 2018, Downgraded to Caa3; previously on March
     17, 2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$9,500,000 Class D Fourth Priority Deferrable Floating
     Rate Notes Due 2018, Downgraded to C; 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."
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 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, Class B, Class C, and Class D Overcollateralization
Tests.  The weighted average rating factor has steadily increased
over the last year and it is currently at 2828 versus a test level
of 2540 as of the most recent trustee report, dated May 20, 2009.
Based on the same report, defaulted securities total about
$28.4 million, accounting for roughly 9.8% of the collateral
balance, and securities rated Caa1 or lower make up approximately
11% of the underlying portfolio.  Additionally, interest payments
on the Class D Notes are presently being deferred as a result of
the failure of the Class A, Class B, and Class C
Overcollateralization Tests.

Latitude CLO II Ltd, issued in August of 2006, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.


LB-UBS COMMERCIAL: Fitch Junks Rating on Class T of 2002-C7 Certs.
------------------------------------------------------------------
Fitch Ratings affirms and assigns Rating Outlooks to LB-UBS
Commercial Mortgage, series 2002-C7, commercial mortgage pass-
through certificates:

  -- $71.4 million class A-3 at 'AAA'; Outlook Stable;

  -- $394.4 million class A-4 at 'AAA'; Outlook Stable;

  -- $80.2 million class A-1b at 'AAA'; Outlook Stable;

  -- Interest-Only classes X-CL and X-CP at 'AAA'; Outlook
     Stable;

  -- $20.8 million class B at 'AAA'; Outlook Stable;

  -- $17.8 million class C at 'AAA'; Outlook Stable;

  -- $17.8 million class D at 'AAA'; Outlook Stable;

  -- $14.8 million class E at 'AAA'; Outlook Stable;

  -- $14.8 million class F at 'AAA'; Outlook Stable;

  -- $14.8 million class G at 'AAA'; Outlook Stable;

  -- $19.3 million class H at 'AA+'; Outlook Stable;

  -- $11.9 million class J at 'AA-'; Outlook Stable;

  -- $11.9 million class K at 'A+'; Outlook Stable;

  -- $19.3 million class L at 'BBB+'; Outlook Stable;

  -- $7.4 million class M at 'BBB'; Outlook Stable;

  -- $5.9 million class N at 'BB+'; Outlook Stable;

  -- $8.9 million class P at 'BB-'; Outlook Stable;

  -- $4.5 million class Q at 'B+'; Outlook Stable;

  -- $3 million class S at 'B'; Outlook Negative;

  -- $8.9 million class T at 'CCC'.

Fitch does not rate the $8.9 million class U. Classes A-1 and A-2
have paid in full.

The rating affirmations reflect the stable performance of the pool
and sufficient credit enhancement.  The Rating Outlooks reflect
the likely direction of any rating changes over the next one or
two years.  As of the May 2009 distribution date, the pool has
paid down 36.3% to $756.6 million from $1.19 billion at issuance.
Of the original 115 loans, 88 remain in the transaction and 21
(26.1%) have been defeased.

Five loans, representing 37.1% of the transaction, continue to
maintain their investment grade shadow ratings: Capitol at Chelsea
(13.9%), Westfield Shoppingtown Independence (defeased) (8.9%),
205 East 42nd (6.2%), 655 Third Ave (5.3%), and 675 Third Ave
(4.8%).  Fitch has reviewed the most recent servicer provided
operating statement analysis reports for the four non-defeased
shadow rated loans.  The largest loan in the deal and shadow rated
is the Capitol at Chelsea (13.9%) which is collateralized by a
387-unit multifamily property in Manhattan, New York.  As of Dec.
31, 2008, the property was 96% occupied with a servicer reported
DSCR of 2.26 times (x).  The three other nondefeased shadow rated
loans are collateralized by office properties in Manhattan. Each
property has current occupancies above 90% and low leverage with
loan per square feet of $115 or less.

Fitch has identified 10 Loans of Concern (4%), including two loans
in special servicing (1.2%), as well as other loans with
deteriorating performance.

The largest specially serviced loan is collateralized by Uptown
Square (0.9 %), a retail property in Fayetteville, Georgia.  The
loan transferred to special servicing on Nov. 11, 2008 imminent
default as a result of Linens and Thing's bankruptcy filing.  The
leasing prospects for the vacant space are weak as the sub-market
reports additional vacancies in retail centers nearby.  The
property is marketed for sale.  Losses are expected.

The second specially serviced loan is collateralized by Sandy Oak
(0.2%), a multifamily property in Fort Worth, Texas.  The loan
transferred to special servicing in December 2007 for imminent
default.  The subject has 102 units and is at risk of losing its
section 8 status due to severe deferred maintenance.  Foreclosure
process has been started.  Losses are expected.


LIMEROCK CLO: Moody's Junks Ratings on Class C & J Notes
--------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Limerock CLO I:

  -- US$80,000,000 Class A-1 Floating Rate Notes Due 2023,
     Downgraded to A2; previously on April 11, 2007 Assigned Aaa;

  -- US$60,000,000 Class A-2 Floating Rate Notes Due 2023,
     Downgraded to A2; previously on April 11, 2007 Assigned Aaa;

  -- US$207,000,000 Class A-3a Floating Rate Notes Due 2023,
     Downgraded to Aa3; previously on April 11, 2007 Assigned Aaa;

  -- US$23,000,000 Class A-3b Floating Rate Notes Due 2023,
     Downgraded to Baa1; previously on March 4, 2009, Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$29,000,000 Class A-4 Floating Rate Notes Due 2023,
     Downgraded to Baa3; previously on March 4, 2009, Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$22,000,000 Class B Deferrable Floating Rate Notes Due
     2023, Downgraded to Ba3; previously on March 13, 2009,
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade;

  -- US$19,000,000 Class C Floating Rate Notes Due 2023,
     Downgraded to Caa2; previously on March 13, 2009, Downgraded
     to B2 and Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class D Floating Rate Notes Due 2023,
     Downgraded to C; previously on March 13, 2009, Downgraded to
     Caa3 and Placed Under Review for Possible Downgrade;

  -- US$14,000,000 Class J Blended Securities, Downgraded to
     Caa1; previously on March 4, 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."
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).  Moody's has
also applied resecuritization stress factors to default
probability assumptions for structured finance asset collateral as
described in the press release titled "Moody's updates its key
assumptions for rating structured finance CDOs," published on
December 11, 2008.

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 Class
B, C, and D Overcollateralization Tests.  The weighted average
rating factor has steadily increased over the last year and it is
currently at 3069 versus a test level of 2560 as of the latest
trustee report, dated May 12, 2009.  Based on the same report,
defaulted securities total about $46.7 million, accounting for
roughly 9.5% of the collateral balance, and securities rated Caa1
or lower make up approximately 14.7% of the underlying portfolio.
Additionally, interest payments on the Class D Notes are presently
being deferred as a result of the failure of the Class B and C
Overcollateralization Tests.

Moody's also observes that the transaction is exposed to a number
of mezzanine and junior CLO tranches in the underlying portfolio.
The majority of these CLO tranches are currently assigned low
speculative-grade ratings and carry depressed market valuations
that may herald poor recovery prospects in the event of default.

Limerock CLO I, issued in April 2007, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.


LONGSHORE CDO: S&P Corrects Ratings on Class A-1 Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
class A-1 notes from Longshore CDO Funding 2007-3 Ltd., a hybrid
high-grade structured finance collateralize debt obligation
transaction, by lowering it to 'CC' from 'BBB+'.

Due to an administrative error, S&P had incorrectly linked the
rating to the rating on a monoline insurer.

S&P corrected the rating on the class A-1 notes to reflect the
credit enhancement available, which S&P believes is insufficient
to support the previous rating on the notes.

                         Rating Corrected

                Longshore CDO Funding 2007-3 Ltd.

                                  Rating
                                  ------
                     Class      To     From
                     -----      --     ----
                     A-1        CC     BBB+


MAGNOLIA FINANCE: S&P Downgrades Ratings on 2006-5A Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A notes from Magnolia Finance II PLC's series 2006-5A to 'D' from
'CCC-'.

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

                       Rating Lowered

                  Magnolia Finance II PLC
                       Series 2006-5A

                                  Rating
                                  ------
               Class            To     From
               -----            --     ----
               A                D      CCC-


MAMMOTH LAKES: S&P Downgrades Long-Term Rating on Certs. to 'BB'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating
and underlying rating on Mammoth Lakes, California's certificates
of participation five notches to 'BB' from 'A-'.  The outlook is
developing.

"The downgrades reflect our view of the significant exposure the
town of Mammoth Lakes is facing as a result of litigation between
the town, and a developer, as well as town documents that discuss
bankruptcy as an important strategy in case of an adverse decision
by the court," said Standard & Poor's credit analyst Sussan
Corson.

The developing outlook reflects what S&P see as the high degree of
uncertainty and credit risk associated with Mammoth Lakes' recent
$30 million adverse trial court judgment, which it is appealing in
a trial process officials expect to take until the summer of 2010.
If the town is unsuccessful in reversing the judgment, S&P
believes there will be significant fiscal strain on the
municipality.  Furthermore, if officials continue to consider
bankruptcy as an option to its current fiscal situation, S&P may
maintain the non-investment-grade rating on the town.  If the town
actually avails itself of protection under the bankruptcy code,
S&P would likely lower the rating further.  Should a favorable
court ruling eliminate the town's exposure to significant future
fiscal strain, S&P would consider restoring the rating to
investment-grade.

The COPS rating reflects S&P's assessment of Mammoth Lakes'
covenant to budget and appropriate lease payments, annual
appropriation risk, and the general credit characteristics of the
town.

The town's general credit characteristics include what S&P
consider its high degree of exposure to this $30 million trial
court judgment, now on appeal, related to an alleged breach of
contract of an airport development agreement, including
$1.6 million (7% of general fund revenues) in associated legal
fees realized in fiscal 2008, $650,000 in fiscal 2009, and
$750,000 projected by the town for fiscal 2010; and an economy and
general fund revenue structure that S&P view as highly dependent
on tourism and environmental factors.

Offsetting credit strengths in Standard & Poor's opinion include
historically strong unreserved fund balances and contingency
reserves that S&P believes have acted as an important buffer to
declines in tourism and recent litigation costs; and good income
levels.

The certificates outstanding have an interest in lease payments
from the town to the Mammoth Lakes Municipal Services Corp., a
nonprofit, public-benefit corporation.  In the lease, the town
covenants to budget and appropriate lease payments through the
certificates' term.


MANUFACTURED HOUSING: S&P Corrects Ratings on 2 Certs. to BB-
-------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on the
class IM-2 and IIM-2 certificates issued by Manufactured Housing
Contract Trust Pass-Thru Cert Series 2001-1 by lowering them to
'BB-'.  The ratings remain on CreditWatch with negative
implications.

The ratings on these certificates are dependent on the financial
strength rating of Radian Insurance Inc. ('BB-/Watch Neg').
Radian provides a guarantee of timely interest and the ultimate
repayment of principal on the certificates under a certificate
guarantee insurance policy.

The rating actions reflect the April 8, 2009, lowering of the
financial strength rating on Radian to BB-/Watch Neg/-- from
BB+/Watch Neg/--.

The corresponding rating actions on the certificates did not occur
contemporaneously with the rating actions on Radian due to a
process delay.

                         Ratings Corrected

Manufactured Housing Contract Trust Pass-Thru Cert Series 2001-1

                                 Rating
                                 ------
       Class             To                 From
       -----             --                 ----
       Class IM-2        BB-/Watch Neg      BB+/Watch Neg
       Class IIM-2       BB-/Watch Neg      BB+/Watch Neg


MASTR ADJUSTABLE: Moody's Downgrades Ratings on 10 Classes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 10 classes
of notes from two transactions issued by MASTR Adjustable Rate
Mortgages Trust.

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

Moody's uses these methodology to estimate losses on low pool
factor deals.

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 of 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:

Issuer: MASTR Adjustable Rate Mortgages Trust 2002-3 (Loans
Remaining: 22)

  -- Cl. B-1, Current Balance: $972,718, Downgraded to A1;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $378,242, Downgraded to Baa3;
     previously on 7/27/2005 Upgraded to Aaa

  -- Cl. B-3, Current Balance: $324,239, Downgraded to Ba3;
     previously on 7/27/2005 Upgraded to A1

  -- Cl. B-4, Current Balance: $108,116, Downgraded to B3;
     previously on 7/27/2005 Upgraded to A2

Issuer: MASTR Adjustable Rate Mortgages Trust 2003-1 (Loans
Remaining: 21)

  -- Cl. 2-A-1, Current Balance: $467,703, Downgraded to Aa2;
     previously on 3/26/2003 Assigned Aaa

  -- Cl. 2-A-2, Current Balance: $619,386, Downgraded to Aa1;
     previously on 3/26/2003 Assigned Aaa

  -- Cl. 2-A-3, Current Balance: $21,678, Downgraded to Aa3;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. 2-A-IO, Downgraded to Aa1; previously on 3/26/2003
     Assigned Aaa

  -- Cl. 3-A-1, Current Balance: $2,198,111, Downgraded to Aa2;
     previously on 3/26/2003 Assigned Aaa

  -- Cl. 3-A-IO, Downgraded to Aa2; previously on 3/26/2003
     Assigned Aaa


MAYPORT CLO: Moody's Cuts Rating on Class B-2L Notes to Ca
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Mayport CLO Ltd.:

  -- US$250,000,000 Class A-1L Floating Rate Notes due February
     2020, downgraded to Aa2; previously on December 19, 2006
     Assigned Aaa;

  -- US$60,000,000 Class A-1LV Floating Rate Revolving Notes
     due February 2020, downgraded to Aa2; previously on December
     19, 2006, Assigned Aaa;

  -- US$26,000,000 Class A-2L Floating Rate Notes due February
     2020, downgraded to A3; previously on March 4, 2007 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class B-2L Floating Rate Notes due February
     2020, downgraded to Ca; previously on March 17, 2007
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade;

Moody's has also confirmed the ratings of these notes:

  -- US$25,000,000 Class A-3L Deferrable Floating Rate Notes
     due February 2020, confirmed at Ba1; previously on March 17,
     2007 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$19,500,000 Class B-1L Floating Rate Notes due February
     2020, confirmed at B1; previously on March 17, 2007
     Downgraded to B1 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 Class B-2L Overcollateralization Test.  The weighted
average rating factor has steadily increased over the last year
and it is currently at 2913 versus a test level of 2560 as of the
last trustee report, dated April 8, 2009.  Based on the same
report, defaulted securities total about $24.7 million accounting
for roughly 6% of the collateral balance and securities rated Caa1
or lower make up approximately 16.6% of the underlying portfolio.


MERRILL LYNCH: Fitch Downgrades Rating on Class F Notes to 'B'
--------------------------------------------------------------
Fitch Ratings downgrades and assigns a Rating Outlook to one class
of Merrill Lynch Mortgage Investors, Inc.'s mortgage pass-through
certificates, series 1999-C1:

  -- $7.4 million class F to 'B' from 'BBB'; Outlook Negative.

Fitch also removes class F from Rating Watch Negative.

Fitch maintains the Rating Watch Negative on these classes:

  -- $32.6 million class B 'AAA';
  -- $26.7 million class C 'AAA';
  -- $8.9 million class D 'AAA';
  -- $20.7 million class E 'AA'.

Additionally, Fitch affirms these classes:

  -- $170.1 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest only class IO at 'AAA'; Outlook Stable;
  -- $23.7 million class G at 'CC/RR3;
  -- $20.7 million class H at 'C/RR6';
  -- $2.4 million class J at 'D/RR6'.

Class K has been reduced to zero due to realized losses, and class
A-1 has paid in full.

The downgrade is the result of an increase in specially serviced
assets (16.3%) and expected losses since Fitch's last rating
action, as well as anticipated future interest shortfalls.  Rating
Outlooks reflect the likely direction of any rating changes over
the next one to two years.  The Negative Outlook for class F
reflects the significant percentage of Fitch Loans of Concern
(25.9%), as well as concern over the significant maturity
concentration in 2009.  As of the May 2009 distribution date, the
pool's aggregate principal balance had decreased by 47.1% to $313
million from $592 million at issuance.  Twenty-six loans are fully
defeased (31.2%), including three (13.3%) of the top 10 loans.

Classes B through E maintain their Rating Watch Negative
placements due to future anticipated interest shortfalls on those
classes.  The master servicer has declared previous advances on a
specially serviced loan non-recoverable.  It is anticipated that
these advances will be recouped from the trust over the next year
and will result in interest shortfalls on classes B through F.  In
addition, 8.1% of the pool is either a corrected or modified loan
maturing in September 2009.  The special servicer is entitled to
fees and future additional shortfalls are possible.

The advances deemed non-recoverable were due to a specially
serviced loan (2%) where the asset was disposed after the loan
became real estate-owned.  There was ongoing litigation between
the trust and the former borrower due to the borrower's bankruptcy
filing and a dispute regarding the asset's sale proceeds.  A
favorable settlement to the trust has been reached.  The master
servicer is electing to recoup the advances before the majority of
loans in the trust mature in 2009, and it is anticipated that
shortfalls will begin in July or August 2009.  Classes B through E
may incur shortfalls for three to four months, and class F could
incur shortfalls for up to 12 months.  It is possible that these
shortfalls could be recovered; however, if shortfalls on
investment grade classes are not resolved in three to four months,
these classes may be downgraded.

Currently, there are six other assets (14.3%) in special
servicing.  The largest asset is an office building (4.8%) in
Dallas, Texas, that lost its sole tenant.  The building is
currently 20% occupied.  The debt service payments are being made
by reserves and the loan is current.

The next largest specially serviced asset has been real-estate
owned since 2005 and is listed for sale.  The property is an
office building (4.7%) in Irving, Texas, that is currently 69%
occupied.  Based on the most recent appraisal value, losses are
expected upon disposition.

Forty-one non-defeased loans are scheduled to mature in 2009
(67%).  These loans have a servicer reported weighted average debt
service coverage ratio of 1.43 times.


ML-CFC COMMERCIAL: Fitch Puts Ratings on Certs. on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed these 12 classes of ML-CFC Commercial
Mortgage Trust's 2006-1 commercial mortgage pass-through
certificates on Rating Watch Negative:

  -- $21.4 million class C 'AA-';
  -- $29.4 million class D 'A';
  -- $16.1 million class E 'A-';
  -- $24.1 million class F 'BBB';
  -- $16.1 million class G 'BBB-';
  -- $26.8 million class H 'BB+';
  -- $5.4 million class J 'BB';
  -- $5.4 million class K 'BB-';
  -- $8 million class L 'B+';
  -- $2.7 million class M 'B';
  -- $8 million class N 'B-';
  -- $5.4 million class P 'CCC/RR1'.

The Rating Watch Negative reflects the transfer of three loans
(8%) to special servicing in May and June 2009.  The largest of
these loans (6.7%) transferred as a result of the sponsor, General
Growth Properties, filing for Chapter 11 bankruptcy protection.
This brings the total number of loans in special servicing to
eight, which represents 9.3% of the pool balance.

Fitch expects to resolve the Rating Watch Negative status of these
classes as it completes the analysis of the 2006 through 2008
fixed-rate transactions, and will incorporate updated information
on the specially serviced loans as it becomes available.


ML-CFC COMMERCIAL: Fitch Puts Low-B Rtngs. on 7 Certs. on WatchNeg
------------------------------------------------------------------
Fitch Ratings places these classes of ML-CFC commercial mortgage
pass-through certificates series 2006-3 on Rating Watch Negative:

  -- $191 million class AJ 'AAA';
  -- $48.5 million class B 'AA';
  -- $18.2 million class C 'AA-';
  -- $48.5 million class D 'A';
  -- $21.2 million class E 'A-';
  -- $36.4 million class F 'BBB+';
  -- $24.3 million class G 'BBB';
  -- $21.2 million class H 'BB+'.

These classes remain on Watch Negative:

  -- $12.1 million class J 'BB';
  -- $6.1 million class K 'BB-';
  -- $9.1 million class L 'B+';
  -- $6.1 million class M 'B';
  -- $6.1 million class N 'B-';
  -- $3 million class P 'B-/DR1'.

The $23.5 million class Q and interest only class XR are not rated
by Fitch.

The Watch Negative placements are due to expected losses on seven
(2.8%) of the eight (9.4%) specially serviced loans in the
transaction.  As of the May 2009 distribution date, the
transaction has paid down approximately 2.5% to $2.37 billion from
$2.43 billion at issuance.

Fitch identified 33 (14.4%) loans of concern, including the eight
loans in special servicing.  The largest specially serviced loan
is Stonestown Mall (6.6%) in San Francisco, California.  This loan
is sponsored by General Growth Properties, which filed for Chapter
11 bankruptcy protection on April 16, 2009 and included the
property with its filing.  The mall has experienced performance
declines since origination.  Occupancy as of September 2008
decreased to 81% from 96% at issuance.  As a result, the net
operating income DSCR declined to 1.69 times (x) from 2.17x at
issuance.  GGP continues to face difficulty leasing the vacant
space.  At issuance, the pooled shadow rating was 'A+', which was
several notches above the stand-alone rating.  Due to the
challenges the property faces, the loan's stand-alone rating is no
longer considered investment grade and therefore does not continue
to receive pooling benefit.

The second largest specially serviced loan (0.84%) is secured by a
142-unit multifamily property located in Tucson, Arizona.  The
loan transferred to the special servicer in December 2008 due to
payment default.  The property has underperformed expectations
since origination due to the bankruptcy of a tenant who was
expected to lease more than 10% of the units.  The borrower and
special servicer continue to discuss workout options.

The third largest specially serviced loan (0.65%) is secured by a
486-unit multifamily property located in Phoenix, Arizona.  The
loan transferred in November 2008 due to monetary default.  The
special servicer is considering workout options and anticipates a
completed inspection report shortly.

The remaining five specially serviced loans (1.28%) all
individually represent less than 0.5% of the pool and have
recently transferred due to payment default.  The special servicer
is discussing workout options with each respective borrower.

The largest loan in the pool (10.5%) is secured by a portfolio of
six hotels located in these areas: Cary, North Carolina; Portland,
OR; Tampa, Florida; Charleston, West Virginia; Seaside,
California; and Topeka, Kansas.  The properties are well located
in their respective markets and are proximate to downtown areas,
airports, universities, and convention centers.  As of September
2008, occupancy for the portfolio was 76%, inline with performance
at issuance.  The portfolio's debt service coverage ratio improved
to 1.78x from 1.30x at issuance.

Fitch expects to resolve the Rating Watch Negative status of these
classes as it completes the analysis of the 2006 through 2008
fixed rate transactions, and will incorporate updated information
on the specially serviced loans as it becomes available.


MORGAN STANLEY: Fitch Junks Ratings on Class M & N of Certificates
------------------------------------------------------------------
Fitch Ratings downgrades these classes of Morgan Stanley Capital I
Trust Pass-Through Certificates, series 2005 IQ9.  In addition,
Fitch assigns and/or revises recovery ratings on the M, N, and O
classes:

  -- $11.5 million class C to 'A' from 'AA-'; Outlook Negative;

  -- $26.8 million class D to 'BBB+' from 'A'; Outlook Negative;

  -- $15.3 million class E to 'BBB' from 'A-'; Outlook Negative'

  -- $15.3 million class F to 'BBB-' from 'BBB+'; Outlook
     Negative;

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

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

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

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

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

  -- $5.7 million class M to 'CCC/RR1' from 'B';

  -- $3.8 million class N to 'CCC/RR1' from 'B-';

  -- $5.7 million class O to 'CC/RR4' from 'CCC/RR2'.

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

  -- $7.3 million class A-1 at 'AAA'; Outlook Stable;
  -- $251.7 million class A-1A at 'AAA'; Outlook Stable;
  -- $112.6 million class A-2 at 'AAA'; Outlook Stable;
  -- $194.7 million class A-3 at 'AAA'; Outlook Stable;
  -- $94.4 million class A-4 at 'AAA'; Outlook Stable;
  -- $43.8 million class A-AB at 'AAA'; Outlook Stable;
  -- $446.2 million class A-5 at 'AAA'; Outlook Stable;
  -- $130.2 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;
  -- Interest-only class X-Y at 'AAA'; Outlook Stable;
  -- $32.6 million class B at 'AA'; Outlook Negative.

Fitch does not rate the $11.5 million class P.

The downgrades are the result of an increase in specially serviced
assets and an increase in expected losses 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 significant increase in Fitch Loans of
Concern.

As of the May 2009 distribution date, the pool's aggregate
certificate balance has decreased 4.9% to $1.46 billion from
$1.53 billion at issuance.  Four loans (2.1%) have defeased.

Fitch has identified 35 Loans of Concern (16%), including seven
loans in special servicing (9.4%), three of which transferred
since Fitch's last rating action (5.7%).  The largest specially
serviced loan (7.7%) is secured by the Hulen Mall, located in Fort
Worth, Texas.  The loan transferred to special servicing in April
2009 after the sponsor, GGP, filed for bankruptcy and included
this property in the filing.  At a minimum, CMBS trusts which
include GGP loans will incur additional servicing fees.  The
servicer reported YE 2008 total occupancy of 99.5%.  The loan is
scheduled to mature in 2011.

The second largest specially serviced loan (0.6%) is secured by a
165 unit/532 bed student housing project located in Statesboro,
GA, home of Georgia Southern University.  The market has become
oversaturated with newer and slightly better quality properties.
The servicer reported September 2008 occupancy of 75% with a debt
service coverage ratio of 0.10 times (x).

The third largest specially serviced loan (0.27%) is secured by a
47,861 square foot office building located in Cerritos,
California.  The loan transferred to special servicing in May 2009
for payment default.  The servicer reported occupancy as of YE
2008 was 76%.

The largest Fitch Loan of Concern not in special servicing (0.8%)
is secured by a retail property located in Atlanta, Georgia.
Occupancy has declined to 71% as of YE 2008 from 92% at issuance.

At issuance, Fitch shadow rated the 540 Madison Avenue loan.  The
loan maintains its investment grade shadow rating due to stable
performance.  The loan is secured by the leasehold interest in a
39-story, 1,818,613 sf office property located in midtown
Manhattan. Occupancy in the property remains strong at 92.9% as of
year-end 2008.  The loan sponsor is Boston Properties.  The loan
is scheduled to mature in 2013.

The largest remaining loan in the transaction (10%) is secured by
a 603,433 sf office building located in Manhattan.  The servicer
reported YE 2008 occupancy of 95% with a debt service coverage
ratio of 1.74 times (x).  The loan sponsor is Shorenstein Company.
The loan is scheduled to mature in 2014.

One loan is scheduled to mature in 2009 (0.7%).  Fitch has
included this as a Loan of Concern.  The property's DSCR has
fallen below 1.0x because of increased expenses and amortization
of the loan.  In addition, there are 7 loans scheduled to mature
in 2010 (6.5%).  These loans have a servicer reported weighted
average DSCR of 1.72x with a weighted average coupon of 4.97%.


MORGAN STANLEY: S&P Downgrades Rating on 2007-23 Notes to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Series
2007-23 JPY1 billion Class II secured floating-rate notes due 2012
issued by Morgan Stanley ACES SPC to 'D' from 'CCC-/Watch Neg'.

The rating downgrade reflects a loss incurred by the noteholders.
The portfolio in the transaction had suffered several credit
events, which resulted in an aggregate loss that exceeded the
available subordination and reduced the principal amount of the
notes.  There has been an interest payment shortfall on the most
recent interest payment date.

The rating action on the affected transaction is:

Rating lowered:

       Name                        Rating To   Rating From
       ----                        ---------   -----------
       Morgan Stanley ACES SPC     D           CCC-/Watch Neg
       Series 2007-23


MUNIMAE TE: Moody's Downgrades Ratings on $34 Mil. Notes to 'Ba1'
-----------------------------------------------------------------
Moody's Investors Service has downgraded these ratings on the
MuniMae TE Bond Subsidiary, LLC's (TE Bond Sub) Preferred and
Perpetual Preferred Shares -- to Baa1 from A3 on $154 million
total Series A, A-1, A-2, A-3, A-4; to Baa2 from Baa1 on
$104 million total Series B, B-1, B-2, B-3; to Baa3 from Baa2 on
$49 million total Series C, C-1, C-2, C-3; to Ba1 from Baa3 on
$34 million Series D.  The rating downgrade on TE Bond Sub's
preferred shares is based on challenges in the credit markets and
real estate sector, which Moody's believe heightens systemic risks
to the performance of TE Bond Sub.  Despite the overall
improvement in the portfolio of bonds which provide support to TE
Bond Sub, the stresses that the municipal capital markets have
experienced over the last year, including failed remarketings of
variable rate debt obligations, could negatively impact future
performance of TE Bond Sub's preferred shares by increasing the
costs of the financings and thereby lowering coverage.  The recent
stresses in the overall real estate sector provide additional risk
to TE Bond Sub as it may impact future performance of Municipal
Mortgage & Equity, LLC which provides investment and asset
management TE Bond Sub.

The Series A shares are on parity with each other.  The Series B
shares, which are parity with each other, are subordinate to the
Series A shares.  The Series C shares, which are parity with each
other, are subordinate to the Series A and B shares.  The Series D
shares are subordinate to all of the above mentioned shares.  The
differential in the senior and the different subordinate rating
levels reflects the priority of payment in distribution,
liquidation, winding up or dissolution of TE Bond Sub.

TE Bond Sub is a Maryland Limited Liability Company formed in
February 1999 and an indirect wholly owned subsidiary of MMA.  TE
Bond Sub and its subsidiaries invest directly in tax-exempt
mortgage revenue bonds and other investments which are secured by
affordable multi-family and various other types of housing
properties.  A portion of these bonds are securitized in various
forms, primarily as credit enhanced debt with short term interest
rates (the senior debt obligations).  TE Bond Sub receives the
residual cash flow from the payments on their bond portfolio,
after all senior debt obligations have been paid.  This residual
is used to first pay all series of the preferred shares and then
remaining funds are retained for general working capital purposes,
including reinvestments and distributions to the common stock
(which is not rated by Moody's).  The portfolio of bonds consists
of approximately $1.359 billion of outstanding mortgage revenue
bonds as of March 31, 2009, comprised of 157 mortgage bonds
financing 136 developments.  Developments are located in 26 states
and contain a total of 25,810 units.

Moody's has also downgraded TE Bond Sub's Issuer Rating to A3 from
A2.  The ratings on the preferred shares are not affected by the
Issuer Rating.  The outlook on all the ratings is revised to
negative reflecting the continuing capital market and real estate
stresses.

Despite Sophisticated And Active Investment Management, Adverse
   Market Conditions May Negatively Affect Performance Of The
                        Preferred Shares

Given the disruptions that Moody's have seen over the past year in
the municipal credit markets, including failed remarketings of
variable rate demand obligations, there are heightened risks to
the future cash flow available to TE Bond Sub for payment on
preferred shares in the event of higher spreads on the senior
obligations or failed remarketings of the senior obligations which
could, in a stress scenario, result in forced liquidations of the
underlying bond collateral.  TE Bond Sub does not have any senior
obligations that are auction rate securities.  This risk is
partially mitigated by TE Bond Sub's active management of its
portfolio, as demonstrated by the credit enhancement of
approximately 89% of all currently outstanding variable rate
senior obligations with Freddie Mac.

The portfolio additionally benefits from the oversight of the
parent corporation, MMA, who through its subsidiaries provide
investment and real estate advice and expertise.  However, the
ongoing stresses in the real estate sector also pose threats to
the ongoing financial strength of MMA and its ability to continue
to provide services to TE Bond Sub.  In the event that the
management or servicing agreements were terminated or modified TE
Bond Sub would need to replace MMA in this role as TE Bond Sub
does not have its own staff.

Sufficient Cashflow And Low Leverage Continue To Provide Adequate
                Coverage On The Preferred Shares

The residual cashflow that has been made available to TE Bond Sub
from bond payments, after all senior debt obligations have been
paid, has been sufficient to pay the quarterly interest on the
preferred shares.  While Moody's believe that residual cashflow
will remain adequate to pay future quarterly distributions to
preferred shareholders, there are various risks that may limit the
available residual cashflow to TE Bond Sub, and negatively affect
the debt service coverage on the preferred shares.  One such risk
would arise from potential future increase in the variable
interest rates on the senior obligations.  Such increase in short
term interest rates would result in diminishing spread between the
bond rate and the rates on the senior obligations, thus reducing
available cashflow to the TE Bond Sub for payment on the preferred
shares.  This risk is partially mitigated by conservative leverage
ratios through overcollateralization of bonds to both senior debt
obligations and preferred shares outstanding.

Distributions on preferred shares are cumulative and payable each
calendar quarter in arrears, upon declaration by the board of
directors and only to the extent quarterly net income is
available.  Distributions are not payable unless declared and
interest is not paid on accrued but unpaid distributions.  Since
issuance of the cumulative preferred shares, all quarterly
distributions have been declared at each stated annualized
dividend rate and all distributions have been paid.

Based on the 2009 proforma, under the current interest rate
environment, the residual cashflow available for distribution by
the TE Bond Sub is expected to be approximately $63.8 million
after payment of all senior interest payments and operating
expenses but before payment of distributions to preferred shares.
Such available cashflow would result in coverage for the Series A
shares at 6.73 times, for the combined Series A and B shares at
3.85 times, for the combined Series A, B and C shares at 3.32
times, and for the combined Series A, B, C and D shares at 3.01
times.

The 2009 proforma coverage levels demonstrate increased coverage
from the 2005 proforma coverage levels, which projected coverage
on the Series A shares at 5.17 times, for the combined Series A
and B shares at 2.96 times, for the combined Series A, B and C
shares at 2.55 times, and for the combined Series A, B, C and D at
2.31 times.  The increase in coverage is due to the current low
interest rate environment, which has significantly increased the
available cash flow to TE Bond Sub by reducing the interest
expense on the variable rate senior obligations.  Conversely,
since approximately 95% of the senior obligations pay floating
interest rates, potential future increases in short term interest
rates would be expected to decrease cashflow available to the TE
Bond Sub and its shareholders.  A sensitivity analysis was
performed on the 2009 proforma using the current loan performance,
and an interest rate increase of approximately 400 basis points on
the floating senior debt obligations.  The analysis demonstrates
continued adequate coverage of all of the preferred shares.  The
projected coverage ratios result in approximately 3.51 times on
Series A, 2.01 times on the combined Series A & B, 1.74 times on
the combined Series A, B & C shares and 1.57 times on the combined
Series A, B, C & D.

The Series A and A-1 shares are due to be remarketed on June 30,
2009. The current interest rates on the Series A and A-1 shares
are 6.875% and 6.300%, respectively.  Upon successful remarketing,
the interest rates would be reset, however, in the event of a
failed remarketing, TE Bond Sub would be obligated to pay a
penalty rate on the two series of shares for one year, when the
shares again become eligible for remarketing.  The penalty rate on
the Series A and A-1 shares is set at two times the yield of a 15-
year non callable Baa municipal bond which is expected to be
substantially above the current rates that the shares yield.  A
potential failed remarketing would escalate the interest expense
on the $100 million of outstanding Series A and A-1 shares, thus
reducing the debt service coverage on all series of shares.

TE Bond Sub covenants to limit the leverage on the asset pool of
bonds thereby providing comfort that the coverage ratios remain
sufficient.  Senior debt obligations are limited by an incurrence
test to 60% of the gross asset value of TE Bond Sub.  As of the
December 31, 2008 supplemental statements to the audited 2008
financial statements, this leverage ratio was 61%, which slightly
exceeds the covenanted maximum leverage on the asset pool of
bonds.

TE Bond Sub further covenants that no additional Series A
preferred shares may be issued unless, after issuance, the
liquidation ratio of outstanding preferred shares to net assets
(gross assets less senior debt obligations) is not greater than
25%, 42% for the Series A& B preferred shares, 50% for the Series
A, B & C shares and 62.5% for the combined Series A, B, C & D
shares.  Based on the December 31, 2008 supplemental statements to
the audited 2008 financial statements, the liquidation ratio for
the Series A shares is 30.2%.  The liquidation ratio for the
Series B shares, which incorporate Series A & B shares, is 50.5%.
The combined Series A, B & C shares have a liquidation ratio of
60.1%, and the liquidation ratio of all preferred shares (A, B, C
& D) is 66.8%.

  Satisfactory Bond Portfolio And Performance Provides Additional
              Security To The Preferred Shareholders

TE Bond Sub is entitled to the residual cashflow from
approximately $1.359 billion of outstanding tax-exempt mortgage
revenue bonds.  Overall performance and composition of the
portfolio has improved over the past 4 years as a result of
management's asset management of the pool including their efforts
to work out poorly performing assets and the decision to direct
investments into Low Income Housing Tax Credit bonds.

The portfolio primarily consists of affordable multifamily
properties.  The 136 properties supporting these underlying bonds
are located throughout 26 states and total approximately 25,810
units.  The tax exempt mortgage revenue bonds have a weighted
average interest rate of 6.48% with an average lock out period of
10.6 years. Approximately 84% of properties receive low income
housing tax credits, while the remainder is split between 80/20
and 501(c)(3) bonds.  This breakdown shows substantial growth of
tax credit portfolio since September 30, 2005 when only
approximately 53% of the portfolio was of this property type.
This is as a result of TE Bond Sub's business plan which was to
direct bond purchases toward LIHTC bonds, which is considered to
be the most stable of the affordable housing sector.  Management
reports that approximately 81% of the portfolio is stabilized with
the remaining in lease up or in construction.  The percentage of
stabilized properties has substantially increased from
approximately 61% as of September 2005 as properties have
successfully completed construction and lease-up.

Performance of the portfolio has been sufficient to generate ample
revenues to pay quarterly distributions to preferred shareholders.
Although there is a small portion of individual bonds with
reported debt service coverage below 1.0 times, management has
taken substantial steps to improve the quality of the loan
portfolio.  Management reduced defaulted bonds to approximately 3%
of the total portfolio as of March 2009 from approximately 17% of
the total portfolio as of September, 2005.  Moody's would expect
that the portfolio performance will remain satisfactory based on
the effects of active management and TE Bond Sub's steps to
minimize losses on some of the poorer performing bonds.

                             Outlook

Moody's outlook for the Series A, B, C, and D preferred shares and
the issuer rating have been revised to negative from stable.
Given the current market conditions, there are heightened risks to
the ratings including potential pressure on preferred share and
debt service coverage levels and equity cashflow due to a failed
remarketing of the Series A and A-1 shares or a significant
increase in interest rates; an increase in foreclosure levels; or
a disruption or termination of the management and servicing of the
portfolio.

The last rating action was on November 3, 2005 when Moody's
Assigned A3 rating to Series A-3, A-4; Baa1rating to Series B-3;
Baa2 rating to Series C-3; Baa3 rating to Series D and affirmed A3
rating to Series A, A-1, A-2; Baa1 rating to Series B, B-1, B-2;
Baa2 rating to Series C, C-1, C-2; and A2 Issuer Rating.


NATIONAL COLLEGIATE: Moody's Confirms Ratings on 10 Classes
-----------------------------------------------------------
Moody's Investors Service confirmed the ratings of 10 classes of
notes issued by National Collegiate Master Student Loan Trust I
(2001 Indenture).  The underlying collateral consists of private
student loans originated through both school and direct-to-
consumer channel.  All notes benefit from a financial guarantee
insurance policy provided by Ambac Assurance Corporation.

The notes were placed under review for possible downgrade due to
uncertainties raised by the lack of an executed back-up
arrangement for collections on loans over 60 days delinquent.
Pennsylvania Higher Education Assistance Agency, the primary
servicer of the trust, is responsible for performing collection
functions on loans up to 60 days delinquent.  First Marblehead
Education Resources, a subsidiary of First Marblehead Corporation,
organizes collection activities on loans that are over 60 days
past due.  Following the April 8, 2008 bankruptcy filing of The
Education Resources Institute, the guarantor of the underlying
private student loans, FMC has voluntarily covered the costs
associated with the collection activities.

Pursuant to the execution of a Special Servicing Agreement, U.S.
Bank will be the Back-up Special Servicer with respect to pre- and
post-default collection activities, which addresses Moody's
concerns.  In addition, the available credit enhancement for each
class of notes, including overcollateralization, reserve fund,
TERI pledge fund, subordination and excess spread, is consistent
with the current ratings.  Other qualitative factors such as
structural features were also reflected in the new ratings.
Significant structural features include note interest triggers, a
reserve fund that will not decline below a certain "floor" level
and the change of cash flow allocations among the senior classes
upon the occurrence of certain events.

The complete rating actions are:

  -- Series NCT-2002AR-6, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-7, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-8, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-9, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-10, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-11, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-12, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-13, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-14, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)

  -- Series NCT-2002AR-15, Confirmed A3; Previously on 11/17/2008
     Downgraded to A3 from Aa3 Placed Under Review for Possible
     Downgraded

  -- Financial Guarantor: Ambac Assurance Corporation (Ba3)


NEW CENTURY: Moody's Downgrades Ratings on Two 2002-1 Notes
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
classes of notes issued by New Century Home Equity Loan Trust,
Series 2002-1.

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

Moody's uses these methodology to estimate losses on low pool
factor deals.

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 of 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:

Issuer: New Century Home Equity Loan Trust, Series 2002-1 Asset
Backed Pass-Through Certificates (Loans Remaining: 11)

  -- Cl. M-2, Current Balance: $2,479,604, Downgraded to B1;
     previously on 6/17/2005 Upgraded to Aa1

  -- Cl. M-3, Current Balance: $59,258, Downgraded to Ca;
     previously on 6/17/2005 Upgraded to A2


NOB HILL: Moody's Downgrades Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Nob Hill CLO, Limited:

  -- US$210,000,000 Class A-1 Senior Secured Floating Rate
     Notes Due 2018, Downgraded to Aa3; previously on March 17,
     2009 Placed Under Review for Possible Downgrade;

  -- US$23,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2018, Downgraded to Baa2; previously on March 4, 2009
     Placed Under Review for Possible Downgrade;

  -- US$11,350,000 Class B Senior Secured Floating Rate Notes
     Due 2018, Downgraded to Ba1; previously on March 4, 2009
     Placed Under Review for Possible Downgrade;

  -- US$14,145,000 Class C Secured Deferrable Floating Rate
     Notes Due 2018, Downgraded to Ba3; previously on March 17,
     2009 Downgraded to Ba1 Placed Under Review for Possible
     Downgrade;

  -- US$13,580,000 Class D Secured Deferrable Floating Rate
     Notes Due 2018, Downgraded to Caa3; previously on March 17,
     2009 Downgraded to B3 Placed Under Review for Possible
     Downgrade;

  -- US$11,300,000 Class E Secured Deferrable Floating Rate
     Notes Due 2018, Downgraded to C; previously on March 17, 2009
     Downgraded to Caa3 Placed Under Review for Possible
     Downgrade;

  -- US$11,760,000 Combination Notes Due 2018, Downgraded to
     Caa3; previously on March 4, 2009 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
other metrics, 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, Class D, Class E Overcollateralization
Test.  As of the trustee report dated May 6, 2009, the weighted
average rating factor is currently at 3241 versus a test level of
2645, defaulted securities total 7.10% and securities rated Caa1
or lower comprised 16.34% of the portfolio.  In the same report,
the Class C Overcollateralization Test level is 106.96% versus a
covenant level of 108.10%, the Class D is 101.57% versus 104.30%,
and the Class E is 97.42% versus 100.90%.  Due to these test
failures, interest payments on the Class D, and E Notes are
presently being deferred.

Nob Hill CLO, Limited, issued in December of 2006, is a
collateralized loan obligation, backed primarily by a portfolio of
senior secured loans.


PRIME MORTGAGE: Moody's Downgrades Ratings on 15 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded 15 tranches from Prime
Mortgage Trust 2006-2 and Prime Mortgage Trust 2007-1.

The collateral backing this transaction 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 19, 2009, and are part of Moody's on-going
review process.

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

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

Complete rating actions are:

Issuer: Prime Mortgage Trust 2006-2

  -- Cl. I-A1-1, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A1-2, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. I-A1-5, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A2-1, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A2-2, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A1-1, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A1-2, Downgraded to B1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

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

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

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

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

Issuer: Prime Mortgage Trust 2007-1

  -- Cl. A-3, Downgraded to Baa3; previously on 3/19/2009 Aa2
     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.


PUNTO VERDE: S&P Downgrades Rating on $40 Mil. Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the Punto
Verde Grantor Trust's $40 million 5.8% secured tax exempt notes
series 2006-1 to 'BB' from 'BBB-'.  The rating on the notes
remains on CreditWatch negative, where it was placed on May 21,
2009.

The rating on the notes reflects the lower of the ratings on the
two underlying securities: Morgan Stanley ACES SPC's 6.92% class I
secured fixed-rate notes series 2006-19 due Aug. 2, 2021
('BB/Watch Neg'); and FNMA's $4.25 billion 6.25% global notes due
May 15, 2029 ('AAA').

The rating action follows the June 1, 2009, lowering of S&P's
rating on one of the underlying securities, the Morgan Stanley
ACES SPC's series 2006-19 notes, to 'BB' from 'BBB-'.  The rating
on these notes remains on CreditWatch negative, where it was
placed on May 18, 2009.


RAMP: Moody's Downgrades Ratings on 176 Securities
--------------------------------------------------
Moody's Investors Service has downgraded the ratings of 176
securities from 35 transactions issued by RAMP.  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.  In
addition, in certain RAMP deals, the over-collateralization
accounts and excess spread are cross-collateralized between the
different pools within a transaction.  Therefore, for these deals,
losses incurred on a deteriorating pool could erode the over-
collateralization accounts for both pools.  As a result, the
better performing pool's loss may be allocated to subordinate
bonds instead of being absorbed by that pool's outstanding over-
collateralization amount.  This feature can adversely affect the
creditworthiness of certain bonds backed by better performing
collateral relative to a non-related collateral group from the
same transaction.

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:

RAMP Series 2001-RS2 Trust

  -- Cl. B-II, Downgraded to Ca; previously on 6/15/2004
     Downgraded to Caa1

RAMP Series 2001-RS3 Trust

  -- A-I-5, Downgraded to Ba3; previously on 11/17/2008 Downgraded
     to Baa1

  -- A-II, Downgraded to Ba2; previously on 4/13/2009 Downgraded
     to Baa2

RAMP Series 2002-2 Trust

  -- Cl. A-I-5, Downgraded to Aa3; previously on 4/3/2002 Assigned
     Aaa

  -- Cl. M-I-1, Downgraded to Baa3; previously on 5/30/2006
     Downgraded to A1

  -- Cl. M-I-2, Downgraded to B1; previously on 1/5/2006
     Downgraded to Baa1

  -- Cl. M-I-3, Downgraded to C; previously on 1/5/2006 Downgraded
     to Ca

  -- Cl. M-II-2, Downgraded to Ba1; previously on 10/4/2004
     Downgraded to Baa1

  -- Cl. M-II-3, Downgraded to Ca; previously on 1/5/2006
     Downgraded to Caa2

RAMP Series 2002-RS3 Trust

  -- Cl. A-I-5, Downgraded to Aa3; previously on 6/28/2002
     Assigned Aaa

  -- Cl. A-II-1, Downgraded to Aa2; previously on 6/28/2002
     Assigned Aaa

  -- Cl. A-II-S, Downgraded to Aa2; previously on 6/28/2002
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to Baa2; previously on 10/4/2004
     Upgraded to Aaa

  -- Cl. M-I-2, Downgraded to Baa3; previously on 9/29/2006
     Downgraded to A2

  -- Cl. M-II-1, Downgraded to Baa2; previously on 6/28/2002
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to Ba2; previously on 5/30/2006
     Downgraded to Baa2

  -- Cl. M-II-3, Downgraded to Caa3; previously on 1/18/2007
     Downgraded to Caa1

RAMP Series 2002-RS4

  -- Cl. A-I-5, Downgraded to Baa3; previously on 11/17/2008
     Downgraded to A1

  -- Cl. A-I-6, Downgraded to Baa3; previously on 11/17/2008
     Downgraded to A1

  -- Cl. A-II, Downgraded to Baa1; previously on 9/18/2008 Aa3
     Placed Under Review for Possible Downgrade

RAMP Series 2002-RS5 Trust

  -- Cl. A-I-5, Downgraded to Baa3; previously on 3/3/2009
     Downgraded to A2

  -- Cl. A-I-6, Downgraded to Baa3; previously on 3/3/2009
     Downgraded to A2

  -- Cl. A-II, Downgraded to Baa3; previously on 11/17/2008
     Downgraded to Baa1

RAMP Series 2002-RS6 Trust

  -- Cl. A-I-5, Downgraded to Baa2; previously on 11/17/2008
     Downgraded to A3

  -- Cl. A-I-6, Downgraded to Baa2; previously on 11/17/2008
     Downgraded to A3

  -- Cl. A-I-7, Downgraded to Baa2; previously on 11/17/2008
     Downgraded to A3

RAMP Series 2002-RS7 Trust

  -- A-1, Downgraded to Ba2; previously on 4/13/2009 Downgraded to
     Baa2

RAMP Series 2002-RZ3 Trust

  -- Cl. M-3, Downgraded to Ba3; previously on 8/29/2002 Assigned
     Baa2

RAMP Series 2003-RS1 Trust

  -- Cl. A-I-5, Downgraded to Aa2; previously on 3/24/2003
     Assigned Aaa

  -- Cl. A-I-6, Downgraded to Aa2; previously on 3/24/2003
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to A3; previously on 3/24/2003 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Ba1; previously on 3/24/2003
     Assigned A2

RAMP Series 2003-RS10 Trust

  -- Cl. A-I-6, Downgraded to Aa3; previously on 12/10/2003
     Assigned Aaa

  -- Cl. A-I-7, Downgraded to Aa3; previously on 12/10/2003
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to A3; previously on 3/19/2007 Upgraded
     to Aaa

  -- Cl. M-I-2, Downgraded to Ba2; previously on 3/19/2007
     Upgraded to Aa2

  -- Cl. M-I-3, Downgraded to Ca; previously on 3/19/2007 Upgraded
     to A2

  -- Cl. M-II-1, Downgraded to Aa3; previously on 3/19/2007
     Upgraded to Aa1

  -- Cl. M-II-2, Downgraded to Baa3; previously on 12/10/2003
     Assigned A2

  -- Cl. M-II-3, Downgraded to Ba3; previously on 12/10/2003
     Assigned A3

  -- Cl. M-II-4, Downgraded to Ca; previously on 12/10/2003
     Assigned Baa1

  -- Cl. M-II-5, Downgraded to C; previously on 12/10/2003
     Assigned Baa2

RAMP Series 2003-RS11 Trust

  -- M-I-1, Downgraded to A1; previously on 3/19/2007 Upgraded to
     Aaa

  -- M-I-2, Downgraded to Baa2; previously on 3/19/2007 Upgraded
     to Aa2

  -- M-I-3, Downgraded to Caa3; previously on 3/19/2007 Upgraded
     to A2

  -- M-II-2, Downgraded to Baa1; previously on 1/30/2004 Assigned
     A2

  -- M-II-3, Downgraded to Baa2; previously on 1/30/2004 Assigned
     A3

  -- M-II-4, Downgraded to Baa3; previously on 1/30/2004 Assigned
     Baa1

  -- M-II-5, Downgraded to B2; previously on 1/30/2004 Assigned
     Baa2

RAMP Series 2003-RS3 Trust

  -- Cl. A-I-4, Downgraded to Ba2; previously on 4/13/2009
     Downgraded to Baa3

  -- Cl. A-I-5, Downgraded to Ba2; previously on 4/13/2009
     Downgraded to Baa3

RAMP Series 2003-RS5 Trust

  -- A-II-A, Downgraded to A3; previously on 3/3/2009 Upgraded to
     Aa1

  -- A-II-B, Downgraded to A3; previously on 11/17/2008 Upgraded
     to Aa1

RAMP Series 2003-RS6 Trust

  -- Cl. A-I-5, Downgraded to Baa3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-I-6, Downgraded to Baa3; previously on 4/13/2009
     Downgraded to Baa2

RAMP Series 2003-RS7 Trust

  -- A-I-5, Downgraded to Aa3; previously on 12/1/2003 Assigned
     Aaa

  -- A-I-6, Downgraded to Aa2; previously on 12/1/2003 Assigned
     Aaa

  -- M-I-1, Downgraded to A3; previously on 3/19/2007 Upgraded to
     Aaa

  -- M-I-2, Downgraded to Ba3; previously on 3/19/2007 Upgraded to
     Aa3

  -- M-I-3, Downgraded to Ca; previously on 12/1/2003 Assigned
     Baa2

  -- M-II-2, Downgraded to Baa2; previously on 12/1/2003 Assigned
     A2

  -- M-II-3, Downgraded to Ca; previously on 8/8/2007 Downgraded
     to B3

RAMP Series 2003-RS8 Trust

  -- M-I-1, Downgraded to Aa2; previously on 3/19/2007 Upgraded to
     Aaa

  -- M-I-2, Downgraded to A3; previously on 3/19/2007 Upgraded to
     Aa2

  -- M-I-3, Downgraded to B3; previously on 3/19/2007 Upgraded to
     A2

  -- M-II-2, Downgraded to Baa1; previously on 12/10/2003 Assigned
     A2

  -- M-II-3, Downgraded to Baa3; previously on 12/10/2003 Assigned
     A3

  -- M-II-4, Downgraded to Ba1; previously on 12/10/2003 Assigned
     Baa1

  -- M-II-5, Downgraded to B3; previously on 12/10/2003 Assigned
     Baa2

RAMP Series 2003-RS9 Trust

  -- Cl. A-I-6A, Downgraded to Aa2; previously on 11/10/2003
     Assigned Aaa

  -- Cl. A-I-6B, Downgraded to Aa2; previously on 11/10/2003
     Assigned Aaa

  -- Current Underlying Rating: Downgraded to Aa2; previously on
     9/16/2008 Published at Aaa

  -- Financial Guarantor: Ambac Assurance Corporation (Downgraded
     to Ba3, Outlook Developing on 4/13/2009)

  -- Cl. A-I-7, Downgraded to Aa2; previously on 11/10/2003
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to A2; previously on 3/19/2007 Upgraded
     to Aaa

  -- Cl. M-I-2, Downgraded to Ba1; previously on 3/19/2007
     Upgraded to Aa3

  -- Cl. M-I-3, Downgraded to Ca; previously on 1/3/2008
     Downgraded to Baa3

RAMP Series 2003-RZ2 Trust

  -- Cl. M-1, Downgraded to Aa2; previously on 3/19/2007 Upgraded
     to Aaa

RAMP Series 2003-RZ4 Trust

  -- Cl. M-1, Downgraded to Aa2; previously on 3/19/2007 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A3; previously on 12/18/2008
     Downgraded to Aa3

  -- Cl. M-3, Downgraded to Baa2; previously on 3/19/2007 Upgraded
     to A1

RAMP Series 2004-KR1 Trust

  -- Cl. M-I-1, Downgraded to A3; previously on 5/28/2004 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Caa3; previously on 5/28/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to C; previously on 1/3/2008 Downgraded
     to Baa3

  -- Cl. M-I-4, Downgraded to C; previously on 1/3/2008 Downgraded
     to B1

  -- Cl. M-II-1, Downgraded to A1; previously on 5/28/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to Caa3; previously on 1/3/2008
     Downgraded to Baa1

  -- Cl. M-II-3, Downgraded to C; previously on 1/3/2008
     Downgraded to Caa1

RAMP Series 2004-KR2 Trust

  -- Cl. M-I-2, Downgraded to Baa1; previously on 10/27/2004
     Assigned A1

  -- Cl. M-I-3, Downgraded to B2; previously on 10/27/2004
     Assigned A3

  -- Cl. M-I-4, Downgraded to Ca; previously on 1/3/2008
     Downgraded to Ba1

  -- Cl. M-I-5, Downgraded to C; previously on 1/3/2008 Downgraded
     to B2

  -- Cl. M-II-1, Downgraded to A2; previously on 10/27/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to Caa2; previously on 1/3/2008
     Downgraded to Baa1

  -- Cl. M-II-3, Downgraded to C; previously on 1/3/2008
     Downgraded to B2

RAMP Series 2004-RS1 Trust

  -- A-I-6A, Downgraded to Aa3; previously on 5/18/2004 Assigned
     Aaa

  -- A-I-6B, Downgraded to Aa3; previously on 5/18/2004 Assigned
     Aaa

  -- Current Underlying Rating: Downgraded to Aa3; previously on
     9/16/2008 Published at Aaa

  -- Financial Guarantor: Ambac Assurance Corporation (Downgraded
     to Ba3, Outlook Developing on 4/13/2009)

  -- A-I-7, Downgraded to Aa3; previously on 5/18/2004 Assigned
     Aaa

  -- M-I-1, Downgraded to A3; previously on 5/18/2004 Assigned Aa2

  -- M-I-2, Downgraded to Baa3; previously on 5/18/2004 Assigned
     A2

  -- M-I-3, Downgraded to Caa3; previously on 5/18/2004 Assigned
     Baa1

  -- M-I-4, Downgraded to C; previously on 1/4/2008 Downgraded to
     Ba3

  -- M-II-1, Downgraded to A1; previously on 5/18/2004 Assigned
     Aa2

  -- M-II-3, Downgraded to B2; previously on 6/24/2008 Downgraded
     to B1

  -- M-II-4, Downgraded to C; previously on 6/24/2008 Downgraded
     to Caa2

  -- M-II-5, Downgraded to C; previously on 6/24/2008 Downgraded
     to Caa3

RAMP Series 2004-RS10 Trust

  -- Cl. M-I-1, Downgraded to Baa3; previously on 11/22/2004
     Assigned Aa2

  -- Cl. M-I-2, Downgraded to B3; previously on 11/22/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to Ca; previously on 6/24/2008
     Downgraded to Ba2

  -- Cl. M-II-4, Downgraded to Ca; previously on 6/24/2008
     Downgraded to Caa1

  -- Cl. M-II-5, Downgraded to C; previously on 6/24/2008
     Downgraded to Ca

RAMP Series 2004-RS11 Trust

  -- Cl. M-2, Downgraded to Baa1; previously on 12/7/2004 Assigned
     A1

  -- Cl. M-4, Downgraded to Ba1; previously on 3/10/2008
     Downgraded to Baa3

  -- Cl. M-5, Downgraded to Ca; previously on 6/24/2008 Downgraded
     to B2

RAMP Series 2004-RS12 Trust

  -- Cl. M-I-1, Downgraded to A3; previously on 2/16/2005 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Ba1; previously on 2/16/2005
     Assigned A2

  -- Cl. M-I-3, Downgraded to Caa3; previously on 2/16/2005
     Assigned Baa1

  -- Cl. M-I-4, Downgraded to C; previously on 2/16/2005 Assigned
     Baa3

  -- Cl. M-II-5, Downgraded to Baa3; previously on 3/10/2008
     Downgraded to Baa1

  -- Cl. M-II-6, Downgraded to Ba2; previously on 3/10/2008
     Downgraded to Baa3

  -- Cl. M-II-7, Downgraded to C; previously on 3/10/2008
     Downgraded to Ba3

RAMP Series 2004-RS2 Trust

  -- Cl. A-I-4, Downgraded to Aa3; previously on 3/16/2004
     Assigned Aaa

  -- Cl. A-I-5, Downgraded to Aa3; previously on 3/16/2004
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to A3; previously on 3/16/2004 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Ba1; previously on 3/16/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to Ca; previously on 3/16/2004 Assigned
     Baa2

  -- Cl. M-I-4, Downgraded to C; previously on 6/24/2008
     Downgraded to B2 and Placed Under Review for Possible
     Downgrade

  -- Cl. M-II-1, Downgraded to Baa1; previously on 6/24/2008
     Downgraded to A2

  -- Cl. M-II-2, Downgraded to B3; previously on 6/24/2008
     Downgraded to B1

  -- Cl. M-II-3, Downgraded to Ca; previously on 6/24/2008
     Downgraded to Caa1

  -- Cl. M-II-4, Downgraded to C; previously on 6/24/2008
     Downgraded to Caa2

  -- Cl. M-II-5, Downgraded to C; previously on 6/24/2008
     Downgraded to Caa3

RAMP Series 2004-RS3 Trust

  -- Cl. M-1, Downgraded to A1; previously on 4/23/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 4/23/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba1; previously on 4/23/2004 Assigned
     Baa1

  -- Cl. M-4, Downgraded to B3; previously on 4/23/2004 Assigned
     Baa2

  -- Cl. M-5, Downgraded to C; previously on 6/24/2008 Downgraded
     to B1

RAMP Series 2004-RS4 Trust

  -- Cl. A-I-5, Downgraded to Aa3; previously on 3/23/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-I-6, Downgraded to Aa3; previously on 3/23/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-I-1, Downgraded to Baa1; previously on 3/23/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-I-2, Downgraded to Ba2; previously on 3/23/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. M-I-3, Downgraded to C; previously on 3/23/2009
     Downgraded to Caa1 and Placed Under Review for Possible
     Downgrade

  -- Cl. M-II-1, Downgraded to A2; previously on 5/10/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to B2; previously on 1/4/2008
     Downgraded to Baa3

  -- Cl. M-II-3, Downgraded to Ca; previously on 6/24/2008
     Downgraded to B2

  -- Cl. M-II-4, Downgraded to C; previously on 6/24/2008
     Downgraded to Caa3

  -- Cl. M-II-5, Downgraded to C; previously on 1/4/2008
     Downgraded to Ca

RAMP Series 2004-RS5 Trust

  -- Cl. A-I-4, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-I-5, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-I-6, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

RAMP Series 2004-RS6 Trust

  -- Cl. M-I-2, Downgraded to Baa1; previously on 8/23/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to B3; previously on 8/23/2004 Assigned
     Baa1

  -- Cl. M-I-4, Downgraded to C; previously on 6/24/2008
     Downgraded to Ba2

  -- Cl. M-II-5, Downgraded to C; previously on 6/24/2008
     Downgraded to Ca

RAMP Series 2004-RS7 Trust

  -- Cl. A-I-4, Downgraded to B2; previously on 8/7/2008 Published
     at Baa2

  -- Current Underlying Rating: Downgraded to B2; previously on
     8/7/2008 Published at Baa2

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

  -- Cl. A-I-5, Downgraded to B3; previously on 8/7/2008 Published
     at Baa2

  -- Current Underlying Rating: Downgraded to B3; previously on
     8/7/2008 Published at Baa2

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

  -- Cl. A-I-6, Downgraded to B3; previously on 8/7/2008 Published
     at Baa2

  -- Current Underlying Rating: Downgraded to B3; previously on
     8/7/2008 Published at Baa2

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

  -- Cl. A-II-A, Downgraded to B3; previously on 8/7/2008
     Published at Baa2

  -- Current Underlying Rating: Downgraded to B3; previously on
     8/7/2008 Published at Baa2

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

  -- Cl. A-II-B2, Downgraded to B3; previously on 8/7/2008
     Published at Baa2

  -- Current Underlying Rating: Downgraded to B3; previously on
     8/7/2008 Published at Baa2

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

  -- Cl. A-III, Downgraded to B3; previously on 8/7/2008 Published
     at A3

  -- Current Underlying Rating: Downgraded to B3; previously on
     8/7/2008 Published at A3

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

RAMP Series 2004-RS8 Trust

  -- Cl. A-I-5, Downgraded to Aa3; previously on 9/29/2004
     Assigned Aaa

  -- Cl. A-I-6, Downgraded to Aa3; previously on 9/29/2004
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to Baa2; previously on 9/29/2004
     Assigned Aa2

  -- Cl. M-I-2, Downgraded to B1; previously on 9/29/2004 Assigned
     A2

  -- Cl. M-I-3, Downgraded to C; previously on 3/10/2008
     Downgraded to Ba1

  -- Cl. M-II-2, Downgraded to Baa2; previously on 9/29/2004
     Assigned A2

  -- Cl. M-II-3, Downgraded to Ba1; previously on 9/29/2004
     Assigned A3

  -- Cl. M-II-4, Downgraded to B2; previously on 1/4/2008
     Downgraded to Ba1

  -- Cl. M-II-5, Downgraded to C; previously on 6/24/2008
     Downgraded to Caa2

RAMP Series 2004-RS9 Trust

  -- Cl. A-I-4, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. A-I-5, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. A-I-6, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. M-II-2, Downgraded to Baa2; previously on 10/26/2004
     Assigned A2

  -- Cl. M-II-5, Downgraded to C; previously on 6/24/2008
     Downgraded to Caa2

RAMP Series 2004-RZ2 Trust

  -- Cl. A-I-4, Downgraded to Ba3; previously on 12/18/2008
     Downgraded to Baa3

  -- Current Underlying Rating: Downgraded to Ba3; previously on
     12/18/2008 Downgraded to Baa3

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

  -- Cl. A-I-5, Downgraded to B1; previously on 12/18/2008
     Downgraded to Ba1

  -- Current Underlying Rating: Downgraded to B1; previously on
     12/18/2008 Downgraded to Ba1

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

  -- Cl. A-I-6, Downgraded to B1; previously on 12/18/2008
     Downgraded to Ba1

  -- Curre7nt Underlying Rating: Downgraded to B1; previously on
     12/18/2008 Downgraded to Ba1

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

  -- Cl. A-II, Downgraded to Ba3; previously on 8/7/2008 Published
     at Baa1

  -- Current Underlying Rating: Downgraded to Ba3; previously on
     8/7/2008 Published at Baa1

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


RED RIVER: Moody's Junks Rating on Class C of $40.50MM Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Red River CLO Ltd.:

  -- US$657,000,000 Class A Floating Rate Senior Secured
     Extendable Notes Due 2018, Downgraded to Baa2; previously on
     March 17, 2009 Aaa Placed Under Review for Possible
     Downgrade;

  -- US$45,000,000 Class B Floating Rate Senior Secured
     Extendable Notes Due 2018, Downgraded to Ba3; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$40,500,000 Class C Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2018, Downgraded to
     Caa3; previously on March 17, 2009 Downgraded to Ba2 and
     Placed Under Review for Possible Downgrade;

  -- US$45,000,000 Class D Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2018, Downgraded to
     C; previously on March 17, 2009 Downgraded to Caa1 and Placed
     Under Review for Possible Downgrade;

  -- US$31,500,000 Class E Floating Rate Senior Secured
     Deferrable Interest Extendable Notes Due 2018, Downgraded to
     C; 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."
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).  Moody's has
also applied resecuritization stress factors to default
probability assumptions for structured finance asset collateral as
described in the press release titled "Moody's updates its key
assumptions for rating structured finance CDOs," published on
December 11, 2008.

Credit deterioration of the collateral pool is observed in, among
other metrics, 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 Class A/B Overcollaterization Test, Class C
Overcollaterization Test, Class D Overcollaterization Test, Class
E Overcollaterization Test, Retention Overcollateralization Test
and Moody's Weighted Average Rating Factor Test.  The weighted
average rating factor has steadily increased over the last year
and it is currently at 3379 versus a test level of 2720 as of the
last trustee report, dated April 21, 2009.  Based on the same
report, defaulted securities total about $91 million accounting
for roughly 10.37% of the collateral balance and securities rated
Caa1 or lower make up approximately 10.94% of the underlying
portfolio.  Additionally, interest payments on the Class C, Class
D and Class E Notes are presently being deferred as a result of
the failure of the Class A/B Overcollateralization Test.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  The majority of these CLO tranches is
currently assigned low speculative-grade ratings and carries
depressed market valuations that may herald poor recovery
prospects in the event of default.  Additionally, a significant
amount of these structured finance securities mature after the
maturity date of the notes.  These investments potentially expose
the notes to market risk in the event of liquidation at the time
of the notes' maturity.

Red River CLO Ltd. issued in August 3, 2006, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.


RMF FOUR: Fitch Upgrades Ratings on Four Classes of Notes
---------------------------------------------------------
Fitch Ratings has upgraded and assigned Loss Severity ratings to
four classes from RMF Four Seasons CFO Ltd.  These rating actions
are effective immediately:

  -- EUR23,500,000 class S upgraded to 'AAA' from 'A'; Outlook
     Stable; assigned 'LS1';

  -- EUR18,800,000 class M1 upgraded to 'AAA' from BB'; Outlook
     Stable; assigned 'LS1';

  -- EUR11,750,000 class M2 upgraded to 'AAA' from 'B', Outlook
     Stable; assigned 'LS1';

  -- EUR16,450,000 class M3 upgraded to 'AAA' from 'CC', Outlook
     Stable; assigned 'LS1'.

The actions taken by Fitch reflect the fact that most of the
underlying fund of funds has been redeemed, and the cash proceeds
have been transferred to the trustee (Bank of New York).  As of
May 5, 2009, EUR90 million had been transferred, with an
additional amount of approximately EUR6.6 million remaining for
future redemptions.  Therefore, the notes are 100% cash
collateralized, and are expected to redeem at full par after all
fees and expenses are paid under the liquidation waterfall.  The
transaction is scheduled to terminate on July 2, 2009 due to a
mandatory redemption event, as defined in the transaction's
documents.

The loss severity ratings reflect that these notes are fully cash
collateralized.  Additional information on LS ratings is available
in Fitch's February 17 global report, 'Criteria for Structured
Finance Loss Severity Ratings', available on the Fitch Ratings web
site at 'www.fitchratings.com'.

RMF Four Seasons CFO Ltd. is a hedge fund collateralized fund
obligation that is managed by RMF Investment Management - Nassau
branch, a company that provides investment management services to
funds organized and sponsored by Man Investments.  RMF CFO
primarily invests in RMF fund shares (TM40: RMF CFO Four Seasons)
through the segregated RMF platform.


RMF FOUR: Moody's Upgrades Rating of Class M3 Notes From B1
-----------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
debt securities of RMF Four Seasons CFO Limited:

EUR141,000,000 Credit Facility provided by Natixis (formerly Ixis
Corporate & Investment Bank)

  -- Current Rating: Aaa
  -- Prior Rating: Aa1, on review for downgrade

EUR23,500,000 Class S Floating Rate Notes due 2013

  -- Current Rating: Aaa
  -- Prior Rating: Aa1, on review for downgrade

EUR18,800,000 Class M1 Floating Rate Notes due 2013

  -- Current Rating: Aaa
  -- Prior Rating: A1, on review for downgrade

EUR11,750,000 Class M2 Floating Rate Notes due 2013

  -- Current Rating: Aaa
  -- Prior Rating: Baa2, on review for downgrade

EUR16,450,000 Class M3 Floating Rate Notes due 2013

  -- Current Rating: Aaa
  -- Prior Rating: B1, on review for downgrade

Originally rated on August 22, 2006, RMF Four Seasons CFO Limited
is a collateralized fund obligation backed by equity interests in
a diversified fund of hedge funds. The fund is managed by RMF
Investment Management.

The last rating action on the affected securities was on December
22, 2008 when all tranches of debt were downgraded and placed on
review for possible further downgrade, due to the continued
deterioration of the net asset values of the hedge funds within
the structure and concerns over the vehicle's ability to liquidate
portfolio assets within the covenanted timeframe.  The rating
action reflects the CFO's current position in cash: following the
redemption of the underlying hedge funds, all the rated notes are
now collateralized with cash, which can only be used to repay the
notes in full on the next payment date.  Moody's stated that the
rationale for the upgrade was:

(a) the amount of cash, held by a Aaa-rated bank (the Bank of New
    York Mellon) is sufficient to redeem all rated notes in full
    on the next payment date,

(b) it is not contractually possible to use this cash for any
    purpose other than such repayment, and

(c) redemption of the notes is structurally mandated on the
    transaction's next scheduled payment date falling on July 2,
    2009.


SAGAMORE CLO: Moody's Junks Ratings on Class C-1 & C-2 Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Sagamore CLO Ltd.:

  -- US$70,000,000 Class A-1 Delayed Drawdown Note Rights Due
     2015, Downgraded to A3; previously on 10/15/2003 Assigned
     Aaa;

  -- US$161,000,000 Class A-2 Note Rights Due 2015, Downgraded
     to A3; previously on 10/15/2003 Assigned Aaa;

  -- US$5,000,000 Class A-3 Zero Coupon Accreting Note Rights
     Due 2015, Downgraded to A3; previously on 10/15/2003 Assigned
     Aaa;

  -- US$18,000,000 Class B Deferrable Note Rights Due 2015,
     Downgraded to B1; previously on 3/20/2009 Downgraded to Ba1
     and Placed Under Review for Possible Downgrade;

  -- US$16,000,000 Class C-1 Floating Rate Deferrable Note
     Rights Due 2015, Downgraded to Ca; previously on 3/20/2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$500,000 Class C-2 Fixed Rate Deferrable Note Rights Due
     2015, Downgraded to Ca; previously on 3/20/2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade;

  -- US$3,000,000 Class D Junior Mezzanine Deferrable Note
     Rights Due 2015, Downgraded to C; previously on 3/20/2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade;

  -- $5,000,000 Class 1 Participation Notes due 2015, Downgraded
     to A3; previously on 10/15/2003 Assigned Aaa;

  -- $5,000,000 Class 2 Participation Notes due 2015, Downgraded
     to B2; previously on 10/15/2003 Assigned A3.

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 (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).  Moody's has also applied
resecuritization stress factors to default probability assumptions
for structured finance asset collateral as described in the press
release titled "Moody's updates its key assumptions for rating
structured finance CDOs," published on December 11, 2008.

Credit deterioration of the collateral pool is observed through 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 all
the Overcollateralization Ratio Tests.  The weighted average
rating factor has steadily increased over the last year and it is
currently at 2893 versus a test level of 2700 as of the last
trustee report, dated May 8, 2009.  Based on the same report,
defaulted securities total about $27.5 million, accounting for
roughly 9.4% of the collateral balance; and securities rated
Caa1/CCC+ or lower make up approximately 17.4% of the underlying
portfolio.  Additionally, interest payments on the Class B, Class
C, and Class D Notes are presently being deferred as a result of
the failure of all the Overcollateralization Ratio Tests.  Moody's
also observes that the transaction is exposed to a number of
mezzanine and junior CLO tranches in the underlying portfolio.
These CLO tranches are currently assigned low speculative-grade
ratings and carry depressed market valuations that may herald poor
recovery prospects in the event of default.

Sagamore CLO Ltd., issued in October 2003, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.


SAGUARO ISSUER: Moody's Downgrades Ratings on Various Classes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of US$20,000,000 aggregate face amount of Principal Units,
Series F, $20,000,000 aggregate face amount of Principal Units,
Series G, US$11,000,000 aggregate face amount of Principal Units,
Series K, US$34,000,000 aggregate face amount of Principal Units,
Series L and $25,000,000 aggregate face amount of Principal Units,
Series M issued by Saguaro Issuer Trust.

The rating actions are:

Class Description: US$20,000,000 aggregate face amount of
Principal Units, Series F

  -- Current Rating: Baa1 on review for possible downgrade
  -- Prior Rating: A3
  -- Prior Rating Date: 04/08/09

Class Description: US$20,000,000 aggregate face amount of
Principal Units, Series G

  -- Current Rating: Baa1 on review for possible downgrade
  -- Prior Rating: A3
  -- Prior Rating Date: 04/08/09

Class Description: US$11,000,000 aggregate face amount of
Principal Units, Series K

  -- Current Rating: Ba1 on review for possible downgrade
  -- Prior Rating: Baa3 on review for possible downgrade
  -- Prior Rating Date: 04/08/09

Class Description: US$34,000,000 aggregate face amount of
Principal Units, Series L

  -- Current Rating: Ba1 on review for possible downgrade
  -- Prior Rating: Baa3 on review for possible downgrade
  -- Prior Rating Date: 04/08/09

Class Description: $25,000,000 aggregate face amount of Principal
Units, Series M

  -- Current Rating: Ba2 on review for possible downgrade
  -- Prior Rating: Ba1 on review for possible downgrade
  -- Prior Rating Date: 04/08/09

The transaction is a structured note whose ratings change with the
rating of the underlying Principal Certificates.

The Series F Principal Units are related to the Principal
Certificates, Series F issued by IIG Funding Trust, which are, in
turn, related to the US$20,000,000 face amount of Primary Capital
Undated Floating Rate Notes of Lloyd Bank PLC.  The US$20,000,000
face amount of Primary Capital Undated Floating Rate Notes of
Lloyd Bank PLC were downgraded to Baa1 and left on review for
possible further downgrade on 06/02/2009.

The Series G Principal Units are related to the Principal
Certificates, Series G issued by IIG Funding Trust, which are, in
turn, related to the US$20,000,000 face amount of Undated Capital
Floating Rate Notes, Series 2 of Lloyds Bank PLC.  The
US$20,000,000 face amount of Undated Capital Floating Rate Notes,
Series 2 of Lloyds Bank PLC were downgraded to Baa1 and left on
review for possible further downgrade on 06/02/2009..

The Series K Principal Units are related to the Principal
Certificates, Series K issued by IIG Funding Trust, which are, in
turn, related to the US$11,000,000 face amount of Undated Primary
Capital Floating Rate Notes, Series A of National Westminster Bank
PLC.  The US$11,000,000 face amount of Undated Primary Capital
Floating Rate Notes, Series A of National Westminster Bank PLC
were downgraded to Ba1 and left on review for possible further
downgrade on 06/02/2009.

The Series L Principal Units are related to the Principal
Certificates, Series L issued by IIG Funding Trust, which are, in
turn, related to the US$34,000,000 face amount of Undated Primary
Capital Floating Rate Notes, Series A of National Westminster Bank
PLC.  The US$34,000,000 face amount of Undated Primary Capital
Floating Rate Notes, Series A of National Westminster Bank PLC
were downgraded to Ba1 and left on review for possible further
downgrade on 06/02/2009.

The Series M Principal Units are related to the Principal
Certificates, Series M issued by IIG Funding Trust, which are, in
turn, related to the US$25,000,000 face amount of Undated Floating
Rate Primary Capital Notes of Royal Bank of Scotland Group plc.
The US$25,000,000 face amount of Undated Floating Rate Primary
Capital Notes of Royal Bank of Scotland Group plc were downgraded
to Ba2 and left on review for possible further downgrade on
06/02/2009.


SASCO SECURITIES: Moody's Downgrades Ratings on 10 Securities
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of ten
securities from six transactions issued by SASCO.  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 60% 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:

Amortizing Residential Collateral Tr 2001-BC1

  -- Cl. A1, Downgraded to Aa3; previously on 3/15/2001 Assigned
     Aaa

Amortizing Residential Collateral Tr 2001-BC5

  -- Cl. A1, Downgraded to Baa2; previously on 12/4/2008 A3 Placed
     Under Review for Direction Uncertain

Structured Asset Securities Corp Tr 2002-BC1

  -- Cl. M3, Downgraded to Caa3; previously on 5/17/2007
     Downgraded to Caa1

Structured Asset Securities Corp Tr 2002-HF1

  -- Cl. M-2, Downgraded to Baa1; previously on 6/24/2002 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa3; previously on 6/24/2002 Assigned
     Baa2

Structured Asset Securities Corp Tr 2003-39EX

  -- Cl. B, Downgraded to B2; previously on 1/5/2004 Assigned Baa3

Structured Asset Securities Corp Tr 2003-BC3

  -- Cl. M2, Downgraded to Baa1; previously on 9/21/2006 Upgraded
     to Aa3

  -- Cl. M3, Downgraded to Baa3; previously on 10/30/2003 Assigned
     A3

  -- Cl. M4, Downgraded to B1; previously on 11/7/2007 Downgraded
     to Ba3

  -- Cl. M5, Downgraded to C; previously on 11/7/2007 Downgraded
     to B3


SOLAR INVESTMENT: Moody's Cuts Ratings on Two Notes to Caa1
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Solar Investment Grade CBO I,
Limited:

  -- Class II-A Senior Secured Floating Rate Notes due 2012,
     Downgraded to Ba1; previously on January 23, 2004 Downgraded
     to A1;

  -- Class II-B Senior Secured Fixed Rate Notes due 2012,
     Downgraded to Ba1; previously on January 23, 2004 Downgraded
     to A1;

  -- Class III-A Mezzanine Secured Floating Rate Notes due 2012,
     Downgraded to Ca; previously on January 23, 2004 Downgraded
     to Caa1;

  -- Class III-B Mezzanine Secured Fixed Rate Notes due 2012,
     Downgraded to Ca; previously on January 23, 2004 Downgraded
     to Caa1.

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 through a
decline in the average credit rating (as measured through the
average portfolio rating), an increase in the dollar amount of
defaulted securities, and failure of the Senior Par Value Test,
Class III Par Value Test, Senior Interest Coverage Test, and Class
III Interest Coverage Test.  The average portfolio rating has
steadily increased over the last year and it is currently at 1003
versus a test level of 610 as of the last trustee report, dated
April 30, 2009.  Based on the same report, defaulted securities
total about $29.15 million, accounting for roughly 15% of the
collateral balance.  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.  These four industries account for
approximately 18% of the transaction's underlying collateral pool.
Moody's also noted that the transaction is negatively impacted by
a large pay-fixed, receive-floating interest rate swap where
payments to the hedge counterparty absorb a large portion of the
excess spread in the deal.

Solar Investment Grade CBO I, Limited, issued in August 31, 2000,
is a collateralized bond obligation backed primarily by a
portfolio of senior unsecured bonds with original investment grade
ratings.


SPGS SPC: Recent Write-downs Prompts S&P's Rating Cut to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on SPGS
SPC's Baldwin 2006-II and 2006-III notes to 'D' from 'CCC-'.

The downgrades follow a number of recent write-downs of underlying
reference entities, which have caused series 2006-II to incur a
partial principal loss and series 2006-III to incur a complete
principal loss.

                         Ratings Lowered

                             SPGS SPC
                          Baldwin 2006-II

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    Notes          D    CCC-

                             SPGS SPC
                         Baldwin 2006-III

                                    Rating
                                    ------
                    Class          To   From
                    -----          --   ----
                    Notes          D    CCC-


ST. LOUIS COUNTY: S&P Raises Rating on Bonds to 'AA+' From 'CC'
---------------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on St. Louis
County Industrial Development Authority, Missouri's health care
facilities revenue bonds (Ginnie Mae collateralized -- Mary Queen
and Mother Association Project) series 2001 18 notches to AA+/NM
from CC/Negative.

"The upgrade reflects the receipt of updated information and cash
flows which support Standard & Poor's current rating," said
Standard & Poor's credit analyst Renee Berson.

Total assets of $11.031 million as of June 1, 2009, consisted of a
$10.86 million mortgage-backed security and a revenue account of
$173,141.  Outstanding liabilities of $10.998 million bonds
consist of $615,000 in serial bonds earning 4.75%-4.80% and
$10.260 million in term bonds earning 5.0%-5.50%, resulting in an
asset-to-liability ratio of 100.30%.

The bond fund is invested in a 'AA+' rated FGIC Capital Market
guaranteed investment contract guaranteed by General Electric
Capital Corp.  The mortgage-backed security has a pass-through
rate of 5.45%.  The transaction was originally structured with an
open flow of funds when the bond fund exceeds $50,000.  This has
been eliminated through a supplemental indenture.


SUMMER REGIONAL: Fitch Cuts Ratings on $150 Mil. Bonds to 'B-'
--------------------------------------------------------------
Fitch Ratings has downgraded the rating on approximately
$150 million of outstanding bonds issued by the Health,
Educational and Housing Facilities Board of the County of Sumner,
Tennessee, hospital revenue, refunding and improvement bonds
(Sumner Regional Health Systems, Inc.), series 2007A to 'B-' from
'BB+'.  In addition, Fitch places the rating on Watch Negative.

The downgrade is due to Sumner Regional Health Systems' extreme
deterioration in operating profitability for fiscal year 2008 and
for the 10-month period ending March 31, 2009 (the interim
period), which has led to a profoundly weakened financial profile.
Results contained within the recently released 2008 audit verify
the severity of the organization's financial distress, leading its
auditors to issue a going-concern opinion.

Fiscal 2008's operating loss of $24.2 million (-17.7% operating
margin) and bottom line loss of $22.3 million were principally
driven by management's gross overstatement of net revenue, which
prevented the identification and remediation of poor expenditure
control.  The accounting problems that led to the error were
discovered in the summer of 2008, at which time accounts were
adjusted and procedures were modified to more accurately accrue
revenue going forward.  Recession-related stresses and the failure
of the board and management to quickly recognize and respond to
the accounting error have exacerbated Sumner's negative trend.
Sumner continues to report operating losses through the interim
period, with operating income of negative $26.4 million (-21.8%
operating margin) and excess income of negative $27.1 million (-
22.5% excess margin).  Weak operating performance has led to a
material decline in Sumner's liquidity, as unrestricted cash
declined to $25.9 million as of March 31, 2009 from $52.4 million
at fiscal year-end 2007, resulting in a very weak 2.6 times (x)
cushion ratio, 62.4 days cash on hand, and 15.8% cash to debt.
Capital-related metrics are correspondingly poor, with coverage of
maximum annual debt service by available funds at negative 1.0x
for the interim period.

The Rating Watch Negative contemplates the completion and outcome
of various pending items, including negotiations with the
leaseholder of a HealthPlex venture, the timely and successful
implementation of operational improvements and asset sales, and
the likelihood that Sumner will be in default of its rate covenant
per its master trust indenture when tested at the end of fiscal
2010, at which time bondholders could take remedial action.

Compounding its already weakened financial position is Sumner's
strained relationship with a third-party leaseholder for Sumner's
HealthPlex venture.  Sumner was not in compliance with the
required debt service coverage ratio per the lease documents at
FYE 2008 and requested a waiver, which was not granted.  According
to the audit, the lessor has not declared Sumner to be in default
of the lease, although it has reserved the right to do so.  If the
lessor were to declare default, remedies include an acceleration
of lease payments, which if invoked, would render Sumner illiquid,
as current cash reserves would not satisfy the outstanding lease
obligations.  A declaration of default by the lessor would
constitute an event of default under the MTI governing the 2007A
bonds.  Fitch will continue to monitor this situation closely.

Within the next 12 months, Sumner must improve its operating
performance to a greater extent than projected in its current
turnaround plan to meet its rate covenant requirements per the
MTI. The turnaround plan prepared by outside consultants calls for
improvements yielding a cash flow of negative $1.5 million in
2010, well short of the 2010 debt service requirement of $9.7
million. It is noted that a fully funded debt service reserve fund
is in place and would satisfy debt service in fiscal 2010. Over
the three-year aggregate period (FYE2010-FYE2012), operating
improvements are anticipated to yield net cash flows totaling
$17.3 million, still well short of the $31.4 million necessary to
meet debt service obligations (excluding capital reinvestment and
essential physician recruiting costs).

In order to bridge the estimated $14 million debt service funding
gap, Sumner anticipates realizing approximately $30.4 million from
various asset sales over the next three years.  However, the
recent historical operating performance coupled with the board and
management's demonstrated inability to quickly and satisfactorily
remedy the situation do not portend successful realization of the
plan.  Furthermore, the more difficult operating environment
facing the industry compounds the level of difficulty in meeting
the turnaround goals.  Any delay or shortfall in executing the
operational turnaround plan and sale of assets could limit
Sumner's ability to pay its debt service obligations in full and
on time.

Since the downgrade to 'BB+' on Jan. 21, 2009, Sumner has been
posting monthly financial results to the NRMSIRS and has been
conducting monthly update calls with bondholders, which Fitch
views favorably.  Fitch placed the 2007A bonds on Rating Watch
Negative on Jan. 7, 2009, due to Sumner's failure to release its
fiscal 2008 audit.

Sumner currently consists of three inpatient hospitals located in
north-central Tennessee.  The system headquarters and the
flagship, 155-bed Sumner Regional Medical Center are located in
Gallatin, a growing suburban area approximately 25 miles northeast
of Nashville.  For the audited May 31, 2008 period, Sumner
reported total assets of $286.7 million and system revenues of
$147 million.  Sumner covenants to provide bondholders with
audited annual information within 150 days of fiscal year-end and
unaudited quarterly statements within 60 days of quarter-end to
the national recognized municipal securities information
repositories.  Fitch notes that Sumner has been posting monthly
results and holding monthly update calls since February 2009.


TERWIN MORTGAGE: Moody's Downgrades Rating on 27 Securities
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of 27
securities from 6 subprime RMBS transactions issued by Terwin
Mortgage 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
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.  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:

Terwin Mortgage Trust, Series TMTS 2003-4HE

  -- Cl. M-2, Downgraded to Baa3; previously on 11/21/2003
     Assigned A2

  -- Cl. B, Downgraded to Ba3; previously on 11/21/2003 Assigned
     Baa2

Terwin Mortgage Trust, Series TMTS 2003-6HE

  -- Cl. M-2, Downgraded to Baa2; previously on 12/23/2003
     Assigned A2

  -- Cl. M-3, Downgraded to Ba1; previously on 9/21/2007
     Downgraded to Baa2

  -- Cl. M-4, Downgraded to Caa2; previously on 2/26/2008
     Downgraded to B3

  -- Cl. M-5, Downgraded to C; previously on 2/26/2008 Downgraded
     to Ca

Terwin Mortgage Trust, Series TMTS 2003-8HE

  -- Cl. M-1, Downgraded to A1; previously on 5/28/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 5/28/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba1; previously on 5/28/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to B2; previously on 9/21/2007 Downgraded
     to Ba1

  -- Cl. B-2, Downgraded to C; previously on 9/21/2007 Downgraded
     to B2

  -- Cl. B-3, Downgraded to C; previously on 9/21/2007 Downgraded
     to Caa1

Terwin Mortgage Trust, Series TMTS 2004-1HE

  -- Cl. M-3, Downgraded to Baa2; previously on 5/10/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Baa3; previously on 5/10/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to B1; previously on 5/10/2004 Assigned
     Baa2

  -- Cl. B-3, Downgraded to C; previously on 2/26/2008 Downgraded
     to Caa2

Terwin Mortgage Trust, Series TMTS 2004-3HE

  -- Cl. M-2, Downgraded to Baa3; previously on 9/5/2007
     Downgraded to A3

  -- Cl. M-2-X, Downgraded to Baa3; previously on 9/5/2007
     Downgraded to A3

  -- Cl. M-3, Downgraded to Ba3; previously on 9/5/2007 Downgraded
     to Baa2

  -- Cl. M-3-X, Downgraded to Ba3; previously on 9/5/2007
     Downgraded to Baa2

  -- Cl. B-1, Downgraded to B3; previously on 9/5/2007 Downgraded
     to B1

  -- Cl. B-2, Downgraded to C; previously on 2/26/2008 Downgraded
     to Caa1

  -- Cl. B-3, Downgraded to C; previously on 2/26/2008 Downgraded
     to Ca

Terwin Mortgage Trust, Series TMTS 2004-5HE

  -- Cl. M-3, Downgraded to Ba3; previously on 2/26/2008
     Downgraded to Ba1

  -- Cl. B-1, Downgraded to Caa1; previously on 2/26/2008
     Downgraded to B2

  -- Cl. B-2, Downgraded to C; previously on 2/26/2008 Downgraded
     to Caa3

  -- Cl. B-3, Downgraded to C; previously on 2/26/2008 Downgraded
     to Ca


VERITAS CLO: Moody's Cuts Rating on $8,000,000 Class E Notes to C
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Veritas CLO I, Ltd.:

  -- US$229,000,000 Class A First Priority Senior Secured
     Floating Rate Notes Due 2016, Downgraded to A2; previously on
     3/18/2009 Aaa Placed Under Review for Possible Downgrade;

  -- US$19,000,000 Class B Second Priority Senior Secured
     Floating Rate Notes Due 2016, Downgraded to Ba1; previously
     on 3/18/2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$16,000,000 Class C Third Priority Mezzanine Secured
     Floating Rate Deferrable Interest Notes Due 2016, Downgraded
     to B3; previously on 3/18/2009 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$10,500,000 Class D Fourth Priority Mezzanine Secured
     Floating Rate Deferrable Interest Notes Due 2016, Downgraded
     to Ca; previously on 3/18/2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade;

  -- US$8,000,000 Class E Fifth Priority Mezzanine Secured
     Floating Rate Deferrable Interest Notes Due 2016, Downgraded
     to C; previously on 3/18/2009 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."
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 through 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
Moody's Maximum Rating Distribution Test and the Class C, D, and E
Overcollateralization Tests.  The weighted average rating factor
has steadily increased over the last year and it is currently at
2710 versus a test level of 2430 as of the last trustee report,
dated April 30, 2009.  Based on the same report, defaulted
securities total about $9.9 million, accounting for roughly 3.3%
of the collateral balance, and securities rated Caa1 or lower make
up approximately 15% of the underlying portfolio.

Moody's also observes that the transaction is exposed to mezzanine
and junior CLO tranches in the underlying portfolio.  These CLO
tranches are currently assigned speculative-grade ratings and
carry depressed market valuations that may herald poor recovery
prospects in the event of default.

Veritas CLO I, Ltd., issued on 8/19/2004, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.


WACHOVIA BANK: S&P Junks Ratings on Five 2007-ESH Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 15
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2007-ESH and
removed them from CreditWatch with negative implications, where
they were placed on April 7, 2009, and Dec. 18, 2008.  At the same
time, S&P affirmed its ratings on the five remaining classes.

The downgrades and affirmations follow S&P's analysis of the
Extended Stay Hotels portfolio securing the single loan underlying
this transaction, which S&P based on a review of the borrower's
operating statements for the trailing 12 months through April 2009
and statements from prior years.  Statements for the TTM through
April 2009 indicated a significant decline in net cash flow from
the adjusted NCF S&P assessed at issuance, and revenue per
available room for this period declined 8% from year-end 2008.
Earnings before interest, taxes, depreciation, and amortization
were down 12% for this period compared to year-end 2008.  Standard
& Poor's adjusted value is down 37% from issuance.  S&P's analysis
assumed that average RevPAR in the industry would decline 14%-16%
in 2009, as S&P noted in a recent article.

The transaction's certificates are collateralized by a
$4.1 billion mortgage loan secured by 681 extended-stay hotels,
including 664 owned hotels and 17 leased hotels, one office
building that serves as the headquarters for Extended Stay Hotels,
and one vacant land parcel.  The properties are located in 44
states and two Canadian provinces.  The loan has fixed- and
floating-rate components: the fixed-rate components mature in June
2012, and the floating-rate components have an initial maturity of
June 2009 with three one-year extension options.  The borrower has
given notice to extend the floating-rate components.  In addition
to the mortgage loan, $3.3 billion of floating-rate mezzanine debt
is held outside of the trust.  There are 10 layers of mezzanine
debt.  Wachovia has informed S&P that some of the mezzanine
lenders have declared events of default due to nonpayment of
$3.5 million of trade payables.

If the performance of the lodging sector continues to deteriorate
beyond S&P's 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-ESH

                            Rating
                            ------
          Class     To                  From
          -----     --                  ----
          A-3       AA+                 AAA/Watch Neg
          A-4FL     A                   AAA/Watch Neg
          A-4FX     A                   AAA/Watch Neg
          B         A-                  AA+/Watch Neg
          CFL       BBB                 AA/Watch Neg
          CFX       BBB                 AA/Watch Neg
          D         BBB-                AA-/Watch Neg
          E         BB                  A+/Watch Neg
          F         B+                  A/Watch Neg
          G         B-                  A-/Watch Neg
          H         CCC+                BBB+/Watch Neg
          J         CCC                 BBB-/Watch Neg
          K         CCC-                BB/Watch Neg
          L         CCC-                B/Watch Neg
          M         CCC-                B-/Watch Neg

                         Ratings Affirmed

             Wachovia Bank Commercial Mortgage Trust
  Commercial mortgage pass-through certificates series 2007-ESH

                         Class     Rating
                         -----     ------
                         A-1       AAA
                         A-2FL     AAA
                         A-2FX     AAA
                         XA        AAA
                         XB        AAA


WAMU MORTGAGE: Moody's Downgrades Ratings on 37 Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 37 classes
of notes from seven transactions issued by WAMU Mortgage Pass-
Through Certificates.

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 (delinquency pipeline)
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:

WaMu Mortgage Pass-Through Ctfs. 2002-AR12 (Loans Remaining: 11)

  -- Cl. B-1, Current Balance: $463,630, Downgraded to Aa2;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $281487, Downgraded to A2;
     previously on 7/27/2005 Upgraded to Aaa

  -- Cl. B-3, Current Balance: $132,437, Downgraded to Baa2;
     previously on 7/27/2005 Upgraded to Aa2

  -- Cl. B-4, Current Balance: $66,218, Downgraded to Ba2;
     previously on 7/17/2006 Upgraded to A1

  -- Cl. B-5, Current Balance: $49,672, Downgraded to B2;
     previously on 7/27/2005 Upgraded to Ba1

WAMU Mortgage Pass-Through Ctfs. 2002-AR13 Trust (Loans Remaining:
13)

  -- Cl. M-1, Current Balance: $584,837, Downgraded to Aa1;
     previously on 10/31/2002 Assigned Aaa

  -- Cl. B-1, Current Balance: $286,197, Downgraded to A1;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $199,093, Downgraded to A3;
     previously on 7/27/2005 Upgraded to Aaa

  -- Cl. B-3, Current Balance: $99,546, Downgraded to Ba2;
     previously on 7/17/2006 Upgraded to Aaa

  -- Cl. B-4, Current Balance: $37,331, Downgraded to B1;
     previously on 7/17/2006 Upgraded to A1

  -- Cl. B-5, Current Balance: $37,328, Downgraded to B3;
     previously on 7/27/2005 Upgraded to Ba1

WaMu Mortgage Pass-Through Ctfs. 2002-AR14 Trust (Loans Remaining:
15)

  -- Cl. A-1, Current Balance: $7,206,927, Downgraded to Aa1;
     previously on 10/31/2002 Assigned Aaa

  -- Cl. A-2, Current Balance: $380,219, Downgraded to Aa1;
     previously on 10/31/2002 Assigned Aaa

  -- Cl. B-1, Current Balance: $851,165, Downgraded to Baa2;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $544,713, Downgraded to B1;
     previously on 7/27/2005 Upgraded to Aaa

  -- Cl. B-3, Current Balance: $272,356, Downgraded to Caa3;
     previously on 7/27/2005 Upgraded to Aa1

  -- Cl. B-4, Current Balance: $102,084, Downgraded to Ca;
     previously on 7/27/2005 Upgraded to A1

  -- Cl. B-5, Current Balance: $66,441, Downgraded to C;
     previously on 7/27/2005 Upgraded to Ba1

WaMu Mortgage Pass-Through Ctfs. 2002-AR15 Trust (Loans Remaining:
38)

  -- Cl. B-1, Current Balance: $785,110, Downgraded to A1;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $598,194, Downgraded to Ba1;
     previously on 7/17/2006 Upgraded to Aaa

  -- Cl. B-3, Current Balance: $299,097, Downgraded to Ba3;
     previously on 7/17/2006 Upgraded to Aa3

  -- Cl. B-4, Current Balance: $112,142, Downgraded to B3;
     previously on 7/27/2005 Upgraded to A2

  -- Cl. B-5, Current Balance: $112,142, Downgraded to Ca;
     previously on 7/27/2005 Upgraded to Ba1

WaMu Mortgage Pass-Through Ctfs. 2002-AR16 (Loans Remaining: 37)

  -- Cl. B-1, Current Balance: $706,943, Downgraded to Aa1;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $538,601, Downgraded to A2;
     previously on 7/27/2005 Upgraded to Aaa

  -- Cl. B-3, Current Balance: $269,268, Downgraded to Baa2;
     previously on 7/27/2005 Upgraded to Aa2

  -- Cl. B-4, Current Balance: $100,991, Downgraded to Ba2;
     previously on 7/17/2006 Upgraded to A1

  -- Cl. B-5, Current Balance: $100,991, Downgraded to B2;
     previously on 7/27/2005 Upgraded to Ba1

WAMU Mortgage Pass-Through Ctfs. 2002-AR17 Trust (Loans Remaining:
20)

  -- Cl. II-B-1, Current Balance: $674,913, Downgraded to Aa1;
     previously on 7/27/2005 Upgraded to Aaa

  -- Cl. II-B-2, Current Balance: $421,823, Downgraded to A2;
     previously on 7/17/2006 Upgraded to Aaa

  -- Cl. II-B-3, Current Balance: $274,172, Downgraded to Baa2;
     previously on 7/17/2006 Upgraded to Aa2

  -- Cl. II-B-4, Current Balance: $442,906, Downgraded to Ba3;
     previously on 7/27/2005 Upgraded to Baa2

  -- Cl. II-B-5, Current Balance: $84,355, Downgraded to B3;
     previously on 7/27/2005 Upgraded to Ba3

WaMu Mortgage Pass-Through Ctfs. 2003-AR2 Trust (Loans Remaining:
17)

  -- Cl. M, Current Balance: $1,223,620, Downgraded to Aa2;
     previously on 3/19/2003 Assigned Aaa

  -- Cl. B-1, Current Balance: $453,931, Downgraded to A1;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $315,775, Downgraded to Baa3;
     previously on 7/27/2005 Upgraded to Aaa

  -- Cl. B-3, Current Balance: $157,879, Downgraded to Ba3;
     previously on 7/27/2005 Upgraded to A1


WASHINGTON MUTUAL: S&P Downgrades Ratings on Class N to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on class N
from Washington Mutual Asset Securities Corp.'s series 2005-C1 to
'D' from 'CCC-'.

The downgrade of the class N certificates is primarily the result
of interest shortfalls to this class.  The special servicing fees
for the Plaza at Willow Grove Park loan prompted these shortfalls.
Although the loan was returned to the master servicer on May 26,
2009, an ongoing monthly workout fee will continue to create
monthly interest shortfalls to the class N certificates.  In
addition, upon the loan paying in full, a 1% corrected mortgage
fee will be applied at maturity, incurring a principal loss.

The Plaza at Willow Grove Park loan ($10.7 million, 5.3% of the
pool) is secured by a 106,795-sq.-ft. anchored retail center in
Willow Grove, Pennsylvania.  The loan was transferred to the
special servicer on April 17, 2009, due to imminent default.
Since then, the situation giving rise to the imminent default has
been remedied and the loan was transferred back to the master
servicer.  While in special servicing, application of the special
servicing fee resulted in an interest shortfall of $5,278 to the
class N certificates.  Going forward, a monthly workout fee of
$997 is due in connection with this loan.  It will be funded
through continued interest shortfalls to the class N certificates.

                          Rating Lowered

             Washington Mutual Asset Securities Corp.
        Commercial mortgage pass-thru certs series 2005-C1

                  Rating
                  ------
        Class   To       From      Credit Enhancement (%)
        -----   --       ----      ----------------------
        N       D        CCC-                        0.00


WELLS FARGO: Moody's Downgrades Ratings on Five 2007-AR10 Tranches
------------------------------------------------------------------
Moody's Investors Service has downgraded 5 tranches from Wells
Fargo Mortgage Backed Securities 2007-AR10 Trust.

The collateral backing this transaction 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:

Issuer: Wells Fargo Mortgage Backed Securities 2007-AR10 Trust

  -- Cl. I-A-1, Downgraded to A2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-2, Downgraded to Caa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to A1; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Caa1; previously on 4/9/2009 Aaa
     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 Four 2007-17 Tranches
----------------------------------------------------------------
Moody's Investors Service has downgraded 4 tranches from Wells
Fargo Mortgage Backed Securities 2007-17 Trust.

The collateral backing this transaction 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 19, 2009, and are part of Moody's on-going
review process.

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

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

Complete rating actions are:

Issuer: Wells Fargo Mortgage Backed Securities 2007-17 Trust

  -- Cl. A-1, Downgraded to B3; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ba3; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B3; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to Caa1; previously on 4/9/2009 Aa1
     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 Nine 2008 Tranches
-------------------------------------------------------------
Moody's Investors Service has downgraded 9 tranches from 2 Wells
Fargo Mortgage Backed Securities Trust deals issued in 2008.

The collateral backing these transaction 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:

Issuer: Wells Fargo Mortgage Backed Securities 2008-AR1 Trust

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

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

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

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

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

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

Issuer: Wells Fargo Mortgage Backed Securities 2008-AR2 Trust

  -- Cl. A-1, Downgraded to Ba1; previously on 9/17/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Ca; previously on 9/17/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-IO, Downgraded to Ba1; previously on 9/17/2008 Aaa
     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 Junks Rating on Class II-A-2 of Tranches
-------------------------------------------------------------
Moody's Investors Service has downgraded 11 tranches from Wells
Fargo Mortgage Backed Securities 2008-1 Trust.

The collateral backing this transaction 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 19, 2009, and are part of Moody's on-going
review process.

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

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

Complete rating actions are:

Issuer: Wells Fargo Mortgage Backed Securities 2008-1 Trust

  -- 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 Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Caa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. II-A-4, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. II-A-6, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. III-A-2, Downgraded to Aa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-PO, Downgraded to Aa3; previously on 3/19/2009 Aaa
     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.


* S&P Cuts Rating on Class B-1A of Certificates to 'D'
------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 18
classes of mortgage pass-through certificates from 10 U.S.
residential mortgage-backed securities transactions issued between
1995 and 2002.  At the same time, S&P removed three of the lowered
ratings from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on 59 classes from five of the downgraded
transactions and 19 additional transactions.  S&P also removed one
of the affirmed ratings from CreditWatch negative.

The downgrades reflect the deterioration of available credit
support for the affected transactions, as well as S&P's loss
expectations based on the dollar amount of loans currently in the
delinquency pipelines of the downgraded transactions.  Because the
remaining pool balances for transactions with lowered ratings are
becoming smaller, the potential losses from delinquent loans could
have a more significant impact on the credit support available for
the remaining classes.  As of the May 2009 remittance period, the
average pool balance for the affected transactions was 4.18% of
the original pool balance.

The downgrades 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.

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 thinks
appropriate.

                          Rating Actions

       Credit Suisse First Boston Mortgage Securities Corp.
                          Series 2002-10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-B-2     22540VR38     CCC                  A-

                  CSFB ABS Trust Series 2002-HE4
                         Series 2002-HE4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-F-2      22540VXF4     BB                   BBB

                 CSFB ABS Trust Series 2002-HE16
                         Series 2002-HE16

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        22540V2M3     BBB                  A+
        B-1        22540V2N1     CCC                  BBB+

                CTS Home Equity Loan Trust 1995-2
                          Series 1995-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          126502E*0     BBB                  BBB+

           Delta Funding Home Equity Loan Trust 1995-2
                          Series 1995-2

                                                 Rating
                                                 ------
                Class      CUSIP         To                   From
                -----      -----         --                   ----
                A-5        24763LAE0     BBB                  BBB+

           Delta Funding Home Equity Loan Trust 1997-2
                          Series 1997-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        24763LBQ2     BB                   AA
        M-2        24763LBR0     CCC                  A

           Delta Funding Home Equity Loan Trust 1998-1
                          Series 1998-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-6F       24763LDC1     AAA                  AAA/Watch Neg
   M-1F       24763LDE7     A                    AA+
   M-2F       24763LDF4     CCC                  A+
   B-1F       24763LDG2     CC                   BBB-
   B-1A       24763LDN7     D                    BBB-

           Delta Funding Home Equity Loan Trust 1999-1
                          Series 1999-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-5F       24763LFA3     A                    AA/Watch Neg
   A-6F       24763LFB1     A                    AA/Watch Neg
   A-1A       24763LFD7     A                    AA/Watch Neg
   B          24763LFF2     CC                   BBB-

           Delta Funding Home Equity Loan Trust 1999-2
                          Series 1999-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        24763LFP0     CCC                  A

           Delta Funding Home Equity Loan Trust 2000-2
                          Series 2000-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        24763LGX2     CCC                  BB

                         Ratings Affirmed

       Credit Suisse First Boston Mortgage Securities Corp.
                          Series 2001-S6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-P       22540AH35     AAA
                 B-1        22540AH68     AAA
                 XB-1       22540AH76     AAA

       Credit Suisse First Boston Mortgage Securities Corp.
                         Series 2002-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-5      22540VQ21     AAA
                 I-M-1      22540VQ70     AA
                 I-M-2      22540VQ88     A
                 II-A-1     22540VQ47     AAA
                 II-X       22540VQ54     AAA
                 II-P       22540VQ62     AAA
                 II-B-1     22540VR20     AA
                 I-PP       22540VR95     AAA
                 II-PP      22540VS29     AAA

                 CSFB ABS Trust Series 2001-HE17
                         Series 2001-HE17

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        22540A7A0     AAA
                 A-2        22540A7B8     AAA
                 A-IO       22540A7C6     AAA
                 M-1        22540A7E2     B

                 CSFB ABS Trust Series 2001-HE20
                         Series 2001-HE20

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        22540VBU5     AAA
                 A-IO       22540VBW1     AAA
                 M-1        22540VBY7     AA

                 CSFB ABS Trust Series 2001-HE22
                         Series 2001-HE22

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        22540VCP5     AAA
                 A-IO       22540VCR1     AAA
                 M-1        22540VCT7     BB

                 CSFB ABS Trust Series 2001-HE25
                         Series 2001-HE25

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        22540VHA3     AAA
                 A-IO       22540VHC9     AAA
                 M-1        22540VHE5     A
                 M-2        22540VHF2     CCC

                 CSFB ABS Trust Series 2001-HE30
                         Series 2001-HE30

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        22540VMB5     AAA
                 A-3        22540VMC3     AAA
                 A-F        22540VME9     AAA
                 M-1        22540VMH2     BBB
                 M-F-1      22540VMK5     AA+
                 M-F-2      22540VML3     B

                 CSFB ABS Trust Series 2001-HE8
                         Series 2001-HE8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        22540AB49     AAA
                 M-1        22540AB64     AAA

                 CSFB ABS Trust Series 2002-HE11
                         Series 2002-HE11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        22540VM82     AAA
                 A-3        22540VM90     AAA
                 M-1        22540VN40     A
                 M-2        22540VN57     CCC

                 CSFB ABS Trust Series 2002-HE4
                         Series 2002-HE4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-F        22540VWZ1     AAA
                 M-1        22540VXC1     BBB
                 M-F-1      22540VXE7     AA+

                 CSFB ABS Trust Series 2002-HE16
                         Series 2002-HE16

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        22540V2L5     AA+

                CTS Home Equity Loan Trust 1996-1
                           Series 1996-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          126502AC7     BBB+

           Delta Funding Home Equity Loan Trust 1997-2
                          Series 1997-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5        24763LBM1     AAA
                 A-6        24763LBN9     AAA
                 A-7        24763LBP4     AAA

           Delta Funding Home Equity Loan Trust 1998-1
                          Series 1998-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-5F       24763LDB3     AAA

           Delta Funding Home Equity Loan Trust 1999-2
                          Series 1999-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-6F       24763LFM7     AAA
                 A-7F       24763LFN5     AAA
                 A-1A       24763LFS4     AAA

           Delta Funding Home Equity Loan Trust 1999-3
                          Series 1999-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1F       24763LFU9     AAA
                 A-2F       24763LFV7     AAA
                 A-1A       24763LFX3     AAA

           Delta Funding Home Equity Loan Trust 2000-1
                          Series 2000-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-2        24763LGL8     A

           Delta Funding Home Equity Loan Trust 2000-3
                          Series 2000-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-2        24763LHJ2     CCC

           Delta Funding Home Equity Loan Trust 2000-4
                          Series 2000-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        24763LHN3     AA

                   DLJ ABS Trust Series 2000-6
                          Series 2000-6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-2        23324VAC6     AA
                 B-1        23324VAD4     BBB-



* S&P Cuts Ratings on 4 Classes From 26 RMBS Transactions to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 112
classes from 26 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued between 2003 and 2007.  S&P removed 67 of the lowered
ratings from CreditWatch with negative implications.  S&P also
affirmed its ratings on 134 classes from the 26 downgraded
transactions as well as three additional deals.  S&P removed 44 of
the affirmed ratings from CreditWatch with negative implications.

S&P derived the losses for these transactions using the criteria
listed in the Related Research section.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults.  S&P also incorporated cumulative
losses to date in S&P's analysis when assessing rating outcomes.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is not sufficient
to cover losses at the previous rating levels.  Although
cumulative losses were generally low in comparison to S&P's
projected lifetime losses for the transactions reviewed, S&P is
projecting an increase in losses due to increases in delinquencies
and the current negative condition of the housing market.  Certain
senior classes also benefit from senior support classes that would
provide support, to a certain extent, before any applicable losses
could affect the super-senior certificates.

To maintain a 'AAA' rating, S&P considers 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 considers whether a bond is able to
withstand S&P's base-case loss assumptions.  Other rating
categories are dispersed, approximately equally, between these two
loss assumptions.  For example, to maintain a 'BB' rating on one
class, S&P may consider whether the class is able to withstand
approximately 110% of S&P's base-case loss assumptions, while, in
connection with a different class, S&P may consider whether it is
able to withstand approximately 120% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

The affirmations reflect S&P's belief that there is sufficient
credit enhancement to support the ratings at their current levels.

The subordination of more junior classes within each structure
provides credit support for the affected transactions.  The
collateral backing these deals originally consisted predominantly
of Alt-A, first-lien, fixed-rate, adjustable-rate, or negative-
amortization residential mortgage loans secured by one- to four-
family properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, 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

                 Alternative Loan Trust 2003-5T2
                       Series      2003-13

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EAN6     CCC                  BBB
        B-3        12669EBK1     CC                   CCC

                 Alternative Loan Trust 2004-33
                       Series      2004-33

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12667FA21     AAA                  AAA/Watch Neg
   2-A-1      12667FA39     AAA                  AAA/Watch Neg
   3-A-1      12667FA47     AAA                  AAA/Watch Neg
   3-A-2      12667FA54     AAA                  AAA/Watch Neg
   3-A-3      12667FC52     AAA                  AAA/Watch Neg
   3-X        12667FA62     AAA                  AAA/Watch Neg
   4-A-1      12667FA70     AAA                  AAA/Watch Neg
   I-M-1      12667FA96     B                    AA/Watch Neg
   II-M-1     12667FB46     CCC                  AA/Watch Neg
   I-B-1      12667FB20     CCC                  A/Watch Neg
   II-B-1     12667FB53     CC                   A/Watch Neg
   I-B-2      12667FB38     CC                   BBB-/Watch Neg
   II-B-2     12667FB61     CC                   BBB/Watch Neg

                 Bear Stearns ALT-A Trust 2004-11
                       Series      2004-11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-M-2      07386HMS7     BB                   A
   I-B-1      07386HMT5     CCC                  BBB+
   I-B-2      07386HMU2     CC                   BBB-
   II-A-1     07386HMV0     AAA                  AAA/Watch Neg
   II-A-2     07386HMW8     AAA                  AAA/Watch Neg
   II-A-3     07386HMX6     AAA                  AAA/Watch Neg
   II-A-4     07386HMY4     AAA                  AAA/Watch Neg
   II-A-5     07386HMZ1     AAA                  AAA/Watch Neg
   II-X-A-5   07386HNA5     AAA                  AAA/Watch Neg
   II-A-6a    07386HNB3     AAA                  AAA/Watch Neg
   II-A-6b    07386HNP2     AAA                  AAA/Watch Neg
   II-B-1     07386HNF4     AA+                  AA+/Watch Neg
   II-B-2     07386HNG2     CCC                  A+/Watch Neg
   II-B-3     07386HNH0     CC                   BBB/Watch Neg

          CWABS Asset Backed Certificates Trust 2005-IM1
                      Series      2005-IM1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2        1266733W0     AAA                  AAA/Watch Neg
   A-2M       1266733X8     AAA                  AAA/Watch Neg
   A-3        1266733Y6     AAA                  AAA/Watch Neg
   A-3M       1266733Z3     AAA                  AAA/Watch Neg
   A-4        1266734Q2     AAA                  AAA/Watch Neg
   A-4M       1266734R0     AAA                  AAA/Watch Neg
   M-1        1266734B5     BBB                  AA+/Watch Neg
   M-2        1266734C3     B                    AA/Watch Neg
   M-3        1266734D1     CCC                  AA-/Watch Neg
   M-4        1266734E9     CC                   A+/Watch Neg
   M-5        1266734F6     CC                   A/Watch Neg

Deutsche Alt-A Securities Inc Mortgage Loan Trust Series 2003-4XS

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-6A       251510CG6     AAA                  AAA/Watch Neg
   M-2        251510CK7     CCC                  A
   M-3        251510CL5     CC                   B

       Deutsche Alt-A Securities, Inc. Mortgage Loan Trust,
                         Series 2003-2XS

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        251510AZ6     CCC                  A
        M-3        251510BA0     CC                   BBB

     Deutsche Mortgage Securities, Inc. Mortgage Loan Trust,
                          Series 2004-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        251563DR0     BB                   BBB+

                DSLA Mortgage Loan Trust 2005-AR6
                      Series      2005-AR6

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1A      23332UFU3     B                    AAA/Watch Neg
   2A-1A      23332UFV1     AA                   AAA/Watch Neg
   2A-1B      23332UFW9     B                    AAA/Watch Neg
   2A-1C      23332UFX7     CCC                  AAA/Watch Neg
   M-1        23332UFY5     CC                   AA/Watch Neg

First Horizon Alternative Mortgage Pass-Through Trust 2004-AA1
                      Series      2004-AA1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        32051D3M2     A                    AA
        B-2        32051D3N0     CCC                  A
        B-3        32051D3P5     CCC                  BBB
        B-4        32051D3Q3     CC                   BB

  First Horizon Alternative Mortgage Securities Trust 2004-AA2
                      Series      2004-AA2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        32051D4U3     BB                   A
        B-3        32051D4V1     CCC                  BBB
        B-4        32051D4W9     CC                   BB
        B-5        32051D4X7     D                    B

  First Horizon Alternative Mortgage Securities Trust 2004-AA4
                       Series      2004-AA4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        32051GAC9     A                    AA
        B-2        32051GAD7     CCC                  A
        B-3        32051GAE5     CCC                  BBB
        B-4        32051GAF2     CC                   BB

   First Horizon Alternative Mortgage Securities Trust 2004-AA5
                      Series      2004-AA5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        32051GBW4     B                    A
        B-3        32051GBX2     CCC                  BBB
        B-4        32051GBY0     CC                   BB

  First Horizon Alternative Mortgage Securities Trust 2004-AA6
                      Series      2004-AA6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        32051GCF0     BB                   AA
        B-2        32051GCG8     CCC                  A
        B-3        32051GCH6     CC                   BBB
        B-4        32051GCJ2     CC                   BB

  First Horizon Alternative Mortgage Securities Trust 2004-FA1
                      Series      2004-FA1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        32051D7H9     B                    A
        B-3        32051D7J5     CCC                  BBB
        B-4        32051D7K2     CC                   BB
        B-5        32051D7L0     CC                   B

  First Horizon Alternative Mortgage Securities Trust 2005-AA12
                      Series      2005-AA12

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      32051GQ57     B                    AAA/Watch Neg
   I-A-2      32051GQ65     CCC                  AAA/Watch Neg
   II-A-1     32051GQ81     CCC                  AAA/Watch Neg
   III-A-1    32051GQ99     B                    AAA/Watch Neg
   III-A-2    32051GR23     CCC                  AAA/Watch Neg
   B-1        32051GR31     CC                   AA/Watch Neg

   First Horizon Alternative Mortgage Securities Trust 2007-FA5
                      Series      2007-FA5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        32053KAA2     CCC                  AAA/Watch Neg
   A-2        32053KAB0     CCC                  AAA/Watch Neg
   A-3        32053KAC8     CCC                  AAA/Watch Neg
   A-4        32053KAD6     CCC                  AAA/Watch Neg
   A-5        32053KAE4     CCC                  AAA/Watch Neg
   A-6        32053KAF1     CCC                  AAA/Watch Neg
   A-7        32053KAG9     CCC                  AAA/Watch Neg
   A-8        32053KAH7     CCC                  AAA/Watch Neg
   A-9        32053KAJ3     CCC                  AAA/Watch Neg
   A-PO       32053KAK0     CCC                  AAA/Watch Neg
   B-1        32053KAM6     D                    AA/Watch Neg
   B-2        32053KAN4     D                    A/Watch Neg

                  GreenPoint MTA Trust 2005-AR3
                       Series      2005-AR3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      39538RBW8     AAA                  AAA/Watch Neg
   I-A-2      39538RBX6     B                    AAA/Watch Neg
   I-A-3      39538RBY4     B-                   AAA/Watch Neg
   II-A-1     39538RBZ1     B                    AAA/Watch Neg
   II-A-2     39538RCA5     B-                   AAA/Watch Neg
   X-1        39538RCB3     AAA                  AAA/Watch Neg
   M-X        39538RCF4     CC                   AA+/Watch Neg
   M-1        39538RCG2     CC                   AA+/Watch Neg
   M-2        39538RCH0     CC                   AA+/Watch Neg
   M-3        39538RCJ6     CC                   AA/Watch Neg
   M-4        39538RCK3     CC                   AA/Watch Neg
   M-5        39538RCL1     D                    A+/Watch Neg

                 GSAA Home Equity Trust 2004-10
                       Series      2004-10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        36242DNH2     B                    BBB-
        B-3        36242DNJ8     CCC                  BB

                  GSAA Home Equity Trust 2004-11
                       Series      2004-11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        36242DQK2     BB                   A
        B-1        36242DQL0     CCC                  BBB
        B-2        36242DQM8     CC                   BB

                  GSAA Home Equity Trust 2004-4
                        Series      2004-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        36228F4L7     B                    BBB+

                  GSAA Home Equity Trust 2004-6
                       Series      2004-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        36228F7G5     BB                   A+
        M-3        36228F7H3     CCC                  BBB+

                  GSAA Home Equity Trust 2004-7
                        Series      2004-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   AF-4       36242DDD2     AA+                  AA+/Watch Neg

                  GSAA Home Equity Trust 2004-8
                        Series      2004-8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        362373AE2     BBB                  A
        B-1        362373AF9     CCC                  BBB+
        B-2        362373AG7     CCC                  BB+

                  GSAA Home Equity Trust 2005-11
                       Series      2005-11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      362341NV7     AAA                  AAA/Watch Neg
   1-A-2      362341NW5     A                    AAA/Watch Neg
   2-A-1      362341NX3     AAA                  AAA/Watch Neg
   2-A-2      362341NY1     A                    AAA/Watch Neg
   3-A-1      362341QF9     AAA                  AAA/Watch Neg
   3-A-2      362341QG7     A                    AAA/Watch Neg
   3-A-3      362341QH5     AAA                  AAA/Watch Neg
   3-A-4      362341QJ1     A                    AAA/Watch Neg
   3-A-5      362341QK8     A                    AAA/Watch Neg
   M-1        362341PB9     B                    AA/Watch Neg
   M-2        362341PC7     CCC                  AA-/Watch Neg
   M-3        362341PD5     CCC                  A/Watch Neg
   M-4        362341PE3     CC                   A-/Watch Neg
   B-1        362341PF0     CC                   BBB+/Watch Neg
   B-2        362341PG8     CC                   BBB/Watch Neg

                 GSAA Home Equity Trust 2005-MTR1
                      Series      2005-MTR1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        362341TZ2     AAA                  AAA/Watch Neg
   A-2        362341UA5     AAA                  AAA/Watch Neg
   A-3        362341UB3     BBB                  AAA/Watch Neg
   A-4        362341UC1     AAA                  AAA/Watch Neg
   A-5        362341UD9     BBB                  AAA/Watch Neg
   M-1        362341UE7     B                    AA+/Watch Neg
   M-2        362341UF4     CCC                  AA+/Watch Neg
   M-3        362341UG2     CCC                  AA/Watch Neg
   M-4        362341UH0     CC                   A+/Watch Neg
   M-5        362341UJ6     CC                   A/Watch Neg
   B-1        362341UK3     CC                   BBB+/Watch Neg

                        GSAA Trust 2004-3
                       Series      2004-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        36228F3U8     BB                   BBB-

              HarborView Mortgage Loan Trust 2004-10
                       Series      2004-10

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      41161PJH7     AAA                  AAA/Watch Neg
   1-A-2A     41161PJJ3     AAA                  AAA/Watch Neg
   1-A-2B     41161PJW4     AAA                  AAA/Watch Neg
   2-A        41161PJK0     AAA                  AAA/Watch Neg
   3-A-1A     41161PJL8     AAA                  AAA/Watch Neg
   3-A-1B     41161PJM6     AAA                  AAA/Watch Neg
   4-A        41161PJN4     AAA                  AAA/Watch Neg
   X-1        41161PJP9     AAA                  AAA/Watch Neg
   X-2        41161PJQ7     AAA                  AAA/Watch Neg
   X-3        41161PJR5     AAA                  AAA/Watch Neg
   B-1        41161PJT1     AA+                  AA+/Watch Neg
   B-2        41161PJU8     BB                   A/Watch Neg
   B-3        41161PJV6     CCC                  BBB/Watch Neg

                         Ratings Affirmed

                 Alternative Loan Trust 2003-5T2
                       Series      2003-13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        12669EAB2     AAA
                 A-3        12669EAC0     AAA
                 A-4        12669EAD8     AAA
                 A-6        12669EAF3     AAA
                 A-8        12669EAH9     AAA
                 PO         12669EAJ5     AAA
                 M          12669EAL0     AAA
                 B-1        12669EAM8     AA

                 Bear Stearns ALT-A Trust 2004-11
                       Series      2004-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      07386HMP3     AAA
                 I-A-2      07386HMQ1     AAA
                 I-M-1      07386HMR9     AA

       Bear Stearns Asset Backed Securities Trust 2003-AC7
                       Series      2003-AC7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        07384YPH3     AAA
                 A-2        07384YPJ9     AAA
                 A-3        07384YPK6     AAA
                 A-4        07384YPL4     AAA
                 M-1        07384YPN0     AA
                 M-2        07384YPP5     A
                 B          07384YPQ3     BBB

Deutsche Alt-A Securities Inc Mortgage Loan Trust Series 2003-4XS
                      Series      2003-4XS

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        251510CE1     AAA
                 A-5        251510CF8     AAA
                 A-6B       251510CT8     AAA
                 M-1        251510CJ0     AA

       Deutsche Alt-A Securities, Inc. Mortgage Loan Trust,
                         Series 2003-2XS

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        251510AU7     AAA
                 A-5        251510AV5     AAA
                 A-6        251510AW3     AAA
                 M-1        251510AY9     AA

     Deutsche Mortgage Securities, Inc. Mortgage Loan Trust,
                          Series 2004-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        251563DK5     AAA
                 A-5        251563DL3     AAA
                 A-6        251563DM1     AAA
                 M-1        251563DP4     AA
                 M-2        251563DQ2     A+

                 DSLA Mortgage Loan Trust 2005-AR6
                 Series      2005-AR6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1B      23332UGJ7     AAA

  First Horizon Alternative Mortgage Pass-Through Trust 2004-AA1
                      Series      2004-AA1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        32051D3G5     AAA
                 A-2        32051D3H3     AAA
                 A-3        32051D3J9     AAA

   First Horizon Alternative Mortgage Securities Trust 2004-AA2
                      Series      2004-AA2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      32051D4P4     AAA
                 II-A-1     32051D4S8     AAA
                 B-1        32051D4T6     AA

  First Horizon Alternative Mortgage Securities Trust 2004-AA4
                      Series      2004-AA4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        32051GAA3     AAA

  First Horizon Alternative Mortgage Securities Trust 2004-AA5
                      Series      2004-AA5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      32051GBR5     AAA
                 II-A-1     32051GBT1     AAA
                 II-A-2     32051GBU8     AAA
                 B-1        32051GBV6     AA

  First Horizon Alternative Mortgage Securities Trust 2004-AA6
                      Series      2004-AA6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        32051GCB9     AAA
                 A-2        32051GCC7     AAA
                 A-IO       32051GCD5     AAA

   First Horizon Alternative Mortgage Securities Trust 2004-FA1
                      Series      2004-FA1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      32051D6Y3     AAA
                 I-A-PO     32051D6Z0     AAA
                 II-A-1     32051D7E6     AAA
                 II-A-PO    32051D7A4     AAA
                 III-A-1    32051D7F3     AAA
                 III-A-PO   32051D7B2     AAA
                 B-1        32051D7G1     AA

                  GSAA Home Equity Trust 2004-10
                       Series      2004-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 AF-2       36242DNA7     AAA
                 AF-3       36242DNB5     AAA
                 AF-4       36242DNC3     AAA
                 AF-5       36242DND1     AAA
                 M-1        36242DNE9     AA
                 M-2        36242DNF6     A
                 B-1        36242DNG4     BBB

                  GSAA Home Equity Trust 2004-11
                       Series      2004-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A1        36242DQE6     AAA
                 2A1        36242DQF3     AAA
                 2A2        36242DQG1     AAA
                 2A3        36242DQH9     AAA
                 M-1        36242DQJ5     AA

                  GSAA Home Equity Trust 2004-4
                       Series      2004-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        36228F4F0     AAA
                 A-2B       36228F4H6     AAA
                 M-1        36228F4J2     AA+
                 M-2        36228F4K9     A+

                  GSAA Home Equity Trust 2004-5
                       Series      2004-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 AF-3       36228F5D4     AAA
                 AF-4       36228F5E2     AAA
                 AF-5       36228F5F9     AAA
                 M-1        36228F5H5     AA
                 M-2        36228F5J1     A+
                 B-1        36228F5K8     BBB+
                 B-2        36228F5L6     BBB-

                  GSAA Home Equity Trust 2004-6
                       Series      2004-6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        36228F7D2     AAA
                 A-2        36228F7E0     AAA
                 M-1        36228F7F7     AA+

                  GSAA Home Equity Trust 2004-8
                       Series      2004-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        362373AA0     AAA
                 A-2        362373AB8     AAA
                 A-3A       362373AC6     AAA
                 A-3B       362373AL6     AAA
                 M-1        362373AD4     AA

                        GSAA Trust 2004-3
                        Series      2004-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 AF-3       36228F3N4     AAA
                 AF-4       36228F3P9     AAA
                 AF-5       36228F3Q7     AAA
                 M-1        36228F3R5     AA
                 M-2        36228F3S3     A
                 B-1        36228F3T1     BBB


* S&P Cuts Ratings on 5 Classes From 19 RMBS Transactions to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 74
classes from 19 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2001-2007.  S&P removed 28 of the lowered ratings from
CreditWatch with negative implications.  S&P also affirmed its
ratings on 174 classes from 20 of the deals reviewed and removed
11 of these ratings from CreditWatch with negative implications.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults.  S&P also incorporated cumulative
losses to date in S&P's analysis when assessing rating outcomes.

The downgrades 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 are generally low in comparison to S&P's
projected lifetime losses for the transactions reviewed, S&P is
projecting an increase in losses due to increases in delinquencies
and the current negative condition of the housing market.  Certain
senior classes also benefit from senior support classes that would
provide support, to a certain extent, before any applicable losses
could affect the super-senior certificates.

To maintain a 'AAA' rating, S&P considers whether a bond is able
to withstand approximately 150% of S&P's base-case loss
assumptions, subject to individual caps and qualitative factors
assumed on specific transactions.  For a class for which we've
affirmed a 'B' rating, S&P consider whether a bond is able to
withstand S&P's base-case loss assumptions.  Other rating
categories are dispersed, approximately equally, between these two
loss assumptions.  For example, to maintain a 'BB' rating on one
class, S&P may consider whether the class is able to withstand
approximately 110% of S&P's base-case loss assumptions, while, in
connection with a different class, S&P may consider whether it is
able to withstand approximately 120% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

The affirmations reflect S&P's belief that there is sufficient
credit enhancement to support the ratings at their current levels.

The subordination of more junior classes within each structure
provides credit support for the affected transactions.  The
collateral backing these deals originally consisted predominantly
of Alt-A, first-lien, fixed-rate, adjustable-rate, or negative-
amortization residential mortgage loans secured by one- to four-
family properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, 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

              HarborView Mortgage Loan Trust 2004-2
                           Series 2004-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        41161PDR1     CCC                  BBB
        B-4        41161PDS9     CC                   BB

              Harborview Mortgage Loan Trust 2004-4
                           Series 2004-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        41161PEB5     CCC                  BBB
        B-4        41161PEN9     CCC                  BB

                    Impac Secured Assets Corp.
                         Series 2001-8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-6        45254TJZ8     AAA                  AAA/Watch Neg
    M-3        45254TKH6     CCC                  BBB

                     Impac Secured Assets Corp.
                             Series 2003-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    B-1        45254TND2     CCC                  BB

            IndyMac INDX Mortgage Loan Trust 2004-AR11
                          Series 2004-11

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        45660N6Q3     AAA                  AAA/Watch Neg
    2-A        45660N6S9     AAA                  AAA/Watch Neg
    2-X        45660N6T7     AAA                  AAA/Watch Neg
    B-1        45660N6Z3     AA+                  AA+/Watch Neg
    B-2        45660N7A7     CCC                  A/Watch Neg
    B-3        45660N7B5     CC                   BBB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2006-AR29
                          Series 2006-AR29

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        45662DAA3     CCC                  AAA/Watch Neg
    A-2        45662DAB1     BB                   AAA/Watch Neg
    A-3        45662DAC9     CCC                  A/Watch Neg
    A-4        45662DAD7     CCC                  A/Watch Neg
    A-5        45662DAE5     CC                   B/Watch Neg
    M-1        45662DAG0     CC                   CCC
    M-2        45662DAH8     CC                   CCC
    M-3        45662DAJ4     CC                   CCC
    M-4        45662DAK1     CC                   CCC
    M-5        45662DAL9     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2006-AR41
                         Series 2006-AR41

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        45668NAA5     B                    AAA/Watch Neg
    A-2        45668NAB3     CC                   A/Watch Neg
    A-3        45668NAC1     CC                   A/Watch Neg
    A-4        45668NAD9     CC                   B/Watch Neg
    M-1        45668NAF4     CC                   CCC
    M-2        45668NAG2     CC                   CCC
    M-4        45668NAJ6     D                    CC

             IndyMac INDX Mortgage Loan Trust 2006-AR6
                         Series 2006-AR6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1A     456612AA8     B                    AAA/Watch Neg
    1-A-1B     456612AB6     CCC                  B
    2-A-1B     456612AD2     CCC                  AAA/Watch Neg
    2-A-1C     456612AE0     CCC                  B
    M-1        456612AF7     CC                   CCC
    M-2        456612AG5     CC                   CCC
    M-3        456612AH3     CC                   CCC
    M-4        456612AJ9     CC                   CCC
    M-5        456612AK6     CC                   CCC
    M-6        456612AL4     D                    CCC
    M-7        456612AM2     D                    CCC

                         Lehman ABS Corp.
                          Series 2003-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M3         525170BP0     CC                   BBB

                     Lehman XS Trust 2007-11
                          Series 2007-11

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         525249AA6     CC                   B/Watch Neg
    A2         525249AB4     CC                   B/Watch Neg
    A3         525249AC2     CCC                  BBB-
    A4         525249AD0     CC                   B/Watch Neg
    A5         525249AE8     CC                   CCC
    M1         525249AG3     CC                   CCC
    M2         525249AH1     D                    CCC

   Manufacturers and Traders Trust Company Mortgage Trust 2002-1
                           Series 2002-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    B4         564760BE5     A                    AA

           MASTR Adjustable Rate Mortgages Trust 2003-3
                           Series 2003-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    B-2        576433EK8     BBB                  A
    B-3        576433EL6     CCC                  BB
    B-4        576433EM4     CC                   B
    B-5        576433EN2     CC                   CCC

          MASTR Adjustable Rate Mortgages Trust 2004-12
                          Series 2004-12

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      576433TN6     AAA                  AAA/Watch Neg
    2-A-1      576433TP1     AAA                  AAA/Watch Neg
    3-A-1      576433TQ9     AAA                  AAA/Watch Neg
    4-A-1      576433TR7     AAA                  AAA/Watch Neg
    5-A-1      576433UC8     AAA                  AAA/Watch Neg
    A-C-1      576433TS5     AAA                  AAA/Watch Neg
    B-1        576433TU0     A                    AA/Watch Neg
    B-2        576433TV8     CCC                  A-/Watch Neg
    B-3        576433TW6     CC                   BBB/Watch Neg

                MASTR Alternative Loan Trust 2003-2
                          Series 2003-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    B-5        576434DP6     CCC                  B

                MASTR Alternative Loan Trust 2004-1
                           Series 2004-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    B-4        576434MF8     CCC                  BB
    B-5        576434MG6     CC                   B

               MASTR Alternative Loan Trust 2004-10
                         Series 2004-10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    B-2        576434WP5     B                    A
    B-3        576434WQ3     CC                   BBB
    B-4        576434WR1     CC                   BB
    B-5        576434WS9     CC                   CCC

                 Terwin Mortgage Trust 2004-15ALT
                        Series 2004-15ALT

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    B-5        881561GW8     CC                   B

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                         Series 2007-OC2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        93936LAA5     CC                   BBB/Watch Neg
    A-2        93936LAB3     CC                   BBB/Watch Neg
    A-3        93936LAC1     CC                   BBB/Watch Neg
    A-4        93936LAD9     CC                   B-/Watch Neg
    A-5        93936LAE7     CC                   CCC
    M-1        93936LAF4     CC                   CCC
    M-2        93936LAG2     D                    CCC

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                      Series WMALT 2007-HY1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        93936AAA9     CC                   B+/Watch Neg
    A-2A       93936AAB7     CCC                  BB/Watch Neg
    A-2B       93936AAC5     CC                   B/Watch Neg
    A-3A       93936AAD3     CCC                  BB/Watch Neg
    A-3B       93936AAE1     CC                   B/Watch Neg
    M-1        93936AAF8     CC                   CCC
    M-2        93936AAG6     CC                   CCC

                         Ratings Affirmed

              HarborView Mortgage Loan Trust 2004-2
                           Series 2004-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1A-1       41161PDK6     AAA
                 2A-1       41161PDL4     AAA
                 AX         41161PDM2     AAA
                 B-1        41161PDP5     AA+
                 B-2        41161PDQ3     A+

               Harborview Mortgage Loan Trust 2004-4
                          Series 2004-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        41161PDV2     AAA
                 2-A        41161PDW0     AAA
                 3-A        41161PEM1     AAA
                 X-1        41161PDX8     AAA
                 X-2        41161PFN8     AAA
                 B-1        41161PDZ3     AA+
                 B-2        41161PEA7     A+

                    Impac Secured Assets Corp.
                           Series 2001-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-7        45254TKA1     AAA
                 A-IO       45254TKB9     AAA
                 A-PO       45254TKC7     AAA
                 M-1        45254TKF0     AAA
                 M-2        45254TKG8     AA

                    Impac Secured Assets Corp.
                           Series 2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        45254TMS0     AAA
                 A-2        45254TMT8     AAA
                 A-3        45254TMU5     AAA
                 A-4        45254TMV3     AAA
                 A-IO       45254TMW1     AAA
                 A-PO       45254TMX9     AAA
                 M-1        45254TMZ4     AA
                 M-2        45254TNA8     A+
                 M-3        45254TNB6     BBB+

            IndyMac INDX Mortgage Loan Trust 2006-AR29
                         Series 2006-AR29

                 Class      CUSIP         Rating
                 -----      -----         ------
                 P-1        45662DAR6     AAA
                 P-2        45662DAS4     AAA

            IndyMac INDX Mortgage Loan Trust 2006-AR41
                         Series 2006-AR41

                 Class      CUSIP         Rating
                 -----      -----         ------
                 P-1        45668NAN7     AAA
                 P-2        45668NAP2     AAA

            IndyMac INDX Mortgage Loan Trust 2006-AR6
                         Series 2006-AR6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1A     456612AC4     AAA

                         Lehman ABS Corp.
                          Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1         525170BL9     AAA
                 M1         525170BM7     AA
                 M2         525170BN5     A

   Manufacturers and Traders Trust Company Mortgage Trust 2002-1
                           Series 2002-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1         564760AA4     AAA
                 A2         564760AB2     AAA
                 A3         564760AC0     AAA
                 A4         564760AD8     AAA
                 A5         564760AE6     AAA
                 A6         564760AF3     AAA
                 A7         564760AG1     AAA
                 A8         564760AH9     AAA
                 A9         564760AJ5     AAA
                 A10        564760AK2     AAA
                 A11        564760AL0     AAA
                 A12        564760AM8     AAA
                 A13        564760AN6     AAA
                 A14        564760AP1     AAA
                 A15        564760AQ9     AAA
                 A16        564760AR7     AAA
                 A17        564760AS5     AAA
                 A18        564760AT3     AAA
                 A19        564760AU0     AAA
                 A20        564760AV8     AAA
                 A21        564760AW6     AAA
                 A22        564760AX4     AAA
                 A23        564760AY2     AAA
                 A24        564760AZ9     AAA
                 A25        564760BA3     AAA
                 B1         564760BB1     AAA
                 B2         564760BC9     AAA
                 B3         564760BD7     AAA

   Manufacturers and Traders Trust Company Mortgage Trust 2003-1
                           Series 2003-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1         564760BH8     AAA
                 A2         564760BJ4     AAA
                 A-3        564760BK1     AAA
                 A4         564760BL9     AAA
                 A5         564760BM7     AAA
                 A6         564760BN5     AAA
                 A7         564760BP0     AAA
                 A8         564760BQ8     AAA
                 A9         564760BR6     AAA
                 A10        564760BS4     AAA
                 A11        564760BT2     AAA
                 B-1        564760BU9     AA
                 B-2        564760BV7     A
                 B-3        564760BW5     BBB
                 B-4        564760BX3     BB

            MASTR Adjustable Rate Mortgages Trust 2003-3
                          Series 2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576433DY9     AAA
                 2-A-1      576433DZ6     AAA
                 3-A-4      576433EE2     AAA
                 3-A-X      576433EF9     AAA
                 4-A-1      576433EG7     AAA
                 B-1        576433EJ1     AA

               MASTR Alternative Loan Trust 2002-1
                          Series 2002-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        576434AA2     AAA
                 A-2        576434AB0     AAA
                 A-5        576434AE4     AAA
                 A-PO       576434AF1     AAA
                 A-X        576434AH7     AAA
                 B-1        576434AJ3     AAA
                 B-2        576434AK0     AAA
                 B-3        576434AL8     AAA

               MASTR Alternative Loan Trust 2002-2
                          Series 2002-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576434AU8     AAA
                 2-A-1      576434AX2     AAA
                 A-X-1      576434BA1     AAA
                 PO-1       576434BB9     AAA
                 A-X-2      576434BE3     AAA
                 PO-2       576434BC7     AAA
                 B-1        576434BF0     AAA
                 B-2        576434BG8     AAA
                 B-3        576434BH6     AA+

                MASTR Alternative Loan Trust 2003-2
                           Series 2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576434CU6     AAA
                 2-A-1      576434CW2     AAA
                 3-A-1      576434CX0     AAA
                 4-A-1      576434CY8     AAA
                 5-A-1      576434CZ5     AAA
                 6-A-1      576434DA9     AAA
                 6-A-3      576434DC5     AAA
                 6-A-4      576434DD3     AAA
                 6-A-IO     576434DR2     AAA
                 6-A-PO     576434DS0     AAA
                 15-AX      576434DF8     AAA
                 15-PO      576434DG6     AAA
                 30-A-X     576434DH4     AAA
                 30-PO      576434DJ0     AAA
                 B-1        576434DK7     AAA
                 B-2        576434DL5     AA
                 B-3        576434DM3     A
                 B-4        576434DN1     BB

               MASTR Alternative Loan Trust 2003-3
                           Series 2003-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576434DT8     AAA
                 2-A-1      576434DV3     AAA
                 2-A-2      576434DW1     AAA
                 2-A-5      576434DZ4     AAA
                 2-PO       576434EA8     AAA
                 B-1        576434EC4     AAA
                 B-2        576434ED2     AAA
                 B-3        576434EE0     AA
                 B-4        576434EF7     A-
                 B-5        576434EG5     B

               MASTR Alternative Loan Trust 2004-1
                           Series 2004-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576434LR3     AAA
                 1-A-2      576434LS1     AAA
                 2-A-1      576434LT9     AAA
                 3-A-1      576434LU6     AAA
                 4-A-1      576434LV4     AAA
                 15-PO      576434LW2     AAA
                 30-PO      576434LX0     AAA
                 15-AX      576434LY8     AAA
                 30-AX      576434LZ5     AAA
                 B-1        576434MC5     AA
                 B-2        576434MD3     A
                 B-3        576434ME1     BBB

               MASTR Alternative Loan Trust 2004-10
                          Series 2004-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576434VU5     AAA
                 2-A-1      576434VV3     AAA
                 3-A-1      576434VW1     AAA
                 4-A-1      576434VX9     AAA
                 5-A-1      576434VY7     AAA
                 5-A-2      576434VZ4     AAA
                 5-A-3      576434WA8     AAA
                 5-A-4      576434WB6     AAA
                 5-A-5      576434WC4     AAA
                 5-A-6      576434WD2     AAA
                 5-A-7      576434WE0     AAA
                 15-PO      576434WF7     AAA
                 30-PO      576434WG5     AAA
                 15-AX-1    576434WH3     AAA
                 15-AX-2    576434WJ9     AAA
                 30-AX      576434WK6     AAA
                 B-1        576434WN0     AA

                Terwin Mortgage Trust 2004-15ALT
                         Series 2004-15ALT

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        881561GQ1     AAA
                 A-X        881561GR9     AAA
                 B-1        881561GS7     AA
                 B-2        881561GT5     A
                 B-3        881561GU2     BBB
                 B-4        881561GV0     BB


* S&P Cuts Ratings on Five Tranches From Four CLO Deals to Low-B
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
tranches from four U.S. cash flow collateralized loan obligation
transactions.  At the same time, S&P removed four of the lowered
ratings from CreditWatch with negative implications.  In addition,
S&P affirmed S&P's ratings on 11 additional classes from the same
four deals.

The six lowered U.S. cash flow CLO tranches have a total issuance
amount $147.5 million.  The CLO downgrades reflect a number of
factors that include:

  -- An increase in defaulted assets in the transaction's
     collateral pools;

  -- Deterioration in the overall credit quality of the performing
     assets within respective CLO collateral pools.  An increase
     in downgrades of speculative-grade U.S. companies has
     resulted in an increase in the proportion of 'CCC' and 'CC'
     rated assets in the underlying portfolios held within CLO
     collateral pools; and

  -- An increase in the percentage of assets in the collateral
     pool with ratings currently on CreditWatch negative, as a
     forward-looking indicator of potential corporate rating
     actions that will affect the assets in the CLO collateral
     pools.

Standard & Poor's will continue to review whether the ratings
currently assigned to the notes remain consistent with the credit
enhancement available to support them and take rating actions as
S&P deem necessary.

                          Rating Actions

                                                  Rating
                                                  ------
Transaction                         Class  To            From
-----------                         -----  --            ----
Carlyle High Yield Partners IV Ltd  C-1    B+/Watch Neg  BBB+/Watch Neg
Carlyle High Yield Partners IV Ltd  C-2    B+/Watch Neg  BBB+/Watch Neg
Green Lane CLO Ltd                  C      BB+           BBB/Watch Neg
Jersey Street CLO Ltd               C      BBB           A/Watch Neg
Jersey Street CLO Ltd               D      BB-           BBB/Watch Neg
LightPoint CLO III Ltd              C      BB            BBB/Watch Neg

                        Ratings Affirmed

      Transaction                          Class     Rating
      -----------                          -----     ------
      Carlyle High Yield Partners IV Ltd   A-1       AAA
      Carlyle High Yield Partners IV Ltd   A-2       AAA
      Carlyle High Yield Partners IV Ltd   A-3       AAA
      Green Lane CLO Ltd                   A-1       AAA
      Green Lane CLO Ltd                   A-2       AAA
      Green Lane CLO Ltd                   B         A
      Jersey Street CLO Ltd                A         AAA
      Jersey Street CLO Ltd                B         AA
      LightPoint CLO III Ltd               A-1A      AAA
      LightPoint CLO III Ltd               A-1B      AAA
      LightPoint CLO III Ltd               B         A+

                     Other Outstanding Rating


    Transaction                          Class     Rating
    -----------                          -----     ------
    Carlyle High Yield Partners IV Ltd   B         A-/Watch Neg


                                   & of               % assets on
  Transaction                      defaulted assets   Watch Neg.
  -----------                      ----------------   -----------
Carlyle High Yield Partners IV Ltd 7.76               4.76
Green Lane CLO Ltd                 5.18               2.66
Jersey Street CLO Ltd              3.91               2.10
LightPoint CLO III Ltd             7.78               6.04

* According to S&P database, as of most recent available report.


* S&P Downgrades Ratings on 104 Classes From Eight Alt-A RMBS
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 104
classes from eight U.S. Alternative-A residential mortgage-backed
securities transactions issued in 2005 and 2006.  S&P removed 49
of the lowered ratings from CreditWatch with negative
implications.  Additionally, S&P affirmed its ratings on 45
classes from four of these transactions and removed one 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.

S&P derived its loss assumptions using S&P's criteria found in the
"Related Research" section.  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, S&P adjusted its loss
expectations for each deal based on upward trends in
delinquencies.

Standard & Poor's has established loss projections for each
Alternative-A transaction rated in 2005 and 2006 based on a
forward-looking default curve.  S&P's lifetime projected losses
for the transactions in this release where the loss projections
have changed are:

                                           Original      Loss
  Transaction                              bal. (mil. $) proj. (%)
  -----------                              ------------- ---------
Alternative Loan Trust 2005-23CB           724.0           1.78
Alternative Loan Trust 2005-64CB           849.4           4.55
RALI Series 2005-QS12                      528.9           4.63
RALI Series 2006-QO8                       1300.4         36.41

To maintain a 'AAA' rating, S&P considers 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 considers 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.

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 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 deem
appropriate.

                          Rating Actions

                Alternative Loan Trust 2005-23CB
                      Series      2005-23CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M          12667GLT8     BB                   AA
   B-1        12667GLU5     CCC                  A/Watch Neg
   B-2        12667GLV3     CC                   BBB/Watch Neg
   B-3        12667GLW1     CC                   BB/Watch Neg
   B-4        12667GLX9     CC                   B/Watch Neg

                 Alternative Loan Trust 2005-64CB
                      Series      2005-64CB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      12668AZL2     B+                   AA/Watch Neg
   1-A-2      12668AZM0     B                    AA/Watch Neg
   1-A-3      12668AZN8     B                    AA/Watch Neg
   1-A-4      12668AZP3     B                    AA/Watch Neg
   1-A-5      12668AZQ1     B                    AA/Watch Neg
   1-A-6      12668AZR9     B                    AA/Watch Neg
   1-A-8      12668AZT5     B                    AA/Watch Neg
   1-A-9      12668AZU2     B                    AA/Watch Neg
   1-A-10     12668AZV0     B                    AA/Watch Neg
   1-A-11     12668AZW8     B                    AA/Watch Neg
   1-A-12     12668AZX6     B                    AA/Watch Neg
   1-A-13     12668AZY4     B                    AA
   1-A-14     12668AZZ1     B                    AA/Watch Neg
   1-A-16     12668AA39     B                    AA/Watch Neg
   1-A-17     12668AA47     B                    AA/Watch Neg
   1-A-18     12668AA54     B                    AA/Watch Neg
   2-A-1      12668AA62     B                    AA/Watch Neg
   2-X        12668AA96     B                    AA
   3-A-1      12668AA70     B                    AA/Watch Neg
   3-X        12668AF26     B                    AA
   PO         12668AB20     B                    AA/Watch Neg
   B-1        12668AB53     CC                   CCC

                 Alternative Loan Trust 2006-31CB
                      Series      2006-31CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        02148HAA9     CC                   B
        A-2        02148HAB7     CC                   B
        A-3        02148HAC5     CCC                  BB
        A-4        02148HAD3     CCC                  BB
        A-5        02148HAE1     CC                   B
        A-6        02148HAF8     CC                   B
        A-7        02148HAG6     CC                   B
        A-8        02148HAH4     CCC                  BB
        A-9        02148HAJ0     CCC                  BB
        A-10       02148HAK7     CCC                  BB
        A-11       02148HAL5     CC                   B
        A-12       02148HAM3     CC                   B
        A-14       02148HAP6     CC                   B
        A-15       02148HAQ4     CC                   B
        A-16       02148HAR2     CCC                  BB
        A-18       02148HAT8     CC                   B
        A-19       02148HAU5     AA                   AAA
        A-20       02148HAV3     CC                   B
        A-21       02148HAW1     CC                   B
        A-22       02148HBG5     CCC                  BB
        X          02148HBF7     AA                   AAA
        PO         02148HAX9     CC                   B

                Alternative Loan Trust 2006-36T2
                      Series      2006-36T2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      02146XBL1     CCC                  BBB/Watch Neg
   1-A-2      02146XAA6     CCC                  BBB
   1-A-3      02146XAB4     CC                   B+/Watch Neg
   1-A-4      02146XAC2     CC                   B+/Watch Neg
   1-A-5      02146XAD0     CC                   B/Watch Neg
   1-A-6      02146XAE8     CC                   B/Watch Neg
   1-A-7      02146XAF5     CCC                  BBB/Watch Neg
   1-A-8      02146XAG3     CC                   B/Watch Neg
   1-A-9      02146XAH1     CC                   B/Watch Neg
   1-A-10     02146XAJ7     CC                   B/Watch Neg
   1-A-11     02146XAK4     CC                   B/Watch Neg
   1-A-12     02146XAL2     CC                   B/Watch Neg
   1-A-13     02146XAM0     CC                   B/Watch Neg
   1-A-14     02146XAN8     CC                   B/Watch Neg
   1-A-15     02146XAP3     CC                   B/Watch Neg
   1-A-16     02146XAQ1     CC                   B/Watch Neg
   1-X        02146XAR9     CCC                  BBB
   2-A-1      02146XAS7     CC                   B/Watch Neg
   2-A-2      02146XAT5     CC                   B/Watch Neg
   2-A-3      02146XAU2     CC                   B/Watch Neg
   2-A-4      02146XAV0     CCC                  B+/Watch Neg
   2-A-5      02146XAW8     CC                   B/Watch Neg
   2-A-6      02146XAX6     CC                   B/Watch Neg
   2-A-7      02146XAY4     CC                   B
   2-A-8      02146XAZ1     CC                   B/Watch Neg
   2-X        02146XBA5     CCC                  B+
   PO         02146XBB3     CC                   B/Watch Neg
   M-1        02146XBD9     CC                   CCC
   M-2        02146XBE7     CC                   CCC

               MASTR Alternative Loan Trust 2005-3
                        Series      2005-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   B-1        576434P57     AA                   AA/Watch Neg
   B-2        576434P65     B                    A/Watch Neg
   B-3        576434P73     CCC                  BBB/Watch Neg
   B-4        576434P81     CC                   BB/Watch Neg
   B-5        576434P99     CC                   CCC

            RALI Grantor Trust 1-A1A, Series 2006-QO8
                      Series      2006-QO8

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A1A      75115FAA8     CCC                  AAA/Watch Neg

                      RALI Series 2005-QS12
                      Series      2005-QS12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        761118DN5     BB                   AAA
        A-5        761118DS4     BB                   AAA
        A-7        761118DU9     A                    AAA
        A-8        761118DV7     BB                   AAA
        A-9        761118DW5     BB                   AAA
        A-10       761118DX3     BB                   AAA
        A-11       761118DY1     BB                   AAA
        A-14       761118EB0     B                    AAA
        A-P        761118EC8     B                    AAA
        A-13       761118EA2     BB                   AAA

                    RALI Series 2006-QO8 Trust
                       Series      2006-QO8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A1AU     75115FAU4     CCC                  B
        I-A1B      75115FAB6     CC                   CCC
        I-A2AU     75115FAV2     CC                   CCC
        I-A3A      75115FAD2     CCC                  B
        I-A3B      75115FAE0     CC                   CCC
        I-A4A      75115FAQ3     CC                   CCC
        I-A4B      75115FAR1     CC                   CCC
        I-A5AU     75115FAW0     CC                   CCC
        I-AX       75115FAX8     CCC                  B
        II-A       75115FAT7     CC                   CCC
        II-AX      75115FAY6     CC                   CCC

                         Ratings Affirmed

                 Alternative Loan Trust 2005-23CB
                      Series      2005-23CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12667GLB7     AAA
                 A-2        12667GLC5     AAA
                 A-3        12667GLD3     AAA
                 A-4        12667GLE1     AAA
                 A-5        12667GLF8     AAA
                 A-6        12667GLG6     AAA
                 A-7        12667GLH4     AAA
                 A-8        12667GLJ0     AAA
                 A-9        12667GLK7     AAA
                 A-10       12667GLL5     AAA
                 A-11       12667GLM3     AAA
                 A-12       12667GLN1     AAA
                 A-13       12667GLP6     AAA
                 A-14       12667GLQ4     AAA
                 A-15       12667GMY6     AAA
                 A-16       12667GMX8     AAA
                 PO         12667GLR2     AAA

                 Alternative Loan Trust 2005-64CB
                      Series      2005-64CB

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-7      12668AZS7     AAA
                 1-A-15     12668AA21     AAA
                 1-X        12668AA88     AAA
                 M          12668AB46     CCC

                 MASTR Alternative Loan Trust 2005-3
                        Series      2005-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      576434L93     AAA
                 1-A-2      576434M27     AAA
                 1-A-3      576434M35     AAA
                 1-A-4      576434M43     AAA
                 2-A-1      576434M50     AAA
                 3-A-1      576434M68     AAA
                 4-A-1      576434M76     AAA
                 5-A-1      576434M84     AAA
                 6-A-1      576434N26     AAA
                 6-A-2      576434N34     AAA
                 6-A-3      576434N42     AAA
                 6-A-4      576434N59     AAA
                 7-A-1      576434N67     AAA
                 A-X-1      576434N91     AAA
                 A-X-2      576434P24     AAA
                 15-PO      576434P32     AAA
                 30-PO      576434P40     AAA
                 5-A-2      576434M92     AAA

                      RALI Series 2005-QS12
                      Series      2005-QS12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        761118DP0     AAA
                 A-3        761118DQ8     AAA
                 A-4        761118DR6     AAA
                 A-12       761118DZ8     AAA
                 A-V        761118ED6     AAA


* S&P Downgrades Ratings on 116 Classes From 20 Alt-A RMBS Deals
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 116
classes from 20 U.S. Alternative-A residential mortgage-backed
securities transactions issued from 2003 to 2007.  S&P removed 102
of the lowered ratings from CreditWatch with negative
implications.  Concurrently, S&P affirmed its ratings on 117 other
classes of certificates from the downgraded transactions and
removed 17 of the affirmed ratings from CreditWatch with negative
implications.

To assess the creditworthiness of each class from the deals with
outstanding subordinate bonds, 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.  To maintain a 'AAA'
rating for Alt-A transactions, S&P considers 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 considers whether a bond is able to
withstand S&P's base-case loss assumptions.  Other rating
categories are dispersed, approximately equally, between these two
loss assumptions.  For example, to maintain a 'BB' rating on one
class, S&P may consider whether the class is able to withstand
approximately 110% of S&P's base-case loss assumptions, while, in
connection with a different class, S&P may consider whether it is
able to withstand approximately 120% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

The 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, fixed- or adjustable-
rate residential mortgage loans secured by one- to four-family
properties.

The affirmed ratings on these transactions reflect S&P's belief
that the amount of credit enhancement available for these classes
is sufficient to cover losses associated with these rating levels.

The downgrades, affirmations, and CreditWatch resolutions on these
transactions incorporate S&P's current and projected losses based
on the dollar amounts of loans currently in the transactions'
delinquency, foreclosure, and real estate owned (REO) pipelines,
as well as S&P's projection of future defaults.  S&P also
incorporated cumulative losses to date in S&P's analysis when
determining rating outcomes.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, in S&P's view,
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P think
appropriate.

                          Rating Actions

         Banc of America Alternative Loan Trust 2004-4
                          Series 2004-4

                                        Rating
                                        ------
          Class      CUSIP         To             From
          -----      -----         --             ----
          30-B-3     05948KQD4     B              BBB
          30-B-4     05948KQV4     CCC            BB
          30-B-5     05948KQW2     CC             B+

          Banc of America Alternative Loan Trust 2004-7
                          Series 2004-7

                                        Rating
                                        ------
          Class      CUSIP         To             From
          -----      -----         --             ----
          30-B-4     05949AMU1     CCC            BB
          30-B-5     05949AMV9     CC             B

             Citigroup Mortgage Loan Trust 2003-HYB1
                         Series 2003-HYB1

                                        Rating
                                        ------
          Class      CUSIP         To             From
          -----      -----         --             ----
          B-3        79549AYK9     B              BBB
          B-4        79549AYL7     CCC            BB
          B-5        79549AYM5     CC             B

         Citigroup Mortgage Loan Trust Series 2004-HYB2
                         Series 2004-HYB2

                                        Rating
                                        ------
          Class      CUSIP         To             From
          -----      -----         --             ----
          B-4                      CCC            BB
          B-5                      CC             B

          CitiGroup Mortgage Loan Trust Series 2003-UP2
                         Series 2003-UP2

                                        Rating
                                        ------
          Class      CUSIP         To             From
          -----      -----         --             ----
          B-5        79549AYE3     CCC            B

       Credit Suisse First Boston Mortgage Securities Corp.
                          Series 2003-21

                                        Rating
                                        ------
          Class      CUSIP         To             From
          -----      -----         --             ----
          III-B-4    22541QQY1     B              BB
          III-B-5    22541QQZ8     CC             B-
          D-B-3      22541QQS4     CCC            BBB-

                   RALI Series 2005-QA10 Trust
                        Series 2005-QA10

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      A-I-1      761118GB8     B              AAA/Watch Neg
      A-I-2      761118GK8     B              AAA/Watch Neg
      A-II-1     761118GC6     B              AAA/Watch Neg
      A-II-2     761118GL6     CCC            AAA/Watch Neg
      A-III-1    761118GD4     B              AAA/Watch Neg
      A-III-2    761118GM4     CCC            AAA/Watch Neg
      A-IV-1     761118GE2     B              AAA/Watch Neg
      A-IV-2     761118GN2     CCC            AAA/Watch Neg
      M-1        761118GG7     CC             AA/Watch Neg

                   RALI Series 2005-QA11 Trust
                         Series 2005-QA11

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      I-A-1      761118LH9     CCC            AAA/Watch Neg
      I-A-IO     761118LJ5     CCC            AAA/Watch Neg
      II-A-1     761118LK2     CCC            AAA/Watch Neg
      III-A-1    761118LL0     CCC            AAA/Watch Neg
      IV-A-1     761118LM8     B              AAA/Watch Neg
      IV-A-2     761118LN6     CCC            AAA/Watch Neg
      V-A-1      761118LP1     CCC            AAA/Watch Neg
      VI-A-1     761118LQ9     CCC            AAA/Watch Neg
      M-1        761118LU0     CC             A/Watch Neg

                    RALI Series 2005-QA9 Trust
                         Series 2005-QA9

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      CB-I-1     761118FG8     B              AAA/Watch Neg
      CB-I-2     761118FH6     CCC            AAA/Watch Neg
      NB-II-1    761118FJ2     B              AAA/Watch Neg
      NB-II-2    761118FK9     CCC            AAA/Watch Neg
      CB-III     761118FL7     CCC            AAA/Watch Neg
      NB-IV-1    761118FM5     B              AAA/Watch Neg
      NB-IV-2    761118FN3     CCC            AAA/Watch Neg
      M-1        761118FQ6     CC             AA/Watch Neg

                    RALI Series 2005-QO2 Trust
                         Series 2005-QO2

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      A-1        761118HU5     AAA            AAA/Watch Neg
      A-2        761118HV3     B              AAA/Watch Neg
      A-3        761118HW1     CCC            AAA/Watch Neg
      X          761118HX9     AAA            AAA/Watch Neg
      M-1        761118JA7     CC             AA+/Watch Neg
      M-2        761118JB5     CC             A+/Watch Neg

                    RALI Series 2005-QO3 Trust
                         Series 2005-QO3

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      A-1        761118KU1     AAA            AAA/Watch Neg
      A-2        761118KV9     B              AAA/Watch Neg
      A-3        761118KW7     CCC            AAA/Watch Neg
      X          761118KX5     AAA            AAA/Watch Neg
      M-1        761118LA4     CC             AA/Watch Neg
      M-2        761118LB2     CC             A/Watch Neg

                    RALI Series 2005-QO5 Trust
                         Series 2005-QO5

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      A-1        761118QM3     BB             AAA/Watch Neg
      A-2        761118QN1     B              AAA/Watch Neg
      A-3        761118QP6     CCC            AAA/Watch Neg
      X          761118QQ4     BB             AAA/Watch Neg
      P          761118RF7     AAA            AAA/Watch Neg
      M-1        761118QT8     CC             AA+/Watch Neg
      M-2        761118QU5     CC             AA/Watch Neg
      M-3        761118QV3     CC             AA-/Watch Neg
      M-4        761118QW1     CC             A+/Watch Neg
      M-5        761118QX9     CC             A/Watch Neg
      M-6        761118QY7     CC             A-/Watch Neg

                    RALI Series 2006-QA3 Trust
                         Series 2006-QA3

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      A-1        75114RAD7     CCC            AAA/Watch Neg
      A-2        75114RAE5     CCC            AAA/Watch Neg
      A-3        75114RAF2     CCC            AAA/Watch Neg
      M-1        75114RAG0     CC             A/Watch Neg

                    RALI Series 2006-QA7 Trust
                         Series 2006-QA7

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      II-A-1     751152AB5     CC             BBB/Watch Neg

  Residential Asset Securitization Trust Series 2004-IndyPort1
                          Series 2004-1

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      A-1        45660NYL3     AAA            AAA/Watch Neg
      A-1X       45660NYM1     AAA            AAA/Watch Neg
      B-1        45660NYP4     CCC            AA/Watch Neg
      B-1X       45660NYQ2     CCC            AA/Watch Neg
      B-2        45660NYR0     CCC            A+/Watch Neg
      B-3        45660NYS8     CC             BBB/Watch Neg

         Structured Adjustable Rate Mortgage Loan Trust
                          Series 2005-4

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      1-A1       863579MP0     A              AAA/Watch Neg
      1-A2       863579MQ8     BB             AAA/Watch Neg
      2-A        863579MR6     BB             AAA/Watch Neg
      3-A1       863579MS4     AAA            AAA/Watch Neg
      3-A2       863579MT2     BB             AAA/Watch Neg
      3-AX       863579MU9     AAA            AAA/Watch Neg
      4-A        863579MW5     BB             AAA/Watch Neg
      5-A        863579MX3     BB             AAA/Watch Neg
      6-A1       863579MY1     AAA            AAA/Watch Neg
      6-A2       863579MZ8     AAA            AAA/Watch Neg
      6-A3       863579NA2     AAA            AAA/Watch Neg
      6-AX1      863579NB0     AAA            AAA/Watch Neg
      6-AX2      863579NC8     AAA            AAA/Watch Neg
      B1-II      863579NH7     BBB            AA+/Watch Neg
      B2-II      863579NJ3     CCC            AA/Watch Neg
      B3-II      863579NK0     CCC            A+/Watch Neg
      B2-I       863579NE4     CC             A-/Watch Neg
      B4-II      863579NL8     CC             A-/Watch Neg
      BX-II      863579NN4     CC             A-/Watch Neg
      B3-I       863579NF1     CC             BBB/Watch Neg
      B4-I       863579NG9     CC             BBB-/Watch Neg
      3-PAX      863579MV7     AAA            AAA/Watch Neg
      B1-I       863579ND6     CC             AA-/Watch Neg

  Structured Adjustable Rate Mortgage Loan Trust Series 2005-22
                          Series 2005-22

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      1-A1       863579F45     CCC            AAA/Watch Neg
      1-A2       863579F52     B              AAA/Watch Neg
      1-A3       863579F60     CCC            AAA/Watch Neg
      1-A4       863579J90     B              AAA/Watch Neg
      1-A5       863579K23     CCC            AAA/Watch Neg
      1-AX       863579F78     B              AAA/Watch Neg
      1-PAX      863579F86     B              AAA/Watch Neg
      2-A1       863579F94     BB             AAA/Watch Neg
      2-A2       863579G28     CCC            AAA/Watch Neg
      3-A1       863579G36     B              AAA/Watch Neg
      3-A2       863579G44     CCC            AAA/Watch Neg
      4-A1       863579G51     B              AAA/Watch Neg
      4-A2       863579G69     CCC            AAA/Watch Neg
      5-A1       863579G77     B              AAA/Watch Neg
      5-A2       863579G85     CCC            AAA/Watch Neg
      B1-I       863579G93     CC             AA/Watch Neg
      B1-II      863579H68     CC             AA/Watch Neg
      B2-II      863579H76     CC             A/Watch Neg
      B3-II      863579H84     D              BBB/Watch Neg

  Structured Adjustable Rate Mortgage Loan Trust Series 2007-10
                         Series 2007-10

                                    Rating
                                    ------
      Class      CUSIP         To             From
      -----      -----         --             ----
      1-A1       86364PAA1     B              AAA/Watch Neg
      1-A2       86364PAB9     CCC            AAA/Watch Neg
      1-AX       86364PAC7     B              AAA/Watch Neg
      1-AP       86364PAY9     AAA            AAA/Watch Neg
      M-1        86364PAG8     CC             AA+/Watch Neg
      M-2        86364PAH6     CC             AA/Watch Neg
      M-3        86364PAJ2     CC             AA-/Watch Neg
      M-4        86364PAK9     CC             A/Watch Neg
      M-5        86364PAL7     CC             A-/Watch Neg
      M-6        86364PAM5     D              BBB/Watch Neg
      2-A1       86364PAD5     CCC            AAA/Watch Neg
      2-A2       86364PAE3     CCC            AAA/Watch Neg
      2-AX       86364PAF0     CCC            AAA/Watch Neg
      2-AP       86364PAZ6     AAA            AAA/Watch Neg
      2-B1       86364PAP8     CC             AA/Watch Neg
      2-B2       86364PAQ6     CC             A/Watch Neg
      2-B3       86364PAR4     CC             BBB/Watch Neg

                         Ratings Affirmed

          Banc of America Alternative Loan Trust 2004-4
                          Series 2004-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05948KPH6     AAA
                 2-A-1      05948KPM5     AAA
                 3-A-1      05948KPN3     AAA
                 CB-IO      05948KPP8     AAA
                 4-A-1      05948KPQ6     AAA
                 4-A-2      05948KPR4     AAA
                 4-A-3      05948KPS2     AAA
                 4-A-4      05948KPT0     AAA
                 4-A-5      05948KPU7     AAA
                 4-IO       05948KPV5     AAA
                 30-B-IO    05948KQA0     AAA
                 30-B-1     05948KQB8     AA
                 30-B-2     05948KQC6     A

          Banc of America Alternative Loan Trust 2004-7
                          Series 2004-7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      05949ALX6     AAA
                 2-A-1      05949AMA5     AAA
                 2-A-2      05949AMB3     AAA
                 CB-IO      05949AMC1     AAA
                 3-A-1      05949AMD9     AAA
                 3-A-2      05949AME7     AAA
                 3-A-3      05949AMF4     AAA
                 3-A-4      05949AMG2     AAA
                 3-IO       05949AMH0     AAA
                 X-PO       05949AML1     AAA
                 30-B-1     05949AMN7     AA
                 30-B-2     05949AMP2     A
                 30-B-3     05949AMQ0     BBB
                 4-A-1      05949AMJ6     AAA
                 5-A-1      05949AMK3     AAA
                 15-PO      05949AMM9     AAA
                 15-IO      05949ANA4     AAA

             Citigroup Mortgage Loan Trust 2003-HYB1
                         Series 2003-HYB1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          79549AYG8     AAA
                 B-1        79549AYH6     AA
                 B-2        79549AYJ2     A

         Citigroup Mortgage Loan Trust Series 2004-HYB2
                        Series 2004-HYB2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A        17307GEB0     AAA
                 II-A       17307GEC8     AAA
                 III-A      17307GED6     AAA
                 IV-A       17307GEE4     AAA
                 B-1        17307GEF1     AA
                 B-2        17307GEG9     A
                 B-3        17307GEH7     BBB

          CitiGroup Mortgage Loan Trust Series 2003-UP2
                         Series 2003-UP2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        79549AXP9     AAA
                 S-1        79549AXQ7     AAA
                 IO-1       79549AXR5     AAA
                 PO-1       79549AXS3     AAA
                 A-2        79549AXT1     AAA
                 A-4        79549AXV6     AAA
                 S-2        79549AXW4     AAA
                 IO-2       79549AXX2     AAA
                 PO-2       79549AXY0     AAA
                 B-1        79549AXZ7     AA+
                 B-2        79549AYA1     A+
                 B-3        79549AYB9     BBB
                 B-4        79549AYD5     BB

       Credit Suisse First Boston Mortgage Securities Corp.
                         Series 2003-21

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-3      22541QPA4     AAA
                 I-A-4      22541QPB2     AAA
                 I-A-5      22541QPC0     AAA
                 I-A-6      22541QPD8     AAA
                 I-A-7      22541QPE6     AAA
                 I-A-8      22541QPF3     AAA
                 I-A-9      22541QPG1     AAA
                 I-A-10     22541QPH9     AAA
                 I-A-11     22541QPJ5     AAA
                 I-A-12     22541QPK2     AAA
                 I-A-13     22541QPL0     AAA
                 I-A-14     22541QPM8     AAA
                 I-A-15     22541QPN6     AAA
                 I-A-16     22541QPP1     AAA
                 I-A-17     22541QPQ9     AAA
                 I-A-18     22541QPR7     AAA
                 I-A-19     22541QPS5     AAA
                 I-A-20     22541QPT3     AAA
                 I-A-21     22541QPU0     AAA
                 I-A-22     22541QSB9     AAA
                 I-X        22541QQB1     AAA
                 II-A-1     22541QPV8     AAA
                 II-X       22541QQC9     AAA
                 II-P       22541QQG0     AAA
                 III-A-1    22541QPW6     AAA
                 III-A-2    22541QPX4     AAA
                 III-A-3    22541QPY2     AAA
                 III-X      22541QQD7     AAA
                 IV-A-1     22541QPZ9     AAA
                 V-A-1      22541QQA3     AAA
                 V-P        22541QQH8     AAA
                 A-X        22541QQE5     AAA
                 A-P        22541QQF2     AAA
                 C-B-1      22541QQJ4     AA
                 C-B-2      22541QQK1     A
                 C-B-3      22541QQL9     BBB-
                 C-B-4      22541QQV7     BB
                 C-B-5      22541QQW5     B
                 III-B-1    22541QQM7     AA
                 III-B-2    22541QQN5     A
                 III-B-3    22541QQP0     BBB

                        FNT Series 2000-2
                          Series 2000-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-X        23323CAC9     AAA
                 I-B-1      23323CAE5     AAA

                     FNT Trust Series 2000-1
                          Series 2000-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-P       23321P7G7     AAA
                 II-X-1     23321P7E2     AAA
                 II-B-1     23321P7J1     AAA
                 II-B-2     23321P7K8     AA


* S&P Downgrades Ratings on 285 Classes From 14 Prime Jumbo RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 285
classes from 14 U.S. prime jumbo residential mortgage-backed
securities transactions issued in 2005, 2006, and 2007.  S&P
removed 196 of the lowered ratings from CreditWatch with negative
implications.  Additionally, S&P affirmed its ratings on 39
classes from four of these transactions and from CHL Mortgage
Pass-Through Trust 2003-35 and removed 17 ratings from CreditWatch
negative.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses.  Additionally,
S&P's rating actions acknowledge current and projected losses that
are based on the dollar value of the loans that S&P expects to
become delinquent, go into foreclosure, and become real estate
owned.  The rating actions also reflect projected future defaults.
S&P is currently assuming a 35% loss severity on prime jumbo
collateral originated in 2005 and a 40% loss severity on prime
jumbo collateral originated in 2006 and 2007.  S&P's rating
assumptions for prime jumbo RMBS deals issued prior to 2005 are
discussed in "Methodology And Assumptions For U.S. RMBS Issued
Before 2005," published March 12, 2009.  For a list of S&P's
published research pertaining to S&P's loss assumptions and the
default curves S&P used in its analysis, please see the "Related
Research" section at the end of this article.

As part of S&P's analysis, S&P considered the characteristics of
the underlying mortgage collateral as well as macroeconomic
influences.  For example, S&P's assessment 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 influence S&P's loss severity
assumptions.

Standard & Poor's has established loss projections for each prime
jumbo transaction rated in 2005, 2006, and 2007 based on a
forward-looking default curve.  S&P's lifetime projected losses
for the transactions in this release where the loss projections
have changed are:

                                          Original       Loss
  Transaction                             bal. (mil. $)  proj. (%)
  -----------                             -------------  ---------
Banc of America Mortgage 2006-3 Trust     282.8          4.84
Banc of America Mortgage 2006-6 Trust     718.3          3.06
CHL Mortgage Pass-Through Trust 2006-17   520.9          5.81
CHL Mortgage Pass-Through Trust 2006-20   1,041.0        6.35
CHL Mortgage Pass-Through Trust 2007-15   1,037.9        8.77
Chase Mortgage Financial Trust
Series 2006-S2                           1,024.2        5.43
JPMorgan Mortgage Trust 2007-A1           3,849.0        1.46
Merrill Lynch Mortgage Investors Trust
Series 2006-AF1                          366.4          10.69
Merrill Lynch Mortgage Investors Trust
Series 2006-AF1                          301.7          8.07
RFMSI Series 2005-S8                      312.3          2.60
RFMSI Series 2006-S5                      678.0          4.32
RFMSI Series 2006-S9                      442.3          5.16
Wells Fargo Mortgage Backed Securities
2007-1 Trust                             600.0          5.13

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 was able to absorb losses in excess of the base-case
assumptions S&P made in its analysis, subject to individual caps
and qualitative factors assumed on specific transactions.  For
example, 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 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 for these deals consists of 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 S&P believes
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P deems
appropriate.

                          Rating Actions

               Banc of America Funding Trust 2006-6
                        Series      2006-6

                                      Rating
                                      ------
     Class      CUSIP         To                   From
     -----      -----         --                   ----
     1-A-1      05950RAA7     B                    AAA/Watch Neg
     1-A-2      05950RAB5     B                    AAA/Watch Neg
     1-A-3      05950RAC3     B                    AAA/Watch Neg
     1-A-4      05950RAD1     B                    AAA/Watch Neg
     1-A-5      05950RAE9     B                    AAA/Watch Neg
     1-A-6      05950RAF6     B                    AAA/Watch Neg
     1-A-7      05950RAG4     B                    AAA/Watch Neg
     1-A-8      05950RAH2     B                    AAA/Watch Neg
     1-A-9      05950RAJ8     B                    AAA/Watch Neg
     1-A-10     05950RAK5     AAA                  AAA/Watch Neg
     1-A-11     05950RAL3     AAA                  AAA/Watch Neg
     1-A-12     05950RAM1     BB                   AAA/Watch Neg
     1-A-13     05950RAN9     B                    AAA/Watch Neg
     1-A-14     05950RAP4     B                    AAA/Watch Neg
     1-A-15     05950RAQ2     B                    AAA/Watch Neg
     1-A-16     05950RAR0     B                    AAA/Watch Neg
     1-A-17     05950RAS8     BB                   AAA/Watch Neg
     1-A-18     05950RAT6     BB                   AAA/Watch Neg
     1-A-19     05950RAU3     B                    AAA/Watch Neg
     1-A-20     05950RAV1     B                    AAA/Watch Neg
     1-A-21     05950RAW9     B                    AAA/Watch Neg
     1-A-22     05950RAX7     BB                   AAA/Watch Neg
     1-A-23     05950RAY5     B                    AAA/Watch Neg
     1-A-24     05950RAZ2     B                    AAA/Watch Neg
     2-A-1      05950RBB4     B                    AAA/Watch Neg
     2-A-2      05950RBC2     B                    AAA/Watch Neg
     2-A-3      05950RBD0     B                    AAA/Watch Neg
     2-A-4      05950RBE8     B                    AAA/Watch Neg
     3-A-1      05950RBF5     B                    AAA/Watch Neg
     3-A-2      05950RBG3     B                    AAA/Watch Neg
     3-A-3      05950RBH1     B                    AAA/Watch Neg
     3-A-4      05950RBJ7     BB                   AAA/Watch Neg
     3O-IO      05950RBK4     AAA                  AAA/Watch Neg
     3O-PO      05950RBL2     B                    AAA/Watch Neg
     M          05950RBM0     CCC                  BBB/Watch Neg

              Banc of America Mortgage 2006-3 Trust
                        Series      2006-3

                                      Rating
                                      ------
     Class      CUSIP         To                   From
     -----      -----         --                   ----
     1-A-1      05950LAA0     CCC                  AA/Watch Neg
     1-A-2      05950LAB8     CCC                  AA/Watch Neg
     1-A-3      05950LAC6     CCC                  AA/Watch Neg
     1-A-4      05950LAD4     CCC                  AA/Watch Neg
     1-A-5      05950LAE2     CCC                  AA/Watch Neg
     1-A-6      05950LAF9     CCC                  AA/Watch Neg
     1-A-7      05950LAG7     B                    AA/Watch Neg
     1-A-8      05950LAH5     B                    AA/Watch Neg
     1-A-9      05950LAJ1     CCC                  AA/Watch Neg
     1-A-10     05950LAK8     CCC                  AA/Watch Neg
     1-A-11     05950LAL6     CCC                  AA/Watch Neg
     1-A-12     05950LAM4     CCC                  AA/Watch Neg
     1-A-13     05950LAN2     AA                   AAA/Watch Neg
     1-A-14     05950LAP7     CCC                  AA/Watch Neg
     1-A-15     05950LAQ5     AA                   AAA/Watch Neg
     1-A-16     05950LAR3     CCC                  AA/Watch Neg
     30-IO      05950LAT9     AA                   AAA/Watch Neg
     30-PO      05950LAU6     CCC                  AA/Watch Neg

           Chase Mortgage Finance Trust Series 2006-S2
                       Series      2006-S2

                                      Rating
                                      ------
     Class      CUSIP         To                   From
     -----      -----         --                   ----
     1-A1       16163BAA2     B                    AAA/Watch Neg
     1-A2       16163BAB0     CCC                  A/Watch Neg
     1-A3       16163BAC8     CCC                  A/Watch Neg
     1-A4       16163BAD6     CCC                  A/Watch Neg
     1-A5       16163BAE4     CCC                  A/Watch Neg
     1-A6       16163BAF1     CCC                  A/Watch Neg
     1-A7       16163BAG9     CCC                  A/Watch Neg
     1-A8       16163BAH7     CCC                  A/Watch Neg
     1-A9       16163BAJ3     CCC                  A/Watch Neg
     1-A10      16163BAK0     CCC                  A/Watch Neg
     1-A11      16163BAL8     CCC                  A/Watch Neg
     1-A12      16163BAM6     CCC                  A/Watch Neg
     1-A13      16163BAN4     CCC                  A/Watch Neg
     1-A14      16163BAP9     B                    AAA/Watch Neg
     1-A15      16163BAQ7     CCC                  A/Watch Neg
     1-A16      16163BAR5     CCC                  A/Watch Neg
     1-A17      16163BAS3     CCC                  A/Watch Neg
     1-A18      16163BAT1     CCC                  A/Watch Neg
     1-A19      16163BAU8     CCC                  A/Watch Neg
     1-AX       16163BAV6     B                    AAA/Watch Neg
     2-A1       16163BAW4     CCC                  A/Watch Neg
     2-A2       16163BAX2     CCC                  A/Watch Neg
     2-A3       16163BAY0     CCC                  A/Watch Neg
     2-A4       16163BAZ7     CCC                  A/Watch Neg
     2-A5       16163BBA1     CCC                  A/Watch Neg
     2-A6       16163BBB9     CCC                  A/Watch Neg
     2-A7       16163BBC7     CCC                  A/Watch Neg
     2-AX       16163BBF0     CCC                  A/Watch Neg
     A-P        16163BBG8     B                    A/Watch Neg
     A-M        16163BBN3     CCC                  BBB/Watch Neg

             CHL Mortgage Pass-Through Trust 2006-10
                       Series      2006-10

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       1-A-1      126694Z76     B                    B+
       1-A-2      126694Z84     B                    B+
       1-A-3      126694Z92     B                    B+
       1-A-4      1266942A5     B                    B+
       1-A-5      1266942B3     B                    B+
       1-A-6      1266942C1     B                    B+
       1-A-7      1266942D9     B                    B+
       1-A-8      1266942E7     B                    BBB
       1-A-9      1266942F4     B                    B+
       1-A-11     1266942H0     B                    B+
       1-A-12     1266942J6     B                    B+
       1-A-13     1266942K3     B                    B+
       1-A-14     1266942L1     B                    B+
       1-A-15     1266942M9     B                    B+
       1-A-16     1266942N7     B                    B+
       1-X        1266942P2     BB                   BBB
       2-A-1      1266942Q0     B                    B+
       2-A-2      1266943A4     B                    B+
       2-X        1266942R8     B                    B+
       PO         1266942S6     B                    B+

             CHL Mortgage Pass-Through Trust 2006-17
                       Series      2006-17

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        17025AAA0     B                    AAA/Watch Neg
    A-2        17025AAB8     BB                   AAA/Watch Neg
    A-3        17025AAC6     B                    AAA/Watch Neg
    A-4        17025AAD4     A                    AAA/Watch Neg
    A-5        17025AAE2     B+                   AAA/Watch Neg
    A-6        17025AAF9     B                    AAA/Watch Neg
    A-7        17025AAG7     B                    AAA/Watch Neg
    A-8        17025AAH5     BB                   AAA/Watch Neg
    A-10       17025AAK8     B                    AAA/Watch Neg
    A-11       17025AAL6     B+                   AAA/Watch Neg
    X          17025AAN2     BB                   AAA/Watch Neg
    PO         17025AAP7     B                    AAA/Watch Neg

             CHL Mortgage Pass-Through Trust 2006-20
                       Series      2006-20

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12544AAA3     CCC                  AA/Watch Neg
    1-A-2      12544AAB1     CCC                  AA/Watch Neg
    1-A-3      12544AAC9     B                    AAA/Watch Neg
    1-A-4      12544AAD7     CCC                  AA/Watch Neg
    1-A-5      12544AAE5     B                    AAA/Watch Neg
    1-A-6      12544AAF2     CCC                  AA/Watch Neg
    1-A-7      12544AAG0     CCC                  AA/Watch Neg
    1-A-8      12544AAH8     CCC                  AA/Watch Neg
    1-A-9      12544AAJ4     CCC                  AA/Watch Neg
    1-A-10     12544AAK1     CCC                  AA/Watch Neg
    1-A-11     12544AAL9     CCC                  AA/Watch Neg
    1-A-12     12544AAM7     CCC                  AA/Watch Neg
    1-A-13     12544AAN5     CCC                  AA/Watch Neg
    1-A-14     12544AAP0     CCC                  AA/Watch Neg
    1-A-15     12544AAQ8     CCC                  AA/Watch Neg
    1-A-16     12544AAR6     CCC                  AA/Watch Neg
    1-A-17     12544AAS4     CCC                  AA/Watch Neg
    1-A-18     12544AAT2     B                    AAA/Watch Neg
    1-A-19     12544AAU9     B                    AAA/Watch Neg
    1-A-20     12544AAV7     CCC                  AA/Watch Neg
    1-A-21     12544AAW5     CCC                  AA/Watch Neg
    1-A-22     12544AAX3     CCC                  AA/Watch Neg
    1-A-23     12544AAY1     CCC                  AA/Watch Neg
    1-A-24     12544AAZ8     CCC                  AA/Watch Neg
    1-A-25     12544ABA2     CCC                  AA/Watch Neg
    1-A-26     12544ABB0     CCC                  AA/Watch Neg
    1-A-27     12544ABC8     CCC                  AA/Watch Neg
    1-A-28     12544ABD6     CCC                  AA/Watch Neg
    1-A-29     12544ABE4     CCC                  AA/Watch Neg
    1-A-30     12544ABF1     CCC                  AA/Watch Neg
    1-A-31     12544ABG9     CCC                  AA/Watch Neg
    1-A-32     12544ABH7     CCC                  AA/Watch Neg
    1-A-33     12544ABJ3     CCC                  AA/Watch Neg
    1-A-34     12544ABK0     CCC                  AA/Watch Neg
    1-A-35     12544ABL8     CCC                  AA/Watch Neg
    1-A-36     12544ABM6     CCC                  AA/Watch Neg
    1-A-37     12544ABN4     CCC                  AA/Watch Neg
    X          12544ABP9     B                    AAA/Watch Neg
    PO         12544ABQ7     CCC                  AA/Watch Neg

             CHL Mortgage Pass-Through Trust 2007-15
                       Series      2007-15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      17025TAA9     CC                   B
        1-A-2      17025TAB7     CCC                  BB
        1-A-3      17025TAC5     CCC                  BB
        1-A-4      17025TAD3     CCC                  BB
        1-A-5      17025TAE1     CCC                  BB
        1-A-6      17025TAF8     CCC                  BB
        1-A-7      17025TAG6     CCC                  BB
        1-A-8      17025TAH4     CCC                  BB
        1-A-9      17025TAJ0     CCC                  BB
        1-A-10     17025TAK7     CCC                  BB
        1-A-11     17025TAL5     CCC                  BB
        1-A-12     17025TAM3     CCC                  BB
        1-A-13     17025TAN1     CCC                  BB
        1-A-14     17025TAP6     CCC                  BB
        1-A-15     17025TAQ4     CCC                  BB
        1-A-16     17025TAR2     CCC                  BB
        1-A-17     17025TAS0     CC                   B
        1-A-18     17025TAT8     CC                   B
        1-A-19     17025TAU5     CCC                  BB
        1-A-20     17025TAV3     CCC                  BB
        1-A-21     17025TAW1     CCC                  BB
        1-A-22     17025TAX9     CCC                  BB
        1-A-23     17025TAY7     CCC                  BB
        1-A-24     17025TAZ4     CCC                  BB
        1-A-25     17025TBA8     CCC                  BB
        1-A-26     17025TBB6     CCC                  BB
        1-A-27     17025TBC4     CC                   B
        1-A-28     17025TBD2     CC                   B
        1-A-29     17025TBE0     CCC                  BB
        1-A-30     17025TBF7     CCC                  BB
        1-X        17025TBG5     CCC                  BB
        2-A-1      17025TBH3     CC                   B
        2-A-2      17025TBJ9     CCC                  B+
        2-A-3      17025TBK6     CC                   B
        2-A-4      17025TBL4     CCC                  B+
        2-A-5      17025TBM2     CCC                  B+
        2-A-6      17025TBN0     CCC                  B
        2-A-7      17025TBZ3     CCC                  B+
        2-A-8      17025TCA7     CCC                  B+
        2-A-9      17025TCB5     CCC                  B+
        2-A-10     17025TCC3     CC                   B
        2-X        17025TBP5     CCC                  B+
        PO         17025TBQ3     CC                   B

                 JPMorgan Mortgage Trust 2007-A1
                       Series      2007-A1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-2      46630GAB1     BB                   AAA
        2-A-3      46630GAE5     BB                   AAA
        2-A-4      46630GAF2     BB                   AAA
        3-A-1      46630GAG0     BB                   AAA
        3-A-4      46630GAK1     BB                   AAA
        3-A-5      46630GAL9     BB                   AAA
        4-A-3      46630GAP0     BB                   AAA
        4-A-4      46630GAQ8     BB                   AAA
        5-A-3      46630GAT2     BB                   AAA
        5-A-4      46630GAU9     BB                   AAA
        5-A-6      46630GAW5     BB                   AAA
        6-A-1      46630GAX3     AA                   AAA
        6-A-2      46630GAY1     BB                   AAA
        7-A-1      46630GBB0     AA                   AAA
        7-A-2      46630GBC8     AA                   AAA
        7-A-3      46630GBD6     AA                   AAA
        7-A-3S     46630GBF1     AA                   AAA
        7-A-4      46630GBG9     BB                   AAA
        B-1        46630GBH7     CCC                  AA
        B-2        46630GBJ3     CC                   A
        B-3        46630GBK0     CC                   BBB
        B-4        46630GBN4     CC                   BB

      Merrill Lynch Mortgage Investors Trust Series 2006-AF1
                      Series      2006-AF1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    AF-1       59023RAA7     CCC                  B/Watch Neg
    AF-2A      59023RAB5     CCC                  B/Watch Neg
    AF-2B      59023RAC3     CCC                  B/Watch Neg
    AF-2C      59023RAD1     CCC                  B/Watch Neg
    AF-3A      59023RAE9     CCC                  B/Watch Neg
    AF-3B      59023RAF6     CCC                  B/Watch Neg
    PO         59023RAL3     CCC                  B/Watch Neg
    IO         59023RAM1     CCC                  B/Watch Neg
    MF-1       59023RAN9     CC                   CCC
    MF-2       59023RAP4     CC                   CCC
    AV-1A      59023RAG4     B                    AAA/Watch Neg
    AV-1B      59023RAH2     CCC                  AA/Watch Neg
    AV-2A      59023RAJ8     B                    AAA/Watch Neg
    AV-2B      59023RAK5     CCC                  AA/Watch Neg
    MV-1       59023RAR0     CC                   BBB/Watch Neg
    MV-2       59023RAS8     CC                   B/Watch Neg
    MV-3       59023RAT6     CC                   CCC

                    RFMSI Series 2005-S8 Trust
                       Series      2005-S8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        76111XC50     BBB                  AAA/Watch Neg
    A-2        76111XC68     BBB                  AAA/Watch Neg
    A-3        76111XC76     BBB                  AAA/Watch Neg
    A-P        76111XC84     BBB                  AAA/Watch Neg
    A-V        76111XC92     BBB                  AAA
    M-1        76111XD34     CCC                  AA/Watch Neg
    M-2        76111XD42     CC                   A/Watch Neg
    M-3        76111XD59     CC                   BBB/Watch Neg
    B-1        76111XD67     CC                   BB/Watch Neg

                    RFMSI Series 2006-S5 Trust
                       Series      2006-S5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        74957EAA5     BBB                  AAA/Watch Neg
    A-2        74957EAB3     BBB                  AAA/Watch Neg
    A-3        74957EAC1     CCC                  AA/Watch Neg
    A-4        74957EAD9     CCC                  AA/Watch Neg
    A-5        74957EAE7     BBB                  AAA/Watch Neg
    A-6        74957EAF4     BBB                  AAA/Watch Neg
    A-7        74957EAG2     CCC                  AA/Watch Neg
    A-9        74957EAJ6     CCC                  AA/Watch Neg
    A-10       74957EAK3     BBB                  AAA/Watch Neg
    A-11       74957EAL1     BBB                  AA/Watch Neg
    A-12       74957EAM9     CCC                  AA/Watch Neg
    A-13       74957EAN7     CCC                  AA/Watch Neg
    A-14       74957EAP2     CCC                  AA/Watch Neg
    A-15       74957EAQ0     CCC                  AA/Watch Neg
    A-16       74957EAR8     BBB                  AAA/Watch Neg
    A-17       74957EAS6     CCC                  AA/Watch Neg
    A-18       74957EAT4     CCC                  AA/Watch Neg
    A-P        74957EAW7     CCC                  AA/Watch Neg
    A-V        74957EAX5     BBB                  AAA/Watch Neg

                    RFMSI Series 2006-S9 Trust
                       Series      2006-S9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        749577AA0     B                    AAA/Watch Neg
    A-2        749577AB8     CCC                  A/Watch Neg
    A-3        749577AC6     CCC                  A/Watch Neg
    A-4        749577AD4     CCC                  A/Watch Neg
    A-5        749577AE2     BB                   A/Watch Neg
    A-7        749577AG7     CCC                  A/Watch Neg
    A-8        749577AH5     CCC                  A/Watch Neg
    A-9        749577AJ1     CCC                  A/Watch Neg
    A-10       749577AK8     CCC                  A/Watch Neg
    A-11       749577AL6     CCC                  A/Watch Neg
    A-12       749577AM4     CCC                  A/Watch Neg
    A-P        749577AN2     CCC                  A/Watch Neg
    A-V        749577AP7     BB                   AAA/Watch Neg

       Wells Fargo Mortgage Backed Securities 2006-4 Trust
                       Series      2006-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      94983BAA7     AAA                  AAA/Watch Neg
    I-A-2      94983BAB5     AAA                  AAA/Watch Neg
    I-A-3      94983BAC3     AAA                  AAA/Watch Neg
    I-A-4      94983BAD1     AAA                  AAA/Watch Neg
    I-A-5      94983BAE9     AAA                  AAA/Watch Neg
    I-A-6      94983BAF6     AAA                  AAA/Watch Neg
    I-A-8      94983BAH2     AAA                  AAA/Watch Neg
    I-A-9      94983BAJ8     AAA                  AAA/Watch Neg
    I-A-10     94983BAK5     AAA                  AAA/Watch Neg
    I-A-11     94983BAL3     AAA                  AAA/Watch Neg
    I-A-12     94983BAM1     AAA                  AAA/Watch Neg
    I-A-13     94983BAN9     AAA                  AAA/Watch Neg
    I-A-14     94983BAP4     AAA                  AAA/Watch Neg
    I-A-PO     94983BAR0     AAA                  AAA/Watch Neg

       Wells Fargo Mortgage Backed Securities 2007-1 Trust
                        Series      2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        94984WAA0     BBB                  AAA/Watch Neg
    A-2        94984WAB8     BBB                  AAA/Watch Neg
    A-3        94984WAC6     B                    AAA/Watch Neg
    A-4        94984WAD4     BBB                  AAA/Watch Neg
    A-5        94984WAE2     B                    AAA/Watch Neg
    A-6        94984WAF9     B                    AAA/Watch Neg
    A-7        94984WAG7     B                    AAA/Watch Neg
    A-8        94984WAH5     BBB                  AAA/Watch Neg
    A-9        94984WAJ1     B                    AAA/Watch Neg
    A-10       94984WAK8     B                    AAA/Watch Neg
    A-PO       94984WAL6     B                    AAA/Watch Neg

                             Ratings Affirmed

             CHL Mortgage Pass-Through Trust 2003-35
                       Series      2003-35

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EYF7     AAA
                 1-A-2      12669EYG5     AAA
                 1-A-3      12669EYH3     AAA
                 2-A-1      12669EYJ9     AAA
                 PO         12669EYK6     AAA
                 M          12669EYP5     AA
                 B-1        12669EYM2     A
                 B-2        12669EYN0     BBB
                 B-3        12669EYY6     BB
                 B-4        12669EYZ3     B

             CHL Mortgage Pass-Through Trust 2006-10
                       Series      2006-10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-10     1266942G2     BB
                 M-1        1266942U1     CCC

                 JPMorgan Mortgage Trust 2007-A1
                       Series      2007-A1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      46630GAA3     AAA
                 2-A-1      46630GAC9     AAA
                 2-A-2      46630GAD7     AAA
                 3-A-2      46630GAH8     AAA
                 3-A-3      46630GAJ4     AAA
                 4-A-1      46630GAM7     AAA
                 4-A-2      46630GAN5     AAA
                 5-A-1      46630GAR6     AAA
                 5-A-2      46630GAS4     AAA
                 5-A-5      46630GAV7     AAA


* S&P Junks Ratings on 26 Tranches From 30 Hybrid CDO Deals
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 81
tranches from 30 U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed 30 of the
lowered ratings from CreditWatch with negative implications.  In
addition, S&P affirmed one rating from Cheyne High Grade ABS CDO I
Ltd. and removed it from CreditWatch with negative implications.
S&P also withdrew S&P's rating on one tranche from Cimarron CDO
Ltd.  The ratings on 41 of the downgraded tranches are on
CreditWatch with negative implications, indicating a significant
likelihood of further downgrades.

The CDO downgrades reflect a number of factors, including credit
deterioration and recent negative rating actions on U.S. subprime
residential mortgage-backed securities.  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 30 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $11.546 billion.  Twenty-one of the 30 affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches of RMBS and other SF securities.  Eight of the 30 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 other 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.

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
-----------              -----      --                ----
ACA ABS 2005-1 Ltd.      A-2        BBB-/Watch Neg    AA/Watch Neg
ACA ABS 2005-1 Ltd.      B          CC                BB-/Watch Neg
Acacia CDO 10 Ltd.       A-1        CC                BBB-/Watch Neg
Acacia CDO 10 Ltd.       A-2        CC                B+/Watch Neg
Acacia CDO 10 Ltd.       B          CC                CCC+
C-BASS CBO IX Ltd.       B          AA+               AAA
C-BASS CBO IX Ltd.       C          AA                AA+
C-BASS CBO IX Ltd.       D          A-                A+
C-Bass CBO X Ltd.        C          BBB+              A
C-Bass CBO X Ltd.        D          BB/Watch Neg      BBB
C-BASS CBO XIII Ltd.     A          AA/Watch Neg      AAA
C-BASS CBO XIII Ltd.     B          BB+/Watch Neg     AA-/Watch Neg
C-BASS CBO XIII Ltd.     C          B-/Watch Neg      A-/Watch Neg
C-BASS CBO XIII Ltd.     D          CC                BB/Watch Neg
Cheyne High Grade ABS
  CDO I Ltd.              A-1MT-e    AA+               AA+/Watch Neg
Cheyne High Grade ABS
  CDO I Ltd.              A-1LT      B/Watch Neg       A/Watch Neg
Cheyne High Grade ABS
  CDO I Ltd.              A-2        CCC/Watch Neg     BB+/Watch Neg
Cheyne High Grade ABS
  CDO I Ltd.              B          CC                B-/Watch Neg
Cimarron CDO Ltd.        A-1 (CP)   NR/NR             AA+/A-1+/WatchNeg
Cimarron CDO Ltd.        B          CC                CCC+/Watch Neg
Cimarron CDO Ltd.        A-2        CCC-              AA-/Watch Neg
Cimarron CDO Ltd.        A-3        CC                BBB-/Watch Neg
Commodore CDO I Ltd.     A          AA                AAA
Commodore CDO I Ltd.     B          B-/Watch Neg      BBB-/Watch Neg
Coronado CDO Ltd.        A-1        AA-/Watch Neg     AAA
Coronado CDO Ltd.        A-2        AA-/Watch Neg     AAA
Coronado CDO Ltd.        B-1        CCC/Watch Neg     BBB-/Watch Neg
Coronado CDO Ltd.        B-2        CCC/Watch Neg     BBB-/Watch Neg
Coronado CDO Ltd.        C-1        CC                B-/Watch Neg
Coronado CDO Ltd.        C-2        CC                B-/Watch Neg
Coronado CDO Ltd.        TypeII     CCC/Watch Neg     BBB-/Watch Neg
Davis Square Funding
  IV Ltd.                 A-1LT-a    CCC/Watch Neg     A/Watch Neg
Davis Square Funding
  IV Ltd.                 A-1LT-b-1  CCC/Watch Neg     A/Watch Neg
Davis Square Funding
  IV Ltd.                 A-2        CC                BB+/Watch Neg
Davis Square Funding
  IV Ltd.                 B          CC                CCC-/Watch Neg
E*Trade ABS CDO I Ltd.   B          CC                CCC+
Fulton Street CDO Ltd.   A-1B       CCC-              BBB-/Watch Neg
Glacier Funding CDO
  I Ltd.                  A-2        AA                AAA
Glacier Funding CDO
  I Ltd.                  B          BB                A+/Watch Neg
Glacier Funding CDO
  I Ltd.                  C          CCC-              B/Watch Neg
Hereford Street ABS CDO
  I Ltd.                  A-1        B-/Watch Neg      A-/Watch Neg
Hereford Street ABS CDO
  I Ltd.                  A-2        CC                BB/Watch Neg
Hereford Street ABS CDO
  I Ltd.                  B          CC                CCC+/Watch Neg
Independence I CDO Ltd.  A          BBB/Watch Neg     A-
Jupiter High-Grade CDO
  II Ltd.                 A-1        B-/Watch Neg      AA-/Watch Neg
Jupiter High-Grade CDO
  II Ltd.                 A-2        CC                BBB+/Watch Neg
Jupiter High-Grade CDO
  II Ltd.                 B          CC                BB/Watch Neg
Jupiter High-Grade CDO
  II Ltd.                 C-1A       CC                CCC-/Watch Neg
Jupiter High-Grade CDO
  II Ltd.                 C-1B       CC                CCC-/Watch Neg
Kleros Preferred Funding
  Ltd.                    A-1        A+/Watch Neg      AA/Watch Neg
Kleros Preferred Funding
  Ltd.                    A-2        BB/Watch Neg      BBB/Watch Neg
Kleros Preferred Funding
  Ltd.                    B          CC                CCC-/Watch Neg
Knollwood CDO Ltd.       A-1        BB/Watch Neg      BBB+/Watch Neg
MKP CBO II Ltd.          A-1        AA-/Watch Neg     AAA
MKP CBO II Ltd.          A-2        B-/Watch Neg      A/Watch Neg
MWAM CBO 2001-1 Ltd.     A          AA                AAA/Watch Neg
Orchard Park Ltd.        A-1 Ser1   BB+/Watch Neg     A+/Watch Neg
Orchard Park Ltd.        A-1 Ser2   BB+/Watch Neg     A+/Watch Neg
Saturn Ventures I Ltd.   A-2        AA                AAA
Saturn Ventures I Ltd.   A-3        BB+               A+/Watch Neg
Saturn Ventures I Ltd.   B          CC                CCC+/Watch Neg
Saturn Ventures II Ltd.  A-1        AA/A-1+/Watch Neg AAA/A-1+
Saturn Ventures II Ltd.  A-2        BBB/Watch Neg     AA-
Saturn Ventures II Ltd.  A-3        BB/Watch Neg      BBB+/Watch Neg
Saturn Ventures II Ltd.  B          CCC/Watch Neg     B/Watch Neg
Sierra Madre Funding
  Ltd.                    A-1LT-a    BB+/Watch Neg     AA+/Watch Neg
Sierra Madre Funding
  Ltd.                    A-1LT-b    BB+/Watch Neg     AA+/Watch Neg
Sierra Madre Funding
  Ltd.                    A-2        B-/Watch Neg      AA-/Watch Neg
Sierra Madre Funding
  Ltd.                    B          CCC-/Watch Neg    A/Watch Neg
Sierra Madre Funding
  Ltd.                    C          CC                BBB-/Watch Neg
Sierra Madre Funding
  Ltd.                    D          CC                BB/Watch Neg
Solstice ABS CBO Ltd.    A          B/Watch Neg       A+
Stack 2004-1 Ltd.        C          BBB/Watch Neg     A
Stack 2004-1 Ltd.        D          B-/Watch Neg      BB+/Watch Neg
Summer Street 2005-HG1
  Ltd.                    A-1        BB/Watch Neg      A/Watch Neg
Summer Street 2005-HG1
  Ltd.                    A-2        CC                BB/Watch Neg
Summer Street 2005-HG1
  Ltd.                    B          CC                CCC
TIAA Structured Finance
  CDO II Ltd.             A-2        BB-/Watch Neg     A+/Watch Neg
Trainer Wortham First
  Republic CBO III Ltd.   A-1        A-/Watch Neg      AAA/Watch Neg
Trinity CDO Ltd.         A-1        BBB-/Watch Neg    AA/Watch Neg
Trinity CDO Ltd.         A-2        CCC/Watch Neg     BBB+/Watch Neg
Trinity CDO Ltd.         A-3        CC                B+/Watch Neg
Trinity CDO Ltd.         B          CC                CCC-/Watch Neg

                                    Other Ratings Reviewed

              Transaction              Class      To
              -----------              -----      --
              ACA ABS 2005-1 Ltd.      A-1        AAA
              ACA ABS 2005-1 Ltd.      C          CC
              Acacia CDO 10 Ltd.       C          CC
              Acacia CDO 10 Ltd.       D          CC
              Capital Guardian ABS CDO
               I Ltd.                  A-1A       AAA
              Capital Guardian ABS CDO
               I Ltd.                  A-1B       AAA
              Capital Guardian ABS CDO
               I Ltd.                  A-1C       AAA
              Capital Guardian ABS CDO
               I Ltd.                  B          CC
              Capital Guardian ABS CDO
               I Ltd.                  C          CC
              Capital Guardian ABS CDO
               I Ltd.                  Pfd Shares CC
              C-BASS CBO IX Ltd.       A-1        AAA
              C-BASS CBO IX Ltd.       A-2        AAA
              C-Bass CBO X Ltd.        A          AAA
              C-Bass CBO X Ltd.        B          AA
              Cheyne High Grade ABS
               CDO I Ltd.              C          CC
              Commodore CDO I Ltd.     C          CC
              Davis Square Funding IV
               Ltd.                    C          CC
              Davis Square Funding IV
               Ltd.                    D          CC
              Davis Square Funding IV
               Ltd.                    E          BBB-/Watch Neg
              E*Trade ABS CDO I Ltd.   A-2        AAA
              E*Trade ABS CDO I Ltd.   C-1        CC
              E*Trade ABS CDO I Ltd.   C-2        CC
              E*Trade ABS CDO I Ltd.   Compo Secs CC
              E*Trade ABS CDO I Ltd.   Pref Shrs  CC
              Fulton Street CDO Ltd.   A-1A       BBB
              Fulton Street CDO Ltd.   A-2        CC
              Fulton Street CDO Ltd.   B-1        CC
              Fulton Street CDO Ltd.   B-2        CC
              Fulton Street CDO Ltd.   C          CC
              Glacier Funding CDO I
               Ltd.                    A-1        AAA
              Glacier Funding CDO I
               Ltd.                    Pref Shrs  CC
              Hereford Street ABS CDO
               I Ltd.                  C          CC
              Hereford Street ABS CDO
               I Ltd.                  D          CC
              Jupiter High-Grade CDO
               II Ltd.                 C-1C       CC
              Kleros Preferred Funding
               Ltd.                    C          CC
              Kleros Preferred Funding
               Ltd.                    D          CC
              Knollwood CDO Ltd.       A-2        CC
              Knollwood CDO Ltd.       B          CC
              Knollwood CDO Ltd.       C          CC
              MKP CBO II Ltd.          B          CC
              MKP CBO II Ltd.          C-1        CC
              MKP CBO II Ltd.          C-2        CC
              Saturn Ventures I Ltd.   A-1        AAA
              Stack 2004-1 Ltd.        A          AAA
              Stack 2004-1 Ltd.        B          AA
              Summer Street 2005-HG1
               Ltd.                    C          CC
              Summer Street 2005-HG1
               Ltd.                    D          CC
              TIAA Structured Finance
               CDO II Ltd.             A-1        AAA
              TIAA Structured Finance
               CDO II Ltd.             B          CC
              TIAA Structured Finance
               CDO II Ltd.             C-1        CC
              TIAA Structured Finance
               CDO II Ltd.             C-2        CC
              Trainer Wortham First
               Republic CBO III Ltd.   A-2        CC
              Trainer Wortham First
               Republic CBO III Ltd.   B          CC
              Trainer Wortham First
               Republic CBO III Ltd.   C          CC
              Trainer Wortham First
               Republic CBO III Ltd.   D          CC
              Trainer Wortham First
               Republic CBO III Ltd.   Pre.Shares CC
              Trinity CDO Ltd.         C-1        CC
              Trinity CDO Ltd.         C-2        CC



                           *********

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
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The TCR subscription rate is $775 for 6 months delivered via e-
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are $25 each.  For subscription information, contact Christopher
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                  *** End of Transmission ***