TCR_Public/090628.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 28, 2009, Vol. 13, No. 177

                            Headlines



ABACUS 2006-11: S&P Downgrades Ratings on Two Classes to 'D'
AFC MORTGAGE: Moody's Downgrades Ratings on Seven Securities
ALL STUDENT: Moody's Downgrades Ratings on 12 Classes of Bonds
ARCHON GROUP: Fitch Downgrades Special Servicer Rating to 'CSS2'
ARES X: Moody's Downgrades Ratings on Seven Classes of Notes

ATRIUM II: Moody's Downgrades Ratings on Various Classes of Notes
AVENUE CLO: Moody's Downgrades Ratings on Various Classes of Notes
BABSON CLO: Moody's Downgrades Ratings on Various 2005-II Notes
BABSON CAPITAL: Fitch Affirms Servicer Ratings
BALLYROCK CLO: Moody's Downgrades Ratings on Various 2006-1 Notes

BANK OF AMERICA: Fitch Affirms Servicer Ratings
BANK OF NEW YORK: Fitch Upgrades Primary Servicer Rating to 'CPS2'
BEAR STEARNS: Moody's Downgrades Ratings on 10 Classes of Notes
BRISTOL BAY: Moody's Downgrades Ratings on Various Classes
C-BASS CDO: Fitch Downgrades Ratings on Two Classes to 'D'

CALIFORNIA COUNTY: Fitch Affirms Ratings on Three 2006 Bonds
CALIFORNIA COUNTY: Fitch Affirms Ratings on Four Series of Bonds
CALIFORNIA COUNTY: Fitch Holds Ratings on Eight Asset-Backed Bonds
CAPMARK FINANCE: Fitch Keeps Servicer Ratings on Negative Watch
CENTERLINE SERVICING: Fitch Cuts Special Servicer Rating to CSS1-

CHILDREN'S TRUST: Fitch Affirms Ratings on 11 Asset-Backed Bonds
CLOVERIE PLC: S&P Withdraws 'CCC' Rating on 2006-10 Notes
COUNTRYWIDE HOME: Moody's Downgrades Ratings on 35 Tranches
CREDIT SUISSE: Fitch Downgrades Ratings on 10 2004-C3 Certs.
CREDIT SUISSE: Moody's Reviews Ratings on 19 2007-C1 Certificates

CREDIT SUISSE: S&P Downgrades Ratings on Class P Certs. to 'D'
CSFB MORTGAGE-BACKED: Moody's Downgrades Ratings on 31 Tranches
CT INVESTMENT: Fitch Cuts Special Servicer Ratings to 'CSS3+'
CW CAPITAL: Upgrades Primary Servicer Rating to 'CPS2+'
DB MORTGAGE: Fitch Affirms Servicer Ratings

DISTRICT OF COLUMBIA: Fitch Affirms Ratings on 10 Classes
DRYDEN V-LEVERAGED: Moody's Downgrades Ratings on 2003 Notes
DRYDEN-XI LEVERAGED: Moody's Downgrades Ratings on 2006 Notes
FIELDSTONE MORTGAGE: Moody's Downgrades Rating on 10 Securities
FINANCE AMERICA: Moody's Downgrades Ratings on 16 Securities

FINANSURE STUDENT: Fitch Affirms Ratings on 11 2007-1 Notes
FIRST FRANKLIN: Moody's Downgrades Ratings on 98 Securities
FORTRESS CREDIT: Moody's Cuts Rating on $13MM Class B Notes to Ba1
FORTRESS CREDIT: Moody's Cuts Rating on $52MM Class B Notes to Ba2
FRUITFUL HARVEST: S&P Downgrades Ratings on Class A Notes to 'D'

GALE FORCE: Moody's Downgrades Ratings on Various Classes of Notes
GE CAPITAL: Fitch Affirms Special Servicer Rating at 'CSS2+'
GE CAPITAL: Moody's Downgrades Ratings on 18 Securities
GE CAPITAL: S&P Downgrades Ratings on Two 2001-3 Certs. to 'D'
GEMSA LOAN: Fitch Affirms Servicer Ratings

GENESIS CLO: Fitch Downgrades Ratings on Various 2007-1 Notes
GREEN LOAN: Fitch Assigns 'CLLSS2-' Special Servicer Rating
GSC PARTNERS: Moody's Downgrades Ratings on Various Classes
HARBORVIEW MORTGAGE: Moody's Downgrades Ratings on 13 Tranches
HELIOS AMC: Fitch Affirms 'CSS3' Special Servicer Rating

HEWETT'S ISLAND: Moody's Downgrades Ratings on Various Classes
HUDSON ADVISORS: Fitch Cuts Special Servicer Rating to 'CSS2-'
ING CLARION: Fitch Affirms 'CSS2+' Special Servicer Rating
JE ROBERT: Fitch Downgrades Special Servicer Ratings to 'CSS1'
JP MORGAN: Moody's Affirms Ratings on 14 2005-LDP4 Certificates

JP MORGAN: Moody's Affirms Ratings on 15 2003-CIBC7 Certificates
JP MORGAN: Moody's Downgrades Ratings on 217 Tranches
JPMORGAN CHASE: S&P Downgrades Ratings on Class P Certs. to 'D'
KEYBANK REAL: Fitch Affirms 'CPS1' Primary Servicer Rating
LB-UBS COMMERCIAL: S&P Downgrades Ratings on 2006-C1 Certificates

LEHMAN XS: Moody's Confirms Ratings on 2005-1 NIM Securities
LIBERTY CLO: Moody's Downgrades Ratings on Various Classes
LIME STREET: Moody's Downgrades Ratings on Various Classes
LNR PARTNERS: Fitch Downgrades Special Servicer Ratings to 'CSS1'
MEZZ CAP: Fitch Puts Ratings on Various Bonds on Negative Watch

MICHIGAN TOBACCO: Fitch Affirms Ratings on Two Series 2008 Bonds
MIDLAND LOAN: Fitch Affirms 'CPS1' Primary Servicer Rating
MILLSTONE FUNDING: Fitch Junks Ratings on Funding Notes From 'B'
MORGAN STANLEY: S&P Downgrades Ratings on 2006-IQ12 Notes to 'D'
MOUNTAIN VIEW: Moody's Downgrades Ratings on Various Notes

NASSAU COUNTY: Fitch Affirms Ratings on Six Asset-Backed Bonds
NATIONAL COOPERATIVE: Fitch Keeps 'CPS1' Primary Servicer Rating
NCB FSB: Fitch Cuts Primary Servicer Rating to 'CPS2+'
NEXTSTUDENT MASTER: Moody's Confirms Ratings on 23 Classes
NOVASTAR MORTGAGE: Moody's Downgrades Ratings on 42 Securities

OCWEN LOAN: Fitch Downgrades Special Servicer Rating to 'CSS2-'
OLYMPIC CLO: Moody's Downgrades Ratings on Various Classes
OPTION ONE: Moody's Downgrades Ratings on 49 Securities
ORIX CAPITAL: Fitch Affirms 'CSS3+' Special Servicer Rating
OWNIT MORTGAGE: Moody's Cuts Ratings on Two 2004-1 Securities

PACIFIC LIFE: Fitch Affirms 'CPS1' Primary Servicer Rating
PEOPLE'S CHOICE: Moody's Downgrades Ratings on Seven Securities
PNC MORTGAGE: S&P Downgrades Rating on Class N Certs. to 'D'
POPULAR ABS: Moody's Downgrades Ratings on Five 2004-5 Securities
PPM AMERICA: Fitch Takes Various Rating Actions on Notes

PREFERREDPLUS TRUST: Moody's Confirms 'Caa1' Rating on Certs.
PROTECTIVE LIFE: Fitch Affirms Various Servicer Ratings
PRUDENTIAL ASSET: Fitch Affirms 'CPS2+' Primary Servicer Rating
REPACS TRUST: S&P Downgrades Ratings on Eight 2005-1 Debt Units
RESIX FINANCE: Moody's Downgrades Ratings on Two 2006-1 Notes

ROSEDALE CLO: Moody's Downgrades Ratings on Various Classes
SAGUARO ISSUER: Moody's Confirms Ratings on Principal Units
SASI FINANCE: Moody's Downgrades Ratings on Nine 2006-A Tranches
SCORPIUS CDO: S&P Downgrades Ratings on Nine Classes to 'D'
SECURITIZED ASSET: Moody's Downgrades Ratings on 22 Securities

SILVER CREEK: Moody's Downgrades Ratings on Various Classes
SINO-FOREST CORPORATION: Exchange Offer Won't Move Moody's Rating
SITUS ASSET: Fitch Affirms 'CPS3' Primary Servicer Rating
STONEY LANE: Moody's Downgrades Ratings on Various Classes
STRUCTURED INVESTMENTS: Moody's Cuts Ratings on Notes to 'B3'

STRUCTURED INVESTMENTS: Moody's Junks Ratings on $20 Mil. Notes
TARGETED RETURN: Moody's Cuts Ratings on HY-2006-1 Certs. to 'B2'
TOBACCO SETTLEMENT: Fitch Affirms Ratings on Three Classes
TORO ABS: Fitch Junks Ratings on Class A Notes From 'B'
TRIMONT REAL: Fitch Affirms 'CPS2' Primary Servicer Rating

WACHOVIA SECURITIES: Fitch Downgrades Primary Servicer Rating
WELLS FARGO: Fitch Downgrades Primary & Special Servicer Ratings
WESTWOOD CDO: Moody's Downgrades Ratings on Various Classes

* Moody's Cuts Ratings on 17 Certs. From 8 Resecuritized Deals
* S&P Downgrades Ratings on 20 Classes of Mortgage Certs. to 'D'
* S&P Downgrades Ratings on 21 Classes from Mortgage Certs. to 'D'
* S&P Downgrades Ratings on 21 Tranches From Nine Hybrid CDO Deals
* S&P Downgrades Ratings on 62 Classes From 41 NIMS RMBS Deals

* S&P Downgrades Ratings on 69 Classes From 13 RMBS Transactions
* S&P Downgrades Ratings on 71 Classes of Mortgage Certs. to 'D'
* S&P Downgrades Ratings on 90 Classes From Nine RMBS Transactions
* S&P Downgrades Ratings on 102 Classes From 33 Prime Jumbo RMBS
* S&P Downgrades Ratings on 146 Classes From 14 RMBS Transactions

* S&P Downgrades Ratings on 324 Classes of Mortgage Certs. to 'D'
* S&P Downgrades Ratings on 427 Classes of Mortgage Certs. to 'D'
* S&P Downgrades Ratings on 956 Classes From 93 RMBS Transactions
* S&P Downgrades Ratings on Nine Classes of Mortgage Certs. to 'D'
* S&P Puts Ratings on 210 Tranches on CreditWatch Negative



                            *********


ABACUS 2006-11: S&P Downgrades Ratings on Two Classes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-2 series 1 and class A-2 series 2 from Abacus 2006-11 Ltd.
to 'D' from 'CCC-'.

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

                         Ratings Lowered

                       Abacus 2006-11 Ltd.

                                     Rating
                                     ------
                     Class          To    From
                     -----          --    ----
                     A-2 series 1   D     CCC-
                     A-2 series 2   D     CCC-


AFC MORTGAGE: Moody's Downgrades Ratings on Seven Securities
------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 7
securities from 5 transactions issued by AFC.  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 averaging 80%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

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

Complete rating actions are:

Issuer: AFC Mortgage Loan Asset Backed Certificates, Series 1998-1

  -- 1A-1, Downgraded to Ba1; previously on 6/16/2008 Upgraded to
     Baa2

  -- Current Underlying Rating: Downgraded to Ba1; previously on
     6/16/2008 Published at Baa2

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

  -- 1A-2, Downgraded to Ba1; previously on 6/16/2008 Upgraded to
     Baa2

  -- Current Underlying Rating: Downgraded to Ba1; previously on
     6/16/2008 Published at Baa2

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

Issuer: AFC Mortgage Loan Asset Backed Certificates, Series 1998-3

  -- 1A-1, Downgraded to Ba3; previously on 6/16/2008 Upgraded to
     Baa2

  -- Current Underlying Rating: Downgraded to Ba3; previously on
     6/16/2008 Published at Baa2

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

  -- 1A-2, Downgraded to Ba3; previously on 6/16/2008 Upgraded to
     Baa2

  -- Current Underlying Rating: Downgraded to Ba3; previously on
     6/16/2008 Published at Baa2

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

Issuer: AFC Mtg Loan AB Certs 1999-01

  -- 1A, Downgraded to Ba1; previously on 3/31/2008 Downgraded to
     Baa3

  -- Current Underlying Rating: Downgraded to Ba1; previously on
     6/16/2008 Published at Baa3

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

Issuer: AFC Mtg Loan AB Certs 1999-02

  -- 1A, Downgraded to B3; previously on 6/20/2008 Downgraded to
     Ba1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/16/2008 Published at Ba1

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

Issuer: AFC Mtg Loan AB Notes 2000-1

  -- Cl. 2A, Downgraded to Caa1; previously on 6/20/2008
     Downgraded to Ba1

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at Ba1

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

Issuer: AFC Mtg Loan AB Notes 2000-2

  -- Cl. 1A, Current Rating: B3

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at B3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     from Baa1 to B3; Outlook Developing on 2/18/2009)

  -- Cl. 2A, Current Rating: B3

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at B3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     from Baa1 to B3; Outlook Developing on 2/18/2009)

Issuer: AFC Mtg Loan AB Notes 2000-3

  -- Cl. 2A, Current Rating: B3

  -- Current Underlying Rating: Downgraded to Caa2; previously on
     6/16/2008 Published at Caa1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     from Baa1 to B3; Outlook Developing on 2/18/2009)

Issuer: AFC Mtg Loan AB Notes 2000-4

  -- Cl. 2A, Current Rating: B3

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at B3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     from Baa1 to B3; Outlook Developing on 2/18/2009)


ALL STUDENT: Moody's Downgrades Ratings on 12 Classes of Bonds
--------------------------------------------------------------
Moody's Investors Service has downgraded twelve classes of senior
bonds and two classes of subordinate bonds issued by All Student
Loan Corporation, Series II.

As of March 31, 2009, approximately 95% of the bonds were Variable
Rate Demand Bonds, all of which have been put to the liquidity
bank pursuant to the Standby Bond Purchase Agreement (i.e., they
have become bank bonds).  Although the current rate on the bank
bonds is 1 month LIBOR + 75bps, in October 2009 the interest rate
will increase to Prime for the first 90 days and to Prime + 1.5%
thereafter, which will result in approximately 2.5%-to-3% of
negative excess spread per annum.  The total parity, i.e. the
ratio of total assets to total liabilities, was 100.3% as of
March 31, 2009.  The senior parity, or the ratio of total assets
to the aggregate of total senior bonds outstanding balance and
accrued liabilities, was 105.8% as of the date.  A large amount of
the negative excess spread is expected to rapidly erode both total
and senior parity ratios, exposing the bonds to a highly likely
eventual default.

The subordinate bonds will be further negatively affected by a
potential change in the priority of cash distributions.  According
to the deal documents, a downgrade of the senior bonds below "Aaa"
would cause an event of default and the acceleration of the bonds.
In that case, the subordinate bonds would not receive any interest
or principal payments for as long as any interest or principal
payments are due on the senior bonds.

The complete rating actions are:

Issuer: All Student Loan Corporation, Series II (formerly Access
to Loans For Learning Corporation)

  -- Senior Ser. II-A-1 (Tax-Exempt), Downgraded to Caa2;
     previously on 3/31/2009 Aaa Placed Under Review for Possible
     Downgrade

  -- Senior Ser. II-A-1 (Tax-Exempt), Downgraded to S.G.;
     previously on 3/31/2009 VMIG 1 Placed Under Review for
     Possible Downgrade

  -- Senior Ser. II-A-2 (Tax-Exempt), Downgraded to Caa2;
     previously on 3/31/2009 Aaa Placed Under Review for Possible
     Downgrade

  -- Senior Ser. II-A-2 (Tax-Exempt), Downgraded to S.G.;
     previously on 3/31/2009 VMIG 1 Placed Under Review for
     Possible Downgrade

  -- Senior Ser. II-A-3 (Tax-Exempt), Downgraded to Caa2;
     previously on 3/31/2009 Aaa Placed Under Review for Possible
     Downgrade

  -- Senior Ser. II-A-3 (Tax-Exempt), Downgraded to S.G.;
     previously on 3/31/2009 VMIG 1 Placed Under Review for
     Possible Downgrade

  -- Senior Ser. II-A-4 (Tax-Exempt), Downgraded to Caa2;
     previously on 3/31/2009 Aaa Placed Under Review for Possible
     Downgrade

  -- Senior Ser. II-A-4 (Tax-Exempt), Downgraded to S.G.;
     previously on 3/31/2009 VMIG 1 Placed Under Review for
     Possible Downgrade

  -- Senior Ser. II-A-5 (Taxable), Downgraded to Caa2; previously
     on 3/31/2009 Aaa Placed Under Review for Possible Downgrade

  -- Senior Ser. II-A-5 (Taxable), Downgraded to S.G.; previously
     on 3/31/2009 VMIG 1 Placed Under Review for Possible
     Downgrade

  -- Senior Ser. II-A-6 (Taxable), Downgraded to Caa2; previously
     on 3/31/2009 Aaa Placed Under Review for Possible Downgrade

  -- Senior Ser. II-A-6 (Taxable), Downgraded to S.G.; previously
     on 3/31/2009 VMIG 1 Placed Under Review for Possible
     Downgrade

  -- Ser. II A-7, Downgraded to Caa2; previously on 3/31/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Ser. II A-7, Downgraded to S.G.; previously on 3/31/2009 VMIG
     1 Placed Under Review for Possible Downgrade

  -- Ser. II A-8, Downgraded to Caa2; previously on 3/31/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Ser. II A-8, Downgraded to S.G.; previously on 3/31/2009 VMIG
     1 Placed Under Review for Possible Downgrade

  -- Ser. II A-9, Downgraded to Caa2; previously on 3/31/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Ser. II A-9, Downgraded to S.G.; previously on 3/31/2009 VMIG
     1 Placed Under Review for Possible Downgrade

  -- Senior Ser. II-A-10 (Taxable)-1, Downgraded to Caa2;
     previously on 3/31/2009 Aaa Placed Under Review for Possible
     Downgrade

  -- Senior Ser. II-A-10 (Taxable)-1, Downgraded to S.G.;
     previously on 3/31/2009 VMIG 1 Placed Under Review for
     Possible Downgrade

  -- Senior Ser. II-A-11 (Taxable), Downgraded to Caa2; previously
     on 3/31/2009 Aaa Placed Under Review for Possible Downgrade

  -- Senior Ser. II-A-11 (Taxable), Downgraded to S.G.; previously
     on 3/31/2009 VMIG 1 Placed Under Review for Possible
     Downgrade

  -- Senior Ser. II-A-12 (Taxable), Downgraded to Caa2; previously
     on 3/31/2009 Aaa Placed Under Review for Possible Downgrade

  -- Senior Ser. II-A-12 (Taxable), Downgraded to S.G.; previously
     on 3/31/2009 VMIG 1 Placed Under Review for Possible
     Downgrade

  -- Subordinated Ser. II-C-1 (Tax-Exempt)-2 Fixed Rate,
     Downgraded to C; previously on 3/31/2009 A2 Placed Under
     Review for Possible Downgrade

  -- Subordinated Ser. II-C-2 (Taxable)-2 Fixed Rate, Downgraded
     to C; previously on 3/31/2009 A2 Placed Under Review for
     Possible Downgrade


ARCHON GROUP: Fitch Downgrades Special Servicer Rating to 'CSS2'
----------------------------------------------------------------
Fitch Ratings has downgraded Archon Group, L.P.'s special servicer
rating:

  -- Special servicer to 'CSS2+' from 'CSS1'.
  -- Primary servicer affirmed at 'CPS3+'.

Fitch's rating actions are based on the recent update of Fitch's
CMBS servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

Archon's special servicer rating downgrade is due to increased
emphasis on market participation.  Archon's scoring in this area
was negatively impacted during the criteria update.

The ratings of the CMBS transactions serviced by Archon are not
expected to be negatively impacted by the servicer downgrade.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


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

  -- US$50,000,000 Class A-1 Revolving Floating Rate Notes, Due
     2017, Downgraded to Aa3; previously on March 18, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$200,000,000 Class A-2 Delayed Drawdown Floating Rate
     Notes, Due 2017, Downgraded to Aa3; previously on March 18,
     2009 Aaa Placed Under Review for Possible Downgrade;

  -- US$125,000,000 Class A-3 Floating Rate Notes, Due 2017,
     Downgraded to Aa3; previously on March 18, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$21,000,000 Class B Floating Rate Notes, Due 2017,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$30,000,000 Class D-1 Deferrable Floating Rate Notes,
     Due 2017, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$10,000,000 Class D-2 Deferrable Floating Rate Notes,
     Due 2017, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$5,000,000 Combination Securities, Due 2017, Downgraded
     to Ba1; previously on March 4, 2009 A1 Placed Under Review
     for Possible Downgrade.

In addition, Moody's has confirmed the ratings of these two
classes of notes:

  -- US$4,000,000 Class C-1 Deferrable Floating Rate Notes, Due
     2017; previously on March 18, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class C-2 Deferrable Fixed Rate Notes, Due
     2017; previously on March 18, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of 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 C and D Par Value Tests.  The weighted average rating factor
has steadily increased over the last year and it is currently at
2841 versus a test level of 2660 as of the last trustee report,
dated May 20, 2009.  Based on the same report, defaulted
securities total about $19.8 million, accounting for roughly 4.3%
of the collateral balance, and securities rated Caa1 or lower make
up approximately 12.8% of the underlying portfolio.  Additionally,
interest payments on the Class D-2 Notes are presently being
deferred as a result of the failure of the Class C Par Value Test.

Ares X CLO Ltd., issued on September 1, 2005, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


ATRIUM II: 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 Atrium II:

  -- Class A-1 Floating Rate Notes Due 2016, Downgraded to Aa3;
     previously on March 20, 2009 Aaa, Placed Under Review for
     Possible Downgrade;

  -- Class A-2a Floating Rate Notes Due 2016, Downgraded to Baa2;
     previously on March 20, 2009 Aa2, Placed Under Review for
     Possible Downgrade;

  -- Class A-2b Fixed Rate Notes Due 2016, Downgraded to Baa2;
     previously on March 20, 2009 Aa2, Placed Under Review for
     Possible Downgrade;

  -- Class B Deferrable Floating Rate Notes Due 2016, Downgraded
     to Ba2; previously on March 20, 2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade;

  -- Class C-1 Floating Rate Notes Due 2016, Downgraded to Caa3;
     previously on March 20, 2009 Downgraded to B2 and Placed
     Under Review for Possible Downgrade;

  -- Class C-2 Fixed Rate Notes Due 2016, Downgraded to Caa3;
     previously on March 20, 2009 Downgraded to B2 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, 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 C Par Value Test.  The weighted average rating factor has
steadily increased over the last year and it is currently at 2822
versus a test level of 2350 as of the last trustee report, dated
June 5, 2009.  Based on the same report, defaulted securities
total about $16.3 million, accounting for roughly 6.7% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 14.4% of the underlying portfolio.  Additionally,
interest payments on the Class B and C Notes are presently being
deferred as a result of the failure of the Class A Par Value Test
as of the last payment date.

Atrium II, issued on December 18, 2003, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.

Moody's Approach to Rating Collateralized Loan Obligations
(December 31, 2008).

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


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 III, Ltd.:

  -- US$357,000,000 Class A-1L Floating Rate Notes Due July
     2018, Downgraded to A2; previously on May 10, 2006 Assigned
     Aaa;

  -- US$39,000,000 Class A-2L Floating Rate Notes Due July
     2018, Downgraded to Ba1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$24,000,000 Class A-3L Floating Rate Notes Due July
     2018, Downgraded to Caa1; previously on March 17, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$21,500,000 Class B-1L Floating Rate Notes Due July
     2018, Downgraded to Ca; previously on March 17, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$22,000,000 Class B-2L Floating Rate Notes Due July
     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.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, an increase in the proportion of securities
from issuers rated Caa1 and below, and failure of the Senior Class
A Overcollateralization Test, Class A Overcollateralization Test,
Class B-1L Overcollateralization Test, Class B-2L
Overcollateralization Test and Interest Coverage Test.  The
weighted average rating factor has steadily increased over the
last year and it is currently 2674 versus a test level of 2545 as
of the last trustee report, dated June 11, 2009.  Based on the
same report, defaulted securities total about $52 million,
accounting for roughly 11.2% of the collateral balance, and
securities with a Moody's rating of Caa1 or below make up
approximately 7.5% of the underlying portfolio.  Additionally,
interest payments on the Class A-3L, Class B-1L and Class B-2L
Notes are presently being deferred as a result of the failure of
the Senior Class A Overcollateralization Test.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from the trustee's reported numbers.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


BABSON CLO: 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 Babson CLO Ltd. 2005-II:

  -- Class A-1 Senior Notes, Downgraded to Aa2; previously on
     October 12, 2005 Assigned Aaa;

  -- Class A-2 Senior Notes, Downgraded to A2; previously on March
     4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- Class D-1 Deferrable Mezzanine Notes, Downgraded to Ca;
     previously on March 18, 2009 Downgraded to Caa3 and Placed
     Under Review for Possible Downgrade;

  -- Class D-2 Deferrable Mezzanine Notes, Downgraded to Ca;
     previously on March 18, 2009 Downgraded to Caa3 and Placed
     Under Review for Possible Downgrade;

  -- Class Q-1 Combination Notes, Downgraded to Baa3; previously
     on March 4, 2009 A2 Placed Under Review for Possible
     Downgrade;

  -- Class Q-2 Combination Notes, Downgraded to Caa1; previously
     on March 4, 2009 Ba1 Placed Under Review for Possible
     Downgrade;

  -- Class Q-3 Combination Notes, Downgraded to B2; previously on
     March 4, 2009 Baa2 Placed Under Review for Possible
     Downgrade.

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

  -- Class B Deferrable Mezzanine Notes, Confirmed at Ba1;
     previously on March 18, 2009 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- Class C-1 Deferrable Mezzanine Notes, Confirmed at B1;
     previously on March 18, 2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade;

  -- Class C-2 Deferrable Mezzanine Notes, Confirmed at B1;
     previously on March 18, 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.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by 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
overcollateralization test and the Class D overcollateralization
test.  The weighted average rating factor has steadily increased
over the last year and is currently 2942 versus a test level of
2530 as of the latest trustee report, dated May 11, 2009.  Based
on the same report, defaulted securities total about
$42.7 million, accounting for roughly 8.4% of the collateral
balance, and securities rated Caa1 or lower make up approximately
13% 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 test.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Babson CLO Ltd. 2005-II, issued in July 2005, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


BABSON CAPITAL: Fitch Affirms Servicer Ratings
----------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


BALLYROCK CLO: Moody's Downgrades Ratings on Various 2006-1 Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Ballyrock CLO 2006-1 Ltd.:

  -- US$288,000,000 Class A Floating Rate Notes Due 2019,
     Downgraded to Aa2; previously on 09/20/2006 Assigned Aaa;

  -- US$24,000,000 Class B Floating Rate Notes Due 2019,
     Downgraded to A2; previously on 03/17/2009 Aa2 Placed Under
     Review for Possible Downgrade;

  -- US$14,000,000 Class E Deferrable Floating Rate Notes Due
     2019, Downgraded to Ca; previously on 03/17/2009 Downgraded
     to Caa2 and Placed Under Review for Possible Downgrade;

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

  -- US$18,000,000 Class C Deferrable Floating Rate Notes Due
     2019, Confirmed at Ba1; previously on 03/17/2009 Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade;

  -- US$27,000,000 Class D Deferrable Floating Rate Notes Due
     2019, Confirmed at B1; previously on 03/17/2009 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, 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 Class
E overcollateralization test.  The weighted average rating factor
has steadily increased over the last year and it is currently at
3278 versus a test level of 2707 as of the last trustee report,
dated May 20, 2009.  Based on the same report, defaulted
securities total about $9 million, accounting for roughly 3% of
the collateral balance, and securities rated Caa1 or lower make up
approximately 17% of the underlying portfolio.

Ballyrock CLO 2006-1 Ltd., issued in August 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


BANK OF AMERICA: Fitch Affirms Servicer Ratings
-----------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


BANK OF NEW YORK: Fitch Upgrades Primary Servicer Rating to 'CPS2'
------------------------------------------------------------------
Fitch Ratings has upgraded Bank of New York Mellon, Asset
Solutions Division primary and master servicer ratings:

  -- Primary servicer upgraded to 'CPS2' from 'CPS2-';
  -- Master servicer upgraded to 'CMS3+' from 'CMS3';
  -- Special servicer affirmed at 'CSS3'.

Fitch's rating actions are based on the recent update of Fitch's
CMBS servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

BNY Mellon's primary and master servicer upgrades are due to
increased emphasis on financial condition.  BNY Mellon's scoring
in this area was positively impacted during the criteria update.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


BEAR STEARNS: Moody's Downgrades Ratings on 10 Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of ten
classes of notes from three transactions issued by Bear Stearns
ARM 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 the following 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 (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 actions:

Issuer: Bear Stearns Asset Backed Securities, Inc., 1999-2 (Loans
Remaining: 28)

  -- MV-1, Current Balance $1,022,663, Downgraded to A2;
     previously on 10/19/1999 Assigned Aa2

Issuer: Bear Stearns ARM Trust, Series 2001-4 (Loans Remaining:
24)

  -- Cl. B-1, Current Balance $410,335, Downgraded to Aa2;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. B-2, Current Balance $330,405, Downgraded to A2;
     previously on 8/15/2006 Downgraded to Aa1

  -- Cl. B-3, Current Balance $253,238, Downgraded to Ba3;
     previously on 8/15/2006 Downgraded to A3

Issuer: Bear Stearns ARM Trust 2002-12 (Loans Remaining: 15)

  -- Cl. II-A-1, Current Balance $5,845,244, Downgraded to Aa2;
     previously on 1/28/2003 Assigned Aaa

  -- Cl. II-A-2, Current Balance $504,509, Downgraded to Aa2;
     previously on 1/28/2003 Assigned Aaa

  -- Cl. II-A-3, Current Balance $463,515, Downgraded to A2;
     previously on 1/28/2003 Assigned Aaa

  -- Cl. II-B-1, Current Balance $253,837, Downgraded to Ba1;
     previously on 9/1/2004 Upgraded to Aaa

  -- Cl. II-B-2, Current Balance $176,574, Downgraded to B2;
     previously on 7/27/2005 Upgraded to Aa1

  -- Cl. II-B-3, Current Balance $88,920, Downgraded to Caa1;
     previously on 9/1/2004 Upgraded to A2


BRISTOL BAY: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of these notes issued by Bristol Bay Funding Ltd.:

  -- US$40,000,000 Class B Floating Rate Deferrable Senior
     Subordinate Notes due 2016, Downgraded to Ba2; previously on
     April 16, 2009 A2 Placed Under Review for Possible Downgrade.

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

  -- US$24,000,000 Class A-2 Floating Rate Senior Notes due 2016,
     Confirmed at A1; previously on April 16, 2009 Al 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 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 OC Test.  The weighted average rating factor has steadily
increased over the last year and it is currently at 2817 versus a
test level of 2620 as of the last trustee report, dated May 31,
2009.  Based on the same report, defaulted securities total about
$41.6 million, accounting for roughly 8% of the collateral
balance, and securities rated Caa1 or lower make up approximately
7% of the underlying portfolio.

Bristol Bay Funding Ltd., issued on March 4, 2004, is a synthetic
collateralized loan obligation referencing primarily a portfolio
of senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


C-BASS CDO: Fitch Downgrades Ratings on Two Classes to 'D'
----------------------------------------------------------
Fitch Ratings has downgraded two and affirmed two classes of notes
issued by C-BASS CDO XVI, Ltd./Corp.:

  -- $297,672,269 class A notes downgraded to 'D' from 'CCC';
  -- $22,500,000 class B notes downgraded to 'D' from 'CC';
  -- $26,500,000 class C notes affirmed at 'C';
  -- $9,125,000 class D notes affirmed at 'C'.

C-BASS XVI declared an event of default on June 11, 2009 as
interest and principal proceeds were insufficient to make full
interest payments to the class A and B notes on the June 8, 2009
distribution date.  The class A notes received a partial interest
payment and the class B notes received no interest payment this
past period resulting in both classes accruing defaulted interest.
These notes have been downgraded to 'D' to reflect the lack of
timely interest payments per the transactions governing documents.

The classes C and D notes continue to defer interest payments
resulting from the failure of the class A/B overcollateralization
test.  These notes have been affirmed at 'C' as they were
initially structured to allow for the deferral of interest
payments; however, Fitch does not anticipate future interest or
principal payments to these tranches.

The aggregate outstanding amount of the class A notes is
$297,672,269 and there is $217,865,253 in par value of collateral.
Approximately 68% of the remaining collateral has a Fitch derived
rating below investment grade, including 58% rated 'D'.  In
addition to this undercollateralization, there is an interest rate
swap that is currently out of the money providing additional
pressure on interest available to service the collateralized debt
obligation notes.  On the most recent payment date, the amount of
interest proceeds was only sufficient to pay a partial portion of
the hedge counterparty payment with the remainder paid from
principal proceeds through the principal waterfall.  The remaining
principal proceeds were used to pay a portion of the class A
interest due, with the remainder of the class A interest and the
full amount of class B interest due accruing as defaulted
interest.

Fitch expects that interest proceeds on future distribution dates
will continue to be insufficient to pay the hedge counterparty and
that principal proceeds will continue to be used to complete the
payment due.  Any interest payable to the class A notes is also
expected to be made from the principal proceeds as well, causing
further deterioration in par coverage of the portfolio to the
rated notes.  In addition, Fitch expects the class B notes to
receive very little, if any, future interest distributions.

The majority of the class A notes as the controlling class may
vote to accelerate the maturity of the notes and declare them
immediately due and payable.  Because the transaction is severely
undercollateralized and the hedge counterparty is receiving the
bulk of the interest proceeds, the class A notes is effectively
receiving all proceeds available to noteholders.  The holders of
at least 66.7% of each class of notes, voting separately, may
direct the sale and liquidation of the collateral.
C-BASS XVI is a static collateralized debt obligation that closed
June 1, 2006.  The static portfolio is monitored by C-BASS
Investment Management LLC.  The portfolio is composed of 2003 to
2006 vintage subprime residential mortgage backed securities
(59.8%), 2005 vintage prime RMBS (27.6%), commercial mortgage
backed securities(8.9%), structured finance CDOs (2.3%), and
consumer ABS (1.4%).


CALIFORNIA COUNTY: Fitch Affirms Ratings on Three 2006 Bonds
------------------------------------------------------------
Fitch Ratings affirms three classes of tobacco settlement asset-
backed bonds capital appreciation bonds from California County
Tobacco Securitization Agency (Fresno County Tobacco Asset
Securitization Authority) series 2006:

  -- 2046A at 'BBB'; Outlook Negative;
  -- 2046B at 'BBB-'; Outlook Stable;
  -- 2055C at 'BB'; Outlook Stable.

The affirmations are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of
1.25%.  The cash flow model accounts for the amount of the latest
reported MSA payment that the transaction has received, the
capital structure, the reserve account, and the bonds' legal final
dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

The 2046A is being affirmed at 'BBB'; however, the model output
suggests that this bond is under pressure with a higher breakeven
level compared to other 'BBB' bonds.  Therefore, Fitch has
assigned a Negative Outlook to the bond because of the possibility
of it being downgraded depending on the amount of future MSA
payments received.  The 2046B and 2055C are being affirmed with a
Stable Outlook based on the model output and other qualitative
factors.

California County Tobacco Securitization Agency (Fresno County
Tobacco Asset Securitization Authority) bonds are secured by the
pledged payments made under the MSA.  The pledged payments consist
of California's share of perpetual annual payments and strategic
contribution payments by the original participating manufacturers
and subsequent participating manufacturers.  The OPMs at the time
of the original agreement were Philip Morris USA, Inc.; R.J.
Reynolds Tobacco Company; Brown & Williamson Tobacco Corporation;
and Lorillard Tobacco Company.  The amount of annual MSA payments
received by the trust are mainly affected by the tobacco
consumption level and inflation rate, as well as state specific
adjustments, as specified in the MSA.


CALIFORNIA COUNTY: Fitch Affirms Ratings on Four Series of Bonds
----------------------------------------------------------------
Fitch Ratings affirms four and downgrades one class of tobacco
settlement asset-backed bonds from California County Tobacco
Securitization Agency (Stanislaus County Tobacco Asset
Securitization Authority) series 2002 and 2006:

  -- $24,490,000 current interest turbo term bonds due June 1,
     2033 affirmed at 'BBB+'; Outlook Stable;

  -- $34,725,000 current interest turbo term bonds due June 1,
     2043 affirmed at 'BBB+'; Outlook Stable;

  -- 2006A capital appreciation bonds affirmed at 'BBB'; Outlook
     Negative;

  -- 2006B capital appreciation bonds affirmed at 'BBB-'; Outlook
     Negative;

  -- 2006C capital appreciation bonds downgraded to 'BB'; Outlook
     Negative.

The various actions are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of
1.25%.  The cash flow model accounts for the amount of the latest
reported MSA payment that the transaction has received, the
capital structure, the reserve account, and the bonds' legal final
dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

Although the delinked ratings of the turbo bonds suggested by the
model are 'A-', the bonds are being affirmed at the cap rating of
'BBB+' with Outlook Stable.  In the case of 2006A and 2006B bonds,
the ratings are affirmed at 'BBB' and 'BBB-', respectively. 2006C
is being downgraded from 'BB+' to 'BB'.  In all three cases, the
model output suggests that the bonds are under pressure, with
breakeven levels indicative of lower ratings.  Therefore, the
bonds are being assigned a Negative Outlook because of the
possibility of the bond being downgraded depending on the amount
of future MSA payments received.

California County Tobacco Securitization Agency (Stanislaus County
Tobacco Asset Securitization Authority) bonds are secured by the
pledged payments made under the MSA.  The pledged payments consist
of California's share of perpetual annual payments and strategic
contribution payments by the original participating manufacturers
and subsequent participating manufacturers.  The OPMs at the time
of the original agreement were Philip Morris USA, Inc.; R.J.
Reynolds Tobacco Company; Brown & Williamson Tobacco Corporation;
and Lorillard Tobacco Company.  The amount of annual MSA payments
received by the trust are mainly affected by the tobacco
consumption level and inflation rate, as well as state specific
adjustments, as specified in the MSA


CALIFORNIA COUNTY: Fitch Holds Ratings on Eight Asset-Backed Bonds
------------------------------------------------------------------
Fitch Ratings affirms eight and upgrades one class from California
County Tobacco Securitization Agency (Alameda County Tobacco Asset
Securitization Authority) series 2002 and 2006:

Tobacco settlement asset-backed bonds current interest serial
bonds:

  -- $3,070,000 due June 1, 2010 at 'BBB+', Outlook Stable;
  -- $3,130,000 due June 1, 2011 at 'BBB+', Outlook Stable;
  -- $2,905,000 due June 1, 2012 at 'BBB+', Outlook Stable.

Tobacco settlement asset-backed bonds current interest turbo term
bonds:

  -- $24,290,000 due June 1, 2019 at 'BBB+', Outlook Stable;
  -- $51,485,000 due June 1, 2029 at 'BBB+', Outlook Stable;
  -- $45,170,000 due June 1, 2035 at 'BBB+', Outlook Stable;
  -- $76,250,000 due June 1, 2042 at 'BBB+', Outlook Stable.

Tobacco settlement asset-backed bonds capital appreciation bonds:

  -- 2006A at 'BBB-', Outlook Positive;
  -- 2006B upgraded to 'BB+', Outlook Positive.

The various actions are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of
1.25%.  The cash flow model accounts for the amount of the latest
reported MSA payment that the transaction has received the capital
structure, the reserve account, and the bonds' legal final dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

Although the delinked ratings of the serial and turbo bonds
suggested by the model are 'A-' or higher, the bonds are being
affirmed at the cap rating of 'BBB+' with Outlook Stable.  The
2006A CAB is being affirmed at 'BBB-' and the 2006B CAB is being
upgraded to 'BB+'.  Both bonds are being placed on Outlook
Positive because a relatively stable MSA cash flow in the future
is likely to lead to an upgrade of the ratings.

California County Tobacco Securitization Agency (Alameda County
Tobacco Asset Securitization Authority) bonds are secured by the
pledged payments made under the MSA.  The pledged payments consist
of California's share of perpetual annual payments and strategic
contribution payments by the original participating manufacturers
and subsequent participating manufacturers.  The OPMs at the time
of the original agreement were Philip Morris USA, Inc.; R.J.
Reynolds Tobacco Company; Brown & Williamson Tobacco Corporation;
and Lorillard Tobacco Company.  The amount of annual MSA payments
received by the trust are mainly affected by the tobacco
consumption level and inflation rate, as well as state specific
adjustments, as specified in the MSA.


CAPMARK FINANCE: Fitch Keeps Servicer Ratings on Negative Watch
---------------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


CENTERLINE SERVICING: Fitch Cuts Special Servicer Rating to CSS1-
-----------------------------------------------------------------
Fitch Ratings has downgraded Centerline Servicing, Inc.'s special
servicer ratings:

  -- Special servicer to 'CSS1-' from 'CSS1'.

The special servicer rating also remains on Rating Watch Negative
along with Centerline's 'CPS2-' primary servicer rating.

Fitch's rating actions are based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

Centerline's special servicer rating downgrade is due to increased
emphasis on financial condition.  Centerline's scoring in this
area was negatively impacted during the criteria update.

The ratings of the CMBS transactions serviced by Centerline are
not expected to be negatively impacted by the servicer downgrade.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


CHILDREN'S TRUST: Fitch Affirms Ratings on 11 Asset-Backed Bonds
----------------------------------------------------------------
Fitch Ratings affirms 11 and downgrades two classes from
Children's Trust Fund Tobacco Settlement (Puerto Rico) asset-
backed bonds series 2002, 2005 and 2008:

Tobacco Settlement asset-backed bonds current interest serial
bonds

  -- $11,315,000 due May 15, 2010 affirmed at 'BBB+'; Outlook
     Stable;

  -- $4,000,000 due May 15, 2011 affirmed at 'BBB+'; Outlook
     Stable;

  -- $8,135,000 due May 15, 2011 affirmed at 'BBB+'; Outlook
     Stable;

  -- $13,805,000 due May 15, 2012 affirmed at 'BBB+'; Outlook
     Stable;

  -- $15,505,000 due May 15, 2013 affirmed at 'BBB+'; Outlook
     Stable;

  -- $17,265,000 due May 15, 2014 affirmed at 'BBB+'; Outlook
     Stable.

Tobacco Settlement asset-backed bonds current interest turbo term
bonds

  -- $471,105,000 due May 15, 2033 affirmed at 'BBB+'; Outlook
     Stable;

  -- $310,380,000 due May 15, 2039 affirmed at 'BBB+'; Outlook
     Stable;

  -- $296,255,000 due May 15, 2043 affirmed at 'BBB+'; Outlook
     Stable.

Tobacco Settlement asset-backed bonds capital appreciation bonds

  -- 2005A affirmed at 'BBB'; Outlook Stable;
  -- 2005B affirmed at 'BBB-'; Outlook Positive;
  -- 2008A downgraded to 'BB' from 'BBB-'; Outlook Stable;
  -- 2008B downgraded to 'B+' from 'BB';, Outlook Stable.

The various actions are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of
1.25%.  The cash flow model accounts for the amount of the latest
reported MSA payment that the transaction has received, the
capital structure, the reserve account, and the bonds' legal final
dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

Although the delinked rating of the serial bonds and 2033 turbo
bond suggested by the model are 'A-' or higher, the bonds are
being affirmed at the cap rating of 'BBB+' with a Stable Outlook.
The 2039 and 2043 turbo bonds are being affirmed at a level
consistent with the model output at 'BBB+' with a Stable Outlook.
The 2005A capital appreciation bond is being affirmed at a level
consistent with the model output at 'BBB' with a Stable Outlook.
The 2005B CAB is being affirmed at 'BBB' and assigned a Positive
Outlook because a relatively stable MSA cash flow in the future is
likely to lead to an upgrade of the ratings.  The 2008A CAB is
being downgraded to 'BB' from 'BBB-' and the 2008B CAB is being
downgraded to 'B+' from 'BB'.  Both bonds are being assigned a
Stable Outlook based on the model output and other qualitative
factors.

Children's Trust Fund Tobacco Settlement asset-backed bonds are
secured by the pledged payments made under the MSA.  The pledged
payments consist of Puerto Rico's share of perpetual annual
payments and strategic contribution payments by the original
participating manufacturers and subsequent participating
manufacturers.  The OPMs at the time of the original agreement
were Philip Morris USA, Inc.; R.J. Reynolds Tobacco Company; Brown
& Williamson Tobacco Corporation; and Lorillard Tobacco Company.
The amount of annual MSA payments received by the trust are mainly
affected by the tobacco consumption level and inflation rate, as
well as state specific adjustments, as specified in the MSA.


CLOVERIE PLC: S&P Withdraws 'CCC' Rating on 2006-10 Notes
---------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC' rating on
the notes issued by Cloverie PLC's series 2006-10, a synthetic
corporate investment-grade collateralized debt obligation
transaction.

The rating withdrawal follows the repurchase of the notes pursuant
to the repurchase agreement dated May 21, 2009.

                         Rating Withdrawn

                           Cloverie Plc
                          Series 2006-10

                  Rating               Balance (mil. $)
                  ------               ----------------
       Class    To      From         Current      Previous
       -----    --      ----         -------      --------
       Notes    NR      CCC             0.00         80.00

                          NR - Not rated.


COUNTRYWIDE HOME: Moody's Downgrades Ratings on 35 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 35
tranches from 2 Alt-A RMBS transactions issued by Countrywide Home
Loans.

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate, Alt-A mortgage loans.  The actions
are triggered by rapidly increasing delinquencies, higher
severities, slower prepayments and mounting losses in the
underlying collateral.  Additionally, the continued deterioration
of the housing market has also contributed to the increased loss
expectations for Alt-A pools.  The actions listed below reflect
Moody's updated expected losses on the Alt-A sector announced in a
press release on January 22, 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, excess spread,
time tranching, and other structural features within the senior
note waterfalls.  General loss estimation methodology is outlined
below.

Moody's followed a similar approach for deals from the 2005
vintage with appropriate changes to certain key input parameters
such as severity and the rate of delinquency build up, which would
be generally lower relative to the 2006 and 2007 vintages.  These
differences are aimed at better capturing the specific
characteristics of loans from the 2005 vintage that were
originated in an environment of relatively tighter underwriting
standards and also benefited from some initial home price
appreciation.

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: CHL Mortgage Pass-Through Trust 2005-HYB5

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

  -- Cl. 1-A-2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-IO, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

Issuer: CHL Mortgage Pass-Through Trust 2006-HYB3

  -- Cl. 1-A-1A, Downgraded to Caa3 ; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-1B, Downgraded to Caa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1-A-IO, Downgraded to Caa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 2-A-B-1, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 2-A-IO, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1A, Downgraded to Caa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1B, Downgraded to Caa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 4-A-1A, Downgraded to Caa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1B, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1C, Downgraded to Ca; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-IO, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. B-1, Downgraded to C; previously on 4/29/2008 Downgraded
     to B2 and Placed Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 4/29/2008 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

The ratings on the notes were assigned by evaluating factors
determined to be applicable to the credit profile of the notes,
such as i) the nature, sufficiency, and quality of historical
performance information regarding the asset class as well as for
the transaction sponsor, ii) an analysis of the collateral, 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.


CREDIT SUISSE: Fitch Downgrades Ratings on 10 2004-C3 Certs.
------------------------------------------------------------
Fitch Ratings downgrades and revises Rating Outlooks for ten
classes of Credit Suisse First Boston Mortgage Securities Corp.
commercial mortgage pass-through certificates, series 2004-C3:

  -- $14.3 million class C to 'A' from 'AA'; Outlook Negative;
  -- $28.7 million class D to 'BBB' from 'A+'; Outlook Negative;
  -- $16.4 million class E to 'BBB-' from 'A-'; Outlook Negative;
  -- $20.5 million class F to 'B' from 'BBB+'; Outlook Negative;
  -- $16.4 million class G to 'CCC/RR1' from 'BBB-';
  -- $22.5 million class H to 'CCC/RR2' from 'BB-';
  -- $8.2 million class J to 'CC/RR4' from 'B';
  -- $6.1 million class K to 'CC/RR5' from 'B-';
  -- $8.2 million class L to 'C/RR6' from 'CCC/DR2';
  -- $6.1 million class M to 'C/RR6' from 'CC/DR4';
  -- $2.1 million class O to 'C/RR6' from 'C/DR6'.

In addition, Fitch has affirmed and assigned Outlooks to these
classes:

  -- $136.9 million class A-3 at 'AAA'; Outlook Stable;
  -- $102.9 million class A-4 at 'AAA'; Outlook Stable;
  -- $694.5 million class A-5 at 'AAA'; Outlook Stable;
  -- $304.3 million class A-1-A at 'AAA'; Outlook Stable;
  -- Interest Only class A-X at 'AAA'; Outlook Stable;
  -- Interest Only class A-SP at 'AAA'; Outlook Stable;
  -- $45.1 million class B at 'AA+'; Outlook Negative.

The $6.1 million class N and the $19.3 million class P are not
rated by Fitch. Classes A-1 and A-2 have paid in full.

The rating downgrades are due to projected losses on 12 (8.8%) of
the 15 loans that are specially serviced (12.5%).  Nine additional
loans became specially serviced since Fitch's last rating action.
The Rating Outlooks reflect the likely direction of any rating
changes over the next one or two years. Thirty-nine loans (22.7%)
are considered Fitch Loans of Concern, including the specially
serviced loans.

The largest specially serviced loan (3.2%) is a regional mall
located in Grand Rapids, Michigan.  The mall suffered the loss of
its largest tenant, Klingman's Furniture, as well as both Linens N
Things and Steve & Barry's.  As of year-end 2008 occupancy was
67%.  The borrower was granted a modification of the loan in order
to reposition the asset and attempt to lease vacant space.  The
modification includes two years of interest only payments and the
monthly tenant improvement/leasing cost impound requirement will
be suspended.  The loan will be returned to the master servicer
after three timely debt service payments.

The second largest specially serviced loan (1.6% of the pool) is
collateralized by a multifamily property located in Duluth,
Georgia.  The borrower has verbally informed the master servicer
that they will not be remitting payments.  As of April 2008, the
property was 47% occupied with a servicer reported first quarter
2009 debt service coverage ratio of 0.20 times.  Losses are
expected.

The third largest specially serviced loan (0.8% of the pool), is a
retail property located in Hilton Head Island, South Carolina.
The loan was transferred to the special servicer due to borrower's
written request for debt service relief.  The loan had remained
current due to active cash management, although it is currently
short for the April 11, 2009 payment.  Losses are expected.

There are two shadow rated loans within the transaction: The
largest, One Park Avenue (11%), has defeased.  The Mizner Park
loan (3.5%) no longer maintains an investment grade shadow rating
and is considered a Fitch Loan Of Concern.  The loan is scheduled
to mature on July 1, 2009, and the borrower has requested an
extension because they have been unable to obtain reasonable
financing.  The loan is likely to be transferred to the special
servicer.

The Mizner Park loan is secured by six mixed-use buildings (50%
office, 50% retail) in Boca Raton, Florida.  The loan contains A
and B notes, with the A note included in the trust.  As of year-
end 2008, the servicer reported DSCR based on the actual interest
rate of 4.84%, was 2.67x compared to 2.09x at issuance.  March
2009 occupancy was 81.8%, down from issuance occupancy of 89%.
As of the June 2009 distribution date, the pool's aggregate
certificate balance has decreased 14.8% to $1.396 billion from
$1.639 billion at issuance.  In addition, twenty-five loans
(23.8%) have defeased.

The transaction has near-term maturity risk of 8.7% maturing in
2009, 0% in 2010 and 2% in 2011; the weighted average most recent
servicer reported DSCR for these loans is 1.81x.  Of the non-
defeased loans outstanding, 63.8% of the pool matures in 2014.


CREDIT SUISSE: Moody's Reviews Ratings on 19 2007-C1 Certificates
-----------------------------------------------------------------
Moody's Investors Service placed 19 classes of Credit Suisse
Commercial Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2007-C1 on review for possible downgrade due
to higher expected losses for the pool resulting from anticipated
losses from loans in special servicing.  Since Moody's prior
review in February 2009, the pool's second and third largest
loans, representing 10% of the pool, were transferred to special
servicing.  The rating action is the result of Moody's on-going
surveillance of commercial mortgage backed securities
transactions.

As of the June 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 1% to
$3.35 billion from $3.37 billion at securitization.  The
Certificates are collateralized by 257 mortgage loans ranging in
size from less than 1% to 6% of the pool, with the top 10 loans
representing 37% of the pool.

Seventy-two loans, representing 35% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Eighteen loans, representing 15% of the pool, are currently in
special servicing.  The largest loan in special servicing is the
CVI Multifamily Apartment Portfolio Loan ($177.6 million -- 5.3%),
which is secured by 20 multifamily complexes totaling 2,990 units.
The loan was transferred to special servicing on April 17, 2009
due to imminent default.  The loan is interest-only for the full
term and matures in November 2011.  The second largest loan is the
Mansions Portfolio Loan ($160.0 million -- 4.8%), which is secured
by four multifamily properties located in Austin and Round Rock,
Texas.  The loan was transferred to special servicing on March 6,
2009 for imminent default.  The loan is interest-only and matures
in January 2017.

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

Moody's rating action is:

  -- Class A-M, $212,148,000, currently rated Aaa, on review for
     possible downgrade; previously affirmed at Aaa on 2/6/2009

  -- Class A-MFL, $125,000,000, currently rated Aaa, on review for
     possible downgrade; previously affirmed at Aaa on 2/6/2009

  -- Class A-J, $286,576,000, currently rated A2, on review for
     possible downgrade; previously downgraded to A2 from Aaa on
     2/6/2009

  -- Class B, $25,286,000, currently rated A3, on review for
     possible downgrade; previously downgraded to A3 from Aa1 on
     2/6/2009

  -- Class C, $37,929,000, currently rated Baa1, on review for
     possible downgrade; previously downgraded to Baa1 from Aa2 on
     2/6/2009

  -- Class D, $33,715,000, currently rated Baa2, on review for
     possible downgrade; previously downgraded to Baa2 from Aa3 on
     2/6/2009

  -- Class E, $21,071,000, currently rated Baa3, on review for
     possible downgrade; previously downgraded to Baa3 from A1 on
     2/6/2009

  -- Class F, $29,501,000, currently rated Ba1, on review for
     possible downgrade; previously downgraded to Ba1 from A2 on
     2/6/2009

  -- Class G, $33,715,000, currently rated Ba3, on review for
     possible downgrade; previously downgraded to Ba3 from A3 on
     2/6/2009

  -- Class H, $37,929,000, currently rated B2, on review for
     possible downgrade; previously downgraded to B2 from Baa1 on
     2/6/2009

  -- Class J, $33,714,000, currently rated B3, on review for
     possible downgrade; previously downgraded to B3 from Baa2 on
     2/6/2009

  -- Class K, $37,930,000, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from Baa3
     on 2/6/2009

  -- Class L, $8,428,000, currently rated Caa2, on review for
     possible downgrade; previously downgraded to Caa2 from Ba1 on
     2/6/2009

  -- Class M, $12,643,000, currently rated Caa2, on review for
     possible downgrade; previously downgraded to Caa2 from Ba2 on
     2/6/2009

  -- Class N, $8,429,000, currently rated Caa2, on review for
     possible downgrade; previously downgraded to Caa2 from Ba3 on
     2/6/2009

  -- Class O, $8,429,000, currently rated Caa3, on review for
     possible downgrade; previously downgraded to Caa3 from B1 on
     2/6/2009

  -- Class P, $8,428,000, currently rated Caa3, on review for
     possible downgrade; previously downgraded to Caa3 from B2 on
     2/6/2009

  -- Class Q, $8,429,000, currently rated Caa3, on review for
     possible downgrade; previously downgraded to Caa3 from B3 on
     2/6/2009

  -- Class S, $12,643,000, currently rated Ca, on review for
     possible downgrade; previously downgraded to Ca from Caa2 on
     2/6/2009


CREDIT SUISSE: S&P Downgrades Ratings on Class P Certs. to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
P commercial mortgage pass-through certificates from Credit Suisse
First Boston Mortgage Securities Corp.'s series 2002-CP5 to 'D'
from 'CCC-'.

The downgrade to 'D' reflects recurring interest shortfalls
resulting from appraisal subordinate entitlement reductions in
effect for three of the seven loans with the special servicer
(Capmark Finance Inc.).  The appraisal reduction amounts in effect
for these three loans total $2.1 million.  The ASERs for the three
specially serviced loans totaled $28,131 as of the June 17, 2009,
remittance date, and S&P expects them to recur for the foreseeable
future.

Details concerning three of the seven loans with the special
servicer, which are causing the ASERs, are:

  -- The Rampart Gardens Apartments loan has a total exposure of
     $3.2 million and was transferred to the special servicer in
     February 2009 due to payment default.  The loan is secured by
     a 178-unit multifamily property built in 2001 in Houston,
     Texas. The property is currently 54% occupied and in fair
     condition.  The special servicer is in the process of
     foreclosing on this property.  A $798,635 ARA is in effect,
     and Standard & Poor's expects a moderate loss upon the
     liquidation of this loan.

  -- The Holiday Inn-Paris loan has a total exposure of
     $3.1 million and was transferred to the special servicer in
     March 2009 due to payment default.  The loan is 90-plus-days
     delinquent and is secured by a 117-room full-service hotel
     built in 1981 in Paris, Texas.  Occupancy at the property has
     declined due to a newly built competitive hotel in the area
     and freeway construction that temporarily impaired access to
     the property.  The borrower has requested relief, and the
     request is currently under review by the special servicer.  A
     $743,319 ARA is in effect on this loan.  Standard & Poor's
     expects a moderate loss upon the resolution of this loan.

  -- The Aspen Meadows MHP loan has a total exposure of $943,875
     and was transferred to the special servicer in December 2008
     due to imminent default.  The loan is 90-plus-days delinquent
     and is secured by a 57-pad mobile home park built in 1973 in
     Evans, Colorado.  The property is in poor condition, with
     deferred maintenance items.  The special servicer has agreed
     to a discounted payoff, and the note is in the process of
     being sold to the purchaser.  A $579,596 ARA is in effect on
     this loan.  Standard & Poor's expects a moderate loss upon
     the liquidation of this loan.

                          Rating Lowered

        Credit Suisse First Boston Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2002-CP5

                  Rating
                  ------
      Class     To       From        Credit enhancement (%)
      -----     --       ----        ----------------------
      P         D        CCC-                         0.019


CSFB MORTGAGE-BACKED: Moody's Downgrades Ratings on 31 Tranches
---------------------------------------------------------------
Moody's Investors Service has downgraded 31 tranches from CSFB
Mortgage-Backed Pass-Through Certificates, Series 2005-9.

The collateral backing groups I & II of this transaction consists
primarily of first-lien, fixed-rate, Jumbo mortgage loans, and
collateral backing groups III, IV, and V consists primarily of
first-lien, fixed-rate, Alt-A 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 rising
unemployment levels.  The rating actions listed below on the
securities backed by groups I and II reflect Moody's updated
expected losses on the jumbo sector announced in a press release
on March 19th, 2009.  The rating actions listed below on the
securities backed by groups III, IV, and V reflect Moody's updated
expected losses on the Alt-A sector announced in a press release
on January 22, 2009.  The actions are a part of Moody's on-going
review process of these sectors.

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

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, actual 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: CSFB Mortgage-Backed Pass-Through Certificates, Series
2005-9

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

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

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

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

  -- Cl. I-A-5, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. II-A-2, Downgraded to Ba2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. IV-A-1, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

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

  -- Cl. V-A-4, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. V-A-6, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. V-A-7, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. V-A-9, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

  -- Cl. D-B-3, Downgraded to C; previously on 3/19/2009 Baa3
     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.


CT INVESTMENT: Fitch Cuts Special Servicer Ratings to 'CSS3+'
-------------------------------------------------------------
Fitch Ratings has downgraded CT Investment Management Co., LLC's
special servicer ratings:

  -- Special servicer to 'CSS3+' from 'CSS2-'.

Fitch's rating action is based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

CT's special servicer rating downgrade is due to increased
emphasis on financial condition.  CT's scoring in this area was
negatively impacted during the criteria update.

The ratings of the CMBS transactions serviced by CT are not
expected to be negatively impacted by the servicer downgrade.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


CW CAPITAL: Upgrades Primary Servicer Rating to 'CPS2+'
-------------------------------------------------------
Fitch Ratings has upgraded CW Capital, LLC's primary and master
servicer ratings and CW Capital Asset Mgmt, LLC.'s special
servicer rating:

  -- Primary servicer to 'CPS2+' from 'CPS2';
  -- Master servicer to 'CMS3+' from 'CMS3';
  -- Special servicer to 'CSS1-' from 'CSS2+'.

Fitch's rating actions are based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

CW's servicer rating upgrades are due to increased emphasis on
financial condition.  CW's scoring in this area was positively
impacted during the criteria update.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


DB MORTGAGE: Fitch Affirms Servicer Ratings
-------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


DISTRICT OF COLUMBIA: Fitch Affirms Ratings on 10 Classes
---------------------------------------------------------
Fitch Ratings affirms 10 and downgrades one class from District of
Columbia Tobacco Settlement Financing Corporation series 2001 and
2006:

Tobacco settlement asset-backed bonds current interest serial
bonds:

  -- $6,840,000 due May 15, 2010 affirmed at 'BBB+', Outlook
     Stable;

  -- $7,140,000 due May 15, 2011 affirmed at 'BBB+', Outlook
     Stable;

  -- $7,145,000 due May 15, 2012 affirmed at 'BBB+', Outlook
     Stable;

  -- $8,030,000 due May 15, 2013 affirmed at 'BBB+', Outlook
     Stable;

  -- $8,360,000 due May 15, 2014 affirmed at 'BBB+', Outlook
     Stable;

Tobacco settlement asset-backed bonds current interest turbo term
bonds:

  -- $114,855,000 due May 15, 2024 affirmed at 'BBB+', Outlook
     Stable;

  -- $169,110,000 due May 15, 2033 affirmed at 'BBB+', Outlook
     Stable;

  -- $187,540,000 due May 15, 2040 affirmed at 'BBB+', Outlook
     Stable;

Tobacco settlement asset-backed bonds capital appreciation bonds
(CAB):

  -- 2006A downgraded to 'BBB-', Outlook Negative;
  -- 2006B affirmed at 'BBB-', Outlook Negative;
  -- 2006C affirmed at 'BB', Outlook Negative.

The various actions are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of
1.25%.  The cash flow model accounts for the amount of the latest
reported MSA payment that the transaction has received the capital
structure, the reserve account, and the bonds' legal final dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

Although the delinked rating of the serial bonds, 2024 turbo and
2033 turbo bond suggested by the model are 'A-' or higher, the
bonds are being affirmed at the cap rating of 'BBB+' with Outlook
Stable.  The 2040 turbo bond is being affirmed at a level
consistent with the model output at 'BBB+' with Outlook Stable.
The 2006A CAB is being downgraded from 'BBB' to 'BBB-'.  The 2006B
CAB is being affirmed at 'BBB-' and the 2006C CAB is being
affirmed at 'BB'.  In the case of all three CABs, the model output
suggests that the bonds are under pressure, with breakeven levels
indicative of lower ratings.  Therefore, the bonds are being
assigned a Negative Outlook because of the possibility of the
bonds being downgraded depending on the amount of future MSA
payments received.

District of Columbia Tobacco Settlement Financing Corporation
bonds are secured by the pledged payments made under the MSA.  The
pledged payments consist of the District of Columbia's share of
perpetual annual payments and strategic contribution payments by
the original participating manufacturers and subsequent
participating manufacturers.  The OPMs at the time of the original
agreement were Philip Morris USA, Inc.; R.J. Reynolds Tobacco
Company; Brown & Williamson Tobacco Corporation; and Lorillard
Tobacco Company.  The amount of annual MSA payments received by
the trust are mainly affected by the tobacco consumption level and
inflation rate, as well as state specific adjustments, as
specified in the MSA.


DRYDEN V-LEVERAGED: Moody's Downgrades Ratings on 2003 Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Dryden V-Leveraged Loan CDO 2003:

  -- US$253,000,000 Class A Floating Rate Senior Notes due
     December 22, 2015, Downgraded to Aa3; previously on
     December 10, 2003 Assigned Aaa;

  -- US$17,000,000 Class B-1 Floating Rate Senior Notes due
     December 22, 2015, Downgraded to Baa2; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$10,000,000 Class B-2 Fixed Rate Senior Notes due
     December 22, 2015, Downgraded to Baa2; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$9,000,000 Class C-1 Floating Rate Deferrable Notes due
     December 22, 2015, Downgraded to Ba3; previously on March 20,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$6,500,000 Class C-2 Fixed Rate Deferrable Notes due
     December 22, 2015, Downgraded to Ba3; previously on March 20,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$7,500,000 Class D-1 Floating Rate Deferrable Notes due
     December 22, 2015, Downgraded to Caa3; previously on
     March 20, 2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$5,000,000 Class D-2 Floating Rate Deferrable Notes due
     December 22, 2015, Downgraded to Caa3; previously on
     March 20, 2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$4,500,000 Class D-3 Fixed Rate Deferrable Notes due
     December 22, 2015, Downgraded to Caa3; previously on
     March 20, 2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$8,500,000 Class E Floating Rate Deferrable Notes due
     December 22, 2015, Downgraded to C; previously on March 20,
     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.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by 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
Class E Principal Coverage Tests.  The weighted average rating
factor has steadily increased over the last year and it is
currently 2832 versus a test level of 2280 as of the last trustee
report, dated May 11, 2009.  Based on the same report, defaulted
securities total about $27.2 million, accounting for roughly 8.75%
of the collateral balance, and securities rated Caa1 or lower make
up approximately 10.24% 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 Principal
Coverage Test.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Dryden V-Leveraged Loan CDO 2003, issued in December 10, 2003, is
a collateralized loan obligation backed primarily by a portfolio
of senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


DRYDEN-XI LEVERAGED: Moody's Downgrades Ratings on 2006 Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Dryden-XI Leveraged Loan CDO
2006:

  -- US$325,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes due 2020 Downgraded to Aa2; previously on
     May 10, 2006 Assigned Aaa;

  -- US$25,000,000 Class A-2B First Priority Senior Secured
     Floating Rate Notes due 2020 Downgraded to A1; previously on
     March 4, 2009 Aa1, Placed Under Review for Possible
     Downgrade;

  -- US$25,300,000 Class A-3 Second Priority Senior Secured
     Floating Rate Notes due 2020 Downgraded to A2; previously on
     March 4, 2009 Aa2, Placed Under Review for Possible
     Downgrade;

  -- US$23,600,000 Class D Fifth Priority Mezzanine Secured
     Deferrable Floating Rate Notes due 2020 Downgraded to Ca;
     previously on March 17, 2009 Downgraded to Caa3 and Placed
     Under Review for Possible Downgrade;

  -- US$10,000,000 Class Q-1 Securities due 2020 Downgraded to Ca;
     previously on March 4, 2009 Ba2, Placed Under Review for
     Possible Downgrade;

  -- US$20,000,000 Class Q-2 Securities due 2020 Downgraded to
     Ba3; previously on March 4, 2009 Baa2, Placed Under Review
     for Possible Downgrade.

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

  -- US$47,200,000 Class B Third Priority Mezzanine Secured
     Deferrable Floating Rate Notes due 2020, Confirmed at Ba1;
     previously on March 17, 2009, Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$24,800,000 Class C-1 Fourth Priority Mezzanine Secured
     Deferrable Floating Rate Notes due 2020 Confirmed at B1;
     previously on March 17, 2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade;

  -- US$12,700,000 Class C-2 Fourth Priority Mezzanine Secured
     Deferrable Fixed Rate Notes due 2020 Confirmed at B1;
     previously on March 17, 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.
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 C and Class D Principal Coverage Tests.  The weighted
average rating factor has steadily increased over the last year
and it is currently at 2680 versus a test level of 2490 as of the
last trustee report, dated May 7, 2009.  Based on the same report,
defaulted securities total about $54.7 million, accounting for
roughly 7% of the collateral balance, and securities rated Caa1 or
lower make up approximately 11.38% 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 Principal
Coverage Test.  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.

Finally, Moody's notes that a material proportion of the
collateral pool includes debt obligations whose credit quality has
been approximated through Moody's credit estimates.  Moody's
analysis reflects the application of certain stresses with respect
to the default probabilities associated with such credit estimates
that have not been recently updated.

Dryden-XI Leveraged Loan CDO 2006, issued in May 2006 is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


FIELDSTONE MORTGAGE: Moody's Downgrades Rating on 10 Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 10
securities from 3 transactions issued by Fieldstone Mortgage
Investment 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, in this case averaging 75%.  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:

Issuer: Fieldstone Mortgage Investment Trust 2004-3

  -- Cl. M5, Downgraded to Ba1; previously on 4/16/2008 Downgraded
     to Baa3

  -- Cl. M6, Downgraded to B2; previously on 4/16/2008 Downgraded
     to Ba2

  -- Cl. M7, Downgraded to Ca; previously on 4/16/2008 Downgraded
     to B1

  -- Cl. M8, Downgraded to C; previously on 4/16/2008 Downgraded
     to Caa2

Issuer: Fieldstone Mortgage Investment Trust 2004-4

  -- Cl. M5, Downgraded to Ca; previously on 4/16/2008 Downgraded
     to Caa2

  -- Cl. M6, Downgraded to C; previously on 2/13/2008 Downgraded
     to Caa1

Issuer: Fieldstone Mortgage Investment Trust 2004-5

  -- Cl. M3, Downgraded to Ba2; previously on 4/16/2008 Downgraded
     to Baa3

  -- Cl. M4, Downgraded to B2; previously on 4/16/2008 Downgraded
     to Ba3

  -- Cl. M5, Downgraded to Ca; previously on 4/16/2008 Downgraded
     to B1

  -- Cl. M6, Downgraded to C; previously on 2/13/2008 Downgraded
     toB3


FINANCE AMERICA: Moody's Downgrades Ratings on 16 Securities
------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 16
securities from 2 transactions issued by Finance America.  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 75% 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:

Complete rating actions are:

Issuer: Finance America Mortgage Loan Trust 2004-2

  -- Cl. M-2, Downgraded to Aa3; previously on 8/13/2004 Assigned
     Aa2

  -- Cl. M-3, Downgraded to A3; previously on 8/13/2004 Assigned
     Aa3

  -- Cl. M-4, Downgraded to Baa2; previously on 8/13/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Ba1; previously on 2/1/2008 Downgraded
     to Baa1

  -- Cl. M-6, Downgraded to B1; previously on 2/1/2008 Downgraded
     to Baa3

  -- Cl. M-7, Downgraded to Ca; previously on 2/1/2008 Downgraded
     to Ba3

  -- Cl. M-8, Downgraded to C; previously on 2/1/2008 Downgraded
     to B3

Issuer: Finance America Mortgage Loan Trust 2004-3

  -- Cl. M-2, Downgraded to A2; previously on 1/3/2005 Assigned
     Aa1

  -- Cl. M-3, Downgraded to Baa3; previously on 1/3/2005 Assigned
     Aa2

  -- Cl. M-4, Downgraded to Ba1; previously on 1/3/2005 Assigned
     Aa3
  -- Cl. M-5, Downgraded to B3; previously on 1/3/2005 Assigned A2

  -- Cl. M-6, Downgraded to Ca; previously on 2/1/2008 Downgraded
     to Baa2

  -- Cl. M-7, Downgraded to C; previously on 2/1/2008 Downgraded
     to Baa3

  -- Cl. M-8, Downgraded to C; previously on 2/1/2008 Downgraded
     to Ba2

  -- Cl. M-9, Downgraded to C; previously on 2/1/2008 Downgraded
     to B3

  -- Cl. B-1, Downgraded to C; previously on 2/1/2008 Downgraded
     to Ca


FINANSURE STUDENT: Fitch Affirms Ratings on 11 2007-1 Notes
-----------------------------------------------------------
Fitch Ratings has affirmed 11 classes of series 2007-1 student
loan asset-backed notes issued by FinanSure Student Loan Master
Trust I.

The trust finances Federal Family Education Loan Program student
loans with 98.86% taxable auction-rate notes and 1.14% LIBOR
floating-rate notes.  The affirmations follow a review of the
trust collateral performance.  Fitch downgraded the class C note
and placed the class B notes on Rating Watch Negative in December
2008, primarily as a result of an increasing cumulative default
rate approaching structural triggers that may have resulted in the
suspension of class C note interest payments.

The trust did not hit this structural trigger, since the
cumulative defaults did not exceed 9.5% as of Feb. 1, 2009.  Trust
parity has increased for the senior class and remained relatively
stable for the subordinate and junior classes despite continuing
auction failures.

The taxable auction-rate securities are currently paying interest
at the maximum rate.  The maximum rate for the taxable auction-
rate securities is defined as the lesser of one-month LIBOR plus
1.5% to 2.5% depending on the note's rating, a commercial paper
rate cap (the quarterly average auction rate is not to exceed the
quarterly average CP rate plus 0.75% provided the notes are rated
above 'A-'), and 17%.  The maximum rate for the taxable auction-
rate securities is not permitted to be higher than the net loan
rate, which effectively caps the auction rate to the weighted
average student loan rate less fees.  These definitions limit the
amount of interest the trust can pay on the auction-rate notes.

Credit enhancement consists of excess spread and a reserve
account.  The senior class A notes also benefit from subordination
provided by the lower rated classes B and C notes.

The collateral supporting the notes consists of federally
guaranteed loans originated under the FFELP.  FFELP loans are
guaranteed by an eligible guarantor to at least 97% of principal
and accrued interest.
Fitch affirms these:

  -- Class A-1 at 'AAA';
  -- Class A-2 at 'AAA';
  -- Class A-3 at 'AAA';
  -- Class A-4 at 'AAA';
  -- Class A-5 at 'AAA';
  -- Class A-6 at 'AAA';
  -- Class A-7 at 'AAA';
  -- Class B-1 'at A';
  -- Class B-2 at 'A';
  -- Class B-3 at 'A';
  -- Class C-1 at 'BB'.


FIRST FRANKLIN: Moody's Downgrades Ratings on 98 Securities
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of 98
securities from 22 subprime RMBS transactions issued by First
Franklin.  These actions are part of an ongoing review of subprime
RMBS transactions.

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

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

Complete rating actions are:

First Franklin Mortgage Loan Trust 2001-FF2

  -- Cl. A-1, Downgraded to Baa1; previously on 11/30/2001
     Assigned Aaa

  -- Cl. A-2, Downgraded to Baa1; previously on 11/30/2001
     Assigned Aaa

  -- Cl. M-1, Downgraded to Ba3; previously on 8/23/2007
     Downgraded to A2

  -- Cl. M-2, Downgraded to Ca; previously on 8/23/2007 Downgraded
     to Caa2

First Franklin Mortgage Loan Trust 2002-FF1

  -- Cl. I-A-2, Downgraded to A2; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to B1; previously on 4/30/2008 Downgraded
     to Baa3

  -- Cl. M-2, Downgraded to Ca; previously on 4/30/2008 Downgraded
     to B2

  -- Cl. M-3, Downgraded to C; previously on 4/30/2008 Downgraded
     to B3

First Franklin Mortgage Loan Trust 2002-FF2

  -- Cl. A-1, Downgraded to Baa3; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Baa3; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to B3; previously on 4/30/2008 Downgraded
     to Ba1

  -- Cl. M-2, Downgraded to C; previously on 4/30/2008 Downgraded
     to Caa2

First Franklin Mortgage Loan Trust 2002-FF3

  -- Cl. A1, Downgraded to A1; previously on 4/30/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. M1, Downgraded to Ba3; previously on 4/30/2008 Downgraded
     to A3

  -- Cl. M2, Downgraded to C; previously on 2/13/2008 Downgraded
     to B3

  -- Cl. M3, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2002-FF4

  -- Cl. I-A2, Downgraded to A1; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A2, Downgraded to A1; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

First Franklin Mortgage Loan Trust 2003-FF1

  -- Cl. A-1, Downgraded to Aa1; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-1, Downgraded to Baa3; previously on 4/30/2008
     Downgraded to A3

  -- Cl. M-2, Downgraded to Ca; previously on 4/30/2008 Downgraded
     to Caa1

First Franklin Mortgage Loan Trust 2003-FF2

  -- Cl. M-1, Downgraded to B2; previously on 4/30/2008 Downgraded
     to A2

  -- Cl. M-2, Downgraded to C; previously on 4/30/2008 Downgraded
     to B2

  -- Cl. M-3A, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ca

  -- Cl. M-3F, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2003-FF4

  -- Cl. M-1, Downgraded to Ba1; previously on 4/30/2008
     Downgraded to A2

  -- Cl. M-2, Downgraded to Ca; previously on 4/30/2008 Downgraded
     to Ba3

  -- Cl. M-3, Downgraded to C; previously on 4/30/2008 Downgraded
     to Caa2

First Franklin Mortgage Loan Trust 2003-FF5

  -- Cl. M-1, Downgraded to A2; previously on 4/30/2008 Downgraded
     to Aa3

  -- Cl. M-2, Downgraded to B1; previously on 2/13/2008 Downgraded
     to Baa3

  -- Cl. M-3, Downgraded to Ca; previously on 2/13/2008 Downgraded
     to Ba3

  -- Cl. M-4, Downgraded to C; previously on 2/13/2008 Downgraded
     to Caa2

  -- Cl. M-5, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2003-FFH1

  -- Cl. M-1, Downgraded to Baa3; previously on 4/30/2008
     Downgraded to A3

  -- Cl. M-2, Downgraded to Ca; previously on 2/13/2008 Downgraded
     to B3

  -- Cl. M-3, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2003-FFH2

  -- Cl. M-1A, Downgraded to Baa3; previously on 4/30/2008
     Downgraded to Baa1

  -- Cl. M-1B, Downgraded to Baa3; previously on 4/30/2008
     Downgraded to Baa1

  -- Cl. M-2, Downgraded to Ca; previously on 2/13/2008 Downgraded
     to B3

  -- Cl. M-3, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2004-FF1

  -- Cl. M-2, Downgraded to Baa3; previously on 5/27/2004 Assigned
     A2

  -- Cl. B-1, Downgraded to B3; previously on 4/30/2008 Downgraded
     to Ba2

  -- Cl. B-2, Downgraded to C; previously on 4/30/2008 Downgraded
     to Caa1

First Franklin Mortgage Loan Trust 2004-FF2

  -- Cl. M-1, Downgraded to Aa2; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-2, Downgraded to Baa3; previously on 4/30/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to Ba1; previously on 4/30/2008 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. M-4, Downgraded to B1; previously on 4/30/2008 Downgraded
     to A3

  -- Cl. M-5, Downgraded to Ca; previously on 4/30/2008 Downgraded
     to Baa2

  -- Cl. M-6, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ba1

  -- Cl. M-7, Downgraded to C; previously on 4/30/2008 Downgraded
     to B1

  -- Cl. M-8, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2004-FF3

  -- Cl. M-2, Downgraded to Ba3; previously on 4/30/2008
     Downgraded to Baa1

  -- Cl. M-3, Downgraded to B3; previously on 4/30/2008 Downgraded
     to Baa2

  -- Cl. M-4, Downgraded to C; previously on 4/30/2008 Downgraded
     to B3

First Franklin Mortgage Loan Trust 2004-FF4

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

  -- Cl. M-2, Downgraded to Ba1; previously on 7/30/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to B1; previously on 7/30/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Ca; previously on 7/30/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ba2

First Franklin Mortgage Loan Trust 2004-FF6

  -- Cl. M-2, Downgraded to Baa3; previously on 9/30/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba1; previously on 9/30/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Ba3; previously on 9/30/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to B2; previously on 4/30/2008 Downgraded
     to Baa3

  -- Cl. B-3, Downgraded to C; previously on 4/30/2008 Downgraded
     to B3

First Franklin Mortgage Loan Trust 2004-FF7

  -- Cl. M1, Downgraded to A3; previously on 10/18/2004 Assigned
     Aa2

First Franklin Mortgage Loan Trust 2004-FF8

  -- Cl. M-2, Downgraded to A1; previously on 2/17/2005 Assigned
     Aa2

  -- Cl. M-3, Downgraded to Baa3; previously on 2/17/2005 Assigned
     A2

  -- Cl. M-4, Downgraded to B2; previously on 2/17/2005 Assigned
     A3

  -- Cl. B-1, Downgraded to Ca; previously on 2/17/2005 Assigned
     Baa1

  -- Cl. B-2, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ba1

  -- Cl. B-3, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ba2

  -- Cl. B-4, Downgraded to C; previously on 4/30/2008 Downgraded
     to B3

First Franklin Mortgage Loan Trust 2004-FFH1

  -- Cl. M-2, Downgraded to Baa2; previously on 4/30/2008
     Downgraded to Baa1

  -- Cl. M-3, Downgraded to Ba2; previously on 4/30/2008
     Downgraded to Baa2

  -- Cl. M-4, Downgraded to Ca; previously on 4/30/2008 Downgraded
     to Ba3

  -- Cl. M-5, Downgraded to C; previously on 4/30/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2004-FFH2

  -- Cl. M-2, Downgraded to Baa2; previously on 4/30/2008
     Downgraded to A1

  -- Cl. M-3, Downgraded to Ba1; previously on 4/30/2008
     Downgraded to A2

  -- Cl. M-4, Downgraded to Caa2; previously on 2/13/2008
     Downgraded to Baa1

  -- Cl. M-5, Downgraded to C; previously on 2/13/2008 Downgraded
     to Baa3

  -- Cl. M-6, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ba3

  -- Cl. M-7, Downgraded to C; previously on 2/13/2008 Downgraded
     to B3

  -- Cl. M-8, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ca

First Franklin Mortgage Loan Trust 2004-FFH3

  -- Cl. M-1, Downgraded to A2; previously on 10/18/2004 Assigned
     Aa1

  -- Cl. M-2, Downgraded to Baa3; previously on 4/30/2008
     Downgraded to A3

  -- Cl. M-3, Downgraded to B2; previously on 4/30/2008 Downgraded
     to Baa1

  -- Cl. M-4, Downgraded to Ca; previously on 2/13/2008 Downgraded
     to Baa2

  -- Cl. M-5, Downgraded to C; previously on 2/13/2008 Downgraded
     to Baa3

  -- Cl. M-6, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ba3

  -- Cl. M-7, Downgraded to C; previously on 2/13/2008 Downgraded
     to B2

  -- Cl. M-8, Downgraded to C; previously on 2/13/2008 Downgraded
     to Caa1

First Franklin Mortgage Loan Trust 2004-FFH4

  -- Cl. M-6, Downgraded to A2; previously on 2/16/2005 Assigned
     A1

  -- Cl. M-7, Downgraded to Baa3; previously on 2/16/2005 Assigned
     A2

  -- Cl. M-8, Downgraded to B3; previously on 8/23/2007 Downgraded
     to Baa3

  -- Cl. M-9, Downgraded to C; previously on 2/13/2008 Downgraded
     to B3

  -- Cl. M-10, Downgraded to C; previously on 2/13/2008 Downgraded
     to Ca


FORTRESS CREDIT: Moody's Cuts Rating on $13MM Class B Notes to Ba1
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded these
notes issued by Fortress Credit Funding II LP:

  -- US$14,000,000 Class A-2 Floating Rate Senior Delayed Draw
     Term Notes Due 2017, Downgraded to Aa3; previously on
     3/4/2009 Aa1 Placed Under Review for Possible Downgrade;

  -- US$15,800,000 Class A-3 Floating Rate Senior Term Notes Due
     2017, Downgraded to Baa1; previously on 3/4/2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$13,000,000 Class B Floating Rate Senior Subordinated
     Deferrable Interest Term Notes Due 2017, Downgraded to Ba1;
     previously on 3/4/2009 A2 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," the application
of certain stresses with respect to the default probabilities
associated with certain Moody's credit estimates, 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, 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, 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 3436 versus a test level of 3500 as of the
last trustee report, dated May 15, 2009.  Based on the same
report, defaulted securities total about $7 million, and
securities rated Caa1 or lower make up approximately $38.5 million
of the underlying portfolio.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  Moody's analysis
reflects the application of certain stresses with respect to the
default probabilities associated with CEs.  These additional
stresses reflect the rapid pace of recent changes in credit market
conditions and the default rate expectations in the current
economic cycle that are higher than the historical averages.
Specifically, the default probability stresses include (1) a 1
½ notch-equivalent assumed downgrade for CEs updated between
12-15 months ago; and (2) assuming an equivalent of Caa3 for CEs
that were not updated within the last 15 months.  Additionally, as
CEs do not carry credit indicators such as ratings reviews and
outlooks, a stress of a half; notch-equivalent assumed downgrade
for CEs is also applied to CEs provided between 6-12 months ago.
Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

Fortress Credit Funding II LP, issued in September 1, 2005, is a
small and middle market collateralized loan obligation, backed
primarily by a portfolio of senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


FORTRESS CREDIT: Moody's Cuts Rating on $52MM Class B Notes to Ba2
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded these
notes issued by Fortress Credit Funding I LP:

  -- US$56,000,000 Class A-2 Floating Rate Senior Delayed Draw
     Term Notes Due 2017, Downgraded to A1; previously on 3/4/2009
     Aa1 Placed Under Review for Possible Downgrade;

  -- US$63,200,000 Class A-3 Floating Rate Senior Term Notes Due
     2017, Downgraded to Baa2; previously on 3/4/2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$52,000,000 Class B Floating Rate Senior Subordinated
     Deferrable Interest Term Notes Due 2017, Downgraded to Ba2;
     previously on 3/4/2009 A2 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," the application
of certain stresses with respect to the default probabilities
associated with certain Moody's credit estimates, 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, 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, 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 3659 versus a test level of 3500 as of the
last trustee report, dated May 15, 2009.  Based on the same
report, defaulted securities total about $65 million and
securities rated Caa1 or lower make up approximately $272 million
of the underlying portfolio.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  Moody's analysis
reflects the application of certain stresses with respect to the
default probabilities associated with CEs.  These additional
stresses reflect the rapid pace of recent changes in credit market
conditions and the default rate expectations in the current
economic cycle that are higher than the historical averages.
Specifically, the default probability stresses include (1) a 1-
1/2; notch-equivalent assumed downgrade for CEs updated between
12-15 months ago; and (2) assuming an equivalent of Caa3 for CEs
that were not updated within the last 15 months.  Additionally, as
CEs do not carry credit indicators such as ratings reviews and
outlooks, a stress of a half; notch-equivalent assumed downgrade
for CEs is also applied to CEs provided between 6-12 months ago.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

Fortress Credit Funding I LP, issued in September 1, 2005, is a
small and middle market collateralized loan obligation, backed
primarily by a portfolio of senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


FRUITFUL HARVEST: S&P Downgrades Ratings on Class A Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
the class A notes issued by Fruitful Harvest SPC's series 2007-6
and 2007-7 and subsequently withdrew the ratings.  Both series are
retranchings of securities that have defaulted.

                          Rating Actions

         Fruitful Harvest SPC, Series 2007-6 Scorpius A
                       Segregated Portfolio

                                Rating
                                ------
                   Class   To   Interim    From
                   -----   --   -------    ----
                   A       NR   D          CC

          Fruitful Harvest SPC, Series 2007-7 Scorpius B
                       Segregated Portfolio

                                Rating
                                ------
                   Class   To   Interim    From
                   -----   --   -------    ----
                   A       NR   D          CC

                         NR -- Not rated.


GALE FORCE: 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 Gale Force 3 CLO, Ltd.:

  -- US$300,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Delayed Draw Notes Due 2021, Downgraded to Aa3;
     previously on March 23,2007 Assigned Aaa;

  -- US$143,300,000 Class A-2 First Priority Senior Secured
     Floating Rate Term Notes Due 2021, Downgraded to Aa3;
     previously on March 23,2007 Assigned Aaa;

  -- US$32,400,000 Class B-1 Second Priority Senior Secured
     Floating Rate Notes Due 2021 Downgraded to Baa3; previously
     on March 4, 2009 Aa2 Placed Under Review for Possible
     Downgrade;

  -- US$12,000,000 Class B-2 Second Priority Senior Secured Fixed
     Rate Notes Due 2021, Downgraded to Baa3; previously on March
     4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$26,100,000 Class C Third Priority Senior Secured
     Deferrable Floating Rate Notes Due 2021, Downgraded to B1;
     previously on March 23, 2009 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$27,600,000 Class D Fourth Priority Mezzanine Deferrable
     Floating Rate Notes Due 2021, Downgraded to Caa3; previously
     on March 23, 2009 Downgraded to B1 and Placed Under Review
     for Possible Downgrade;

  -- US$21,600,000 Class E Fifth Priority Mezzanine Deferrable
     Floating Rate Notes Due 2021, Downgraded to Ca; previously on
     March 23, 2009 Downgraded to Caa2 and Placed Under Review for
     Possible Downgrade;

  -- US$7,500,000 Combination Notes Due 2021, Downgraded to B2;
     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 application of certain stresses with
respect to the default probabilities associated with a number
Moody's credit estimates, 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 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, 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 2827 as of the last trustee report, dated
May 2, 2009.  Based on the same report, defaulted securities total
about $18 million, accounting for roughly 3% of the collateral
balance, and securities rated Caa1 or lower make up approximately
10.78% of the underlying portfolio.  Moody's also observes that
the transaction is exposed to a number of mezzanine and junior CLO
tranches in the underlying portfolio, many of which carry
depressed market valuations that may herald poor recovery
prospects in the event of default.  Finally, Moody's also notes
that a material proportion of the collateral pool includes debt
obligations whose credit quality has been approximated through
Moody's credit estimates.  Moody's analysis reflects the
application of certain stresses with respect to the default
probabilities associated with such credit estimates that have not
been recently updated.

Gale Force 3 CLO, Ltd., issued in 2007, is a collateralized loan
obligation, backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


GE CAPITAL: Fitch Affirms Special Servicer Rating at 'CSS2+'
------------------------------------------------------------
Fitch Ratings affirms GE Capital Realty Group's commercial
mortgage-backed securities special servicer rating at 'CSS2+'.
The rating reflects GECRG's continued ability to workout CMBS
assets, its highly experienced senior and middle management, its
strong technology, and the financial support of parent, GE Real
Estate.

As of March 31, 2009, GECRG was named special servicer on 170
loans in three CMBS transactions totaling $977.3 million.  Also as
of March 31, 2009, GECRG was actively specially servicing two CMBS
loans totaling $8.9 million.  GECRG worked out two CMBS assets in
the amount of $13.0 million with zero losses in 2008.  As of
March 31, 2009, GECRG was responsible for the special servicing
and asset management of 238 non-CMBS loans totaling $3.08 billion.
In 2008, the group disposed of 76 non-CMBS loans/assets valued at
$481.6 million.


GE CAPITAL: Moody's Downgrades Ratings on 18 Securities
-------------------------------------------------------
Moody's Investors Service has downgraded the rating of 18
securities from 5 transactions issued by GE Capital.  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.

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 90%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

The complete rating actions follow:

Issuer: GE Capital Mortgage Services, Inc. Series 1998-HE1

  -- A6, Downgraded to Aa1; previously on 3/27/1998 Assigned Aaa

  -- A-7, Downgraded to Aa1; previously on 3/27/1998 Assigned Aaa

  -- S, Downgraded to Aa1; previously on 3/27/1998 Assigned Aaa

  -- M, Downgraded to Baa3; previously on 1/3/2003 Downgraded to
     A1

  -- B1, Downgraded to Ca; previously on 9/29/2006 Downgraded to
     Caa2

Issuer: GE Capital Mortgage Services, Series 1998-HE2

  -- M, Downgraded to Baa1; previously on 9/19/2007 Downgraded to
     A1

  -- B1, Downgraded to Ca; previously on 9/19/2007 Downgraded to
     B3

Issuer: GE Capital Mtg Services Inc 1997-HE1

  -- A4, Downgraded to Aa2; previously on 3/27/1997 Assigned Aaa
  -- A5, Downgraded to Aa2; previously on 3/27/1997 Assigned Aaa
  -- S, Downgraded to Aa2; previously on 3/27/1997 Assigned Aaa

Issuer: GE Capital Mtg Services Inc 1997-HE4

  -- A6, Downgraded to Aa2; previously on 12/30/1997 Assigned Aaa

  -- A-7, Downgraded to Aa2; previously on 12/30/1997 Assigned Aaa

  -- S, Downgraded to Aa2; previously on 12/30/1997 Assigned Aaa

  -- M, Downgraded to Ba3; previously on 1/3/2003 Downgraded to A1

  -- B1, Downgraded to C; previously on 3/17/2006 Downgraded to
     Caa2

Issuer: GE Capital Mtg Services, Series 1999-HE2

  -- B1, Downgraded to Baa1; previously on 6/25/1999 Assigned A2

  -- B2, Downgraded to Ca; previously on 7/17/2007 Downgraded to
     B2

  -- B3, Downgraded to C; previously on 1/3/2003 Downgraded to Ca


GE CAPITAL: S&P Downgrades Ratings on Two 2001-3 Certs. to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class M and L commercial mortgage pass-through certificates from
GE Capital Commercial Mortgage Corp.'s series 2001-3 to 'D'.  The
ratings were on CreditWatch negative before the downgrades.

The downgrades to 'D' reflect recurring interest shortfalls
resulting from appraisal subordinate entitlement reduction that
are in effect for four assets with the special servicer, LNR
Partners Inc.  S&P expects the shortfalls to continue. The ASERs
for the four specially serviced loans totaled $88,422 as of the
June 10, 2009, remittance date.

Details of the four assets are:

  -- The Highland Landing Apartments loan ($11.1 million, 1.5%) is
     secured by a 352-unit multifamily property built in 1972 in
     Decatur, Georgia, approximately five miles east of Atlanta.
     The loan was transferred to the special servicer in November
     2008 and is currently more than 60 days past due.  A
     foreclosure has been initiated, and a sale is scheduled for
     July 2009 while negotiations continue with the borrower.  An
     appraisal reduction amount totaling $5.9 million is in effect
     for this asset, based on an appraisal of $6.6 million as of
     Jan. 21, 2009.

  -- The Oxford Pointe Office Center loan ($9.9 million; 1.3%) is
     secured by a 87,616-sq.-ft. office building in Southfield,
     Michigan, approximately 15 miles northwest of Detroit, and
     built in 2000.  The loan was transferred to the special
     servicer in March 2009 and is currently more than 90 days
     past due.  LNR has ordered an appraisal, and an automatic ARA
     totaling $2.5 million is currently in effect for this asset.

  -- The 1600 Lamar - Arlington loan ($6.5 million; 0.9%) is
     secured by a 87,018-sq.-ft. office building built in 1980 in
     Arlington, Texas, approximately 15 miles west of Fort Worth.
     The loan was transferred to the special servicer in January
     2009 and is currently more than 60 days past due.  An ARA
     totaling $4.2 million is in effect for this asset, based on
     an appraisal of $3.0 million as of March 23, 2009.

  -- The 32270 Telegraph Road Office Building loan ($5.6 million;
     0.8%) is secured by a 53,481-sq.-ft. office building in
     Bingham Farms, Michigan, approximately 15 miles northwest of
     Detroit, and built in 1985.  The loan was transferred to the
     special servicer in December 2007, and the property is real
     estate owned.  An ARA totaling $5.1 million is in effect for
     this asset, based on an appraisal of $1.1 million as of Sept.
     29, 2008.

       Ratings Lowered And Removed From Creditwatch Negative

        GE Capital Commercial Mortgage Corp. series 2001-3
    Commercial mortgage pass-through certificates series 2001-3

                 Rating
                 ------
      Class   To         From         Credit enhancement (%)
      -----   --         ----         ----------------------
      L       D          B+/Watch Neg                  2.303
      M       D          B-/Watch Neg                  1.651


GEMSA LOAN: Fitch Affirms Servicer Ratings
------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


GENESIS CLO: Fitch Downgrades Ratings on Various 2007-1 Notes
-------------------------------------------------------------
Fitch Ratings downgrades and withdraws the ratings from notes
issued by Genesis CLO 2007-1 Ltd./Corp.  These rating actions are
effective immediately:

  -- $1,261,573,170 class A rating withdrawn from 'AAA'/Outlook
     Stable;

  -- $110,000,000 class B rating downgraded to 'A' from
     'AA'/Outlook Negative, rating withdrawn;

  -- $70,000,000 class C rating downgraded to 'BBB' from 'A-
     '/Outlook Negative, rating withdrawn;

  -- $50,654,347 class D rating downgraded to 'B' from
     'BB'/Outlook Negative, rating withdrawn;

  -- $40,767,922 class E rating downgraded to 'CCC' from
     'B'/Outlook Negative, rating withdrawn.

Fitch downgrades the class B, C, D, and E notes due to reported
credit deterioration in the portfolio.  As of the May 2009 trustee
report, an additional $107 million of new defaults that have
occurred since Fitch's last rating review in October 2008.  Given
the increase in defaulted assets from 1.2% of the portfolio at the
last review date to 8.4% at present, Fitch no longer believed the
credit enhancement levels are consistent with the previous rating
levels.

Additionally, Fitch has withdrawn the rating of the notes as Fitch
has not received necessary information from Ore Hill Partners, the
collateral manager, and Deutsche Bank AG to support these ratings.
Approximately 23% of the portfolio is either unrated or defaulted
and Fitch's analysis relies on information from the manager to
perform and updated credit assessments and recovery estimates of
these issuers.  Fitch has determined that in the absence of that
information, it cannot continue to maintain the accurate ratings
on the notes.

Genesis is a static cash flow transaction collateralized by a
portfolio of leveraged loans.  This transaction was arranged by
Deutsche Bank AG with Ore Hill Partners, LLC, monitoring the
performance of the portfolio.  The transaction closed on Oct. 3,
2007.


GREEN LOAN: Fitch Assigns 'CLLSS2-' Special Servicer Rating
-----------------------------------------------------------
Fitch Ratings assigns Green Loan Services LLC a commercial
mortgage-backed securities large loan special servicer rating of
'CLLSS2-'.  The rating reflects the extensive large loan
commercial real estate workout experience of the company.  This is
the first assignment of this rating which was introduced in
recently published Fitch criteria.  While the company's experience
with large loans is primarily in Manhattan the group has worked
out and restructured large loans in other metropolitans such as
San Francisco, Boston, Los Angeles, Chicago and Washington DC.
Green's senior managers average 20+ years of related experience.
The CLLSS rating will be used by Green to allow naming them
special servicer on loans where the company holds either mezzanine
or B-Note positions or for a third party.  The rating does not
qualify an entity to special service a pool of conduit loans, only
single large loans within a securitization.

While Green has a strong commercial real estate background, the
company has very limited CMBS experience.  Fitch will closely
monitor the firm during its first year as a rated CMBS servicer to
ensure that CMBS specific standards are met.  Green is currently
named special servicer on four CMBS loans totaling $831 million.
Fitch deems the special servicer rating of 'CSSLL2-' sufficient to
meet the requirements stated in current transaction documents as
'CSS2'.

Green is a wholly owned subsidiary of SL Green Realty Corp., a
self-administered and self-managed REIT based in New York City.
SL Green was formed in 1997 and primarily owns, acquires, manages
and repositions office properties located in Manhattan.

Fitch rates large loan commercial special servicers on a scale of
1 to 5, with 1 being the highest rating.


GSC PARTNERS: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by GSC Partners CDO Fund V, Limited:

  -- Class A-1 Floating Rate Senior Delayed Funding Notes Due
     2016, Downgraded to Aa2; previously on December 15, 2004
     Assigned Aaa;

  -- Class A-2 Floating Rate Senior Notes Due 2016, Downgraded to
     A2; previously on March 4, 2009 Aa1 Placed Under Review for
     Possible Downgrade;

  -- Class B Deferrable Floating Rate Notes Due 2016, Downgraded
     to Ba2; previously on March 18, 2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade;

  -- Class C-1 Deferrable Fixed Rate Notes Due 2016, Downgraded to
     Caa2; previously on March 18, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade;

  -- Class C-2 Deferrable Floating Rate Notes Due 2016, Downgraded
     to Caa2; previously on March 18, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," the application
of certain stresses with respect to the default probabilities
associated with certain Moody's credit estimates, 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 A Overcollateralization Ratio Test, Class B
Overcollateralization Ratio Test and the Class C
Overcollateralization Ratio Test.  The weighted average rating
factor has steadily increased over the last year and it is
currently at 3536 versus a test level of 3125 as of the last
trustee report, dated May 11th, 2009.  Based on the same report,
defaulted securities total about $70.5 million, accounting for
roughly 11.8% of the collateral balance, and securities rated Caa1
or lower by Moody's or CCC+ or lower by S&P make up approximately
27.86% of the underlying portfolio.  Additionally, interest
payments on the Class C-1 and Class C-2 Notes are presently being
deferred as a result of the failure of the Class A and Class B
Overcollateralization Tests.  Moody's also assessed the collateral
pool's concentration risk 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 14%
of the transaction's underlying collateral pool.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  Moody's analysis
reflects the application of certain stresses with respect to the
default probabilities associated with CEs.  These additional
stresses reflect the rapid pace of changes in credit market
conditions and the default rate expectations in the current
economic cycle that are higher than the historical averages.
Specifically, the default probability stresses include (1) a 1
½ notch-equivalent assumed downgrade for CEs updated between
12-15 months ago; and (2) assuming a rating factor of 8070 for CEs
that were not updated within the last 15 months.  Additionally, as
CEs do not carry credit indicators such as ratings reviews and
outlooks, a stress of a half; notch-equivalent assumed downgrade
for CEs is also applied to CEs provided between 6-12 months ago.

GSC Partners CDO Fund V, Limited, issued in December 23, 2004, is
a collateralized loan obligation, backed primarily by a portfolio
of senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


HARBORVIEW MORTGAGE: Moody's Downgrades Ratings on 13 Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 13
tranches from HarborView Mortgage Loan Trust 2004-10.  The
collateral backing the transaction consists primarily of first-
lien, adjustable-rate, Alt-A residential mortgage loans.

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

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

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

List of actions:

HarborView Mortgage Loan Trust 2004-10

  -- Cl. 1-A-1, Downgraded to A2; previously on 2/14/2005 Assigned
     Aaa

  -- Cl. 1-A-2A, Downgraded to Aa3; previously on 2/14/2005
     Assigned Aaa

  -- Cl. 1-A-2B, Downgraded to A2; previously on 2/14/2005
     Assigned Aaa

  -- Cl. 2-A, Downgraded to A3; previously on 2/14/2005 Assigned
     Aaa

  -- Cl. 3-A-1A, Downgraded to A1; previously on 2/14/2005
     Assigned Aaa

  -- Cl. 3-A-1B, Downgraded to A3; previously on 2/14/2005
     Assigned Aaa

  -- Cl. 4-A, Downgraded to A3; previously on 2/14/2005 Assigned
     Aaa

  -- Cl. X-1, Downgraded to Aa3; previously on 2/14/2005 Assigned
     Aaa

  -- Cl. X-2, Downgraded to A3; previously on 2/14/2005 Assigned
     Aaa

  -- Cl. X-3, Downgraded to Ba2; previously on 2/14/2005 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Ba2; previously on 2/14/2005 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Caa3; previously on 2/14/2005 Assigned
     A2

  -- Cl. B-3, Downgraded to C; previously on 6/26/2008 Downgraded
     to Baa3


HELIOS AMC: Fitch Affirms 'CSS3' Special Servicer Rating
--------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


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 V, Ltd.:

  -- US$50,000,000 Class A-R First Priority Senior Secured
     Floating Rate Revolving Notes Due 2018, Downgraded to Aa3;
     previously on December 6, 2006 Assigned Aaa;

  -- US$255,500,000 Class A-T First Priority Senior Secured
     Floating Rate Term Notes Due 2018, Downgraded to Aa3;
     previously on December 6, 2006 Assigned Aaa;

  -- US$27,500,000 Class B Second Priority Senior Secured Floating
     Rate Notes Due 2018, Downgraded to Baa2; previously on March
     4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$15,500,000 Class C Third Priority Senior Secured
     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$15,500,000 Class D Fourth Priority Mezzanine 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;

  -- US$16,000,000 Class E Fifth Priority Mezzanine Secured
     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
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 through a
decline in the par coverage (as measured through the Principal
Coverage Tests), 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 also increased over the last year.  Based on the last trustee
report, dated June 1, 2009, defaulted securities total about
36.6 million, accounting for roughly 9.7% of the collateral
balance, and securities rated Caa1 or lower make up approximately
8.5% of the underlying portfolio.  Additionally, interest payments
on the Class D Notes and the Class E Notes are presently being
deferred as a result of the failure of the Class A/B and Class C
Principal Coverage Tests.  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.

Hewett's Island CLO V, Ltd., issued in December 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


HUDSON ADVISORS: Fitch Cuts Special Servicer Rating to 'CSS2-'
--------------------------------------------------------------
Fitch Ratings has taken these rating actions on Hudson Advisors,
LLC's servicer ratings:

  -- Special servicer downgraded to 'CSS2-' from 'CSS2';
  -- Primary servicer affirmed at 'CPS3'.

Fitch's rating actions are based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

Hudson's special servicer rating downgrade is due to increased
weighting associated with financial condition factor as well as
overall CMBS market participation.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


ING CLARION: Fitch Affirms 'CSS2+' Special Servicer Rating
----------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


JE ROBERT: Fitch Downgrades Special Servicer Ratings to 'CSS1'
--------------------------------------------------------------
Fitch Ratings has downgraded J.E. Robert Companies special
servicer rating:

  -- Special servicer to 'CSS1-' from 'CSS1'.

Fitch's rating action is based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

JER's special servicer rating downgrade is due to increased
emphasis on financial condition.  JER's scoring in this area was
negatively impacted during the criteria update. .

The ratings of the CMBS transactions serviced by JER are not
expected to be negatively impacted by the servicer downgrade.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


JP MORGAN: Moody's Affirms Ratings on 14 2005-LDP4 Certificates
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 14 classes and
downgraded ten classes of J.P. Morgan Chase Commercial Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates
2005-LDP4.  The downgrades are due to higher expected losses for
the pool resulting from increased leverage, increased credit
quality dispersion and anticipated losses from specially serviced
loans.  The action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the June 15, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 5% to
$2.54 billion from $2.67 billion at securitization.  The
Certificates are collateralized by 182 mortgage loans ranging in
size from less than 1% to 5% of the pool, with the top 10 loans
representing 40% of the pool.  The pool includes one loan,
representing 4% of the pool, with an investment grade underlying
rating.  Three loans, representing 4% of the pool, have defeased
and are collateralized with U.S. Government securities.

Forty-six loans, representing 19% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The pool has not experienced any losses since securitization.
There are currently six loans, representing 2% of the pool, in
special servicing.  Moody's estimates an aggregate $27.1 million
loss (47% loss severity on average) from the specially serviced
loans.

Moody's was provided with full-year 2007 and 2008 operating
results for 77% and 60%, respectively, of the pool.  Moody's
average weighted loan to value ratio for the conduit component,
excluding specially serviced loans, is 106% compared to 100% at
Moody's prior full review in July 2007.  In addition to increased
leverage, the pool has experienced increased LTV dispersion since
last review.  Based on Moody's analysis, 27% of the conduit pool
has a LTV in excess of 120% compared to less than 1% at last
review.  Moody's stressed Debt Service Coverage Ratio for the
conduit pool is 1.0X compared to 1.5X at last review. Moody's
stressed DSCR is based on Moody's net cash flow and a 9.25%
stressed rate applied to the loan balance.  Moody's uses the
Herfindahl index to measure diversity of loan size.  The pool has
a Herfindah Index of 33 compared to 35 at last review.  The credit
neutral herf score is 40.

The loan with an underlying rating is the Plastipack Portfolio
($89.2 million -- 3.5%), which is secured by 14
industrial/warehouse buildings located in eight states.  The
portfolio totals 4.5 million square feet and is 100.0% leased to
Plastipak Holdings Inc.  (Moody's senior unsecured rating B3,
stable outlook) under a lease which extends 10 years beyond the
loan's maturity date.  The loan was structured with a 20-year
amortization schedule and has amortized by approximately 6% since
last review.  Moody's stressed DSCR is 1.5X compared to 1.6X at
last review.  Moody's current underlying rating is Baa2, the same
as at last review.

The three largest conduit loans represent 21.1% of the pool.  The
largest conduit loan is the Regency Portfolio ($317.4 million --
12.5%), which is secured by 20 retail properties located in six
states.  The highest state concentrations are Virginia (37%),
Pennsylvania (28%) and Maryland (13%).  The portfolio contains
approximately 2.3 million square feet and primarily consists of
grocery or pharmacy anchored centers.  Moody's LTV is 103%,
essentially the same as at last review.  Moody's stressed DSCR is
1.8X compared to 1.7X at last review.

The second largest conduit loan is the Silver City Loan
($129.3 million -- 5.1%), which is secured by the borrower's
interest in a 971,000 square foot regional mall located in
Taunton, Massachusetts.  The mall is anchored by Macy's, Sears and
J.C. Penney.  The in-line space was 86% occupied as of December,
2008 compared to 88% at last review.  The loan sponsor is General
Growth Properties.  The property is not part of GGP's bankruptcy
filing, however, the loan is on the master servicer's watchlist
due to the closing of Steve & Barry's as well as decreased rental
revenue.  Moody's LTV is 142% compared to 105% at last review.
Moody's stressed DCSR is 1.0X compared to 1.4X at last review.

The third largest conduit loan is the One World Trade Center Loan
($90.0 million -- 3.5%), which is secured by a 573,000 square foot
office building located in Long Beach, California.  The property
was 85% occupied as of December 2008 compared to 76% at last
review. Performance has been stable. Moody's LTV is 117%, the same
as at last review.  Moody's stressed DSCR is 1.1X, the same as at
last review.

Moody's rating action is:


  -- Class A-1A, $389,544,602, affirmed at Aaa; previously
     affirmed at Aaa on 7/6/2007

  -- Class A-2, $203,251,490 affirmed at Aaa; previously affirmed
     at Aaa on 7/6/2007

  -- Class A-2FL, $178,821,756 affirmed at Aaa; previously
     affirmed at Aaa on 7/6/2007

  -- Class A-3A1, $179,929,000, affirmed at Aaa; previously
     affirmed at Aaa on 7/6/2007

  -- Class A-3A2, $75,000,000, affirmed at Aaa; previously
     affirmed at Aaa on 7/6/2007

  -- Class A-4, $580,269,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/6/2007

  -- Class A-SB, $130,376,000, affirmed at Aaa; previously
     affirmed at Aaa on 7/6/2007

  -- Class A-M, $267,707,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/6/2007

  -- Class A-J, $204,127,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/6/2007

  -- Class X-1, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 7/6/2007

  -- Class X-2, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 7/6/2007

  -- Class B, $50,196,000, affirmed at Aa2; previously affirmed at
     Aa2 on 7/6/2007

  -- Class C, $23,424,000, affirmed at Aa3; previously affirmed at
     Aa3 on 7/6/2007

  -- Class D, $48,849,000, affirmed at A2; previously affirmed at
     A2 on 7/6/2007

  -- Class E, $23,424,000, downgraded to Baa1 from A3; previously
     affirmed at A3 on 7/6/2007

  -- Class F, $40,156,000, downgraded to Ba1 from Baa1; previously
     affirmed at Baa1 on 7/6/2007

  -- Class G, $26,771,000, downgraded to Ba2 from Baa2; previously
     affirmed at Baa2 on 7/6/2007

  -- Class H, $30,117,000, downgraded to B1 from Baa3; previously
     affirmed at Baa3 on 7/6/2007

  -- Class J, $10,039,000, downgraded to B2 from Ba1; previously
     affirmed at Ba1 on 7/6/2007

  -- Class K, $13,386,000, downgraded to B3 from Ba2; previously
     affirmed at Ba2 on 7/6/2007

  -- Class L, $13,385,000, downgraded to Caa1 from Ba3; previously
     affirmed at Ba3 on 7/6/2007

  -- Class M, $6,693,000, downgraded to Caa1 from B1; previously
     affirmed at B1 on 7/6/2007

  -- Class N, $3,346,000, downgraded to Caa3 from B2; previously
     affirmed at B2 on 7/6/2007

  -- Class P, $10,039,000, downgraded to Caa3 from B3; previously
     affirmed at B3 on 7/6/2007


JP MORGAN: Moody's Affirms Ratings on 15 2003-CIBC7 Certificates
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 15 classes and
downgraded eight classes of J.P. Morgan Chase Commercial Mortgage
Securities Corp., Commercial Mortgage Pass-Through Certificates,
Series 2003-CIBC7.  The downgrades are due to higher expected
losses for the pool resulting from higher credit quality
dispersion and anticipated losses from loans in special servicing.
The action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the June 12, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 14%
to $1.3 billion from $1.5 billion at securitization.  The
Certificates are collateralized by 170 mortgage loans ranging in
size from less than 1% to 12% of the pool, with the top 10 loans
representing 36% of the pool.  The pool includes three loans with
investment grade underlying ratings, representing 19% of the pool.
Twenty three loans, representing 17% of the pool, have defeased
and are secured by U.S. Government securities.

Thirty-two loans, representing 32% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

One loan has been liquidated from the pool, resulting in a
realized loss of approximately $2.6 million.  Eight loans,
representing 5% of the pool, are currently in special servicing.
Moody's estimates an aggregate loss of approximately $30 million
(49% loss severity on average) for the specially serviced loans.

Moody's was provided with year-end 2008 operating results for 93%
of the performing loans.  Moody's loan to value ratio for the
conduit component is 84%, essentially the same as Moody's prior
full review in July 2007.  Moody's stressed Debt Service Coverage
Ratio for the conduit pool is 1.38X compared to 1.30X at last
review.  Moody's stressed DSCR is based on Moody's net cash flow
and a 9.25% stressed rate applied to the loan balance.  Moody's
uses the Herfindahl index to measure diversity of loan size.  The
pool has a Herf of 25 compared to 30 at last review.  The credit
neutral herf score is 40.

The largest loan with an underlying rating is the Forum Shops Loan
($146.8 million -- 11.6%), which represents a participation
interest in a $439.7 million first mortgage loan.  The loan is
secured by a 637,000 square foot retail center located in Las
Vegas, Nevada.  The property is also encumbered by an
$80.5 million B Note which secures non-pooled Classes FS-1, FS-2,
FS-3 and FS-4.  The center was 98% occupied as of December 2008,
the same as last review.  Comparable sales for tenants less than
10,000 square feet were $1,439 per square foot for calendar year
2008, compared to $1,571 per square foot at last review.  The loan
sponsor is Simon Property Group LP (Moody's unsecured debt rating
is A3 -- stable outlook).  Moody's stressed DSCR for the
participation interest is 1.74X compared to 1.70X at last review.
Moody's current underlying ratings for the participation interest
and B Note are Aaa and A2, respectively, the same as last review.

The second loan with an underlying rating is the One Post Office
Square Loan ($57.1 million -- 4.5%), which represents a
participation interest in a $114.2 million first mortgage loan.
The loan is secured by a 766,000 square foot Class A office
building located in Boston, Massachusetts.  The property was 87%
occupied as of December 2008, a decrease from 100% at last review.
The largest tenants include Putnam Investments (34% NRA; lease
expiration March 2019), Sullivan & Worcester (13% NRA; lease
expiration December 2011) and Jones Lang LaSalle (7% NRA; lease
expiration December 2016).  Moody's stressed DSCR is 1.66X
compared to 1.70X at last review.  Moody's underlying rating is A1
compared to Aa3 at last review.

The third loan with an underlying rating is the Brown Noltemeyer
Portfolio Loan ($31.9 million -- 2.5%), which consists of five
cross collateralized and cross defaulted loans secured by eight
multifamily properties.  The properties total 2,087 units and are
all located in Louisville, Kentucky.  The loan is structured with
a 17-year amortization schedule and has amortized by approximately
10% since last review.  Moody's stressed DSCR is 1.73X compared to
1.64X at last review.  Moody's current underlying rating is Aa2,
the same as last review.

The top three non-defeased conduit loans represent 11.4% of the
outstanding pool balance.  The largest conduit loan is the
Hometown America Portfolio III Loan ($59.6 million -- 4.7%), which
is secured by five manufactured housing communities.  The
properties are located in four states and contain a total of 1,953
pads.  The portfolio was 86% occupied as of January 2009,
essentially the same as last review.  Moody's LTV is 97% compared
to 94% at last review.  Moody's stressed DSCR is 1.03X, the same
as at last review.

The second largest conduit loan is the Potomac Run Loan
($43.5 million -- 3.4%), which is secured by a 362,000 square foot
community shopping center located in Sterling (Loudoun County),
Virginia.  The center was 95% occupied as of December 2008,
compared to 100% at last review.  The largest tenants include Toys
R'Us, Michaels and Office Depot, which collectively occupy 30% of
the premises.  Property performance has declined since last review
due to the loss of Circuit City.  Moody's LTV is 102% compared to
93% at last review.  Moody's stressed DSCR is 0.98X compared to
1.05X at last review.

The third largest conduit loan is the Colony Cove Loan
($41.1 million -- 3.3%), which is secured by a 2,210-pad mobile
home park located approximately 40 miles south of Tampa in
Ellenton, Florida.  The property was 93% occupied as of December
2009, compared to 96% at last review. The loan was structured with
a 20-year amortization schedule, and has amortized by
approximately 8% since last review.  Moody's LTV is 61% compared
to 63% at last review.  Moody's stressed DSCR is 1.68X compared to
1.54X at last review.

Moody's rating action is:

  -- Class A2, $79,230,342, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A3, $191,758,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A4, $390,000,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A1A, $329,406,348, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class X-1, $1,182,285,161, affirmed at Aaa; previously
     affirmed at Aaa on 7/23/2007

  -- Class X-2, $840,060,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class B, $34,689,000, affirmed at Aaa; previously upgraded to
     Aaa from Aa2 on 7/23/2007

  -- Class C, $13,875,000, affirmed at Aaa; previously upgraded to
     Aaa from Aa3 on 7/23/2007

  -- Class D, $27,751,000, affirmed at Aa3; previously upgraded to
     Aa3 from A2 on 7/23/2007

  -- Class E, $15,610,000, affirmed at A2; previously upgraded to
     A2 from A3 on 7/23/2007

  -- Class F, $17,345,000, affirmed at Baa; previously affirmed at
     Baa1 at on 7/23/2007

  -- Class G, $10,407,000, downgraded to Baa3 from Baa2;
     previously affirmed at Baa2 on 7/23/2007

  -- Class H, $19,078,000, downgraded to Ba3 from Baa3; previously
     affirmed at Baa3 on 7/23/2007

  -- Class J, $5,204,000, downgraded to B2 from Ba1; previously
     affirmed at Ba1 on 7/23/2007

  -- Class K, $5,203,000, downgraded to B3 from Ba2; previously
     affirmed at Ba2 on 7/23/2007

  -- Class L, $8,672,000, downgraded to Caa1 from Ba3; previously
     affirmed at Ba3 on 7/23/2007

  -- Class M, $8,673,000, downgraded to Caa2 from B1; previously
     affirmed at B1 on 7/23/2007

  -- Class N, $3,469,000, downgraded to Caa3 from B2; previously
     affirmed at B2 on 7/23/2007

  -- Class P, $3,468,000, downgraded to Caa3 from B3; previously
     affirmed at B3 on 7/23/2007

  -- Class FS-1, $12,669,526, affirmed at Aa1; previously upgraded
     to Aa1 from Aa2 on 7/23/2007

  -- Class FS-2, $12,574,977, affirmed at Aa2; previously upgraded
     to Aa2 from Aa3 on 7/23/2007

  -- Class FS-3, $12,480,428, affirmed at Aa3; previously upgraded
     to Aa3 from A1 on 7/23/2007

  -- Class FS-4, $42,641,464, affirmed at A2; previously upgraded
     to A2 from A3 on 7/23/2007


JP MORGAN: Moody's Downgrades Ratings on 217 Tranches
-----------------------------------------------------
Moody's Investors Service has downgraded 217 tranches and
confirmed 3 tranches from 9 deals issued by J.P. Morgan Mortgage
Trust and CHL Mortgage Pass-Through Trust in 2006 and 2008.

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:

CHL Mortgage Pass-Through Trust 2006-20

  -- Cl. 1-A-1, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa1; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Caa1; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to Caa1; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-29, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-30, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-31, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-32, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-33, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-34, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-35, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-36, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-37, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to B3; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

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

CHL Mortgage Pass-Through Trust 2006-J4

  -- Cl. A-1, Downgraded to B2; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-4, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-5, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to B2; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B2; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. X, Downgraded to B2; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

CHL Mortgage Pass-Through Trust 2008-1

  -- Cl. A-1, Downgraded to Ba3; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Baa1; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to A3; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

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

  -- Cl. A-5, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. PO, Downgraded to Ba3; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

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

J.P. Morgan Mortgage Trust 2006-A3

  -- Cl. 1-A-1, Downgraded to Caa1; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Caa1; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Caa1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-4, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Caa2; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Caa1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to Ba3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to Ca; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-2, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A-2, Downgraded to Baa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Trust 2006-A5

  -- Cl. 1-A-1, Downgraded to Caa1; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade
  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 2-A-4, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Ca; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 3-A-4, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Ca; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Caa1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to Ca; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to B3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-2, Downgraded to Ca; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

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

J.P. Morgan Mortgage Trust 2006-S1

  -- Cl. 1-A-1, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to A3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-9, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-4, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-M, Downgraded to B2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

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

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

J.P. Morgan Mortgage Trust 2006-S2

  -- Cl. 1-A-1, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1-A-3, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-3, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-4, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-5, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-9, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-10, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-11, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-12, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-13, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-14, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to Ba2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Trust 2006-S3

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

  -- Cl. 1-A-2, Downgraded to Ba1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Baa3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

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


  -- Cl. 1-A-21, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to Baa3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-29, Downgraded to Caa1; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-30, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-31, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-3, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Ba3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to B2; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-8, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

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

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

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

J.P. Morgan Mortgage Trust 2006-S4

  -- Cl. A-1, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to Baa2; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-3, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

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

  -- Cl. A-5, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-6, Downgraded to Baa1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-8, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-9, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-10, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to B3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. M, Downgraded to C; previously on 3/19/2009 B3 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.


JPMORGAN CHASE: S&P Downgrades Ratings on Class P Certs. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating to 'D' from
'CCC-' on the class P certificates from JPMorgan Chase Commercial
Mortgage Securities Corp.'s series 2004-CIBC8.

The downgrade of the class P certificates resulted primarily from
interest shortfalls to these classes.  These shortfalls are the
result of appraisal subordinate entitlement reductions in effect
for two assets, as well as special servicing fees payable in
connection with the three assets currently with the special
servicer, ORIX Capital Markets LLC.

Interest shortfalls currently affect the trust and are expected to
do so for the foreseeable future.  As of the June 12, 2009,
remittance report, monthly interest shortfalls were $20,523.
Given the status of the specially serviced loans, S&P does not
expect improvement in the shortfalls currently affecting the
trust.

Details of the two assets giving rise to the ASERs are:

  -- The Hebron Heights loan ($9.1 million, 0.8% of the pool) is
     secured by a 59,429-sq.-ft. unanchored retail center in
     Carrolton, Texas.  The property was foreclosed upon on May 5,
     2009, and is currently real estate owned.  The property is
     currently 50% occupied and is being marketed for sale.  An
     appraisal dated Feb. 20, 2009, valued the property at
     $4.1 million, resulting in a monthly ASER of $12,453.

  -- The Sunrise Plaza loan ($2.5 million, 0.2% of the pool) is
     secured by a 13,275-sq.-ft. unanchored retail center in Mount
     Prospect, Illinois.  The loan was transferred to the special
     servicer on Jan. 9, 2009, and is currently the subject of
     foreclosure proceedings, which were initiated on April 30,
     2009.  The property is expected to reach 50% vacancy, and
     negotiations are in progress for a deed-in-lieu of
     foreclosure.  An appraisal dated Feb. 27, 2009, valued the
     property at $3.2 million, resulting in a monthly ASER of
     $3,332.

                         Rating Lowered

       JPMorgan Chase Commercial Mortgage Securities Corp.
Commercial mortgage pass-through certificates series 2004-CIBC8

            Rating
            ------
  Class   To       From      Credit Enhancement (%)
  -----   --       ----      ----------------------
  P       D        CCC-                        0.16


KEYBANK REAL: Fitch Affirms 'CPS1' Primary Servicer Rating
----------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


LB-UBS COMMERCIAL: S&P Downgrades Ratings on 2006-C1 Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class Q and S commercial mortgage pass-through certificates from
LB-UBS Commercial Mortgage Trust 2006-C1 to 'D'.

S&P downgraded classes Q and S to 'D' because S&P believes these
classes are likely to have outstanding interest shortfalls for
more than a year.  S&P attribute the shortfalls in part to the
reimbursement of advances that the master servicer, Wachovia Bank
N.A., had made for the Palmiers Apartments loan ($4.2 million;
0.2%), which is with the special servicer, LNR Partners Inc.
Reimbursements to Wachovia as of the June 17, 2009, remittance
report totaled $211,294.

The lowered ratings also reflect interest shortfalls resulting
from appraisal subordinate entitlement reductions that are in
effect for two of the eight assets ($146.0 million; 6.1%) that are
with the special servicer.  S&P expects these shortfalls to
continue.  The ASERs for the two specially serviced loans totaled
$7,867 as of the June 17, 2009, remittance date.

Details of the two assets with the special servicer that are
causing the ASERs are:

  -- Park Terrace Apartments ($3.8 million; 0.2%) is secured by a
     115-unit multifamily property built in 1965 in Colorado
     Springs, Colorado.  The loan was transferred to the special
     servicer in April 2009 and is currently more than 90 days
     past due.  The special servicer is moving to foreclose on the
     property.  According to the June 17, 2009, remittance report,
     an appraisal reduction amount totaling $950,726 is in effect
     for this asset.  The related ASER amount was $4,651.

  -- Northern Pine ($2.7 million, 0.1%) is secured by a 15,750-
     sq.-ft. office building built in 2003 in Warrendale,
     Pennsylvania, as well as a 6,000-sq.-ft. retail property
     built in 1976 in Wexford, Pennsylvania.  Both properties are
     approximately 10 miles north of Pittsburgh.  The loan was
     transferred to the special servicer in January 2009 and is
     currently more than 90 days past due.  The special servicer
     is moving to foreclose on the property.  According to the
     June 17, 2009, remittance report, an ARA totaling $668,172 is
     in effect for this asset.  The related ASER amount was
     $3,217.

Lastly, S&P expects ongoing interest shortfalls resulting from
special servicing fees, which totaled $62,749 according to the
June 17, 2009, remittance report, of which approximately $49,000
was attributed to the Chapel Hills Mall loan ($115.5 million;
4.7%).  General Growth Properties, which is in bankruptcy, owns
this property, which it built in 1982 in Colorado Springs,
Colo.

                         Ratings Lowered

                 LB-UBS Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2006-C1

             Rating
             ------
  Class    To         From   Credit enhancement (%)
  -----    --         ----   ----------------------
  Q        D          CCC+                    0.754
  S        D          CCC                     0.498


LEHMAN XS: Moody's Confirms Ratings on 2005-1 NIM Securities
------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of Lehman XS
NIM 2005-1 net interest margin securities backed by a residential
mortgage-backed securitization.  This NIM transaction relies on
residual cash flows and prepayment penalties generated by the
underlying mortgage-backed securitization as well as interest
payments made to an interest only bond which has been pledged to
the NIM.

The cash flows are sensitive to a number of factors:

  i) Prepayment speeds on the collateral backing the RMBS

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

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

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

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

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

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Conplete list of actions is:

Issuer: Lehman XS Net Interest Margin Notes Series 2005-1

  -- Cl. A, Confirmed at B2; previously on 4/15/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. B, Confirmed at Ca; previously on 4/15/2009 Ca Placed
     Under Review for Possible Downgrade


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

  -- US$68,500,000 Class A-2 Floating Rate Senior Secured
     Extendable Notes due 2017, Downgraded to A1; previously on
     3/4/2009 Aaa Placed Under Review for Possible Downgrade;

  -- US$68,500,000 Class A-3 Floating Rate Senior Secured
     Extendable Notes due 2017; Downgraded to Baa1; previously on
     3/4/2009 Aa1 Placed Under Review for Possible Downgrade;

  -- US$43,000,000 Class A-4 Floating Rate Senior Secured
     Extendable Notes due 2017; Downgraded to Baa3; previously on
     3/4/2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$49,000,000 Class B Floating Rate Deferrable Senior Secured
     Extendable Notes due 2017; Downgraded to B1; previously on
     3/18/2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

  -- US$52,000,000 Class C Floating Rate Deferrable Senior Secured
     Extendable Notes due 2017; Downgraded to Ca; previously on
     3/18/2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$20,000,000 Class Q-1 Combination Extendable Securities due
     2017; Downgraded to Caa3; previously on 3/4/2009 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
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 Class
B Overcollateralization Test, Class C Overcollateralization Test
and Reinvestment Overcollateralization Test.  The weighted average
rating factor has steadily increased over the last year and it is
currently at 2715 versus a test level of 2700 as of the last
trustee report, dated 4/21/2009.  Based on the same report,
defaulted securities total about $63 million, accounting for
roughly 6.9% of the collateral balance, and securities rated Caa1
or lower make up approximately 16.64% of the underlying portfolio.

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.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

Liberty CLO, Ltd., issued in 12/8/2005, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


LIME STREET: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Lime Street CLO, Ltd.:

  -- US$290,000,000 Class A Senior Floating Rate Notes Due 2021,
     Downgraded to Aa3; previously on August 8, 2007 Assigned Aaa;

  -- US$30,000,000 Class B Senior Floating Rate Notes Due 2021,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$12,600,000 Class E Deferrable Floating Rate Notes Due
     2021, Downgraded to Ca; previously on March 13, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

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

  -- US$22,000,000 Class C Deferrable Floating Rate Notes Due
     2021, Confirmed at Ba1; previously on March 13, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$15,000,000 Class D Deferrable Floating Rate Notes Due
     2021, Confirmed at B1; previously on March 13, 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
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, 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 2832 as of the last trustee report, dated
May 5, 2009.  Based on the same report, defaulted securities total
about $22 million, accounting for roughly 5.8% of the collateral
balance, and securities rated Caa1 or lower by Moody's or CCC+ or
lower by S&P make up approximately 5.9% of the underlying
portfolio.  Moody's also assessed the collateral pool's
concentration risk 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
13.5% of the transaction's underlying collateral pool.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


LNR PARTNERS: Fitch Downgrades Special Servicer Ratings to 'CSS1'
-----------------------------------------------------------------
Fitch Ratings has downgraded LNR Partners, Inc.'s special servicer
rating:

  -- Special servicer to 'CSS1-' from 'CSS1'.

Fitch's rating action is based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

LNR's special servicer rating downgrade is due to increased
emphasis on financial condition.  LNR's scoring in this area was
negatively impacted during the criteria update.

The ratings of the CMBS transactions serviced by LNR are not
expected to be negatively impacted by the servicer downgrade.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


MEZZ CAP: Fitch Puts Ratings on Various Bonds on Negative Watch
---------------------------------------------------------------
Following a review of the Mezz Cap Commercial Mortgage Trust,
series 2004-C1, 2004-C2, 2005-C3, 2006-C4, and 2007-C5 U.S. CMBS
transactions, Fitch Ratings places these bonds on Rating Watch
Negative:

Mezz Cap Series 2004-C1

  -- $23.7 million class A 'AAA'; Rating Watch Negative;
  -- $2.8 million class B 'AA+'; Rating Watch Negative;
  -- $2.3 million class C 'AA-'; Rating Watch Negative;
  -- $2.8 million class D 'BBB'; Rating Watch Negative;
  -- $1.5 million class E 'BBB-'; Rating Watch Negative;
  -- $1.6 million class F 'BB'; Rating Watch Negative;
  -- $1.1 million class G 'B'; Rating Watch Negative.

Mezz Cap Series 2004-C2

  -- $34.1 million class A 'AAA'; Rating Watch Negative;
  -- $2.1 million class B 'AA'; Rating Watch Negative;
  -- $1.6 million class C 'A'; Rating Watch Negative;
  -- $2.6 million class D 'BBB-'; Rating Watch Negative;
  -- $1.0 million class E 'BB'; Rating Watch Negative;
  -- $1.8 million class F 'BB-'; Rating Watch Negative;
  -- $1.2 million class G 'B'; Rating Watch Negative;
  -- $3.9 million class H 'CCC/RR1'; Rating Watch Negative.

Mezz Cap Series 2005-C3

  -- $40.9 million class A 'A'; Rating Watch Negative;
  -- $1.8 million class B 'BBB+'; Rating Watch Negative;
  -- $1.9 million class C 'BBB'; Rating Watch Negative;
  -- $3.2 million class D 'BB-'; Rating Watch Negative;
  -- $1.8 million class E 'B'; Rating Watch Negative;
  -- $1.6 million class F 'B-'; Rating Watch Negative;
  -- $1.7 million class G 'CCC/RR1'; Rating Watch Negative.

Mezz Cap Series 2006-C4

  -- $59.8 million class A 'A'; Rating Watch Negative;
  -- $2.2 million class B 'BBB'; Rating Watch Negative;
  -- $2.2 million class C 'BB'; Rating Watch Negative;
  -- $3.6 million class D 'BB-'; Rating Watch Negative;
  -- $1.2 million class E 'B+'; Rating Watch Negative;
  -- $2.6 million class F 'B-'; Rating Watch Negative;
  -- $6.9 million class G 'CC/RR3'; Rating Watch Negative.

Mezz Cap Series 2007-C5

  -- $39.6 million class A 'A'; Rating Watch Negative;
  -- $1.2 million class B 'BBB'; Rating Watch Negative;
  -- $1.6 million class C 'BB'; Rating Watch Negative;
  -- $2.3 million class D 'BB-'; Rating Watch Negative;
  -- $1.1 million class E 'B+'; Rating Watch Negative;
  -- $1.8 million class F 'B-'; Rating Watch Negative;
  -- $4.4 million class G 'CC/RR4'; Rating Watch Negative.

The Rating Watches are the result of additional specially serviced
loans and increased loss expectations since Fitch's last rating
action on each respective transaction.  While in most cases losses
have not yet been realized, the higher leverage on the loans,
coupled with a sharp decline in macroeconomic conditions, makes
substantial losses to the trusts likely.  In addition, interest
shortfalls have or are expected to affect senior classes.  As a
result, significant rating downgrades of several categories, in
some cases, are expected.

The transactions' delinquencies generally far exceed the average
delinquencies of typical CMBS deals.  Total delinquencies of 30
days or more for each transaction are: Mezz Cap 2004-C1, 16.5%;
Mezz Cap 2004-C2, 10%; Mezz Cap 2005-C3, 13.2%; Mezz Cap 2006-C4,
20.1%; and Mezz Cap 2007-C5, 20.6%. Fitch Loans of Concern make up
between 28.4% and 47.3% of each transaction.

Fitch expects to resolve the Rating Watches after reviewing
updated rent rolls, operating statements, and reports obtained
from both the B note and the corresponding A note servicers.  In
determining which loans are expected to incur losses, Fitch will
review evaluations provided by the servicer and evaluated expected
workout strategies.  After expected losses are applied, new credit
enhancement levels will be calculated.

Across the transactions, each mortgage loan consists of two notes:
the A note, or senior component, which is not included in each
respective trust's mortgage assets, and the B note.  The B notes
in each pool consist of subordinate interests in the first
mortgage loans.  All loans are secured by traditional commercial
real estate property types and are subject to standard
intercreditor agreements that limit the rights and remedies of the
B note holder in the event of default and upon refinancing.  Due
to their subordinate positions, B notes which default and incur a
loss are typically 100% non-recoverable.  Advancing typically
ceases once a loan becomes 30 days past due.


MICHIGAN TOBACCO: Fitch Affirms Ratings on Two Series 2008 Bonds
----------------------------------------------------------------
Fitch Ratings affirms two and downgrades one class from Michigan
Tobacco Settlement Financing Authority, tobacco settlement asset-
backed bonds, series 2008:

  -- $114,860,000 series 2008A turbo current interest bonds due
     June 1, 2042 affirmed at 'BBB+'; Outlook Stable;

  -- $29,874,650 series 2008B taxable capital appreciation turbo
     term bonds due June 1, 2046 affirmed at 'BBB'; Outlook
     Negative;

  -- $57,673,814 series 2008C capital appreciation turbo term
     bonds due June 1, 2058 downgraded to 'BB' from 'BBB-';
     Outlook Negative.

The various actions are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of up
to 1.25%.  The cash flow model accounts for the amount of the
latest reported MSA payment that the transaction has received, the
capital structure, the reserve account, and the bonds' legal final
dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

The 2008A bond is affirmed at 'BBB+' as supported by the model
output with a Stable Rating Outlook.  The 2008B bond is affirmed
at 'BBB', and the 2008C bond is downgraded to 'BB'.  Both bonds
are placed on Outlook Negative as the breakeven levels are
indicative of lower ratings and the bonds may be downgraded
depending on the amount of the future MSA payments received by the
trust.

Michigan Tobacco Settlement Financing Authority, tobacco
settlement asset-backed bonds, series 2008 bonds are secured by
the pledged payments made under the MSA.  The pledged payments
consist of Michigan's share of perpetual annual payments and
strategic contribution payments by the original participating
manufacturers and subsequent participating manufacturers.  The
OPMs at the time of the original agreement were Philip Morris USA,
Inc.; R.J. Reynolds Tobacco Company; Brown & Williamson Tobacco
Corporation; and Lorillard Tobacco Company.  The amount of annual
MSA payments received by the trust are mainly affected by the
tobacco consumption level and inflation rate, as well as state
specific adjustments, as specified in the MSA.


MIDLAND LOAN: Fitch Affirms 'CPS1' Primary Servicer Rating
----------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


MILLSTONE FUNDING: Fitch Junks Ratings on Funding Notes From 'B'
----------------------------------------------------------------
Fitch Ratings has downgraded one and affirmed three classes of
notes issued by Millstone Funding, Ltd.:

  -- $839,412,784 funding notes downgraded to 'CCC' from 'B';
  -- $38,155,127 class A-1 notes affirmed at 'CCC';
  -- $10,000,000 class A-2 notes affirmed at 'CC';
  -- $65,000,000 class B notes affirmed at 'C'.

Additionally, the funding notes have been removed from Rating
Watch Negative.  The notes were not assigned Rating Outlooks as
Fitch does not assign Rating Outlooks to classes rated 'CCC' or
below.

These rating actions are a result of the significant collateral
deterioration within the portfolio, specifically subprime and
alternative-A U.S. residential mortgage-backed securities bonds
and structured finance collateralized debt obligations with
underlying exposure to RMBS, which has continued since the last
rating action.

There has been significant negative credit migration within the
portfolio with 73.9% of the total portfolio downgraded a weighted
average of 8.95 notches since Fitch took its last rating action.
Presently 59.7% of the portfolio is rated below investment grade,
of which 45.1% is rated 'CCC' or lower.  Additionally, as of the
April 2009 trustee report, 32.6%, or $303.4 million, of the
current portfolio is now considered defaulted per the
transaction's governing documents.

The extensive collateral deterioration within the portfolio has
caused the each of the overcollateralization ratios to further
decline and fall below 100%, breaching their respective covenants.
The class A OC test has been failing since February 2008.  The
April 2009 trustee report shows the class A OC ratio is 58.5%,
versus its covenant of 104.8%.  Similarly, the class B OC ratio
has dropped to 54.4% compared to its trigger of 98.7%.

The failure of the class A OC test has caused all interest
proceeds otherwise available to pay interest to the class B notes,
to be used to amortize down the funding notes and the class A-1
notes, pro-rata.  Since closing, approximately 4.6% of the
original balance of the funding notes and the class A-1 notes has
paid down.  Fitch expects both classes of notes to continue to
receive their timely interest payments for the foreseeable future.
Given the composition and performance of the portfolio, Fitch
projects that the funding notes and the class A-1 notes will
likely experience some impairment of principal over the remaining
life of the transaction.

The class A-2 notes continue to receive their accrued monthly
interest payments and are expected to do so unless there are
insufficient proceeds available for distribution.  The notes are
not expected to receive any repayments of principal in the future.
The class B notes have and will continue to pay-in-kind, whereby
the principal balance of the notes is written up by the amount of
unpaid interest due to the class A OC test failure.  Fitch does
not expect any future interest or principal payments to any of the
class B notes.

Millstone is a cash flow CDO which closed in February 2004.  The
transaction exited the reinvestment period in March 2009.  In
February 2009, Stone Tower Debt Advisors, LLC replaced Church
Tavern Advisors, LLC as the manager of this transaction.
Millstone has a portfolio comprised primarily of subprime RMBS
bonds (30.3%), Alt-A RMBS (23.7%), prime RMBS (11.3%), SF CDOs
(31.1%), and other diversified structured finance assets.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


MORGAN STANLEY: S&P Downgrades Ratings on 2006-IQ12 Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
classes O, P, and Q from Morgan Stanley Capital I Trust 2006-IQ12
from 'CCC+', 'CCC', and 'CCC-', respectively.

The downgrades of the class O, P, and Q certificates are primarily
the result of interest shortfalls to these classes.  These
shortfalls stem from appraisal subordinate entitlement reductions
in effect for eight assets, as well as special servicing fees
payable for the 18 assets currently with the special servicer,
Centerline Servicing Inc.

Interest shortfalls currently affect the trust, and S&P expects
this to continue for the foreseeable future.  According to the
June 15, 2009 remittance report, monthly interest shortfalls were
$171,167, affecting the class O, P and Q certificates.  Given the
status of the specially serviced loans and the expectation of
additional appraisal reductions, S&P does not expect the
shortfalls to be recovered in the near future.

Two assets are contributing 73.0% of the total ASER amount.
Significant appraisal reduction amounts are in effect against each
of these loans, totaling $19.4 million.  Standard & Poor's expects
significant losses upon the resolution of each of these assets.

  -- The New Horizon Apartments ($30.3 million, 1.1% of the pool)
     asset is a 912-unit multifamily complex in Memphis,
     Tennessee.  The loan went into foreclosure on Nov. 17, 2008,
     and is currently considered real estate owned.  The property
     is 60% occupied and is currently being marketed for sale.  An
     appraisal dated May 28, 2008 valued the property at $16.6
     million and a new appraisal is currently under review.  The
     monthly ASER associated with this
     loan is $63,851.

  -- The Shops at Rock Creek loan ($11.7 million, 0.4% of the
     pool) loan is secured by a 61,333 sq.-ft. retail property in
     Memphis, Tenn.  The loan was transferred to Centerline on
     Oct. 1, 2008 due to a payment default, and a court appointed
     receiver is currently managing it.  Foreclosure is
     anticipated to occur on July 1, 2009. The monthly ASER
     associated with this loan is $32,155.

                         Ratings Lowered

             Morgan Stanley Capital I Trust 2006-IQ12
            Commercial mortgage pass-thru certificates

                  Rating
                  ------
        Class   To       From       Credit Enhancement (%)
        -----   --       ----       ----------------------
        O       D        CCC+                        1.40
        P       D        CCC                         1.14
        Q       D        CCC-                        0.76


MOUNTAIN VIEW: Moody's Downgrades Ratings on Various Notes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Mountain View CLO III Ltd.:

  -- US$75,000,000 Class A-2 Floating Rate Notes Due April 2021,
     Downgraded to A2; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$25,000,000 Class B Floating Rate Notes Due April 2021,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$31,000,000 Class C Floating Rate Deferrable Notes Due
     April 2021, Downgraded to Ba2; previously on March 13, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$24,000,000 Class D Floating Rate Deferrable Notes Due
     April 2021, Downgraded to Caa2; previously on March 13, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$14,000,000 Class E Floating Rate Deferrable Notes Due
     April 2021, Downgraded to Ca; previously on March 13, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds and second lien loans will be below
their historical averages, consistent with Moody's research.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by 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 E
overcollateralization test.  The weighted average rating factor
has increased over the last year and it is currently 2824 as of
the latest trustee report, dated May 29, 2009.  Based on the same
report, securities rated Caa1 or lower make up approximately 12%
of the underlying portfolio.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Mountain View CLO III Ltd., issued in May 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


NASSAU COUNTY: Fitch Affirms Ratings on Six Asset-Backed Bonds
--------------------------------------------------------------
Fitch Ratings affirms six and downgrades one class from Nassau
County Tobacco Settlement Corporation (New York), tobacco
settlement asset-backed bonds, series 2006:

  -- $42,645,000 series 2006A-1 taxable senior current interest
     bonds due June 1, 2021 at 'BBB+', Outlook Stable;

  -- $37,905,609 series 2006A-2 senior convertible bonds due June
     1, 2026 at 'BBB+', Outlook Stable;

  -- $97,005,000 series 2006A-3 senior current interest bonds due
     June 1, 2035 at 'BBB+', Outlook Negative;

  -- $194,535,000 series 2006A-3 senior current interest bonds due
     June 1, 2046 downgraded to 'BBB', Outlook Stable;

  -- $10,670,013 series 2006B first subordinate capital
     appreciation bonds due June 1, 2046 at 'BBB', Outlook
     Negative;

  -- $9,867,332 series 2006C second subordinate capital
     appreciation bonds due June 1, 2046 at 'BBB-', Outlook
     Negative;

  -- $37,604,290 series 2006D third subordinate capital
     appreciation bonds due June 1, 2060 at 'BB+', Outlook
     Negative.

The various actions are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of up
to 1.25%.  The cash flow model accounts for the amount of the
latest reported MSA payment that the transaction has received the
capital structure, the reserve account, and the bonds' legal final
dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

Although the delinked rating of the 2006A-1 bond suggested by the
model is 'A-', the bond rating is at the capped rating of 'BBB+'
with Stable Rating Outlook.  The 2006A-2 bond is affirmed at the
'BBB+' cap as supported by the model output with Stable Rating
Outlook.  The 2006A-3 bond due on 2035, the 2006B bond, the 2006C
bond, and the 2006D bond are affirmed at 'BBB+', 'BBB', 'BBB-',
and 'BB+', respectively; however, the model output suggests that
these bonds are under pressure with breakeven levels indicative of
lower ratings.  Therefore, the bonds are being assigned a Negative
Outlook because of the possibility of the bonds being downgraded
depending on the amount of the future MSA payments received by the
trust regardless of the industry assessment.  The 2006A-3 bond due
on 2046 is downgraded to 'BBB' with Stable Rating Outlook.

Nassau County Tobacco Settlement Corporation (New York), tobacco
settlement asset-backed bonds, series 2006 bonds are secured by
the pledged payments made under the MSA.  The pledged payments
consist of New York's share of perpetual annual payments and
strategic contribution payments by the original participating
manufacturers and subsequent participating manufacturers.  The
OPMs at the time of the original agreement were Philip Morris USA,
Inc.; R.J. Reynolds Tobacco Company; Brown & Williamson Tobacco
Corporation; and Lorillard Tobacco Company.  The amount of annual
MSA payments received by the trust are mainly affected by the
tobacco consumption level and inflation rate, as well as state
specific adjustments, as specified in the MSA.


NATIONAL COOPERATIVE: Fitch Keeps 'CPS1' Primary Servicer Rating
----------------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


NCB FSB: Fitch Cuts Primary Servicer Rating to 'CPS2+'
------------------------------------------------------
Fitch Ratings has taken these rating actions on NCB, FSB's
servicer ratings:

  -- Primary servicer downgraded to 'CPS2+' from 'CPS1-';
  -- Master servicer affirmed at 'CMS2-'.

Fitch's rating actions are based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

NCB's primary servicer rating downgrade is due to increased
weighting associated with financial condition factor as well as
employee experience.

The ratings of the CMBS transactions serviced by NCB are not
expected to be negatively impacted by the servicer downgrade.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


NEXTSTUDENT MASTER: Moody's Confirms Ratings on 23 Classes
----------------------------------------------------------
Moody's Investors Service has confirmed the ratings of 23 classes
of notes from NextStudent Master Trust I.  The notes were
downgraded and placed under review for further possible downgrade
on January 28, 2009 due to uncertainties caused by the Master
Servicer and Administrator Default and the related governance
issues of the trust.

On November 28, 2008 the Indenture Trustee, Deutsche Bank Trust
Company Americas, issued a Notice of Defaults with respect to the
Issuer, Master Servicer and Administrator.  The Notice of Defaults
stated that the defaults were the result of the failure by Next
Student, Inc. to comply with the Higher Education Act as it
relates to the regulation that requires originators of
consolidation loans to rebate certain fees to the Department of
Education.  The Notice of Defaults stated that Next Student failed
to rebate approximately $14.1 million in such fees to the DOE
during the months of November 2007 through August 2008.  The
failure of the Master Servicer to remit the rebate fees to the DOE
constitutes a Master Servicer event of default, if it is not
remedied within 60 days of receipt of the Notice of Defaults and
the failure of the Administrator to cause the Issuer to comply
with the HEA constitutes an Administrator event of default, if it
is not remedied within 90 days of the Notice.

In January 2009, NextStudent Inc. was replaced by DBTCA as the
Master Servicer and Administrator.  In the same month, the $14.1
million rebate fees that NextStudent Inc. owed to DOE were repaid
by the Trust, which resulted in an approximately 77 basis points
decline in senior parity, or the ratio of total assets to total
senior notes outstanding.  The total parity, i.e. the ratio of
total assets to total liabilities decreased from 97.11% in
December 2008 to 96.13% in January 2009.

Currently DBTCA serves as Master Servicer and Administrator of the
Trust.  It has outsourced its duties to ACS Asset Management
Group, which in turn contracted with a third party agency to
perform certain of its functions.  This arrangement mitigated
Moody's concerns regarding transaction governance.  Therefore, the
ratings on the senior bonds were confirmed.

The complete rating actions are:

Issuer: NextStudent Master Trust I

  -- $72,800,000 Series 2006A-1 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $72,800,000 Series 2006A-2 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $56,800,000 Series 2006A-3 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $62,800,000 Series 2006A-4 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $26,500,000 Series 2006A-5 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $68,500,000 Series 2006A-6 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $57,100,000 Series 2006A-7 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $42,100,000 Series 2006A-8 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $27,000,000 Series 2007A-1 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $96,000,000 Series 2007A-2 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $93,000,000 Series 2007A-3 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $96,000,000 Series 2007A-4 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $86,000,000 Series 2007A-5 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $12,400,000 Series 2007A-6 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;;

  -- $86,000,000 Series 2007A-7 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $95,000,000 Series 2007A-8 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;


  -- $95,000,000 Series 2007A-9 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $71,000,000 Series 2007A-10 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $95,000,000 Series 2007A-11 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $81,000,000 Series 2007A-12 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $95,000,000 Series 2007A-13 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $95,000,000 Series 2007A-14 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;

  -- $78,450,000 Series 2007A-15 Student Loan-Backed Notes,
     Confirmed at B3; previously on January 28, 2009 Downgraded to
     B3 from Baa3 and Placed Under Review for Possible Downgrade;


NOVASTAR MORTGAGE: Moody's Downgrades Ratings on 42 Securities
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 42
securities from 9 transactions issued by NovaStar.  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 50% to
70%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

The complete rating actions:

NovaStar Mortgage Funding Trust 2003-1

  -- Cl. A-1, Downgraded to Aa2; previously on 3/19/2003 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa2; previously on 3/19/2003 Assigned
     Aaa

  -- Cl. AIO, Downgraded to Aa2; previously on 3/19/2003 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A1; previously on 3/19/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 3/19/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Caa2; previously on 3/19/2003 Assigned
     Baa2

NovaStar Mortgage Funding Trust 2003-2

  -- Cl. M-1, Downgraded to A1; previously on 7/16/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 7/16/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba1; previously on 7/16/2003 Assigned
     A3

  -- Cl. B-1, Downgraded to Ba2; previously on 7/16/2003 Assigned
     Baa1

NovaStar Mortgage Funding Trust 2003-3

  -- Cl. M-1, Downgraded to A1; previously on 11/18/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa2; previously on 11/18/2003
     Assigned A2

  -- Cl. M-3, Downgraded to Baa3; previously on 11/18/2003
     Assigned A3

  -- Cl. B-1, Downgraded to Ba1; previously on 11/18/2003 Assigned
     Baa1

NovaStar Mortgage Funding Trust 2003-4

  -- Cl. M-3, Downgraded to Baa2; previously on 2/9/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Baa3; previously on 2/9/2004 Assigned
     Baa1

NovaStar Mortgage Funding Trust 2004-1

  -- Cl. M-4, Downgraded to Baa1; previously on 6/11/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa2; previously on 6/11/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Baa3; previously on 6/11/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to B1; previously on 6/11/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to C; previously on 12/3/2007 Downgraded
     to Ba3

  -- Cl. B-3, Downgraded to C; previously on 12/3/2007 Downgraded
     to B3

NovaStar Mortgage Funding Trust 2004-2

  -- Cl. M-4, Downgraded to Baa3; previously on 6/18/2004 Assigned
     A2

  -- Cl. M-5, Downgraded to Ba1; previously on 6/18/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Ba3; previously on 12/3/2007
     Downgraded to Baa3

  -- Cl. B-2, Downgraded to Caa3; previously on 12/3/2007
     Downgraded to Ba2

  -- Cl. B-3, Downgraded to C; previously on 12/3/2007 Downgraded
     to B3

NovaStar Mortgage Funding Trust 2004-3

  -- Cl. M-6, Downgraded to Baa1; previously on 9/20/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Ba1; previously on 9/20/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Caa3; previously on 9/20/2004 Assigned
     Baa2

  -- Cl. B-3, Downgraded to C; previously on 9/20/2004 Assigned
     Baa3

NovaStar Mortgage Funding Trust 2004-4

  -- Cl. M-6, Downgraded to Baa1; previously on 1/10/2005 Assigned
     A3

  -- Cl. B-1, Downgraded to Baa3; previously on 1/10/2005 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Caa3; previously on 1/10/2005 Assigned
     Baa2

  -- Cl. B-3, Downgraded to C; previously on 12/3/2007 Downgraded
     to Ba1

NovaStar Mortgage Funding Trust, Ser 2002-3

  -- Cl. A-1, Downgraded to Baa3; previously on 10/15/2002
     Assigned Aaa

  -- Cl. A-2, Downgraded to Baa3; previously on 10/15/2002
     Assigned Aaa

  -- Cl. AIO, Downgraded to Baa3; previously on 10/15/2002
     Assigned Aaa

  -- Cl. M-1, Downgraded to Caa2; previously on 10/15/2002
     Assigned Aa2

  -- Cl. M-2, Downgraded to C; previously on 10/15/2002 Assigned
     A2

  -- Cl. M-3, Downgraded to C; previously on 10/15/2002 Assigned
     Baa2

  -- Cl. B, Downgraded to C; previously on 9/26/2002 Assigned Ba2


OCWEN LOAN: Fitch Downgrades Special Servicer Rating to 'CSS2-'
---------------------------------------------------------------
Fitch Ratings has downgraded Ocwen Loan Servicing, LLC's special
servicer ratings:

  -- Special servicer to 'CSS2-' from CSS2.

Fitch's rating action is based on the recent update of Fitch's
servicer rating criteria update.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

Ocwen's special servicer rating downgrade is due to increased
emphasis on financial condition and market participation.  Ocwen's
scoring in these areas was negatively impacted during the criteria
update.

The ratings of the CMBS transactions serviced by Ocwen are not
expected to be negatively impacted by the servicer downgrade.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


OLYMPIC CLO: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Olympic CLO I Ltd.:

  -- US$101,000,000 Class A-1L Floating Rate Notes Due May
     2016, Downgraded to A1; previously on March 9, 2004 Assigned
     Aaa;

  -- US$25,000,000 Class A-1LB Floating Rate Notes Due May
     2016, Downgraded to A2; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$16,000,000 Class A-2L Floating Rate Notes Due May 2016,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$19,000,000 Class A-3L Floating Rate Notes due May 2016,
     Downgraded to Ba3; previously on March 18, 2009 Downgraded to
     Ba2 and Placed Under Review for Possible Downgrade;

  -- US$15,000,000 Class B-1L Floating Rate Notes due May 2016,
     Downgraded to Ca; previously on March 18, 2009 Downgraded to
     Caa1 and Placed Under Review for Possible Downgrade;

  -- US$4,400,000 Class B-2L Floating Rate Notes due May 2016,
     Downgraded to C; previously on March 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 Class
B-2L Overcollateralization Test.  The weighted average rating
factor has steadily increased over the last year and it is
currently at 3013 versus a test level of 2250 as of the last
trustee report, dated June 4, 2009.  Based on the same report,
defaulted securities total about $23.3 million, accounting for
roughly 7.8% of the collateral balance, and securities rated Caa1
or lower make up approximately 16.4% of the underlying portfolio.
Moody's noted that par "haircuts" on securities from issuers rated
Caa1 and below in excess of 7.5% is incorporated in the Class B-2L
Overcollateralization Test (but not in the other
Overcollateralization tests).

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

Moody's Approach to Rating Collateralized Loan Obligations
(December 31, 2008).

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


OPTION ONE: Moody's Downgrades Ratings on 49 Securities
-------------------------------------------------------
Moody's Investors Service has downgraded the rating of 49
securities from 13 subprime RMBS transactions issued by Option
One.  These actions are part of an ongoing review of subprime RMBS
transactions.

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

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

Option One Mortgage Loan Trust 2001-4

  -- Cl. A, Downgraded to A2; previously on 10/30/2001 Assigned
     Aaa

  -- Cl. M-1, Downgraded to A2; previously on 10/30/2001 Assigned
     Aa2

Option One Mortgage Loan Trust 2002-1

  -- Cl. A, Downgraded to A1; previously on 2/5/2002 Assigned Aaa

  -- Cl. M-1, Downgraded to Baa3; previously on 9/23/2005 Upgraded
     to Aa1

  -- Cl. M-2, Downgraded to Ba3; previously on 9/23/2005 Upgraded
     to Aa3

  -- Cl. M-3, Downgraded to B1; previously on 2/5/2002 Assigned
     Baa2

Option One Mortgage Loan Trust 2002-2

  -- Cl. M-1, Downgraded to A2; previously on 3/14/2002 Assigned
     Aa2

Option One Mortgage Loan Trust 2002-3

  -- Cl. A-1, Downgraded to A2; previously on 5/7/2002 Assigned
     Aaa

  -- Cl. A-2, Downgraded to A2; previously on 5/7/2002 Assigned
     Aaa

  -- Cl. M-1, Downgraded to Ba3; previously on 9/23/2005 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to Caa3; previously on 5/7/2002 Assigned
     A2

  -- Cl. M-3, Downgraded to Ca; previously on 5/7/2002 Assigned
     Baa2

Option One Mortgage Loan Trust 2002-5

  -- Cl. M-1, Downgraded to A1; previously on 9/23/2005 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to Baa3; previously on 9/23/2005 Upgraded
     to Aa3

  -- Cl. M-3, Downgraded to Ba1; previously on 8/6/2002 Assigned
     Baa2

  -- Cl. M-4, Downgraded to Ba2; previously on 8/6/2002 Assigned
     Baa3

  -- Cl. B, Downgraded to Ba2; previously on 8/6/2002 Assigned Ba1

Option One Mortgage Loan Trust 2002-6

  -- Cl. M-1, Downgraded to A3; previously on 9/23/2005 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to Baa3; previously on 9/23/2005 Upgraded
     to A1

  -- Cl. M-3, Downgraded to Ba1; previously on 11/21/2002 Assigned
     Baa2

Option One Mortgage Loan Trust 2003-1

  -- Cl. M-1, Downgraded to A1; previously on 1/24/2003 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 1/24/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba2; previously on 1/24/2003 Assigned
     Baa2

  -- Cl. M-4, Downgraded to Ba2; previously on 1/24/2003 Assigned
     Baa3

Option One Mortgage Loan Trust 2003-3

  -- Cl. M-2, Downgraded to Baa1; previously on 4/23/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa2; previously on 4/23/2003 Assigned
     A3

  -- Cl. M-4, Downgraded to Baa3; previously on 4/23/2003 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Ba3; previously on 5/31/2007
     Downgraded to Ba1

  -- Cl. M-6, Downgraded to Ca; previously on 5/31/2007 Downgraded
     to B2

Option One Mortgage Loan Trust 2003-5

  -- Cl. M-2, Downgraded to Baa2; previously on 8/7/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa3; previously on 8/7/2003 Assigned
     A3

  -- Cl. M-4, Downgraded to Ba1; previously on 8/7/2003 Assigned
     Baa1

  -- Cl. M-5, Downgraded to B3; previously on 5/31/2007 Downgraded
     to Ba3

  -- Cl. M-6, Downgraded to C; previously on 5/31/2007 Downgraded
     to B3

Option One Mortgage Loan Trust 2004-1

  -- Cl. M-2, Downgraded to Baa1; previously on 2/10/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa2; previously on 2/10/2004 Assigned
     A3

  -- Cl. M-4, Downgraded to Baa3; previously on 2/10/2004 Assigned
     Baa1

  -- Cl. M-7, Downgraded to C; previously on 12/14/2007 Downgraded
     to Ca

Option One Mortgage Loan Trust 2004-2

  -- Cl. M-3, Downgraded to Baa2; previously on 4/28/2004 Assigned
     A3

  -- Cl. M-4, Downgraded to Baa3; previously on 4/28/2004 Assigned
     Baa1

  -- Cl. M-5, Downgraded to Ba1; previously on 4/28/2004 Assigned
     Baa2

Option One Mortgage Loan Trust 2004-3

  -- Cl. M-4, Downgraded to A3; previously on 10/12/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa1; previously on 10/12/2004
     Assigned A2

  -- Cl. M-6, Downgraded to Baa2; previously on 10/12/2004
     Assigned A3

  -- Cl. M-7, Downgraded to Baa3; previously on 10/12/2004
     Assigned Baa1

  -- Cl. M-8, Downgraded to Ba2; previously on 10/12/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to Ba3; previously on 10/12/2004 Assigned
     Baa3

Option One Woodbridge Loan Trust 2002-1

  -- Cl. M-3, Downgraded to Baa2; previously on 5/6/2002 Assigned
     A3

  -- Cl. B, Downgraded to Ba2; previously on 5/6/2002 Assigned
     Baa2


ORIX CAPITAL: Fitch Affirms 'CSS3+' Special Servicer Rating
-----------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


OWNIT MORTGAGE: Moody's Cuts Ratings on Two 2004-1 Securities
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of two
securities from Ownit Mortgage Loan Trust 2004-1.  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, the
affected transactions has, at some point, passed performance
triggers and released portions of credit enhancement.

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

The complete rating actions:

Issuer: Ownit Mortgage Loan Trust 2004-1

  -- Cl. B-2, Downgraded to Ba2; previously on 4/10/2008
     Downgraded to Ba1

  -- Cl. B-3, Downgraded to B1; previously on 4/10/2008 Downgraded
     to Ba3


PACIFIC LIFE: Fitch Affirms 'CPS1' Primary Servicer Rating
----------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


PEOPLE'S CHOICE: Moody's Downgrades Ratings on Seven Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of seven
securities from two transactions issued by People's Choice.  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 70%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

The complete rating actions:

Issuer: People's Choice Home Loan Securities Trust 2004-1

  -- Cl. M-4, Downgraded to Ba1; previously on 4/16/2008
     Downgraded to Baa3

  -- Cl. M-5, Downgraded to Caa3; previously on 4/16/2008
     Downgraded to Ba3

  -- Cl. M-6, Downgraded to C; previously on 4/16/2008 Downgraded
     to B3

  -- Cl. M-7, Downgraded to C; previously on 4/16/2008 Downgraded
     to Ca

Issuer: People's Choice Home Loan Securities Trust 2004-2

  -- Cl. M5, Downgraded to Ba2; previously on 4/16/2008 Downgraded
     to Baa3

  -- Cl. M6, Downgraded to Ca; previously on 4/16/2008 Downgraded
     to Ba2

  -- Cl. M7, Downgraded to C; previously on 11/1/2007 Downgraded
     to B3


PNC MORTGAGE: S&P Downgrades Rating on Class N Certs. to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
N commercial mortgage pass-through certificates from PNC Mortgage
Acceptance Corp.'s series 2001-C1 to 'D' from 'CCC-'.  The rating
was on CreditWatch negative before the downgrade.

The downgrade to 'D' reflects recurring interest shortfalls
resulting from appraisal subordinate entitlement reductions in
effect for two assets with the special servicer, Midland Loan
Services Inc.  The interest shortfalls have occurred for the last
four months, and S&P expects them to recur for the foreseeable
future.

Details concerning these two assets with the special servicer are:

  -- The Pine Meadows III asset has a total exposure of
     $12.3 million and became real estate owned in April 2008.
     The asset is a 102,995-sq.-ft. office property built in 2000
     in Libertyville, Ill. A $7.6 million appraisal reduction
     amount is in effect on this asset.  The related ASER amount
     on the June 12, 2009, remittance report was $49,954.  The
     cumulative ASER amount reported was $446,031.  The property
     is being actively marketed, and Standard & Poor's expects a
     moderate loss upon the resolution of this asset.

  -- The Palmer Park Apartments loan has a total exposure of
     $2.9 million and was transferred to the special servicer in
     July 2008 due to delinquency.  The loan is 90-plus-days
     delinquent, and a 171-unit multifamily property in Detroit
     secures this loan.  The property was built between 1940 and
     1950.  A $1.9 million ARA is in effect on this asset.  The
     related ASER amount on the June 12, 2009, remittance report
     was $13,551, and the cumulative ASER amount reported was
     $77,022.  The special servicer is following a dual track of a
     payoff and foreclosure.  Standard & Poor's expects a
     significant loss upon the resolution of this asset.

In addition to the two assets, these two assets are with the
special servicer but do not have ASERs in effect:

  -- The Huntington Circle Apartments loan has a total exposure of
     $3.2 million and was transferred to the special servicer in
     October 2007 due to monetary default.  A 126-unit multifamily
     property in Lewisville, Texas, secures this loan.  The
     property was built in 1982.  A $1.9 million ARA was in effect
     on this asset until the loan was assumed on June 1, 2009.
     The one-time fees totaling $255,629 that were associated with
     the modification of this loan have been repaid.  The loan
     will be returned to the master servicer upon the timely
     receipt of three payments.

  -- The Radisson Plaza Hotel loan has a total exposure of
     $13.0 million and was transferred to the special servicer in
     September 2007 due to inadequate monthly deposits into the
     furniture, fixtures, and equipment reserve.  The loan is
     current, and a 185-room full-service hotel constructed in
     1985, renovated in 2000, and located in San Jose, California,
     secures this loan.  The property is currently subject to a
     $3.5 million property improvement plan, the progress of which
     is being monitored by Midland and Radisson.  As of June 1,
     2009, the borrower had made a payment to the lender
     representing delinquent FF&E payments but was still behind in
     funding this escrow.  The special servicer is working with
     Radisson and the borrower to complete the required PIP work.
     After completion of the PIP requirements, the borrower is
     requesting a modification and lowering of the annual FF&E
     escrow.  Standard & Poor's does not expect a loss upon the
     eventual resolution of this loan.

                          Rating Lowered

                   PNC Mortgage Acceptance Corp.
    Commercial mortgage pass-through certificates series 2001-C1
               Rating
               ------
   Class     To       From              Credit enhancement (%)
   -----     --       ----              ----------------------
   N         D        CCC-/Watch Neg                      1.41


POPULAR ABS: Moody's Downgrades Ratings on Five 2004-5 Securities
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of five
securities from Popular ABS Mortgage Pass-Through Trust 2004-5.
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, the
affected transaction has, at some point, passed performance
triggers and released portions of credit enhancement.

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

The complete rating actions:

Issuer: Popular ABS Mortgage Pass-Through Trust 2004-5

  -- Cl. M-1, Downgraded to A1; previously on 2/14/2005 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 2/14/2005 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba2; previously on 2/14/2005 Assigned
     A3

  -- Cl. M-4, Downgraded to B2; previously on 2/14/2005 Assigned
     Baa1

  -- Cl. B-1, Downgraded to Caa2; previously on 2/14/2005 Assigned
     Baa2


PPM AMERICA: Fitch Takes Various Rating Actions on Notes
--------------------------------------------------------
Fitch Ratings has taken various rating actions, including
assigning Rating Outlooks as specified, on these classes of notes
issued by PPM America High Grade CBO I, Ltd.:

  -- $75,599,788 class A-2A notes downgraded to 'BBB/LS2' from
     'AAA'; Outlook Negative;

  -- $158,520,820 class A-2B notes downgraded to 'BBB/LS2' from
     'AAA'; Outlook Negative;

  -- $20,289,593 class A-3 notes downgraded to 'BBB/LS2' from
     'AAA'; Outlook Negative;

  -- $48,000,000 class B-1 notes downgraded to 'CC' from 'B+';

  -- $10,000,000 class B-2 notes downgraded to 'CC' from 'B+';

  -- $17,850,000 class C notes revised to 'C/RR6' from 'C/DR6'.

The Negative Outlooks assigned to the class A-2A, A-2B, and A-3
notes reflect the concentration of the remaining portfolio and a
heavy reliance on a full return of par from below investment-grade
assets in order to receive a full return of principal on these
notes.

The Distressed Recovery Rating for the class C notes has been
revised to 'RR6' to reflect Fitch's updated Rating Definitions
Criteria released March 3, 2009.

The rating actions incorporate Fitch's adjusted default and
recovery rate assumptions for analyzing corporate collateralized
debt obligations, in addition to credit deterioration in the
underlying portfolio.  Assets with a Fitch derived rating below
investment grade comprise 49.2% of the portfolio, of which 22.4%
of the portfolio is in the 'CCC' bucket or below.  Currently,
16.9% of the portfolio has a Negative Outlook, with an additional
3% on Rating Watch Negative.

Currently, the issuer holds $124 million in principal proceeds
that are expected to be distributed to the senior notes on the
next payment date in July 2009.  The class A-2A and A-2B notes are
the most senior notes remaining in the capital structure and have
amortized 39.8% since closing.  The class A-3 notes benefit from
structural features in PPM HG I, whereby a failure of the interest
priority test causes the class A-3 accreted investment amount to
be paid above class B interest in the waterfall.  On the January
2009 payment date, classes B-1 and B-2 were cut off from their
scheduled interest payments following losses on a defaulted
position representing 2.2% of the portfolio.  Fitch expects the
interest priority test to continue failing as cumulative defaults
now exceed the 12% threshold, decreasing the likelihood that
classes B-1 and B-2 will receive a full return of scheduled
principal and interest.  Class C has not received any funds since
the payment date in July 2007, and Fitch does not anticipate any
future payments to be made to the class C notes.

PPM HG I is a collateralized bond obligation managed by PPM
America, Inc., that closed Dec. 19, 2000.  The remaining portfolio
is primarily composed of investment grade corporate bonds.
Payments are made semi-annually in January and July, and the
reinvestment period ended in January 2005.

The rating on the class A-3 notes only addresses the return of the
accreted investment amount of class A-3, currently $8,393,660.

This transaction was reviewed in accordance with Fitch's current
criteria for corporate CDOs.  Fitch's revised criteria report for
rating corporate CDOs was released on April 30, 2008.  As part of
this review, Fitch makes standard adjustments for any corporate
names on Rating Watch Negative or with a Negative Outlook,
downgrading such ratings for default analysis purposes by two and
one notches, respectively.

Introduced in February 2009, Loss Severity ratings are meant to
complement the existing Long-Term Credit ratings for structured
finance securities.  LTC ratings exclusively address the
probability of default of a security.  The LS ratings provide an
indication of the relative degree of risk that a security might
suffer a high loss severity in the event that the security
defaults.  It will always be necessary to consider loss severity
(as indicated by the LS rating) in conjunction with probability of
default (as indicated by the LTC rating.)  The LS rating scale
consists of five rating categories from 'LS1' to 'LS5'.  LS
ratings are only assigned to securities that have corresponding
LTC ratings in rating categories 'AAA' through 'B'.  The LS rating
category to be assigned will be determined through a calculation
that measures the size of the tranche ('tranche thickness')
relative to the base expected loss determined for the asset
portfolio underlying the transaction.


PREFERREDPLUS TRUST: Moody's Confirms 'Caa1' Rating on Certs.
-------------------------------------------------------------
Moody's Investors Service announced that it confirmed its rating
of 1,248,000 PREFERREDPLUS 8.00% Trust Certificates Series CTR-1
issued by PREFERREDPLUS Trust Series CTR-1.

The rating action is:

Class Description: 1,248,000 PREFERREDPLUS 8.00% Trust
Certificates Series CTR-1

  -- Current Rating: Caa1
  -- Prior Rating: Caa1 on review for possible downgrade
  -- Prior Rating Date: 02/10/09

The transaction is a structured note whose rating changes with the
ratings of the Underlying Securities.  The rating action is a
result of the change of the rating 8.00% Notes due 2019 issued by
Cooper Tire & Rubber Company whose rating was confirmed at Caa1 on
June 10, 2009.


PROTECTIVE LIFE: Fitch Affirms Various Servicer Ratings
-------------------------------------------------------
Fitch Ratings affirms Protective Life Insurance Company's servicer
ratings:

  -- Primary servicer rating at 'CPS3+';
  -- Master servicer rating at 'CMS3';
  -- Special servicer rating at 'CSS3+'.

The primary servicer rating reflects the company's continued
ability to service loans in commercial mortgage-backed securities
transactions.  The master servicer rating is based on the
company's ability to monitor correspondents, the experienced asset
management staff, and the financial strength of parent company,
Protective Life Corporation.  The special servicer rating
considers Protective Life's ability to manage and work out non-
performing commercial real estate loans.  All ratings consider the
company's seasoned and tenured management team with minimal
turnover.

As of March 31, 2009, Protective Life's total primary, master, and
special servicing portfolio was comprised of 1,918 loans with an
outstanding principal balance of $5 billion, of which 341 loans
and $1.1 billion was CMBS.  Also as of March 31, 2009, Protective
Life was actively specially servicing two CMBS loans totaling
$8.2 million.


PRUDENTIAL ASSET: Fitch Affirms 'CPS2+' Primary Servicer Rating
---------------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


REPACS TRUST: S&P Downgrades Ratings on Eight 2005-1 Debt Units
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the debt
units issued by REPACs Trust Series: CAT 2005-1 and removed it
from CreditWatch with negative implications as a result of
continued credit deterioration among the underlying corporate
obligors.  S&P subsequently withdrew the rating at the request of
the issuer.

                   Rating Lowered And Withdrawn

                 REPACs Trust Series: CAT 2005-1

                                   Rating
                                   ------
         Class                To            From
         -----                --            ----
         Debt units           CCC           B+/Watch Neg
                              NR            CCC


RESIX FINANCE: Moody's Downgrades Ratings on Two 2006-1 Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded ratings on two tranches
from RESIX Finance Ltd Credit-Linked Notes 2006-1.  RESIX Finance
Ltd Credit-Linked Notes 2006-1 issued mortgage-backed Credit
Linked Notes.

This synthetic transaction provides the owner of a sizable pool of
mortgages as the "Protection Buyer" credit protection through a
credit default swap with the issuer as the "Protection Seller" of
the notes.  Through this agreement, the Protection Buyer pays a
fee in return for the transfer of a portion of the reference
portfolio credit risk.

Investors in the notes have an interest in the holdings of the
issuer, which include highly rated investment instruments, a
forward delivery agreement and fee collections on the agreement
with the Protection Buyer.  Investors are exposed to losses from
the reference portfolio but benefit only indirectly from cash
flows from these assets.  Depending on the class of notes held,
investors have credit protection from subordination.

The reference portfolio of this transaction includes prime
conforming and nonconforming fixed-rate and adjustable-rate
mortgages purchased from various originators.  The actions are
triggered by the quickly deteriorating performance of the
reference portfolio -- 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:

Issuer: RESIX Finance Limited Credit Linked Notes, Series 2006-1

  -- Cl. B7, Downgraded to Ca; previously on May 22, 2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. B8, Downgraded to Ca; previously on May 22, 2009 Caa2
     Placed Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

  i) the nature, sufficiency, and quality of historical
     performance information available for the asset class as well
     as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
     interests of the key parties to the transaction, most notably
     the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
     cashflow and capital structure,

  v) an analysis of the transaction's governance and legal
     structure, and

vi) a comparison of these attributes against those of other
     similar transactions.


ROSEDALE CLO: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Rosedale CLO Ltd.:

  -- US$25,000,000 Class A-1R First Priority Senior Secured
     Floating Rate Revolving Notes Due 2021, Downgraded to A2;
     previously on June 30, 2006 Assigned Aaa;

  -- US$25,000,000 Class A-1D First Priority Senior Secured
     Floating Rate Delayed Draw Notes Due 2021, Downgraded to A2;
     previously on June 30, 2006 Assigned Aaa;

  -- US$106,000,000 Class A-1A First Priority Senior Secured
     Floating Rate Term Notes Due 2021, Downgraded to A2;
     previously on June 30, 2006 Assigned Aaa;

  -- US$60,000,000 Class A-1S First Priority Senior Secured
     Floating Rate Term Notes Due 2021, Downgraded to Aa2;
     previously on June 30, 2006 Assigned Aaa;

  -- US$8,500,000 Class A-1J First Priority Senior Secured
     Floating Rate Term Notes Due 2021, Downgraded to Baa1;
     previously on March 4, 2009 Aa1 Placed Under Review for
     Possible Downgrade;

  -- US$22,000,000 Class B Second Priority Senior Secured Floating
     Rate Notes Due 2021, Downgraded to Ba1; previously on March
     4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$15,500,000 Class C Third Priority Senior Secured
     Deferrable Floating Rate Notes Due 2021; Downgraded to Caa2;
     previously on March 4, 2009 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$6,500,000 Class D-1 Fourth Priority Mezzanine Deferrable
     Floating Rate Notes Due 2021; Downgraded to Ca; previously on
     March 4, 2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$10,000,000 Class D-2 Fourth Priority Mezzanine Deferrable
     Step-Up Notes Due 2021; Downgraded to Ca; previously on March
     4, 2009 Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$9,000,000 Class E Fifth Priority Mezzanine Deferrable
     Floating Rate Notes Due 2021; Downgraded to C; previously on
     March 4, 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," the application
of certain stresses with respect to the default probabilities
associated with certain Moody's credit estimates, 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 par coverage (as measured through the Principal
Coverage Ratios), an increase in the dollar amount of defaulted
securities, and an increase in the proportion of securities from
issuers rated Caa1 and below.  Additionally, interest payments on
the Class C, D-1, and E Notes are presently being deferred as a
result of the failure of the Class A/B, C, and D Principal
Coverage Tests.  The Class A/B, Class C, Class D, and Class E
Principal Coverage Ratios versus their respective test levels are:
110.6% versus 111.4%, 104.0% versus 107.1%, 98.7% versus 104.5%,
and 95.4% versus 102.1%, respectively.  As of the last trustee
report, dated May 29, 2009, defaulted securities total about
$23.8 million, accounting for roughly 8.2% of the collateral
balance, and securities rated Caa1 or lower make up approximately
8.5% of the underlying portfolio.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


SAGUARO ISSUER: Moody's Confirms Ratings on Principal Units
-----------------------------------------------------------
Moody's Investors Service announced that it has confirmed its
ratings of 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 $11,000,000 aggregate face amount of
Principal Units, Series K

  -- Current Rating: Ba1
  -- Prior Rating: Ba1 on review for possible downgrade
  -- Prior Rating Date: 06/09/09

Class Description: US $34,000,000 aggregate face amount of
Principal Units, Series L

  -- Current Rating: Ba1
  -- Prior Rating: Ba1 on review for possible downgrade
  -- Prior Rating Date: 06/09/09

Class Description: $25,000,000 aggregate face amount of Principal
Units, Series M

  -- Current Rating: Ba2
  -- Prior Rating: Ba2 on review for possible downgrade
  -- Prior Rating Date: 06/09/09

The transaction is a structured note whose ratings change with the
rating of the underlying Principal Certificates.

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 confirmed by Moody's at Ba1 on 06/10/2009.

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 confirmed by Moody's at Ba1 on 06/10/2009.

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 confirmed
by Moody's at Ba2 on 06/10/2009.


SASI FINANCE: Moody's Downgrades Ratings on Nine 2006-A Tranches
----------------------------------------------------------------
Moody's Investors Service has downgraded ratings on nine tranches
from SASI Finance Limited Partnership 2006-A.  SASI Finance
Limited Partnership 2006-A issued residential mortgage-backed
Credit Linked Notes.

This synthetic transaction provides the owner of a sizable pool of
mortgages as the "Protection Buyer" credit protection through a
credit default swap with the issuer as the "Protection Seller" of
the notes.  Through this agreement, the Protection Buyer pays a
fee in return for the transfer of a portion of the reference
portfolio credit risk.

Investors in the notes have an interest in the holdings of the
issuer, which include highly rated investment instruments, a
forward delivery agreement and fee collections on the agreement
with the Protection Buyer.  Investors are exposed to losses from
the reference portfolio but benefit only indirectly from cash
flows from these assets.  Depending on the class of notes held,
investors have credit protection from subordination.

The reference portfolio of this transaction includes prime
conforming and nonconforming fixed-rate and adjustable-rate
mortgages purchased from various originators.  The actions are
triggered by the quickly deteriorating performance of the
reference portfolio -- 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:

Issuer: SASI Finance Limited Partnership 2006-A, Sovereign Asset
Synthetic Investment Securities, Series 2006-A

  -- Cl. A, Downgraded to Aa3; previously on 5/22/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. B1, Downgraded to Baa1; previously on 5/22/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. B2, Downgraded to Baa2; previously on 5/22/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. B3, Downgraded to B1; previously on 5/22/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. B4, Downgraded to B2; previously on 5/22/2009 A2 Placed
     Under Review for Possible Downgrade

  -- Cl. B5, Downgraded to Caa1; previously on 5/22/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. B6, Downgraded to Ca; previously on 5/22/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. B7, Downgraded to Ca; previously on 5/22/2009 B3 Placed
     Under Review for Possible Downgrade

  -- Cl. B8, Downgraded to Ca; previously on 5/22/2009 Caa2 Placed
     Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

  i) the nature, sufficiency, and quality of historical
     performance information available for the asset class as well
     as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
     interests of the key parties to the transaction, most notably
     the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
     cashflow and capital structure,

  v) an analysis of the transaction's governance and legal
     structure, and

vi) a comparison of these attributes against those of other
     similar transactions.


SCORPIUS CDO: S&P Downgrades Ratings on Nine Classes to 'D'
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
nine classes of notes issued by Scorpius CDO Ltd., a hybrid
collateralized debt obligation transaction, following the
liquidation of the collateral in the portfolio.  S&P subsequently
withdrew its ratings on these tranches.

S&P lowered its ratings to 'D' because the transaction did not
have sufficient proceeds to pay back par payments to the
noteholders after making the termination payments on the credit
default swap contract.

The deal had triggered an event of default, after which the
controlling noteholders voted to accelerate the maturity of the
notes and liquidate the collateral assets.

The current rating actions follow notice from the trustee that the
liquidation of the portfolio assets is complete and that the
available proceeds have been distributed to the noteholders.

S&P withdrew the ratings after the downgrades because the note
balances have been reduced to zero.

                          Rating Actions

                                           Rating
       Deal name          Class      To    Interim    From
       ---------          -----      --    -------    ----
       Scorpius CDO Ltd.  A-1        NR    D          CC
       Scorpius CDO Ltd.  A-2A       NR    D          CC
       Scorpius CDO Ltd.  A-2B       NR    D          CC
       Scorpius CDO Ltd.  B          NR    D          CC
       Scorpius CDO Ltd.  C          NR    D          CC
       Scorpius CDO Ltd.  D          NR    D          CC
       Scorpius CDO Ltd.  E          NR    D          CC
       Scorpius CDO Ltd.  F          NR    D          CC
       Scorpius CDO Ltd.  G          NR    D          CC

                          NR -- Not rated.


SECURITIZED ASSET: Moody's Downgrades Ratings on 22 Securities
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 22
securities from 4 transactions issued by SABR.  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.

Complete rating actions are:

Issuer: Securitized Asset Backed Receivables LLC Trust 2004-DO1

  -- Cl. M-1, Downgraded to Baa1; previously on 2/25/2005 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba3; previously on 4/16/2008
     Downgraded to Baa2

  -- Cl. M-3, Downgraded to Ca; previously on 4/16/2008 Downgraded
     to Baa3

  -- Cl. B-1, Downgraded to C; previously on 4/16/2008 Downgraded
     to Ba2

  -- Cl. B-2, Downgraded to C; previously on 2/25/2008 Downgraded
     to B3

  -- Cl. B-3, Downgraded to C; previously on 2/25/2008 Downgraded
     to Caa2

Issuer: Securitized Asset Backed Receivables LLC Trust 2004-DO2

  -- Cl. M-1, Downgraded to A1; previously on 10/27/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba1; previously on 4/16/2008
     Downgraded to A3

  -- Cl. M-3, Downgraded to B1; previously on 4/16/2008 Downgraded
     to Baa2

  -- Cl. B-1, Downgraded to Ca; previously on 4/16/2008 Downgraded
     to Baa3

  -- Cl. B-2, Downgraded to C; previously on 2/25/2008 Downgraded
     to B1

  -- Cl. B-3, Downgraded to C; previously on 2/25/2008 Downgraded
     to B3

Issuer: Securitized Asset Backed Receivables LLC Trust 2004-NC1

  -- Cl. M-2, Downgraded to A3; previously on 6/18/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa1; previously on 6/18/2004 Assigned
     A3

  -- Cl. B-1, Downgraded to Baa2; previously on 6/18/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Baa3; previously on 6/18/2004 Assigned
     Baa2

Issuer: Securitized Asset Backed Receivables LLC Trust 2004-NC3

  -- Cl. M-1, Downgraded to Baa1; previously on 1/10/2005 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Caa3; previously on 3/26/2008
     Downgraded to Baa3

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

  -- Cl. B-1, Downgraded to C; previously on 3/26/2008 Downgraded
     to Caa2

  -- Cl. B-2, Downgraded to C; previously on 3/26/2008 Downgraded
     to Ca

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


SILVER CREEK: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Silver Creek Funding Ltd.:

  -- US$25,000,000 Class B-1 Floating Rate Deferrable Senior
     Subordinate Notes Due 2016, Downgraded to Ba2; previously on
     April 16, 2009 A2 Placed Under Review for Possible Downgrade;

  -- US$22,000,000 Class B-2 Fixed Rate Deferrable Senior
     Subordinate Notes Due 2016, Downgraded to Ba2; previously on
     April 16, 2009 A2 Placed Under Review for Possible Downgrade;

  -- US$9,000,000 Class C Floating Rate Deferrable Subordinate
     Notes Due 2016, Downgraded to B3; previously on April 16,
     2009 Baa2 Placed Under Review for Possible Downgrade;

  -- US$5,000,000 Class Q-1 Securities due 2016, Downgraded to
     Ba2; previously on April 16, 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).

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 rated Caa1 and below, and failure of the Class B and
Class C Overcollateralization Tests.  The weighted average rating
factor has steadily increased over the last year and it is
currently at 2725 versus a test level of 2520 as of the last
trustee report, dated May 11, 2009.  Based on the same report,
defaulted securities total about $42.9 million, accounting for
roughly 9.7% of the collateral balance, and securities rated Caa1
or lower make up approximately 11.55% of the underlying portfolio.
Additionally, interest payments on the Class C Notes are presently
being deferred as a result of the failure of the Class B
Overcollateralization Test.

Due to the impact of all aforementioned stresses, key model inputs
used by Moody's in its analysis, such as par, weighted average
rating factor, and weighted average recovery rate, may be
different from trustee's reported numbers.

Silver Creek Funding Ltd., issued on January 14, 2004, is a
synthetic collateralized loan obligation referencing primarily a
portfolio of senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


SINO-FOREST CORPORATION: Exchange Offer Won't Move Moody's Rating
-----------------------------------------------------------------
Moody's Investors Service says that the exchange offer announced
by Sino-Forest Corporation for its US$300 million senior notes
will have no impact on the company's Ba2 corporate family and
senior unsecured debt ratings.  The outlook for the ratings
remains stable.

Under the exchange offer, noteholders are offered a new 5-year
note at par with an additional carry of an about 1.125% coupon
rate.  In conjunction with the offer, the company is seeking the
consent of its noteholders to amend certain restrictive provisions
of the indenture governing the US$ notes.

"This specific transaction seeks to lengthen the company's debt
maturity profile and provide it with additional operating and
financial flexibility to manage its expansion plan.  While the
exchange will slightly lower its interest coverage and the
relaxation of restrictive covenants will allow it to incur more
debt, its projected financial profile remains appropriate for its
existing rating level," says Wonnie Chu, a Moody's Analyst.

"Sino-Forest's Ba2 rating remains underpinned by the company's
unique position in China's forestry plantation industry, financial
prudence and modest leverage level with Debt/Capital below 35%,"
says Chu.

Its liquidity profile is also strong, including a cash holding of
approximately US$700 million after the rights issue completed in
June and a modest level of debt maturity.  These strengths are,
however, offset by the company's aggressive growth appetite, which
has resulted in continued negative free cash flow generation.

The last rating action with regard to Sino-Forest was taken on 24
July, 2008, when the company's rating was affirmed with a stable
outlook following its US$345 million convertible bond issuance.

Sino-Forest's ratings have been assigned based on factors that
Moody's believes are relevant to the risk profile of Sino-Forest,
such as the company's (i) business risk and competitive position
compared with other firms within the industry; (ii) capital
structure and financial risk; (iii) projected performance over the
near to intermediate term; and (iv) management's track record and
tolerance for risk.

These attributes were compared against other issuers both within
and outside Sino-Forest's core industry; Moody's believes the
company's ratings are comparable with those of other issuers of
similar credit risk.

Sino-Forest Corporation is a holding company listed in Toronto.
The company is engaged in forestry plantation activities in China
as well as in the sale of timber, wood logs and other wood
products in China.


SITUS ASSET: Fitch Affirms 'CPS3' Primary Servicer Rating
---------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


STONEY LANE: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Stoney Lane Funding I Ltd.:

  -- US$369,900,000 Class A-1 Senior Secured Floating Rate
     Notes due 2022, Downgraded to Aa2; previously on April 30,
     2007 Assigned Aaa;

  -- US$24,500,000 Class A-2 Senior Secured Floating Rate Notes
     due 2022, Downgraded to A2; previously on March 4, 2009, Aa2
     Placed Under Review for Possible Downgrade;

  -- US$18,250,000 Class D Secured Deferrable Floating Rate
     Notes due 2022, Downgraded to Ca; previously on March 13,
     2009, Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$25,000,000 Class B Senior Secured Deferrable Floating
     Rate Notes due 2022, Confirmed at Ba1; previously on March
     13, 2009, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

  -- US$25,000,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2022, Confirmed at B1; previously on March 13,
     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.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by 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 is currently
2969 versus a test level of 2789 as of the latest trustee report,
dated May 6, 2009.  Based on the same report, defaulted securities
total about $28.3 million, accounting for roughly 5.9% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 23.8% of the underlying portfolio.  Additionally,
interest payments on the Class C and D Notes are presently being
deferred.

Stoney Lane Funding I Ltd., issued in March of 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

Moody's Approach to Rating Collateralized Loan Obligations
(December 31, 2008).

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


STRUCTURED INVESTMENTS: Moody's Cuts Ratings on Notes to 'B3'
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded these
notes issued by Structured Investments Corporation Series 81:

  -- US$800,000 Structured Investments Corporation Series 81
     Secured Medium Term Notes due 2016, Downgraded to B3;
     previously on April 6, 2009 Downgraded to Ba2.

The transaction is a repack of the US$23,000,000 Class C-1
Floating Rate Deferrable Senior Subordinate Notes due 2016 issued
by Dryden VI-Leveraged Loan CDO 2004 Inc., a synthetic CLO
referencing primarily a portfolio of senior secured loans.  The
Class C-1 Notes were downgraded to Caa3 from Ba1 on June 15, 2009.


STRUCTURED INVESTMENTS: Moody's Junks Ratings on $20 Mil. Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of these notes issued by Structured Investments Corporation
Series 80:

  -- US$20,000,000 Structured Investments Corporation Series 80
     Secured Medium Term Note due 2016, Downgrade to Caa1,
     previously on April 6, 2009 Downgraded to Ba3.

The transaction is a repack of the US$23,000,000 Class C-1
Floating Rate Deferrable Senior Subordinate Notes due 2016 issued
by Dryden VI-Leveraged Loan CDO 2004 Inc., a synthetic CLO
referencing primarily a portfolio of senior secured loans.  The
Class C-1 Notes were downgraded to Caa3 from Ba1 on June 15, 2009.


TARGETED RETURN: Moody's Cuts Ratings on HY-2006-1 Certs. to 'B2'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $748,470,000 Targeted Return Index Securities Trust,
Series HY-2006-1 Certificates issued by Targeted Return Index
Securities Trust, Series HY-2006-1.

The rating action is:

Class Description: $748,470,000 Targeted Return Index Securities
Trust, Series HY-2006-1 Certificates

  -- Current Rating: B2
  -- Prior Rating: B1
  -- Prior Rating Date: 06/16/06

The transaction is a structured note whose rating is based on the
average credit quality of the Underlying Securities as well as the
legal structure of the transaction.  The rating action is a result
of the deterioration of the credit quality of the Underlying
Securities.


TOBACCO SETTLEMENT: Fitch Affirms Ratings on Three Classes
----------------------------------------------------------
Fitch Ratings affirms 3 classes from Tobacco Settlement Financing
Corporation (U.S. Virgin Islands), series 2006:

  -- $4,764,709 series 2006A subordinate turbo capital
     appreciation bonds due May 15, 2035 at 'BBB', Stable Outlook;

  -- $512,471 series 2006B subordinate turbo capital appreciation
     bonds due May 15, 2035 at 'BBB-', Positive Outlook; and

  -- $867,690 series 2006C subordinate turbo capital appreciation
     bonds due May 15, 2035 at 'BB', Positive Outlook.

The affirmations are based on the level of stress each class is
able to withstand as indicated by Fitch's new breakeven cash flow
model.  The model indicates, for each class of bonds, the level of
the annual Master Settlement Agreement payment percent change the
trust would be able to sustain and still pay the bond in full by
the legal final date.  The base case 'B' corresponds to a 1%
increase in the MSA payment received by the trust every year.  The
'BBB' category corresponds to an annual MSA payment decline of up
to 1.25%.  The cash flow model accounts for the amount of the
latest MSA payment that the transaction has received, the capital
structure, the reserve account, and the bonds' legal final dates.

The bond payments are also tied to the tobacco companies making
MSA payments.  Tobacco settlement bonds can be rated up to 'BBB+'
based on Fitch's view of the whole tobacco industry and the
executory nature of the MSA.  In the event of a bankruptcy of a
tobacco company, Fitch believes there is an incentive for the
company to continue to make payments under the MSA.

The series 2006A bond is affirmed at 'BBB' with a Stable Rating
Outlook as supported by the model output.  The series 2006B and
2006C bonds are affirmed at 'BBB-' and 'BB', respectively.  Both
bonds are assigned a Positive Outlook because a relatively stable
MSA cash flow in the future is likely to lead to an upgrade of the
ratings.

Tobacco Settlement Financing Corporation (U.S. Virgin Islands),
Series 2006 bonds are secured by the pledged payments made under
the MSA.  The pledged payments consist of U.S. Virgin Islands'
share of perpetual annual payments and strategic contribution
payments by the original participating manufacturers and
subsequent participating manufacturers.  The OPMs at the time of
the original agreement were Philip Morris USA, Inc.; R.J. Reynolds
Tobacco Company; Brown & Williamson Tobacco Corporation; and
Lorillard Tobacco Company.  The amount of annual MSA payments
received by the trust are mainly affected by the tobacco
consumption level and inflation rate, as well as state specific
adjustments, as specified in the MSA.


TORO ABS: Fitch Junks Ratings on Class A Notes From 'B'
-------------------------------------------------------
Fitch Ratings has downgraded one and affirmed two classes of notes
issued by TORO ABS CDO I, Ltd.:

  -- $826,794,132 class A notes downgraded to 'CCC' from 'B';
  -- $73,433,128 class B notes affirmed at 'CC';
  -- $15,482,196 class C notes affirmed at 'C'.

Additionally, the class A notes have been removed from Rating
Watch Negative.

These rating actions are a result of the significant collateral
deterioration within the portfolio, specifically subprime U.S.
residential mortgage-backed securities bonds and structured
finance collateralized debt obligations, which has continued since
the last rating action of Toro I.

Approximately 62.1% of the portfolio has been downgraded a
weighted average of 5.8 notches since the last rating action.
Approximately 25.5% of the current portfolio is considered
defaulted per the transaction's governing documents as of the May
2009 trustee report.  The negative credit migration is primarily
attributable to credit deterioration in subprime RMBS bonds issued
in 2004, 2005, and 2006, coupled with significant downgrades in SF
CDOs originated in 2004 and 2005.  After making standard
adjustments for assets on Rating Watch Negative and Outlook
Negative, Fitch considers 40.7% of the portfolio to be rated below
investment grade, including 19.9% rated 'CCC' or lower.

Par coverage to all classes of notes has continued to erode.
According to the May 2009 trustee report, the class A/B and class
C overcollateralization ratios are failing their respective test
levels.  The class A/B OC ratio has dropped to 71.5% versus a
trigger of 101.6% and the class C OC ratio is 70.3% compared to
the 100.8% trigger.  There are no coverage-based Events of Default
triggers.  However, commencing with the May 2008 distribution
date, the transaction permanently switched to a sequential
distribution of principal from the pro rata distribution among the
class A and class B notes.

As the most senior class, the class A notes are currently
benefiting from the class A/B OC test failure as they are the only
class receiving principal payments.  However, to date, only 1.6%
of the closing principal balance of the class A notes has been
amortized down.  Additionally, on the last two distribution dates
in February and May of 2009, the transaction used a portion of
principal proceeds to make up interest payments due to
insufficient interest proceeds.  This leakage of principal, which
is likely to continue in the future, as well as the overall
deterioration of the portfolio, decreases the likelihood of full
principal repayment to class A notes.

The class B notes, as a timely class, are currently receiving full
interest payments and are expected to continue to do so in the
future.  Given the composition and performance of the underlying
assets, the class B notes are not expected to receive any
principal distributions.  Fitch does not expect the class C notes
to receive any interest, including the deferred interest, or
principal payments in the future.

TORO I is a cash flow CDO that closed on June 30, 2005.  The
initial portfolio was selected by Merrill Lynch Investment
Management and is currently monitored by BlackRock Inc. The
substitution period ended in November 2007.  Presently, 77.5% of
the portfolio is comprised of RMBS assets originated during the
2004-2006 period, of which 48% consists of subprime RMBS bonds,
while prime RMBS represents 29.3% of the portfolio.  The remaining
22.6% of the portfolio consists of SF CDOs issued in 2004 and
2005.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


TRIMONT REAL: Fitch Affirms 'CPS2' Primary Servicer Rating
----------------------------------------------------------
In conjunction with the recent update of its U.S. CMBS servicer
rating criteria, Fitch Ratings has affirmed 33 CMBS servicer
ratings across 16 companies.

Fitch Ratings has updated its U.S. CMBS servicer rating criteria
to reflect current commercial real estate market conditions and
their effect on mortgage servicing.  These changes have resulted
in moderate rating movement for certain servicers, as detailed in
several press releases also published as well as ratings
affirmations.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

The companies that had their CMBS servicer ratings affirmed are:

Babson Capital Management, LLC;

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Bank of America, N.A.;

  -- Primary servicer at 'CPS1-';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2-'.

DB Mortgage Services, LLC;

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS3'.

GE Capital Realty Group;

  -- Special servicer at 'CSS2+'.

GEMSA Loan Services, L.P.;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1-'.

Helios AMC, LLC;

  -- Special servicer at 'CSS3'.

ING Clarion Capital Loan Services, LLC;

  -- Special servicer at 'CSS2+'.

KeyBank Real Estate Capital;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS2+'.

Midland Loan Services;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS1';
  -- Special servicer at 'CSS1'.

National Cooperative Bank;

  -- Special servicer at 'CSS3'.

ORIX Capital Markets, LLC;

  -- Special servicer at 'CSS3+'.

Pacific Life Insurance Company;

  -- Primary servicer at 'CPS1';
  -- Master servicer at 'CMS2+';
  -- Special servicer at 'CSS2'.

Protective Life Insurance Company;

  -- Primary servicer at 'CPS3+';
  -- Master servicer at 'CMS3';
  -- Special servicer at 'CSS3+';

Prudential Asset Resources;

  -- Primary servicer at 'CPS2+';
  -- Master servicer at 'CMS2';
  -- Special servicer at 'CSS2- '.

Situs Asset Management;

  -- Primary servicer at 'CPS3';
  -- Special servicer at 'CSS3'.

TriMont Real Estate Advisors, Inc.

  -- Primary servicer at 'CPS2';
  -- Special servicer at 'CSS2'.

Additionally, these ratings remain on Rating Watch Negative by
Fitch:

Capmark Finance

  -- Primary servicer 'CPS2-';
  -- Master servicer 'CMS3-';
  -- Special servicer 'CSS2-'.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


WACHOVIA SECURITIES: Fitch Downgrades Primary Servicer Rating
-------------------------------------------------------------
Fitch Ratings has downgraded Wachovia Securities' primary servicer
rating:

  -- Primary servicer to 'CPS2' from 'CPS2+'.

The primary servicer rating also remains on Rating Watch Negative,
along with Wachovia's 'CMS2' master service rating and 'CSS2'
special servicer rating.

Fitch's rating actions are based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

Wachovia's primary servicer rating downgrade is due to the level
of employee experience score being impacted by the increase in the
weighting of this factor.

The ratings of the CMBS transactions serviced by Wachovia are not
expected to be negatively impacted by the servicer downgrade.
Fitch will continue to closely monitor the integration of Wachovia
with the legacy Wells Fargo servicing operations and will take
ratings actions or provide further commentary, as necessary.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating. F


WELLS FARGO: Fitch Downgrades Primary & Special Servicer Ratings
----------------------------------------------------------------
Fitch Ratings has downgraded Wells Fargo Bank's primary and
special servicer ratings:

  -- Primary servicer to 'CPS2+' from 'CPS1';
  -- Special servicer to 'CSS2' from 'CSS1'.

Both primary and special servicer ratings remain on Rating Watch
Negative, along with Wells Fargo's 'CMS2' master servicer rating.

Fitch's rating actions are based on the recent update of Fitch's
servicer rating criteria.

The criteria places increased emphasis on three factors:

  -- Financial strength;
  -- Employee experience;
  -- Company participation in current CMBS market.

Wells Fargo's primary servicer rating downgrade is due to the
employee experience score being impacted by the increase in the
weighting of this factor.  The special servicer rating downgrade
is due primarily to their limited participation in CMBS special
servicing.

The ratings of the CMBS transactions serviced by Wells Fargo are
not expected to be negatively impacted by the servicer downgrades.
Fitch will continue to closely monitor the integration of Wells
Fargo with the legacy Wachovia Securities' servicing operation and
will take ratings actions or provide further commentary, as
necessary.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


WESTWOOD CDO: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Westwood CDO II, Ltd.:

  -- US$237,825,000 Class A-1 Floating Rate Notes due 2022,
     Downgraded to A1; previously on April 30, 2007 Assigned Aaa;

  -- US$26,425,000 Class A-2 Floating Rate Notes due 2022,
     Downgraded to Baa2; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade

  -- US$8,750,000 Class B Floating Rate Notes due 2022, Downgraded
     to Ba1; previously on March 4, 2009 Aa2 Placed Under Review
     for Possible Downgrade

  -- US$19,250,000 Class C Deferrable Floating Rate Notes due
     2022, Downgraded to B1; previously on March 13, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade

  -- US$17,500,000 Class D Deferrable Floating Rate Notes due
     2022, Downgraded to Ca; previously on March 13, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade

  -- US$14,000,000 Class E Deferrable Floating Rate Notes due
     2022, Downgraded to C; previously on March 13, 2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade

  -- US$2,000,000 Combination Notes due 2022, Downgraded to Ca;
     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 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
Overcollateralization Tests.  The weighted average rating factor
has steadily increased over the last year and it is currently at
3096 versus a test level of 2705 as of the last trustee report,
dated May 11, 2009.  Based on the same report, defaulted
securities total about $29 million, accounting for roughly 8% of
the collateral balance, and securities rated Caa1/CCC+ or lower
make up approximately 19% of the Collateral Principal Amount.
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, D and E Overcollateralization Tests.

Westwood CDO II, Ltd., issued in April 2007, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of the rating committee
considerations.  These qualitative factors include the structural
protections in each transaction, the recent deal performance in
the current market environment, the legal environment, specific
documentation features, the collateral manager's track record, and
the potential for selection bias in the portfolio.  All
information available to rating committees, including
macroeconomic forecasts, input from other Moody's analytical
groups, market factors, and judgments regarding the nature and
severity of credit stress on the transactions, may influence the
final rating decision.


* Moody's Cuts Ratings on 17 Certs. From 8 Resecuritized Deals
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on 17
certificates issued in 8 resecuritized transactions.

The certificates in the resecuritizations are backed by one or
more securities, which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
Moody's ratings on the underlying residential mortgage-backed
securities (underlying securities).  The ratings on the
certificates in the resecuritization are based on:

  (i) The updated expected loss of the pool of loans backing the
      underlying securities portfolio and the updated ratings on
      the underlying securities portfolio

(ii) The available credit enhancement on the underlying
      securities, and

(iii) The structure of the resecuritization transaction, as
      described in more detail below.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

The ratings on the underlying securities are used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
outstanding pledged balance) of the underlying security to the
resecuritized transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings on the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are determined after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued, the weighted average portfolio rating (as
    determined in step 1 above) is the rating assigned to the
    tranche.  Where multiple securities are issued, the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e. the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as the probability of default for the
lowest rated underlying certificate.  However, Moody's anticipates
a higher loss severity on the junior-most class due to its
subordinate position (both in terms of principal distribution and
loss allocation) and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating on the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the ratings on the underlying certificates and their
mortgage pool performance, any rating action on the underlying
certificates may trigger a further review of the ratings on the
certificates in the resecuritization.  The ratings on the
certificates in the resecuritization address the ultimate payment
of promised interest and principal and do not address any other
amounts that may be payable on the certificates.

For securities insured by a financial guarantor, the rating on the
securities is equal to the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty and is as described above.

Complete Rating Actions are:

Issuer: Banc of America Funding 2006-R1 Trust

  -- Cl. A-1, Downgraded to Ba3; previously on 11/13/2008 Baa1
     Placed Under Review for Possible Downgrade

  -- Current Underlying Rating: Downgraded to Ca; previously on
     6/10/2008 Published at Baa1

  -- Financial Guarantor: CIFG Assurance North America, Inc.
      (Upgraded to Ba3, Outlook Developing on 1/22/2009)

  -- Cl. A-2, Downgraded to Ba3; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Current Underlying Rating: Downgraded to Caa2; previously on
     6/10/2008 Published at Aaa

  -- Financial Guarantor: CIFG Assurance North America, Inc.
      (Upgraded to Ba3, Outlook Developing on 1/22/2009)

  -- Cl. A-3, Downgraded to Ba3; previously on 11/13/2008 Baa3
     Placed Under Review for Possible Downgrade

  -- Current Underlying Rating: Downgraded to C; previously on
     6/10/2008 Published at Baa3

  -- Financial Guarantor: CIFG Assurance North America, Inc.
      (Upgraded to Ba3, Outlook Developing on 1/22/2009)

Issuer: Banc of America Funding 2006-R2 Trust

  -- Cl. A-1, Current Rating: Ba3

  -- Current Underlying Rating: Downgraded to C; previously on
     6/10/2008 Published at Caa2

  -- Financial Guarantor: CIFG Assurance North America, Inc.
      (Upgraded to Ba3, Outlook Developing on 1/22/2009)

  -- Cl. A-2, Current Rating: Ba3

  -- Current Underlying Rating: Downgraded to C; previously on
     6/10/2008 Published at Ca

  -- Financial Guarantor: CIFG Assurance North America, Inc.
      (Upgraded to Ba3, Outlook Developing on 1/22/2009)

Issuer: CSMC Resecuritization Trust 2006-1R

  -- Cl. 1-A-1, Downgraded to Baa1; previously on 6/9/2006
     Assigned Aaa

  -- Cl. 1-A-2, Downgraded to Baa1; previously on 6/9/2006
     Assigned Aaa

Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC Trust
Certificates, Series 2007-RS1

  -- Cl. A-1, Downgraded to Baa3; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on 11/13/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to Baa3; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC Trust
Certificates, Series 2007-RS3

  -- Cl. A-1, Downgraded to Caa1; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2, Downgraded to C; previously on 11/13/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to Caa1; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

Issuer: J.P. Morgan Mortgage Trust, Series 2008-R1

  -- Cl. 1-A-1, Downgraded to B3; previously on 2/11/2008 Assigned
     Aaa

  -- Cl. 1-A-2, Downgraded to Ca; previously on 2/11/12008
     Assigned Aaa

Issuer: Residential Mortgage Securities Funding 2008-6, Ltd.

  -- The Notes, Downgraded to Ba2; previously on 11/13/2008 Aaa
     Placed Under Review for Possible Downgrade

Issuer: Residential Mortgage Securities Funding 2008-7, Ltd.

  -- Secured Floating Rate Notes, Downgraded to Caa1; previously
     on 7/22/2008 Assigned Aaa


* S&P Downgrades Ratings on 20 Classes of Mortgage Certs. to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
20 classes of mortgage pass-through certificates from 14 U.S.
closed-end second-lien residential mortgage-backed securities
transactions from various issuers.  S&P removed four of the
lowered ratings from CreditWatch negative and placed 11 ratings on
four of the affected transactions on CreditWatch with negative
implications.  The ratings on 17 additional classes from four of
the affected deals remain on CreditWatch with negative
implications.

The downgrades reflect S&P's assessment of principal write-downs
on the affected classes during recent remittance periods.  The
CreditWatch placements reflect the fact that the affected classes
are within a group that includes a class that defaulted from a 'B-
' rating or higher.  S&P lowered 12 of the ratings on the 20
defaulted classes from the 'CCC' or 'CC' rating categories, and
S&P lowered 16 of the ratings from a speculative-grade category.

S&P expects to resolve the CreditWatch placements affecting these
transactions after S&P completes its reviews of the underlying
credit enhancement.  Standard & Poor's will continue to monitor
its ratings on securities that experience principal write-downs
and adjust S&P's ratings as S&P deems appropriate.

                          Rating Actions

                          C-BASS 2006-SL1
                       Series      2006-SL1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        14983AAD1     D                    CCC

           CWHEQ Home Equity Loan Trust, Series 2006-S7
                       Series      2006-S7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        12668VAA7     D                    CCC
        A-2        12668VAB5     D                    CCC
        A-3        12668VAC3     D                    CCC
        A-4        12668VAD1     D                    CCC
        A-5        12668VAE9     D                    CCC
        A-6        12668VAF6     D                    CCC

                  GSAA Home Equity Trust 2006-S1
                       Series      2006-S1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A-1      40051CAA5     BB/Watch Neg         BB
        II-M-1     40051CAR8     AA+/Watch Neg        AA+
        II-M-2     40051CAS6     AA-/Watch Neg        AA-
        II-M-3     40051CAT4     A/Watch Neg          A
        II-M-4     40051CAU1     BBB/Watch Neg        BBB
        II-M-5     40051CAV9     D                    BB

                 Home Equity Mortgage Trust 2005-4
                        Series      2005-4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-3        2254584F2     D                    BB/Watch Neg

                 Home Equity Mortgage Trust 2005-5
                        Series      2005-5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        225470RB1     D                    BBB/Watch Neg

                 Home Equity Mortgage Trust 2006-1
                        Series      2006-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        225470XP3     D                    BBB/Watch Neg

      Merrill Lynch Mortgage Investors Trust, Series 2005-NCA
                       Series      2005-NCA

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        59020UZU2     A/Watch Neg          A
        B-1        59020UZV0     D                    BBB-

           Morgan Stanley Mortgage Loan Trust 2006-10SL
                     Series      2006-10SL

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        61749TAA2     BB/Watch Neg         BB
        M-1        61749TAB0     D                    B

           Morgan Stanley Mortgage Loan Trust 2007-4SL
                       Series      2007-4SL

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        61751PAC1     D                    CCC
        M-3        61751PAD9     D                    CCC

           Morgan Stanley Mortgage Loan Trust 2007-9SL
                       Series      2007-9SL

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        61754TAB2     D                    CC

   Nomura Asset Acceptance Corporation, Alternative Loan Trust
                       Series      2007-S2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          65538BAA7     D                    CC

                       SACO I Trust 2006-9
                       Series      2006-9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          78577RAA7     D                    CCC

          Structured Asset Securities Corporation 2005-S1
                       Series      2005-S1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M2         86359B4D0     AA/Watch Neg         AA
        M3         86359B4E8     AA-/Watch Neg        AA-
        M4         86359B4F5     A/Watch Neg          A
        M5         86359B4G3     BBB-/Watch Neg       BBB-
        M6         86359B4H1     D                    B

                  Terwin Mortgage Trust 2005-11
                       Series      2005-11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   II-M-1     881561A46     D                    BBB/Watch Neg

             Ratings Remaining On Creditwatch Negative

                Home Equity Mortgage Trust 2005-4
                        Series      2005-4

              Class      CUSIP         Rating
              -----      -----         ------
              A-3        2254584V7     AAA/Watch Neg
              A-4        2254584W5     AAA/Watch Neg
              M-1        2254584D7     AA+/Watch Neg
              M-2        2254584E5     A/Watch Neg

                Home Equity Mortgage Trust 2005-5
                        Series      2005-5

              Class      CUSIP         Rating
              -----      -----         ------
              A-1A       225470QV8     AAA/Watch Neg
              A-1F1      225470QW6     AAA/Watch Neg
              A-1F2      225470RR6     AAA/Watch Neg
              A-2A       225470QX4     AAA/Watch Neg
              A-2F       225470QY2     AAA/Watch Neg

                Home Equity Mortgage Trust 2006-1
                        Series      2006-1

              Class      CUSIP         Rating
              -----      -----         ------
              A-1A2      225470XG3     AA/Watch Neg
              A-1B       225470XH1     AA/Watch Neg
              A-1F       225470XJ7     AA/Watch Neg
              A-2        225470XK4     AA/Watch Neg
              A-3        225470XL2     AA/Watch Neg

                   Terwin Mortgage Trust 2005-11
                        Series      2005-11

              Class      CUSIP         Rating
              -----      -----         ------
              II-A-2     881561C69     AAA/Watch Neg
              II-A-X     881561A38     AAA/Watch Neg
              II-G       881561B86     AAA/Watch Neg


* S&P Downgrades Ratings on 21 Classes from Mortgage Certs. to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
21 classes of mortgage pass-through certificates from 20 U.S.
scratch-and-dent residential mortgage-backed securities
transactions from various issuers. S&P removed six of the lowered
ratings from CreditWatch with negative implications.  Of the 21
classes with lowered ratings, 14 are from transactions backed by
reperforming collateral and seven are from transactions backed by
outside-the-guidelines collateral.  Concurrently, S&P placed 40
other ratings on seven of the downgraded deals on CreditWatch with
negative implications, and the ratings on 45 additional classes
remain on CreditWatch negative.

The downgrades reflect S&P's assessment of principal write-downs
on the affected classes during recent remittance periods.  The
CreditWatch placements reflect the fact that the affected classes
are within a group that includes a class that defaulted from a
'B-' rating or higher.  S&P lowered six of the 21 ratings from the
'CC' or 'CCC' rating categories, and S&P lowered 52.38% of the
ratings from other speculative-grade rating categories.

S&P expects to resolve the CreditWatch placements affecting these
transactions after S&P completes its reviews of the underlying
credit enhancement.  Standard & Poor's will continue to monitor
its ratings on securities that experience principal write-downs
and adjust the ratings as S&P deems appropriate.

                          Rating Actions

        Bear Stearns Asset Backed Securities Trust 2006-SD3
                      Series      2006-SD3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-B-2     073888AV1     D                    CCC

       Bear Stearns Asset Backed Securities Trust 2007-SD1
                       Series      2007-SD1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-B-4     07389QAZ1     D                    CC

       Bear Stearns Asset Backed Securities Trust 2007-SD3
                      Series      2007-SD3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          07387LAA9     AAA/Watch Neg        AAA
        M-1        07387LAB7     AA+/Watch Neg        AA+
        M-2        07387LAC5     AA/Watch Neg         AA
        M-3        07387LAD3     AA-/Watch Neg        AA-
        M-4        07387LAE1     A+/Watch Neg         A+
        M-5        07387LAF8     A/Watch Neg          A
        M-6        07387LAG6     A-/Watch Neg         A-
        M-7        07387LAH4     BBB+/Watch Neg       BBB+
        M-8        07387LAJ0     D                    BBB

             CWABS Asset-Backed Notes Trust 2006-SD3
                      Series      2006-SD3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-5        23244AAF2     D                    BBB+/Watch Neg

                  Fannie Mae REMIC Trust 2003-W4
                       Series      2003-W4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        IB-4       31393AQ91     D                    CC

                      GSAMP Trust 2004-SD1
                      Series      2004-SD1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        36242DAX1     AA/Watch Neg         AA
        M-2        36242DAY9     A/Watch Neg          A
        B-1        36242DAZ6     BBB+/Watch Neg       BBB+
        B-2        36242DBA0     BBB/Watch Neg        BBB
        B-3        36242DBB8     D                    BBB-

                  GSRPM Mortgage Loan Trust 2003-2
                        Series      2003-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        36228FWN2     D                    CCC

               MASTR Specialized Loan Trust 2006-01
                       Series      2006-01

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-6        576436DB2     D                    BBB-/Watch Neg

               MASTR Specialized Loan Trust 2006-03
                       Series      2006-03

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-9        57643BAK4     D                    BBB-/Watch Neg

                     RAAC Series 2006-RP4 Trust
                       Series      2006-RP4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-4        74919TAE1     D                    BBB/Watch Neg

                   RAAC Series 2007-RP2 Trust
                      Series      2007-RP2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          74919WAA2     AAA/Watch Neg        AAA
        M-1        74919WAB0     AA/Watch Neg         AA
        M-2        74919WAC8     A/Watch Neg          A
        M-3        74919WAD6     D                    BBB+
        M-4        74919WAE4     D                    BBB

                    RAMP Series 2003-RS10 Trust
                      Series      2003-RS10

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-I-3      760985D40     D                    B-/Watch Neg

                    RAMP Series 2003-RS7 Trust
                      Series      2003-RS7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-I-4      760985XU0     AAA/Watch Neg        AAA
        A-I-5      760985XV8     AAA/Watch Neg        AAA
        A-I-6      760985XW6     AAA/Watch Neg        AAA
        M-I-1      760985XX4     AA/Watch Neg         AA
        M-I-2      760985XY2     A/Watch Neg          A
        M-I-3      760985XZ9     D                    B
        M-II-1     760985YC9     A/Watch Neg          A
        M-II-2     760985YD7     BB/Watch Neg         BB
        M-II-3     760985YE5     D                    B

     Reperforming Loan REMIC Trust Certificates Series 2003-R2
                      Series      2003-T-056

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        12669UBX7     D                    CC

                Structured Asset Securities Corp.
                      Series      2005-RF3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A        86359DMC8     AAA/Watch Neg        AAA
        1-AIO      86359DMD6     AAA/Watch Neg        AAA
        2-A        86359DME4     AAA/Watch Neg        AAA
        B1         86359DMF1     AA/Watch Neg         AA
        B2         86359DMG9     A/Watch Neg          A
        B3         86359DMH7     BBB/Watch Neg        BBB
        B4         86359DMJ3     BB/Watch Neg         BB
        B5         86359DMK0     D                    B

                Structured Asset Securities Corp.
                      Series      2005-RF4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B5         86359DQH3     D                    CCC

             Structured Asset Securities Corporation
                      Series      2005-RF2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          86359DEX1     AAA/Watch Neg        AAA
        AIO        86359DEY9     AAA/Watch Neg        AAA
        B1         86359DEZ6     AA/Watch Neg         AA
        B2         86359DFA0     A/Watch Neg          A
        B3         86359DFB8     BBB/Watch Neg        BBB
        B4         86359DFC6     BB/Watch Neg         BB
        B5         86359DFD4     D                    B

             Structured Asset Securities Corporation
                      Series      2005-RF7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          86359DWT0     AAA/Watch Neg        AAA
        AIO        86359DWU7     AAA/Watch Neg        AAA
        B1         86359DWV5     AA/Watch Neg         AA
        B2         86359DWW3     A/Watch Neg          A
        B3         86359DWX1     BBB/Watch Neg        BBB
        B4         86359DWY9     D                    BB

   Structured Asset Securities Corporation Mortgage Loan Trust
                      Series      2006-GEL4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M8         86361NAL5     D                    BBB-/Watch Neg

            Ratings Remaining On Creditwatch Negative

       Bear Stearns Asset Backed Securities Trust 2005-SD4
                       Series      2005-SD4

             Class      CUSIP         Rating
             -----      -----         ------
             I-A-1      073877DY5     AAA/Watch Neg
             I-A-2      073877DZ2     AAA/Watch Neg
             I-X        073877EA6     AAA/Watch Neg
             I-PO       073877EB4     AAA/Watch Neg
             I-B1       073877EC2     AA/Watch Neg
             I-B-2      073877ED0     A/Watch Neg
             I-B-3      073877EE8     BBB/Watch Neg

             CWABS Asset-Backed Notes Trust 2006-SD3
             Series      2006-SD3

             Class      CUSIP         Rating
             -----      -----         ------
             A-1        23244AAA3     AAA/Watch Neg
             M-1        23244AAB1     AA+/Watch Neg
             M-2        23244AAC9     AA/Watch Neg
             M-3        23244AAD7     A+/Watch Neg
             M-4        23244AAE5     A/Watch Neg

              MASTR Specialized Loan Trust 2006-01
                       Series      2006-01

             Class      CUSIP         Rating
             -----      -----         ------
             A-1        576436CV9     AAA/Watch Neg
             M-1        576436CW7     AA/Watch Neg
             M-2        576436CX5     A/Watch Neg
             M-3        576436CY3     A-/Watch Neg
             M-4        576436CZ0     BBB+/Watch Neg
             M-5        576436DA4     BBB/Watch Neg

               MASTR Specialized Loan Trust 2006-03
                       Series      2006-03

             Class      CUSIP         Rating
             -----      -----         ------
             A          57643BAA6     AAA/Watch Neg
             M-1        57643BAB4     AA+/Watch Neg
             M-2        57643BAC2     AA/Watch Neg
             M-3        57643BAD0     AA-/Watch Neg
             M-4        57643BAE8     A+/Watch Neg
             M-5        57643BAF5     A/Watch Neg
             M-6        57643BAG3     A-/Watch Neg
             M-7        57643BAH1     BBB+/Watch Neg
             M-8        57643BAJ7     BBB/Watch Neg

                   RAAC Series 2006-RP4 Trust
                       Series      2006-RP4

             Class      CUSIP         Rating
             -----      -----         ------
             A          74919TAA9     AAA/Watch Neg
             M-1        74919TAB7     AA/Watch Neg
             M-2        74919TAC5     A/Watch Neg
             M-3        74919TAD3     BBB+/Watch Neg

                    RAMP Series 2003-RS10 Trust
                       Series      2003-RS10

             Class      CUSIP         Rating
             -----      -----         ------
             A-I-6      760985C82     AAA/Watch Neg
             A-I-7      760985C90     AAA/Watch Neg
             M-I-1      760985D24     AA/Watch Neg
             M-I-2      760985D32     BBB/Watch Neg

    Structured Asset Securities Corporation Mortgage Loan Trust
                      Series      2006-GEL4

             Class      CUSIP         Rating
             -----      -----         ------
             A1         86361NAA9     AAA/Watch Neg
             A2         86361NAB7     AAA/Watch Neg
             A3         86361NAC5     AAA/Watch Neg
             M1         86361NAD3     AA/Watch Neg
             M2         86361NAE1     AA/Watch Neg
             M3         86361NAF8     AA-/Watch Neg
             M4         86361NAG6     A+/Watch Neg
             M5         86361NAH4     A/Watch Neg
             M6         86361NAJ0     BBB+/Watch Neg
             M7         86361NAK7     BBB/Watch Neg


* S&P Downgrades Ratings on 21 Tranches From Nine Hybrid CDO Deals
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 21
tranches from nine U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed five of
the lowered ratings from CreditWatch with negative implications.
S&P also placed 13 ratings from Putnam Structured Product CDO
2001-1 Ltd. on CreditWatch with negative implications.  The
ratings on eight 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 21 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $5.161 billion.  Four of the nine 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.  The other five
transactions are high-grade SF CDOs of ABS that were
collateralized at origination primarily by 'AAA' through 'A' rated
tranches of RMBS and other SF securities.

In addition, Standard & Poor's reviewed the ratings assigned to C-
Bass CBO VII Ltd. and, based on the current credit support
available to the tranches, has left the ratings at their current
levels.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                             Rating
                                             ------
  Transaction              Class      To                 From
  -----------              -----      --                 ----
  Blue Bell Funding Ltd.   A-1        CC                 BBB/Watch Neg
  Blue Bell Funding Ltd.   A-2        CC                 CCC
  Blue Bell Funding Ltd.   ABCPNotes  B-/NR/Watch Neg    AA/A-1+/WatchNeg
  C-Bass CBO VIII Ltd.     C          AA                 AAA
  C-Bass CBO VIII Ltd.     D-1        BBB                AA
  C-Bass CBO VIII Ltd.     D-2        BBB                AA
  Davis Square Funding VII
   Ltd.                    S          BBB/Watch Neg      A-/Watch Neg
  Galleria V Ltd.          A-1        B+/Watch Neg       A+/Watch Neg
  Galleria V Ltd.          A-2        B+/Watch Neg       A+/Watch Neg
  Galleria V Ltd.          B          CCC/Watch Neg      BB-/Watch Neg
  Galleria V Ltd.          C-1        CC                 CCC-
  Galleria V Ltd.          C-2        CC                 CCC-
  Madison Avenue Structured
   Finance CDO I Ltd.      A          AA/Watch Neg       AAA
  Maxim High Grade CDO I
   Ltd.                    A1         CC                 CCC-/Watch Neg
  Maxim High Grade CDO II
   Ltd.                    A-1        CC                 CCC/Watch Neg
  Neptune CDO III Ltd.     S          CC                 BBB-/Watch Neg
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MM-d    AAA/A-1+/WatchNeg  AAA/A-1+
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MM-e    AAA/A-1+/WatchNeg  AAA/A-1+
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-a    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-b    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-c    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-d    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-e    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-f    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-g    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-h    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-i    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A-1MT-j    AAA/Watch Neg      AAA
  Putnam Structured Product
   CDO 2002-1 Ltd.         A2         AAA/Watch Neg      AAA
  Witherspoon CDO Funding
   Ltd.                    A-1 CP     BB/NR/Watch Neg    AA/A-1+/WatchNeg
  Witherspoon CDO Funding
   Ltd.                    A-1 LT-a   BB/Watch Neg       AA/Watch Neg
  Witherspoon CDO Funding
   Ltd.                    A-2        CCC+/Watch Neg     A/Watch Neg
  Witherspoon CDO Funding
   Ltd.                    B          CC                 BB/Watch Neg
  Witherspoon CDO Funding
   Ltd.                    C          CC                 CCC-

                     Other Ratings Reviewed

            Transaction              Class      Rating
            -----------              -----      ------
            Blue Bell Funding Ltd.   B          CC
            C-Bass CBO VII Ltd.      A          AAA
            C-Bass CBO VII Ltd.      B          AAA
            C-Bass CBO VII Ltd.      C          AA+
            C-Bass CBO VII Ltd.      D          AA-
            C-Bass CBO VIII Ltd.     A-1        AAA
            C-Bass CBO VIII Ltd.     A-2        AAA
            C-Bass CBO VIII Ltd.     B          AAA
            Davis Square Funding VII
             Ltd.                    A-1a       CC
            Davis Square Funding VII
             Ltd.                    A-1b       CC
            Davis Square Funding VII
             Ltd.                    A-2        CC
            Davis Square Funding VII
             Ltd.                    A-3        CC
            Davis Square Funding VII
             Ltd.                    B          CC
            Davis Square Funding VII
             Ltd.                    C          CC
            Davis Square Funding VII
             Ltd.                    D          CC
            Galleria V Ltd.          Pref Share CC
            Maxim High Grade CDO I
             Ltd.                    A2         CC
            Maxim High Grade CDO I
             Ltd.                    A3         CC
            Maxim High Grade CDO I
             Ltd.                    A4         CC
            Maxim High Grade CDO I
             Ltd.                    A5         CC
            Maxim High Grade CDO I
             Ltd.                    B          CC
            Maxim High Grade CDO I
             Ltd.                    C          CC
            Maxim High Grade CDO I
             Ltd.                    D          CC
            Maxim High Grade CDO I
             Ltd.                    E1         CC
            Maxim High Grade CDO I
             Ltd.                    E2         CC
            Maxim High Grade CDO I
             Ltd.                    Princ Nts  AAA
            Maxim High Grade CDO II
             Ltd.                    A-2        CC
            Maxim High Grade CDO II
             Ltd.                    A-3        CC
            Maxim High Grade CDO II
             Ltd.                    A-4        CC
            Maxim High Grade CDO II
             Ltd.                    B          CC
            Maxim High Grade CDO II
             Ltd.                    C          CC
            Maxim High Grade CDO II
             Ltd.                    D          CC
            Maxim High Grade CDO II
             Ltd.                    E          CC
            Maxim High Grade CDO II
             Ltd.                    Notes      AAA
            Neptune CDO III Ltd.     A-1        CC
            Neptune CDO III Ltd.     A-2        CC
            Neptune CDO III Ltd.     A-3        CC
            Neptune CDO III Ltd.     B          CC
            Neptune CDO III Ltd.     C          CC
            Witherspoon CDO Funding
             Ltd.                    Combo Secs CC
            Witherspoon CDO Funding
             Ltd.                    D          CC


* S&P Downgrades Ratings on 62 Classes From 41 NIMS RMBS Deals
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 62
classes from 41 U.S. net interest margin securities residential
mortgage-backed securities transactions issued between 2003 and
2007.  S&P removed 13 of the lowered ratings from CreditWatch with
negative implications, and one of the lowered ratings remains on
CreditWatch with negative implications to reflect the rating on
the related bond insurer.  At the same time, the ratings on 13
additional classes remain on CreditWatch negative, and S&P placed
its rating on one other class on CreditWatch negative.  In
addition, S&P affirmed 16 ratings from 16 transactions to reflect
the rating on the related bond insurer.

A majority of the rating actions are based on S&P's view that the
NIMS are not receiving adequate cash flows to pay the applicable
interest and principal amounts due to the NIMS holders.  S&P
attributes these interest shortfalls to the inability of the
underlying transactions to maintain sufficient
overcollateralization for residual interest to be released to the
NIMS.  Generally, for each of these NIMS transactions, the
overcollateralization levels for the underlying deals have been
below their targets for a period of six months or greater, or the
NIMS have experienced interest shortfalls for six months or more.
Additionally, based on S&P's observations of the performance
trends of products and vintages consistent with the underlying
transactions, S&P believes that it is unlikely that residential
interest will be available for the NIMS going forward.

Standard & Poor's expects to take more ratings actions on NIMS
over the next several weeks.  Additionally, S&P will continue to
monitor NIMS as applicable and adjust the ratings as S&P thinks
appropriate.

                         Rating Actions

                    Ameriquest NIM 2005-RN11
                      Series      2005-RN11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      03077BAA5     CC                   BBB-

                     Ameriquest NIM 2006-RN2
                       Series      2006-RN2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        NIM C      03076NAC6     CC                   CCC
        NIM D      03076NAD4     CC                   CCC

                 Carrington NIM Trust 2007-FRE1
                     Series      2007-FRE1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      14453YAA6     CC                   B

                    C-BASS 2007-CB3NIM Trust
                    Series      2007-CB3NIM

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      1248M4AA9     CC                   CCC

                      CMO Holdings II Ltd.
                      Series      2004-HE3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        125879AJ5     CC                   CCC

                      CMO Holdings III Ltd.
                       Series      2006-19

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-4      18976TAD0     CC                   B/Watch Neg

                      CMO Holdings III Ltd.
                       Series      2006-20

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    II-A-4     18976VAJ2     CC                   BB/Watch Neg

                      CMO Holdings III Ltd.
                       Series      2006-23

                                       Rating
                                       ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       III-A-1    125876AK8     CC                   B

                      CMO Holdings III Ltd.
                       Series      2006-24

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    II-A-2     18977BAG1     CC                   BBB/Watch Neg

                      CMO Holdings III Ltd.
                     Series      2007-N5-II

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-A-1     12587LAC3     CC                   B

                      CMO Holdings III Ltd.
              Series      2007-N6-I, 2007-N6-II, 20

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        III-A-1    12587MAH0     CC                   A-

               Countrywide Home Loan Trust 2005-10N
                      Series      2005-10N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      126670DS4     CC                   BBB-

               Countrywide Home Loan Trust 2005-16N
                      Series      2005-16N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      126670SF6     CC                   CCC

               Countrywide Home Loan Trust 2005-5N
                       Series      2005-5N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      1266734N9     CC                   CCC

               Countrywide Home Loan Trust 2006-13N
                      Series      2006-13N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      22238FAA2     CC                   CCC

               Countrywide Home Loan Trust 2006-15N
                      Series      2006-15N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      22239DAA6     CC                   BBB-

               Countrywide Home Loan Trust 2006-24N
                      Series      2006-24N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      12667MAB6     CC                   CCC

           Credit Suisse NIMs Trust RAMP 2006-RZ5 NIM1
                  Series      RAMP 2006-RZ5 NIM1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A Notes    22546AAA0     CC                   A-
        B Notes    22546AAB8     CC                   B
        C Notes    22546AAC6     CC                   B

                         CWABS 2006-10N
                      Series      2006-10N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        N-3        22237FAC9     CC                   CCC
        N-4        22237FAD7     CC                   CCC

                         CWABS 2007-BC3N
                      Series      2007-BC3N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        N-1 Notes  23246LAU3     CC                   A
        N-2 Notes  23246LAV1     CC                   B+
        N-3 Notes  23246LAW9     CC                   B

                        CWALT 2006-OA18N
                     Series      2006-OA18N

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   N-3        23244HAD2     CC                   BB/Watch Neg

                         CWALT 2006-OA6N
                      Series      2006-OA6N

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   N-3 Notes  02146DAD4     CC                   BB/Watch Neg

                       GSAA 2007-NIM4 Ltd.
                      Series      2007-NIM4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   N1         3622EVAA2     CC                   A/Watch Neg

                    HASCO NIM Trust 2005-OPT1
                      Series      2005-OPT1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A Notes    418095AA3     CC                   B

                     Impac NIM Trust 2007-3
                       Series      2007-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   N          452563AA7     CC                   BBB-/Watch Neg

                       JPMAC NIM 2006-CHN2
                      Series      2006-CHN2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          481234AA0     CC                   BB
        B          481234AB8     CC                   B
        C          481234AC6     CC                   CCC

                Lehman XS NIM 1 Company 2006-10N
                      Series      2006-10N

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2        52523GAA1     CC                   BBB-/Watch Neg
   A-3        52523GAB9     CC                   BB/Watch Neg

                   Lehman XS NIM Company 2005-3
                        Series      2O05-3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          525222AB1     CC                   CCC
        B          525220AD1     CC                   CCC

                  Lehman XS NIM Company 2005-4
                       Series      2005-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          525222AC9     CC                   CCC
        B          525220AE9     CC                   CCC

                MASTR Alternative Loan NIM 2006-6
                       Series      2006-6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    N-1        55271SAC8     CC                   CCC
    S-1        55271SAA2     CC                   B/Watch Neg
    S-2        55271SAB0     CC                   B/Watch Neg
    N-2        55271SAD6     CC                   CCC
    N-3        55272SAA1     CC                   CCC
    N-4        55272SAB9     CC                   CCC

               MASTR Alternative Loan NIM 2007-HF1
                      Series      2007-HF1

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A          55291LAA3     BBB-/Watch Neg       BBB-

       Morgan Stanley ABS Capital I Inc. NIM 2007-HE6N Ltd.
                     Series      2007-HE6N

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       N-3 Notes  617535AC3     CC                   BB+

       Morgan Stanley ABS Capital I Inc. NIM 2007-NC2N Ltd.
                     Series      2007-NC2N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        N-2 Notes  61754QAB8     CC                   BBB-
        N-3 Notes  61754QAC6     CC                   BB+

         Morgan Stanley Home Equity Loan NIM 2007-2N Ltd.
                       Series      2007-2N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        N-2        61753GAB1     CC                   BBB-
        N-3        61753GAC9     CC                   B

                   Nationstar NIM Ltd. 2007-AN
                       Series      2007-AN

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A Notes    63860JAA3     CC                   A-
        B Notes    63860JAB1     CC                   BBB

                   Nationstar NIM Ltd. 2007-BN
                       Series      2007-BN

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A Notes    63859SAA6     CC                   A-
        B Notes    63859SAB4     CC                   BBB-

                   Nationstar NIM Trust 2006-1N
                       Series      2006-1N

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        Notes      63860DAA6     CC                   BBB-

            Renaissance Home Equity Loan Trust 2006-2
                    Series      2006-2 NOTES

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        N-1        759676AV1     CC                   CCC
        N-2        759676AW9     CC                   CCC

            SASCO Net Interest Margin Trust 2003-36XS
                      Series      2003-36XS

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    Notes      803827AM6     CC                   BB/Watch Neg

         Sharps SP I LLC Net Interest Margin 2006-HYBN
                     Series      2006-HYBN

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        N-1        82001UAA8     CC                   CCC

       Sharps SP I LLC Net Interest Margin Trust 2006-CW1N
                      Series      2006-CW1N

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    Notes      82002HAA6     CC                   A+/Watch Neg

                WM Asset Holdings Trust 2007-WM3B
                      Series      2007-WM3B

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   N-1 Notes  92933XAA4     BB-/Watch Neg        BBB-/Watch Neg

            Ratings Remaining On Creditwatch Negative

                    ABSC NIMs Trust 2007-HE1
                      Series      2007-HE1

             Class      CUSIP         Rating
             -----      -----         ------
             A          00082VAA0     BBB-/Watch Neg

              Countrywide Home Loan Trust 2006-21N
                      Series      2006-21N

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      12667QAB7     BBB-/Watch Neg

              Countrywide Home Loan Trust 2006-22N
                      Series      2006-22N

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      12667WAB4     BBB-/Watch Neg

               Countrywide Home Loan Trust 2006-23N
                      Series      2006-23N

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      12667RAB5     BBB-/Watch Neg

               Countrywide Home Loan Trust 2006-26N
                      Series      2006-26N

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      12667UAB8     BBB-/Watch Neg

               Countrywide Home Loan Trust 2007-1N
                       Series      2007-1N

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      222393AB6     BBB-/Watch Neg

               Countrywide Home Loan Trust 2007-2N
                       Series      2007-2N

             Class      CUSIP         Rating
             -----      -----         ------
             Note       222395AA3     BBB-/Watch Neg

                    Fremont NIM Trust 2006-B
                       Series      2006-B

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      357524AA5     BBB-/Watch Neg

                 IndyMac NIM Trust INABS 2006-D
                        Series      2006-D

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      45661UAA6     BBB-/Watch Neg

                 IndyMac NIM Trust INABS 2006-E
                       Series      2006-E

             Class      CUSIP         Rating
             -----      -----         ------
             NIM        45668MAA7     BBB-/Watch Neg

                  IndyMac NIM Trust INABS 2007-A
                       Series      2007-A

             Class      CUSIP         Rating
             -----      -----         ------
             Notes      45669CAA8     BBB-/Watch Neg

                           MASTR CI-13
                      Series      2006-FRE1

             Class      CUSIP         Rating
             -----      -----         ------
             N2         57644RAB8     BBB-/Watch Neg

                WM Asset Holdings Trust 2007-WM4
                      Series      2007-WM4

             Class      CUSIP         Rating
             -----      -----         ------
             N1         92934LAA9     BBB-/Watch Neg

                         Ratings Affirmed

                 Ameriquest NIM Trust 2004-RN10
                     Series      2004-RN10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      03075NAA1     AAA

                  Ameriquest NIM Trust 2005-RN3
                      Series      2005-RN3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      03075XAA9     AAA

                 IndyMac NIM Trust INABS 2007-B
                    Series      INABS 2007-B

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      45669HAA7     AAA

                  MASTR ABS NIM Trust 2005-OPT1
                      Series      2005-OPT1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      55265DAH8     A

       Option One Mortgage Securities Corp NIM Trust 2005-2
                     Series      2005 2 NIM

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68389CBH3     A

      Option One Mortgage Securities Corp. NIM Trust 2005-1
                       Series      2005-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68389CBG5     AAA

      Option One Mortgage Securities Corp. NIM Trust 2006-1
                       Series      2006-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68389CBL4     AAA

      Option One Mortgage Securities Corp. NIM Trust 2006-2
                       Series      2006-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68389CBM2     AAA

         Option One Mortgage Securities NIM Trust 2007-3
                       Series      2007-3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68403GAA2     AAA

          Option One Mortgage Securities NIM Trust 2007-4
                       Series      2007-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68403CAA1     AAA

          Option One Mortgage Securities NIM Trust 2007-5
                       Series      2007-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68403EAA7     AAA

        Option One Mortgage Securities NIM Trust 2007-CP1
                      Series      2007-CP1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68403AAA5     AAA

        Option One Mortgage Securities NIM Trust 2007-FXD1
                     Series      2007-FXD1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68402WAA8     AAA

        Option One Mortgage Securities NIM Trust 2007-FXD2
                      Series      2007-FDX2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      68403DAA9     AAA

                  Soundview NIM Trust 2005-OPT1
                      Series      2005-OPT1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      83611NAC0     A

                  Soundview NIM Trust 2006-OPT4
                      Series      2006-OPT4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 Notes      83612FAA0     AAA


* S&P Downgrades Ratings on 69 Classes From 13 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 69
classes from 13 U.S. residential mortgage-backed securities
transactions issued from 2004 to 2007.  S&P categorizes the
transactions reviewed as "scratch-and-dent" due to the nature of
the underlying collateral securing the RMBS.  S&P removed 41 of
the lowered ratings from CreditWatch negative.  S&P also affirmed
its ratings on 27 classes from the same transactions, and removed
11 of the affirmed ratings from CreditWatch negative.

Scratch-and-dent transactions generally fall into one of four
categories depending on the characteristics of the underlying loan
collateral: reperforming, outside-the-guidelines, document-
deficient, and nonperforming liquidating trusts.  S&P considers
all of the transactions in this review outside-the-guidelines,
except for GSAMP Trust 2006-SD3, which S&P consider document-
deficient.

The downgrades and affirmations incorporate S&P's projected
losses, which are based on factors such as the dollar amount of
losses S&P has observed within the transactions over the past 12
months, the current pipeline inclusive of S&P's roll-rate
assumptions, or default curves that S&P utilizes when S&P reviews
subprime and Alternative-A (Alt-A) transactions.

In each scenario, S&P compared its loss projections with the
amount of subordination and applicable excess interest on a class-
by-class basis to assess the amount of credit support S&P
considered sufficient based on S&P's future loss projections.

Generally, S&P's baseline loss projections represent its 'B' case
rating scenario, and S&P adjust the projection based on credit
enhancement multiples that are specific to each rating category.
Typically, if the rating is commensurate with the ratio derived
from credit enhancement-to-remaining losses, S&P will affirm the
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, while
affirmations reflect S&P's belief that the amount of credit
enhancement is sufficient to support the ratings at their current
levels.

Subordination, overcollateralization, and excess interest provide
credit support for the affected transactions.
Overcollateralization also provides credit support for the
transactions with overcollateralization that has not been
depleted.  The classes in RAMP Series 2005-RS9 Trust are bond
insured by FGIC; S&P withdrew its financial strength rating on
FGIC.  The collateral backing the affected trusts consists
predominantly of first-lien, fixed- or adjustable-rate residential
subprime or Alt-A mortgage loans secured by one- to four-family
properties.

S&P monitors these transactions to incorporate updated performance
information to assess whether, in S&P's view, the applicable
credit enhancement is 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

         Bear Stearns Asset Backed Securities Trust 2006-3
                        Series      2006-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        07388GAA9     AAA                  AAA/Watch Neg
    A-2        07388GAB7     AAA                  AAA/Watch Neg
    A-3        07388GAC5     AAA                  AAA/Watch Neg
    M-1        07388GAD3     B                    AA/Watch Neg
    M-2        07388GAE1     CCC                  AA-/Watch Neg
    M-3        07388GAF8     CCC                  A/Watch Neg
    M-4        07388GAG6     CC                   BBB/Watch Neg
    M-5        07388GAH4     CC                   BB+/Watch Neg
    M-6        07388GAJ0     CC                   BB/Watch Neg

                       GSAMP Trust 2006-SD3
                       Series      2006-SD3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          36244RAA8     B                    AAA/Watch Neg
    M-1        36244RAB6     CC                   A/Watch Neg

                   RAAC Series 2006-SP1 Trust
                      Series      2006-SP1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        76112B3D0     AAA                  AAA/Watch Neg
    A-3        76112B3E8     AA                   AAA/Watch Neg
    M-1        76112B3F5     B-                   AA+/Watch Neg
    M-2        76112B3G3     CC                   AA-/Watch Neg
    M-3        76112B3H1     CC                   BB/Watch Neg

                   RAAC Series 2007-SP1 Trust

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        74978AAB6     A                    AAA
        A-3        74978AAC4     A                    AAA
        M-1        74978AAD2     B                    AA
        M-2        74978AAE0     CCC                  A
        M-3        74978AAF7     CC                   BBB+
        M-4        74978AAG5     CC                   BBB

                   RAMP Series 2004-RS12 Trust
                      Series      2004-RS12

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-I-2      76112BFW5     B                    A
        M-I-3      76112BFX3     CCC                  BBB
        M-I-4      76112BFY1     CC                   BBB-
        M-II-6     76112BGH7     CCC                  BBB-

                    RAMP Series 2005-RS6 Trust
                       Series      2005-RS6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-2      76112BTN0     AAA                  AAA/Watch Neg
    A-I-3      76112BTP5     AAA                  AAA/Watch Neg
    A-II-1     76112BTQ3     AAA                  AAA/Watch Neg
    A-II-2     76112BTR1     AAA                  AAA/Watch Neg
    M-1        76112BTS9     AA+                  AA+/Watch Neg
    M-2        76112BTT7     AA                   AA/Watch Neg
    M-3        76112BTU4     AA-                  AA-/Watch Neg
    M-4        76112BTV2     BBB                  A+/Watch Neg
    M-5        76112BTW0     BB                   A+/Watch Neg
    M-6        76112BTX8     CCC                  A/Watch Neg
    M-7        76112BTY6     CC                   BBB+/Watch Neg
    M-8        76112BTZ3     CC                   BBB/Watch Neg

                    RAMP Series 2005-RS8 Trust
                       Series      2005-RS8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76112BZK9     A                    AA
        M-3        76112BZL7     BB                   A
        M-4        76112BZM5     B                    BBB-
        M-5        76112BZN3     CCC                  B
        M-6        76112BZP8     CC                   CCC
        M-7        76112BZQ6     CC                   CCC

                    RAMP Series 2005-RS9 Trust
                       Series      2005-RS9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-3      76112BL73     CCC                  B/Watch Neg
    A-I-4      76112BL81     CCC                  B/Watch Neg
    A-II       76112BL99     CCC                  B/Watch Neg

                    RAMP Series 2006-EFC1 Trust
                      Series      2006-EFC1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        76112BV98     BB                   AA
        M-4        76112BW22     B                    BBB-
        M-5        76112BW30     CCC                  B-
        M-6        76112BW48     CC                   CCC

                    RAMP Series 2006-RS1 Trust
                       Series      2006-RS1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-I-2      76112BT83     B                    AAA
        A-I-3      76112BT91     B                    AAA
        A-II       76112BU24     B                    AAA
        M-1        76112BU32     CCC                  BBB
        M-2        76112BU40     CC                   B
        M-3        76112BU57     CC                   CCC
        M-4        76112BU65     CC                   CCC
        M-5        76112BU73     CC                   CCC

                    RAMP Series 2006-RS2 Trust
                       Series      2006-RS2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        76112B2C3     B-                   AAA/Watch Neg
    A-3A       76112B2D1     B                    AAA/Watch Neg
    A-3B       76112B2S8     B-                   AAA/Watch Neg
    M-1        76112B2E9     CCC                  AA+/Watch Neg
    M-2        76112B2F6     CC                   AA/Watch Neg
    M-3        76112B2G4     CC                   AA-/Watch Neg
    M-4        76112B2H2     CC                   A+/Watch Neg
    M-5        76112B2J8     CC                   A/Watch Neg

                    RAMP Series 2006-RS3 Trust
                       Series      2006-RS3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        75156VAB1     CCC                  AAA/Watch Neg
    A-3        75156VAC9     CCC                  AAA/Watch Neg
    A-4        75156VAD7     CCC                  AAA/Watch Neg
    M-1        75156VAE5     CCC                  AA+/Watch Neg
    M-2        75156VAF2     CC                   AA/Watch Neg
    M-3        75156VAG0     CC                   AA-/Watch Neg

   Structured Asset Securities Corporation Mortgage Loan Trust
                      Series      2006-GEL3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         86360XAA8     AA                   AAA/Watch Neg
    A2         86360XAB6     BB                   AAA/Watch Neg
    A3         86360XAC4     BB                   AAA/Watch Neg
    M1         86360XAD2     CCC                  AA/Watch Neg
    M2         86360XAE0     CC                   AA-/Watch Neg
    M3         86360XAF7     CC                   A/Watch Neg
    M4         86360XAG5     CC                   A-/Watch Neg

                        Ratings Affirmed

                   RAAC Series 2007-SP1 Trust
                       Series      2007-SP1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        74978AAA8     AAA

                   RAMP Series 2004-RS12 Trust
                      Series      2004-RS12

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-I-4      76112BFS4     AAA
                 A-I-5      76112BFT2     AAA
                 A-I-6      76112BFU9     AAA
                 M-I-1      76112BFV7     AA
                 M-II-2     76112BGD6     A
                 M-II-3     76112BGE4     A-
                 M-II-4     76112BGF1     BBB+
                 M-II-5     76112BGG9     BBB

                    RAMP Series 2005-RS8 Trust
                       Series      2005-RS8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        76112BZF0     AAA
                 A-3        76112BZG8     AAA
                 M-1        76112BZJ2     AA+

                   RAMP Series 2006-EFC1 Trust
                      Series      2006-EFC1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        76112BV56     AAA
                 A-3        76112BV64     AAA
                 M-1        76112BV72     AA+
                 M-2        76112BV80     AA+


* S&P Downgrades Ratings on 71 Classes of Mortgage Certs. to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
71 classes of mortgage pass-through certificates from 68 U.S.
prime jumbo residential mortgage-backed securities transactions
from various issuers.  S&P removed 11 of the lowered ratings from
CreditWatch with negative implications.  Additionally, S&P placed
87 ratings on seven of the affected transactions on CreditWatch
with negative implications.  The ratings on 102 additional classes
from 15 of these transactions remain on CreditWatch negative.

The negative rating actions reflect S&P's assessment of principal
write-downs on the 71 affected classes during recent remittance
periods.  The CreditWatch placements reflect the fact that the
affected classes are a part of the same group structure as a class
that defaulted from the 'B-' rating level or higher.  S&P lowered
approximately 73.24% of the ratings on the 71 defaulted classes
from the 'CCC' or 'CC' rating categories and lowered all of the
ratings from speculative-grade rating categories.

S&P expects to resolve the CreditWatch placements affecting these
transactions after S&P completes its reviews of the underlying
redit enhancement.  S&P will continue to monitor S&P's ratings on
securities that experience principal write-downs and adjust the
ratings as S&P deem appropriate.


* S&P Downgrades Ratings on 90 Classes From Nine RMBS Transactions
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 90
classes from nine residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2005, 2006, and 2007.  S&P removed 77 of the lowered
ratings from CreditWatch with negative implications.  In addition,
S&P affirmed our ratings on four classes from three of the same
transactions and removed two of the affirmed ratings from
CreditWatch negative.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's assessment of current losses as well as
projected losses based on S&P's methodology and assumptions.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is not sufficient
to cover losses at the previous rating levels.  Although
cumulative losses are generally low compared with S&P's projected
lifetime losses for the transactions reviewed, S&P is projecting
an increase in losses due to increases in delinquencies and
the current negative condition of the housing market.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for the classes is sufficient to
cover losses associated with the current rating levels.

S&P revised its loss projections for six of the transactions S&P
reviewed based on a forward-looking default curve.  S&P's revised
loss projections are:

                                        Orig. bal.   Lifetime
  Transaction                           (mil. $)     exp. loss (%)
  -----------                           ----------   -------------
Alternative Loan Trust
Series 2005-J12 (Structure 2)                471.3        18.11
Alternative Loan Trust
Series 2006-OC1                              1,200        24.64
BCAP LLC
Series 2007-AA3 (Structure-1)                581.8        18.78
Nomura Asset Acceptance Corp.
Alternative Loan Trust
Series 2005-AR6                              655.5        17.23
Nomura Asset Acceptance Corp.
Alternative Loan Trust
Series 2006-AF2 (Structure-1)                364.0        28.93
Nomura Asset Acceptance Corp.
Alternative Loan Trust,
Series 2006-AF2 (Structure-2)                199.7        34.09
Nomura Asset Acceptance Corp.
Alternative Loan Trust
Series 2006-AF2 (Structure-3)                200.4        41.18
Wachovia Mortgage Loan Trust
Series 2006-AMN1                             714.4        26.28

For an Alt-A bond to maintain an 'AAA' rating, S&P considers
whether it 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 classes in the reviewed
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 fixed- or adjustable-rate, Alt-A residential
mortgage loans secured by one- to four-family properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether the applicable
credit enhancement features, in S&P's view, 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

                 Alternative Loan Trust 2005-J12
                       Series      2005-J12

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12668ASP1     AAA                  AAA/Watch Neg
    1-A-3      12668ASR7     BB                   AAA/Watch Neg
    1-A-4      12668ASS5     BB                   AAA/Watch Neg
    1-A-5      12668AST3     BB                   AAA/Watch Neg
    1-A-6      12668AYD1     BB                   AAA/Watch Neg
    1-M-1      12668ASU0     CCC                  AA/Watch Neg
    1-M-2      12668ASV8     CC                   A/Watch Neg
    1-M-3      12668ASW6     CC                   BB+/Watch Neg
    1-B-1      12668ASX4     CC                   BB/Watch Neg
    2-A-1      12668ASY2     CCC                  AAA/Watch Neg
    2-A-3      12668ATA3     AA                   AAA/Watch Neg
    2-A-4      12668ATB1     CCC                  AAA/Watch Neg
    2-M-1      12668ATD7     CC                   AA/Watch Neg
    1-A-2      12668ASQ9     BB                   AAA/Watch Neg

                  Alternative Loan Trust 2006-OC1
                       Series      2006-OC1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      12668BJD6     CCC                  AAA/Watch Neg
    1-A-2      12668BJE4     CC                   BB/Watch Neg
    2-A-2      12668BJT1     CC                   AA/Watch Neg
    2-A-3A     12668BJU8     CCC                  AAA/Watch Neg
    2-A-3B     12668BJV6     CC                   BB/Watch Neg
    M-1        12668BJG9     CC                   B/Watch Neg
    M-2        12668BJH7     CC                   CCC

                     BCAP LLC Trust 2007-AA3
                       Series      2007-AA3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1A     05530VAA7     BBB                  AAA/Watch Neg
    I-A-1B     05530VAB5     BBB                  AAA/Watch Neg
    I-A-2      05530VAC3     CCC                  AA/Watch Neg
    I-M-1      05530VAD1     CC                   A/Watch Neg
    I-M-2      05530VAE9     CC                   BBB/Watch Neg
    I-M-3      05530VAF6     CC                   BB/Watch Neg
    I-M-4      05530VAG4     CC                   B/Watch Neg
    I-M-5      05530VAH2     CC                   CCC
    II-A-IA    05530VAN9     CCC                  AA/Watch Neg
    II-A-1B    05530VAP4     CCC                  AA/Watch Neg
    II-A-2     05530VAQ2     CC                   B/Watch Neg
    II-M-1     05530VAR0     CC                   CCC
    II-M-2     05530VAS8     CC                   CCC
    II-M-3     05530VAT6     CC                   CCC
    II-M-4     05530VAU3     CC                   CCC
    II-M-5     05530VAV1     CC                   CCC
    II-M-6     05530VAW9     CC                   CCC
    II-M-7     05530VAX7     CC                   CCC

                 Bear Stearns ALT-A Trust 2005-10
                       Series      2005-10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-1A-1     07386HYW5     B                    A/Watch Neg
    I-1A-2     07386HYX3     CCC                  BB/Watch Neg
    II-1A-1    07386HZC8     CCC                  AAA/Watch Neg
    II-1A-2    07386HZD6     CC                   B/Watch Neg
    II-2A-1    07386HZE4     CCC                  A/Watch Neg
    II-2A-2    07386HZF1     CC                   B/Watch Neg
    II-3A-1    07386HZG9     CCC                  AAA/Watch Neg
    II-3A-2    07386HZH7     CC                   B/Watch Neg
    II-4A-1    07386HZJ3     CCC                  AAA/Watch Neg
    II-4A-2    07386HZK0     CC                   B/Watch Neg
    II-4X-1    07386HZL8     CCC                  AAA
    II-5A-1    07386HZM6     CC                   B/Watch Neg
    II-5X-1    07386HZN4     CC                   B
    II-B-1     07386HZP9     CC                   CCC

                   Impac CMB Trust Series 2005-8
                        Series      2005-8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        45254NRG4     AA                   AAA/Watch Neg
    1-AM       45254NRH2     BB                   AAA/Watch Neg
    1-M-1      45254NRK5     CCC                  AA+/Watch Neg
    1-M-2      45254NRL3     CC                   AA/Watch Neg
    1-M-3      45254NRM1     CC                   AA-/Watch Neg
    1-M-4      45254NRN9     CC                   A+/Watch Neg

                    Impac Secured Assets Corp.
                        Series      2005-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        45254TSM7     BB                   AAA/Watch Neg
    A-1M       45254TSN5     CC                   BBB/Watch Neg
    A-2B       45254TSQ8     AAA                  AAA/Watch Neg
    A-2C       45254TSR6     CCC                  A/Watch Neg
    A-2D       45254TSS4     CC                   BBB/Watch Neg
    M-1        45254TST2     CC                   B/Watch Neg

   Nomura Asset Acceptance Corporation, Alternative Loan Trust
                       Series      2005-AR6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A        65535VRG5     CC                   B/Watch Neg
    II-A-1     65535VRH3     CCC                  AAA/Watch Neg
    II-A-2     65535VRW0     CC                   B/Watch Neg
    III-A-1    65535VRJ9     CCC                  AA/Watch Neg
    III-A-2    65535VRV2     CC                   B/Watch Neg
    IV-A-1     65535VRK6     CCC                  AAA/Watch Neg
    IV-A-2     65535VRL4     CC                   BB/Watch Neg

   Nomura Asset Acceptance Corporation, Alternative Loan Trust
                       Series      2006-AF2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      65536VAA5     B                    AAA/Watch Neg
    I-A-2      65536VAB3     CC                   BBB/Watch Neg
    I-A-3      65536VAC1     CC                   B/Watch Neg
    I-A-4      65536VAD9     CC                   B/Watch Neg
    I-A-5      65536VAE7     CC                   B/Watch Neg
    I-A-6      65536VAF4     CC                   B/Watch Neg
    I-M-1      65536VAG2     CC                   CCC
    II-A       65536XAA1     CC                   B/Watch Neg
    III-A-1    65536XAB9     CC                   B+/Watch Neg
    III-A-2    65536XAC7     CC                   B/Watch Neg
    IV-A       65536XAD5     CC                   B/Watch Neg
    V-A-1      65536XAN3     CC                   B+/Watch Neg

           Wachovia Mortgage Loan Trust Series 2006-AMN1
                      Series      2006-AMN1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        92978EAA2     CCC                  AAA/Watch Neg
    A-2        92978EAB0     CCC                  AAA/Watch Neg
    A-3        92978EAC8     CCC                  AAA/Watch Neg
    M-1        92978EAD6     CC                   AA+/Watch Neg
    M-2        92978EAE4     CC                   AA+/Watch Neg
    M-3        92978EAF1     CC                   AA+/Watch Neg
    M-4        92978EAG9     CC                   A/Watch Neg
    M-5        92978EAH7     CC                   BBB/Watch Neg

                         Ratings Affirmed

                   Impac CMB Trust Series 2005-8
                        Series      2005-8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A        45254NRT6     AAA

                    Impac Secured Assets Corp.
                        Series      2005-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1W       45254TTF1     A


* S&P Downgrades Ratings on 102 Classes From 33 Prime Jumbo RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 102
classes from 33 U.S. prime jumbo residential mortgage-backed
securities transactions issued from 1998 to 2004.  In addition,
S&P affirmed S&P's ratings on 669 classes from 32 of the
downgraded deals as well as 34 additional deals.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  For
mortgage pools that are continuing to experience increasing
delinquencies, S&P increased its stresses to account for potential
increases in monthly losses.  In order to maintain a rating higher
than 'B', S&P assessed whether, in its view, a class could absorb
losses in excess of the base-case loss assumptions S&P assumed in
its analysis.  For example, generally, S&P assessed whether one
class could, in S&P's view, withstand approximately 130% of S&P's
base-case loss assumptions in order to maintain a 'BB' rating,
while S&P assessed whether a different class could withstand 155%
of S&P's base-case loss assumption to maintain a 'BBB' rating.
Each class that has an affirmed 'AAA' rating can, in S&P's view,
withstand approximately 235% of S&P's base-case loss assumptions
under S&P's analysis.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with these rating levels.

Subordination provides credit support for the affected
transactions.  The underlying pool of loans backing these
transactions consists of fixed- and adjustable-rate, first-lien,
prime jumbo mortgage loans.

                           Rating Actions

              CHL Mortgage Pass-Through Trust 2002-21
                       Series      2002-21

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669C6C9     BBB                  AA

              CHL Mortgage Pass-Through Trust 2002-30
                       Series      2002-30

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669DFA1     BB                   A

             CHL Mortgage Pass-Through Trust 2002-35
                       Series      2002-35

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669DTQ1     BBB                  AA

             CHL Mortgage Pass-Through Trust 2002-38
                       Series      2002-38

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12669DTX6     BBB                  A
        B-2        12669DTY4     B                    BBB

             CHL Mortgage Pass-Through Trust 2002-J5
                       Series      2002-J5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        12669DXF0     BBB                  A
        B-4        12669DXG8     B                    BBB

             CHL Mortgage Pass-Through Trust 2003-35
                       Series      2003-35

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EYN0     BB                   BBB
        B-3        12669EYY6     CCC                  BB
        B-4        12669EYZ3     CCC                  B

             CHL Mortgage Pass-Through Trust 2003-37
                       Series      2003-37

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12669EYW0     BB                   A
        B-2        12669EYX8     CCC                  BBB
        B-3        12669EE28     CCC                  BB
        B-4        12669EE36     CC                   B

             CHL Mortgage Pass-Through Trust 2003-40
                       Series      2003-40

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EL38     BB                   BBB
        B-3        12669EM45     CCC                  BB
        B-4        12669EM52     CCC                  B

              CHL Mortgage Pass-Through Trust 2003-42
                       Series      2003-42

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12669EJ56     BB                   A
        B-2        12669EJ64     CCC                  BBB
        B-3        12669EJ72     CCC                  BB
        B-4        12669EJ80     CC                   B

              CHL Mortgage Pass-Through Trust 2003-43
                       Series      2003-43

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EL87     B                    BBB
        B-3        12669EU46     CCC                  BB
        B-4        12669EU53     CCC                  B

              CHL Mortgage Pass-Through Trust 2003-46
                       Series      2003-46

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EWH5     BB                   BBB
        B-3        12669EWJ1     CCC                  BB
        B-4        12669EWK8     CC                   B

              CHL Mortgage Pass-Through Trust 2003-48
                       Series      2003-48

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EV78     B                    BBB
        B-3        12669EV86     CCC                  BB
        B-4        12669EV94     CC                   B

             CHL Mortgage Pass-Through Trust 2003-49
                       Series      2003-49

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EF84     BB                   BBB
        B-3        12669EF92     CCC                  BB
        B-4        12669EG26     CCC                  B

              CHL Mortgage Pass-Through Trust 2003-52
                       Series      2003-52

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669E6C5     B                    BBB
        B-3        12669E6D3     CCC                  BB
        B-4        12669E6E1     CC                   B

              CHL Mortgage Pass-Through Trust 2003-53
                       Series      2003-53

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12669E5S1     A-                   AA+
        B-1        12669E5T9     B                    A
        B-2        12669E5U6     CCC                  BBB
        B-3        12669E5V4     CC                   BB
        B-4        12669E5W2     CC                   B

              CHL Mortgage Pass-Through Trust 2003-54
                       Series      2003-54

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        12669E3B0     CCC                  B

             CHL Mortgage Pass-Through Trust 2003-56
                       Series      2003-56

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669FBY8     B                    BBB
        B-3        12669FAK9     CCC                  BB
        B-4        12669FAM5     CC                   B

             CHL Mortgage Pass-Through Trust 2003-58
                       Series      2003-58

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669E6M3     BB                   BBB
        B-3        12669E6N1     CCC                  BB
        B-4        12669E6P6     CCC                  B

             CHL Mortgage Pass-Through Trust 2003-60
                       Series      2003-60

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669FJK0     B                    BBB
        B-3        12669FJL8     CCC                  BB
        B-4        12669FJM6     CC                   B

             CHL Mortgage Pass-Through Trust 2003-HYB3
                      Series      2003-HYB3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669EQN9     BB                   BBB
        B-3        12669EQP4     CCC                  BB
        B-4        12669EQQ2     CC                   B

             CHL Mortgage Pass-Through Trust 2003-J13
                       Series      2003-J13

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        12669FGE7     CCC                  B

             CHL Mortgage Pass-Through Trust 2003-J4
                       Series      2003-J4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        12669EEB8     CCC                  B

              CHL Mortgage Pass-Through Trust 2003-J6
                       Series      2003-J6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669ERC2     BB                   A
        B-3        12669EVN3     CCC                  BBB
        B-4        12669EVP8     CCC                  BB+

              CHL Mortgage Pass-Through Trust 2003-J8
                       Series      2003-J8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12669EX50     A-                   AA
        B-2        12669EX68     CCC                  A-
        B-3        12669E2J4     CCC                  BBB
        B-4        12669E2K1     CC                   B

              CHL Mortgage Pass-Through Trust 2003-J9
                       Series      2003-J9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        12669E5J1     CCC                  B

             CHL Mortgage Pass-Through Trust 2004-11
                       Series      2004-11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12669FB44     A-                   A+
        B-2        12669FB51     B                    BBB+
        B-3        12669FD83     CC                   BB
        B-4        12669FD91     CC                   B

             CHL Mortgage Pass-Through Trust 2004-14
                       Series      2004-14

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12669FT86     BB                   A
        B-2        12669FT94     CCC                  BBB
        B-3        12669FU27     CC                   BB
        B-4        12669FU35     CC                   B

              CHL Mortgage Pass-Through Trust 2004-15
                       Series      2004-15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A        12669FG64     AA                   AAA
        2-A        12669FG72     AA                   AAA
        3-A        12669FG80     AA                   AAA
        4-A        12669FL50     AA                   AAA
        5-A        12669FL68     AA                   AAA
        M          12669FG98     BB                   AA
        B-1        12669FH22     CCC                  A
        B-2        12669FH30     CC                   BBB
        B-3        12669FH48     CC                   BB
        B-4        12669FH55     CC                   B

              CHL Mortgage Pass-Through Trust 2004-2
                       Series      2004-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        12669FKY8     B                    BB+
        B-4        12669FKZ5     CCC                  B

             CHL Mortgage Pass-Through Trust 2004-HYB6
                     Series      2004-HYB6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M          12669F6N8     BBB-                 AA
        B-1        12669F6P3     CCC                  A
        B-2        12669F6Q1     CC                   BB
        B-3        12669F6R9     CC                   B

            CHL Mortgage Pass-Through Trust 2004-HYB7
                     Series      2004-HYB7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        12669GCH2     BB                   A
        B-2        12669GCJ8     CCC                  BBB
        B-3        12669GCK5     CC                   BB
        B-4        12669GCL3     CC                   B

             CHL Mortgage Pass-Through Trust 2004-J7
                      Series      2004-J7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12669F6J7     BBB-                 BBB
        B-3        12669F5J8     CCC                  BB
        B-4        12669F5K5     CC                   B

                   Prime Mortgage Trust 2004-CL2
                      Series      2004-CL2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        74160MEH1     B                    AA
        B-2        74160MEJ7     CCC                  A
        B-3        74160MEK4     CC                   BBB
        B-4        74160MEL2     CC                   B
        B-5        74160MEM0     CC                   CCC

           Provident Funding Mortgage Loan Trust 2004-1
                        Series      2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        743873AS0     B                    BB
        B-5        743873AT8     CC                   B

                         Ratings Affirmed

             CHL Mortgage Pass-Through Trust 2002-19
                       Series      2002-19

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669DBA5     AAA
                 1-A-13     12669DBN7     AAA
                 2-A-3      12669DBR8     AAA
                 2-A-4      12669DBS6     AAA
                 PO         12669DBT4     AAA
                 M          12669DBV9     AAA
                 B-1        12669DBW7     AAA
                 B-2        12669DBX5     AAA

              CHL Mortgage Pass-Through Trust 2002-21
                       Series      2002-21

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669C5W6     AAA
                 A-3        12669C5Y2     AAA
                 PO         12669C5Z9     AAA
                 M          12669C6D7     AAA
                 B-1        12669C6B1     AAA

              CHL Mortgage Pass-Through Trust 2002-22
                       Series      2002-22

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-20       12669C3U2     AAA
                 PO         12669C3V0     AAA

              CHL Mortgage Pass-Through Trust 2002-25
                       Series      2002-25

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-14     12669DHT8     AAA
                 1-A-15     12669DHU5     AAA
                 1-X        12669DHV3     AAA
                 2-A-1      12669DHX9     AAA
                 2-X        12669DHW1     AAA
                 PO         12669DHY7     AAA
                 M          12669DJA7     AAA
                 B-1        12669DJB5     AAA
                 B-2        12669DJC3     AA+

             CHL Mortgage Pass-Through Trust 2002-26
                       Series      2002-26

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DFV5     AAA
                 A-2        12669DFW3     AAA
                 A-3        12669DFX1     AAA
                 A-4        12669DFY9     AAA
                 A-5        12669DFZ6     AAA
                 PO         12669DGA0     AAA
                 M          12669DGC6     AAA
                 B-1        12669DGD4     AAA
                 B-2        12669DGE2     AA+

             CHL Mortgage Pass-Through Trust 2002-27
                       Series      2002-27

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DGF9     AAA
                 A-6        12669DGL6     AAA
                 A-8        12669DGN2     AAA
                 A-9        12669DGP7     AAA
                 PO         12669DGQ5     AAA
                 M          12669DGS1     AAA
                 B-1        12669DGT9     AAA
                 B-2        12669DGU6     AA

             CHL Mortgage Pass-Through Trust 2002-30
                       Series      2002-30

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DEW4     AAA
                 A-2        12669DEX2     AAA
                 A-3        12669DEY0     AAA
                 M          12669DFF0     AAA
                 B-1        12669DEZ7     AA+

             CHL Mortgage Pass-Through Trust 2002-31
                       Series      2002-31

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DLR7     AAA
                 A-2        12669DLS5     AAA
                 A-13       12669DMD7     AAA
                 PO         12669DMF2     AAA
                 M          12669DMH8     AAA
                 B-1        12669DMJ4     AAA
                 B-2        12669DMK1     AA

              CHL Mortgage Pass-Through Trust 2002-32
                       Series      2002-32

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-20     12669DQA9     AAA
                 1-A-21     12669DQF8     AAA
                 1-X        12669DLK2     AAA
                 2-A-2      12669DLD8     AAA
                 2-A-4      12669DLF3     AAA
                 2-A-5      12669DLG1     AAA
                 2-A-6      12669DLH9     AAA
                 2-A-7      12669DQB7     AAA
                 3-A-1      12669DLJ5     AAA
                 3-X        12669DQG6     AAA
                 PO         12669DLL0     AAA
                 M          12669DLN6     AAA
                 B-1        12669DLP1     AAA
                 B-2        12669DLQ9     AA

              CHL Mortgage Pass-Through Trust 2002-35
                       Series      2002-35

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-2      12669DSH2     AAA
                 1-A-3      12669DSJ8     AAA
                 1-A-4      12669DSK5     AAA
                 1-A-5      12669DSL3     AAA
                 1-A-8      12669DSP4     AAA
                 2-A-1      12669DSQ2     AAA
                 2-A-3      12669DSS8     AAA
                 2-A-4      12669DST6     AAA
                 2-A-6      12669DSV1     AAA
                 2-A-10     12669DSZ2     AAA
                 2-A-13     12669DTC2     AAA
                 2-A-14     12669DTD0     AAA
                 3-A-1      12669DTE8     AAA
                 4-A-1      12669DTF5     AAA
                 4-A-2      12669DTG3     AAA
                 4-A-3      12669DTH1     AAA
                 4-A-4      12669DTJ7     AAA
                 4-A-5      12669DTK4     AAA
                 PO         12669DTL2     AAA
                 M          12669DTN8     AAA
                 B-1        12669DTP3     AA+

             CHL Mortgage Pass-Through Trust 2002-38
                       Series      2002-38

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DTR9     AAA
                 A-2        12669DTS7     AAA
                 A-3        12669DTT5     AAA
                 PO         12669DTU2     AAA
                 M          12669DTW8     AA

              CHL Mortgage Pass-Through Trust 2002-39
                       Series      2002-39

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DTZ1     AAA
                 A-17       12669DUR7     AAA
                 A-18       12669DUS5     AAA
                 A-35       12669DVK1     AAA
                 A-36       12669DVL9     AAA
                 A-37       12669DVM7     AAA
                 A-38       12669DVN5     AAA
                 PO         12669DVR6     AAA
                 M          12669DVT2     AAA
                 B-1        12669DVU9     AA+
                 B-2        12669DVV7     A+

              CHL Mortgage Pass-Through Trust 2002-J4
                       Series      2002-J4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-15     12669DED6     AAA
                 I-A-16     12669DEE4     AAA
                 2-A-1      12669DEF1     AAA
                 PO         12669DEG9     AAA
                 M          12669DEJ3     AAA
                 B-1        12669DEK0     AAA
                 B-2        12669DEL8     AAA

              CHL Mortgage Pass-Through Trust 2002-J5
                       Series      2002-J5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-13     12669DWJ3     AAA
                 1-A-14     12669DWK0     AAA
                 1-A-15     12669DWL8     AAA
                 1-A-16     12669DWM6     AAA
                 1-A-17     12669DWN4     AAA
                 1-X        12669DWP9     AAA
                 2-A-1      12669DWQ7     AAA
                 2-X        12669DWR5     AAA
                 3-A-1      12669DWS3     AAA
                 PO         12669DWT1     AAA
                 M          12669DWV6     AAA
                 B-1        12669DWW4     AAA
                 B-2        12669DWX2     AA

              CHL Mortgage Pass-Through Trust 2003-14
                       Series      2003-14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669EER3     AAA
                 A-2        12669EES1     AAA
                 A-3        12669EET9     AAA
                 A-4        12669EEU6     AAA
                 A-5        12669EEV4     AAA
                 A-6        12669EEW2     AAA
                 A-7        12669EEX0     AAA
                 A-8        12669EEY8     AAA
                 A-9        12669EEZ5     AAA
                 A-10       12669EFA9     AAA
                 A-11       12669EFB7     AAA
                 A-12       12669EFC5     AAA
                 A-13       12669EFD3     AAA
                 A-14       12669EFE1     AAA
                 A-15       12669EFF8     AAA
                 A-16       12669EFG6     AAA
                 A-17       12669EFH4     AAA
                 A-18       12669EFJ0     AAA
                 A-19       12669EFK7     AAA
                 A-20       12669EFL5     AAA
                 A-21       12669EFM3     AAA
                 A-22       12669EFN1     AAA
                 A-23       12669EFP6     AAA
                 A-24       12669EFQ4     AAA
                 A-25       12669EFR2     AAA
                 PO         12669EFS0     AAA

              CHL Mortgage Pass-Through Trust 2003-15
                       Series      2003-15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EEG7     AAA
                 1-A-2      12669EEH5     AAA
                 2-A-1      12669EEJ1     AAA
                 2-A-2      12669EEK8     AAA
                 PO         12669EEL6     AAA
                 M          12669EEN2     AA
                 B-1        12669EEP7     A
                 B-2        12669EEQ5     BBB
                 B-3        12669EED4     BB
                 B-4        12669EEE2     B

             CHL Mortgage Pass-Through Trust 2003-2
                       Series      2003-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DZU5     AAA
                 A-2        12669DZV3     AAA
                 A-3        12669DZW1     AAA
                 A-4        12669DZX9     AAA
                 A-15       12669DB23     AAA
                 A-16       12669DB31     AAA
                 A-17       12669DB49     AAA
                 A-18       12669DB56     AAA

              CHL Mortgage Pass-Through Trust 2003-26
                       Series      2003-26

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669ERD0     AAA
                 1-A-2      12669ERE8     AAA
                 1-A-3      12669ERF5     AAA
                 1-A-4      12669ERG3     AAA
                 1-A-6      12669ERJ7     AAA
                 2-A-1      12669ERK4     AAA
                 2-A-2      12669ERL2     AAA
                 2-A-3      12669ERM0     AAA
                 2-A-4      12669EUM6     AAA
                 PO         12669ERN8     AAA

              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

             CHL Mortgage Pass-Through Trust 2003-37
                       Series      2003-37

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-1      12669EYQ3     AAA
                 2-A-1      12669EYS9     AAA
                 2-A-2      12669EE51     AAA
                 M          12669EYV2     AA+

              CHL Mortgage Pass-Through Trust 2003-40
                       Series      2003-40

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669EK21     AAA
                 A-2        12669EK39     AAA
                 A-3        12669EK47     AAA
                 A-5        12669EK62     AAA
                 PO         12669EK70     AAA
                 M          12669EK96     AA
                 B-1        12669EL20     A

              CHL Mortgage Pass-Through Trust 2003-42
                       Series      2003-42

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EH33     AAA
                 2-A-4      12669EH74     AAA
                 2-X-1      12669EH82     AAA
                 2-X-2      12669EH90     AAA
                 2-X-3      12669EJ23     AAA
                 M          12669EJ49     AA

              CHL Mortgage Pass-Through Trust 2003-43
                       Series      2003-43

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669EL46     AAA
                 M          12669EL61     AA
                 B-1        12669EL79     A

             CHL Mortgage Pass-Through Trust 2003-46
                       Series      2003-46

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EWA0     AAA
                 1-A-2      12669EWB8     AAA
                 1-A-3      12669EWC6     AAA
                 2-A-1      12669EWD4     AAA
                 3-A-1      12669EWE2     AAA
                 4-A-1      12669EG67     AAA
                 4-A-2      12669E3D6     AAA
                 5-A-1      12669E3E4     AAA
                 6-A-1      12669E3F1     AAA
                 7-A-1      12669E3G9     AAA
                 M          12669EWF9     AA
                 B-1        12669EWG7     A

             CHL Mortgage Pass-Through Trust 2003-48
                       Series      2003-48

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EU79     AAA
                 2-A-1      12669EU87     AAA
                 2-A-2      12669EU95     AAA
                 2-A-3      12669EV29     AAA
                 2-X-1      12669EV37     AAA
                 M          12669EV52     AA
                 B-1        12669EV60     A

             CHL Mortgage Pass-Through Trust 2003-49
                       Series      2003-49

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-3        12669EE85     AAA
                 A-4        12669EE93     AAA
                 A-5        12669EF27     AAA
                 A-6        12669EF35     AAA
                 A-7        12669EF43     AAA
                 A-8-A      12669EF50     AAA
                 A-8-B      12669EN28     AAA
                 A-9        12669EG59     AAA
                 X          12669EN36     AAA
                 M          12669EF68     AA
                 B-1        12669EF76     A

             CHL Mortgage Pass-Through Trust 2003-50
                       Series      2003-50

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669E5B8     AAA
                 PO         12669E5C6     AAA

             CHL Mortgage Pass-Through Trust 2003-52
                       Series      2003-52

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669E5Y8     AAA
                 A-2        12669E5Z5     AAA
                 M          12669E6A9     AA+
                 B-1        12669E6B7     A

              CHL Mortgage Pass-Through Trust 2003-53
                       Series      2003-53

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669E5R3     AAA

             CHL Mortgage Pass-Through Trust 2003-54
                       Series      2003-54

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669E2W5     AAA
                 M          12669E2X3     AA
                 B-1        12669E2Y1     A
                 B-2        12669E2Z8     BBB
                 B-3        12669E3A2     BB

             CHL Mortgage Pass-Through Trust 2003-56
                       Series      2003-56

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FAR4     AAA
                 2-A-5      12669FAZ6     AAA
                 2-X        12669FBA0     AAA
                 3-A-6      12669FBK8     AAA
                 3-A-7A     12669FBL6     AAA
                 3-A-7B     12669FAU7     AAA
                 3-A-7C     12669FAX1     AAA
                 3-X        12669FBM4     AAA
                 4-A-1      12669FBN2     AAA
                 4-A-2      12669FBP7     AAA
                 5-A-1      12669FBQ5     AAA
                 5-X        12669FES8     AAA
                 6-A-1      12669FBR3     AAA
                 7-A-1      12669FBS1     AAA
                 7-X        12669FET6     AAA
                 8-A-1      12669FBT9     AAA
                 9-A-1      12669FBU6     AAA
                 M          12669FBW2     AA
                 B-1        12669FBX0     A

             CHL Mortgage Pass-Through Trust 2003-58
                       Series      2003-58

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A        12669E6G6     AAA
                 2-A-1      12669E6H4     AAA
                 2-A-2      12669FDH3     AAA
                 2-X        12669FEP4     AAA
                 3-A        12669E6J0     AAA
                 M          12669E6K7     AA
                 B-1        12669E6L5     A

             CHL Mortgage Pass-Through Trust 2003-60
                       Series      2003-60

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FJC8     AAA
                 2-A-1      12669FJD6     AAA
                 3-A-1      12669FJE4     AAA
                 4-A-1      12669FJF1     AAA
                 M          12669FJH7     AA+
                 B-1        12669FJJ3     A+

             CHL Mortgage Pass-Through Trust 2003-8
                       Series      2003-8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669EAP1     AAA
                 A-2        12669EAQ9     AAA
                 A-3        12669EAR7     AAA
                 A-4        12669EAS5     AAA
                 A-5        12669EAT3     AAA
                 A-6        12669EAU0     AAA
                 A-7        12669EAV8     AAA
                 A-8        12669EAW6     AAA
                 PO         12669EAX4     AAA
                 M          12669EAZ9     AA+
                 B-1        12669EBA3     AA-
                 B-2        12669EBB1     BBB
                 B-3        12669EBC9     BB
                 B-4        12669EBD7     B

             CHL Mortgage Pass-Through Trust 2003-HYB1
                       Series      2003-HYB1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669DC89     AAA
                 2-A-1      12669DC97     AAA
                 3-A-1      12669DD21     AAA
                 1-X        12669DD39     AAA
                 M          12669DD54     AAA
                 B-1        12669DD62     AA+
                 B-2        12669DD70     BBB

             CHL Mortgage Pass-Through Trust 2003-HYB3
                       Series      2003-HYB3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EQD1     AAA
                 2-A-1      12669EQE9     AAA
                 3-A-1      12669EQF6     AAA
                 4-A-1      12669EQG4     AAA
                 5-A-1      12669EQH2     AAA
                 6-A-1      12669EQJ8     AAA
                 7-A-1      12669EQK5     AAA
                 8-A-1      12669ETM8     AAA
                 1-X        12669EQL3     AAA
                 M          12669ETL0     AA+
                 B-1        12669EQM1     A+

            CHL Mortgage Pass-Through Trust 2003-J1
                       Series      2003-J1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-8      12669DZE1     AAA
                 1-A-12     12669DZJ0     AAA
                 1-A-13     12669DZK7     AAA
                 1-X        12669DZL5     AAA
                 2-A-1      12669DZM3     AAA
                 2-X        12669DZN1     AAA
                 PO         12669DZP6     AAA
                 M          12669DZR2     AAA
                 B-1        12669DZS0     AA+
                 B-2        12669DZT8     AA
                 B-3        12669DF52     AA
                 B-4        12669DF60     A

             CHL Mortgage Pass-Through Trust 2003-J10
                       Series      2003-J10

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FDJ9     AAA
                 1-A-2      12669FDK6     AAA
                 1-A-4      12669FDM2     AAA
                 1-A-5      12669FDN0     AAA
                 1-A-6      12669FDP5     AAA
                 1-A-7      12669FDQ3     AAA
                 1-A-8      12669FDR1     AAA
                 1-A-9      12669FDS9     AAA
                 1-A-10     12669FDT7     AAA
                 1-X        12669FDU4     AAA
                 2-A-1      12669FDV2     AAA
                 2-X        12669FDW0     AAA
                 3-A-1      12669FDX8     AAA
                 3-X        12669FDY6     AAA
                 PO         12669FDZ3     AAA
                 M          12669FEB5     AA
                 B-1        12669FEC3     A
                 B-2        12669FED1     BBB
                 B-3        12669FAG8     BB
                 B-4        12669FAH6     B

             CHL Mortgage Pass-Through Trust 2003-J13
                       Series      2003-J13

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FGK3     AAA
                 1-A-3      12669FGM9     AAA
                 1-A-4      12669FGN7     AAA
                 1-A-5      12669FGP2     AAA
                 1-A-6      12669FGQ0     AAA
                 1-A-7      12669FGR8     AAA
                 1-A-8      12669FGS6     AAA
                 1-A-9      12669FGT4     AAA
                 1-X        12669FGU1     AAA
                 2-A-1      12669FGV9     AAA
                 2-A-2      12669FHW6     AAA
                 2-X        12669FGW7     AAA
                 3-A-1      12669FGX5     AAA
                 3-X        12669FGY3     AAA
                 PO         12669FGZ0     AAA
                 M          12669FHB2     AA
                 B-1        12669FHC0     A
                 B-2        12669FHD8     BBB
                 B-3        12669FGD9     BB

             CHL Mortgage Pass-Through Trust 2003-J15
                       Series      2003-J15

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FKA0     AAA
                 1-X        12669FKB8     AAA
                 2-A-1      12669FKC6     AAA
                 2-X        12669FKD4     AAA
                 3-A-1      12669FKE2     AAA
                 3-X        12669FKF9     AAA
                 PO         12669FKG7     AAA
                 M          12669FKJ1     AA
                 B-1        12669FKK8     A
                 B-2        12669FKL6     BBB
                 B-3        12669FKM4     BB
                 B-4        12669FKN2     B

            CHL Mortgage Pass-Through Trust 2003-J2
                       Series      2003-J2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669DT65     AAA
                 A-2        12669DT73     AAA
                 A-3        12669DT81     AAA
                 A-4        12669DT99     AAA
                 A-5        12669DU22     AAA
                 A-15       12669DV47     AAA
                 A-16       12669DV54     AAA
                 A-17       12669DV62     AAA
                 A-21       12669DW20     AAA
                 A-22       12669DW38     AAA
                 A-27       12669DW87     AAA
                 A-31       12669DZ92     AAA
                 X          12669DX29     AAA
                 PO         12669DX37     AAA
                 M          12669DX52     AAA
                 B-1        12669DX60     AA+
                 B-2        12669DX78     AA
                 B-3        12669DX86     A
                 B-4        12669DX94     BBB

             CHL Mortgage Pass-Through Trust 2003-J3
                       Series      2003-J3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669D5Y0     AAA
                 1-A-2      12669D5Z7     AAA
                 1-A-3      12669D6A1     AAA
                 1-A-8      12669D6F0     AAA
                 1-A-9      12669D6G8     AAA
                 1-A-10     12669D6H6     AAA
                 1-X        12669D6J2     AAA
                 2-A-1      12669D6K9     AAA
                 2-X        12669D6L7     AAA
                 PO         12669D6M5     AAA
                 M          12669D6P8     AA+
                 B-1        12669D6Q6     AA
                 B-2        12669D6R4     AA-
                 B-3        12669EBN5     A
                 B-4        12669EBP0     BB

             CHL Mortgage Pass-Through Trust 2003-J4
                       Series      2003-J4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EFX9     AAA
                 1-A-2      12669EFY7     AAA
                 1-A-3      12669EFZ4     AAA
                 1-A-4      12669EGA8     AAA
                 1-A-5      12669EGB6     AAA
                 1-A-6      12669EGC4     AAA
                 1-A-7      12669EGD2     AAA
                 1-A-13     12669EGK6     AAA
                 1-A-14     12669EGL4     AAA
                 1-A-15     12669EGM2     AAA
                 1-A-17     12669EGP5     AAA
                 1-A-18     12669EHH2     AAA
                 1-A-19     12669EHJ8     AAA
                 1-X        12669EGQ3     AAA
                 2-A-1      12669EGR1     AAA
                 2-X        12669EGS9     AAA
                 PO         12669EGT7     AAA
                 M          12669EGV2     AA
                 B-1        12669EGW0     A
                 B-2        12669EGX8     BBB
                 B-3        12669EEA0     BB

             CHL Mortgage Pass-Through Trust 2003-J5
                       Series      2003-J5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EJL1     AAA
                 1-A-2      12669EJM9     AAA
                 1-A-3      12669EJN7     AAA
                 1-A-4      12669EJP2     AAA
                 1-A-5      12669EJQ0     AAA
                 1-A-6      12669EJR8     AAA
                 1-A-7      12669EJS6     AAA
                 1-A-8      12669EJT4     AAA
                 1-A-9      12669EJU1     AAA
                 1-A-10     12669EJV9     AAA
                 1-A-11     12669EJW7     AAA
                 1-A-12     12669EJX5     AAA
                 1-X        12669EJZ0     AAA
                 2-A-1      12669EKA3     AAA
                 2-X        12669EKB1     AAA
                 PO         12669EKC9     AAA
                 M          12669EKE5     AA+
                 B-1        12669EKF2     AA
                 B-2        12669EKG0     A+
                 B-3        12669EPN0     A-
                 B-4        12669EPP5     BBB-

             CHL Mortgage Pass-Through Trust 2003-J6
                       Series      2003-J6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EQS8     AAA
                 2-A-1      12669EQT6     AAA
                 2-A-2      12669EQU3     AAA
                 2-A-3      12669EQV1     AAA
                 2-X        12669EQW9     AAA
                 3-A-1      12669EQX7     AAA
                 PO         12669EQY5     AAA
                 M          12669ERA6     AA+
                 B-1        12669ERB4     AA

              CHL Mortgage Pass-Through Trust 2003-J7
                       Series      2003-J7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EXB7     AAA
                 1-A-2      12669EXC5     AAA
                 1-A-3      12669EXD3     AAA
                 1-X        12669EXE1     AAA
                 2-A-1      12669EXF8     AAA
                 2-A-3      12669EXH4     AAA
                 2-A-5      12669EXK7     AAA
                 2-A-6      12669EXL5     AAA
                 2-A-7      12669EXM3     AAA
                 2-A-8      12669EXN1     AAA
                 2-A-9      12669EXP6     AAA
                 2-A-10     12669EXQ4     AAA
                 2-A-11     12669EXR2     AAA
                 2-A-12     12669EXS0     AAA
                 2-A-13     12669EA48     AAA
                 2-A-14     12669EA55     AAA
                 2-X        12669EXT8     AAA
                 3-A-1      12669EXU5     AAA
                 3-A-2      12669EA63     AAA
                 3-A-3      12669EA71     AAA
                 3-X        12669EXV3     AAA
                 4-A-1      12669EXW1     AAA
                 4-A-2      12669EXX9     AAA
                 4-A-3      12669EXY7     AAA
                 4-X        12669EXZ4     AAA
                 PO         12669EYA8     AAA
                 M          12669EYC4     AA+
                 B-1        12669EYD2     AA
                 B-2        12669EYE0     A
                 B-3        12669ED37     BBB
                 B-4        12669ED45     BB+

              CHL Mortgage Pass-Through Trust 2003-J8
                       Series      2003-J8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669EW36     AAA
                 1-A-2      12669EW44     AAA
                 1-A-3      12669EW51     AAA
                 1-A-4      12669EW69     AAA
                 1-X        12669EW77     AAA
                 2-A-1      12669EW85     AAA
                 2-X        12669EW93     AAA
                 PO         12669EX27     AAA
                 M          12669EX43     AA+

              CHL Mortgage Pass-Through Trust 2003-J9
                       Series      2003-J9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669E3J3     AAA
                 1-A-3      12669E3L8     AAA
                 1-A-4      12669E3M6     AAA
                 1-A-5      12669E3N4     AAA
                 1-A-6      12669E3P9     AAA
                 1-A-7      12669E5P7     AAA
                 1-X        12669E3Q7     AAA
                 2-A-1      12669E3R5     AAA
                 2-X        12669E3S3     AAA
                 3-A-1      12669E3T1     AAA
                 3-A-2      12669E5Q5     AAA
                 3-X        12669E3U8     AAA
                 PO         12669E3V6     AAA
                 M          12669E3X2     AA
                 B-1        12669E3Y0     A
                 B-2        12669E3Z7     BBB
                 B-3        12669E5H5     BB

              CHL Mortgage Pass-Through Trust 2004-11
                       Series      2004-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FA78     AAA
                 2-A-1      12669FA86     AAA
                 3-A-1      12669FA94     AAA
                 3-A-2      12669FE66     AAA
                 M          12669FB36     AA+

              CHL Mortgage Pass-Through Trust 2004-14
                       Series      2004-14

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FS53     AAA
                 2-A-5      12669FT29     AAA
                 3-A-1      12669FT45     AAA
                 4-A-1      12669FT52     AAA
                 4-A-2      12669FV59     AAA
                 M          12669FT78     AA

              CHL Mortgage Pass-Through Trust 2004-2
                       Series      2004-2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669FKR3     AAA
                 2-A-1      12669FKS1     AAA
                 3-A-1      12669FKT9     AAA
                 M          12669FKV4     AA+
                 B-1        12669FKW2     A+
                 B-2        12669FKX0     BBB+

             CHL Mortgage Pass-Through Trust 2004-HYB6
                       Series      2004-HYB6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        12669F6L2     AAA
                 A-2        12669GBA8     AAA
                 A-3        12669GBC4     AAA
                 A-4        12669GBE0     AAA
                 X          12669F6M0     AAA

              CHL Mortgage Pass-Through Trust 2004-HYB7
                       Series      2004-HYB7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669GBY6     AAA
                 1-A-2      12669GBZ3     AAA
                 1-A-1-IO   12669GBX8     AAA
                 1-A-2-IO                 AAA
                 1-A-3      12669GDG3     AAA
                 2-A        12669GCA7     AAA
                 3-A        12669GCB5     AAA
                 3-A-IO     12669GCC3     AAA
                 4-A        12669GCD1     AAA
                 4-A-IO     12669GEL1     AAA
                 5-A        12669GCE9     AAA
                 5-A-IO     12669GCF6     AAA
                 M          12669GCG4     AA

              CHL Mortgage Pass-Through Trust 2004-J7
                       Series      2004-J7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A1       12669F5M1     AAA
                 1-A-2      12669F5N9     AAA
                 1-A-3      12669F5P4     AAA
                 1-A-4      12669F5Q2     AAA
                 1-A-5      12669F5R0     AAA
                 1-A-6      12669F5S8     AAA
                 1-A-7      12669F5T6     AAA
                 1-A-8      12669F5U3     AAA
                 1-A-9      12669F5V1     AAA
                 1-A-10     12669F5W9     AAA
                 1-A-11     12669F5X7     AAA
                 1-X        12669F5Y5     AAA
                 2-A-1      12669F5Z2     AAA
                 2-A-2      12669F6A6     AAA
                 2-X        12669F6B4     AAA
                 3-A-1      12669F6C2     AAA
                 3-X        12669F6D0     AAA
                 PO         12669F6E8     AAA
                 M          12669F6G3     AA
                 B-1        12669F6H1     A

              CHL Mortgage Pass-Through Trust 2004-J8
                       Series      2004-J8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669GDH1     AAA
                 1-A-2      12669GDJ7     AAA
                 1-A-3      12669GDK4     AAA
                 1-X        12669GDL2     AAA
                 2-A-1      12669GDM0     AAA
                 2-A-2      12669GDN8     AAA
                 2-X        12669GDP3     AAA
                 3-A-2      12669GDR9     AAA
                 3-A-4      12669GDT5     AAA
                 3-A-5      12669GDU2     AAA
                 3-A-6      12669GDV0     AAA
                 3-A-7      12669GDW8     AAA
                 3-A-8      12669GDX6     AAA
                 PO-A       12669GDZ1     AAA
                 PO-B       12669GEA5     AAA
                 3-A-3      12669GDS7     AAA
                 3-X        12669GDY4     AAA

              CHL Mortgage Pass-Through Trust 2004-J9
                       Series      2004-J9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      12669GFE6     AAA
                 2-A-1      12669GFF3     AAA
                 2-A-2      12669GFG1     AAA
                 2-A-3      12669GFH9     AAA
                 2-A-4      12669GFJ5     AAA
                 2-A-5      12669GFK2     AAA
                 2-A-6      12669GFL0     AAA
                 3-A-1      12669GFM8     AAA
                 4-A-1      12669GFN6     AAA
                 X-A-1      12669GFP1     AAA
                 X-A-2                    AAA
                 X-B-1      12669GFQ9     AAA
                 X-B-2                    AAA
                 PO-A       12669GFR7     AAA
                 PO-B       12669GFS5     AAA

          Citigroup Mortgage Loan Trust Series 2003-UST1
                       Series      2003-UST1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        17307GAJ7     AAA
                 IO-1       17307GAK4     AAA
                 PO-1       17307GAL2     AAA
                 A-2        17307GAM0     AAA
                 IO-2       17307GAN8     AAA
                 PO-2       17307GAP3     AAA
                 A-3        17307GAQ1     AAA
                 IO-3       17307GAR9     AAA
                 PO-3       17307GAS7     AAA
                 B-1                      AA
                 B-2                      A
                 B-3                      BBB
                 B-4                      BB
                 B-5                      B

          Citigroup Mortgage Loan Trust, Series 2004-UST1
                       Series      2004-UST1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        17307GKY3     AAA
                 A-2        17307GKZ0     AAA
                 A-3        17307GLA4     AAA
                 A-4        17307GLB2     AAA
                 A-5        17307GLC0     AAA
                 A-6        17307GLD8     AAA
                 B-1                      AA
                 B-2                      A
                 B-3                      BBB
                 B-4                      BB
                 B-5                      B

                 Fannie Mae Remic Trust 1998 W6
                       Series      1998-W6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M          31359UVK8     AAA
                 B-1        31359UVL6     AAA
                 B-2        31359UVM4     AA

                 Fannie Mae REMIC Trust 1998-W4
                       Series      1998-W4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M          31359UQG3     AAA
                 B-1        31359UQH1     AAA
                 B-2        31359UQJ7     AA+

                 Fannie Mae REMIC Trust 1998-W7
                       Series      1998-W7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M          31359UZW8     AAA
                 B-1        31359UZX6     AAA
                 B-2        31359UZY4     AA+

                        PHH Mortgage Corp
                       Series      2003-3P

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        15131GQG2     AAA
                 A-2        15131GQH0     AAA
                 A-3        15131GQJ6     AAA
                 A-4        15131GQK3     AAA
                 A-5        15131GQL1     AAA
                 A-6        15131GQM9     AAA
                 X          15131GQU1     AAA
                 B-1        15131GQN7     AA
                 B-2        15131GQP2     A
                 B-3        15131GQQ0     BBB
                 B-4        15131GQR8     BB
                 B-5        15131GQS6     B

                  PNC Mortgage Securities Corp.
                       Series      1999-10

      &