TCR_Public/090705.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, July 5, 2009, Vol. 13, No. 184

                            Headlines



AAMES MORTGAGE: Moody's Downgrades Ratings on 12 Securities
ABFS MORTGAGE: Moody's Downgrades Ratings on 11 Securities
ACCESS GROUP: Moody's Downgrades Ratings on Four Classes of Notes
ACE SECURITIES: Moody's Downgrades Ratings on Two Securities
AMERICAN AIRLINES: S&P Assigns Initial Ratings on 2009-1A Certs.

AMORTIZING RESIDENTIAL: Moody's Cuts Ratings on 33 Securities
BABSON MID-MARKET: Moody's Downgrades Ratings on 2007-II Notes
BAC AAH: Moody's Downgrades Ratings on $100 Mil. Receipts to 'B3'
BACHUS 2006-1: Moody's Downgrades Ratings on Various Classes
BANC OF AMERICA: S&P Downgrades Ratings on 2005-MIB1 Certificates

BANKBOSTON HOME: Moody's Downgrades Ratings on Four Securities
BEAR STEARNS: Fitch Puts Ratings on 2005-PWR8 Certs. on Neg. Watch
BEAR STEARNS: Moody's Downgrades Ratings on Two 2007-N7 NIMS
BECKMAN COULTER: Fitch Affirms 'BB-' Rating on Class A Notes
CALIFORNIA COUNTY: Fitch Affirms Ratings on Seven Classes of Bonds

CALIFORNIA STATEWIDE: Fitch Affirms Ratings on 23 Bonds
CAPITAL ONE: Moody's Cuts Ratings on 13 Classes of Securities
CAPITAL ONE: Moody's Withdraws 'B1' Ratings on Class D Notes
C-BASS MORTGAGE: Moody's Downgrades Ratings on 40 Securities
CENTERLINE CAPITAL: Fitch Affirms CMBS Servicer Ratings

CENTEX HOME: Moody's Downgrades Ratings on 39 Securities
CHEYNE HIGH: S&P Corrects Ratings on Medium-Term Notes
CITIGROUP MORTGAGE: Moody's Puts Ratings on Resecuritized Certs.
CITYSCAPE HOME: Moody's Downgrades Ratings on Class A-5 Notes
CNL FUNDING: Moody's Downgrades Ratings on Eight Certificates

COMM 2005-FL11: S&P Downgrades Ratings on Six Classes of Certs.
CONTIMORTGAGE HOME: Moody's Downgrades Ratings on 19 Securities
CORPORATE BACKED: Moody's Downgrades Ratings on Certs. to 'Ba3'
COUNTRYWIDE ALTERNATIVE: Moody's Cuts Ratings on Three Securities
CPT ASSET-BACKED: Moody's Downgrades Ratings on Seven Securities

CREDIT PROTECTION: Moody's Withdraws 'B1' Rating on Trust 283
CREDIT SUISSE: S&P Downgrades Ratings on 11 2007-TFL2 Certificates
CRHMFA HOMEBUYERS: Moody's Cuts Ratings on 2006-FH-1 Bonds to Ba3
CSFB MORTGAGE: Moody's Downgrades Ratings on 93 Tranches
CWCAPITAL ASSET: Fitch Takes Actions on CMBS Servicer Ratings

DEUTSCHE BANK: Fitch Puts Ratings on Various Classes of Notes
EQCC TRUST: Moody's Downgrades Ratings on Two 2001-1F Securities
FIRST ALLIANCE: Moody's Confirms Ratings on 35 Classes of Notes
FIRST HORIZON: Moody's Downgrades Ratings on Eight Classes
FLAGSHIP CLO: Moody's Downgrades Ratings on Various Classes

FRIEDBERGMILSTEIN PRIVATE: Moody's Cuts Ratings on Various Notes
FU-BACM COMMERCIAL: Fitch Downgrades Ratings on 2001-C1 Certs.
GALAXY CLO: Moody's Downgrades Ratings on Various 2003-1 Notes
GECMC 2003-C2: Fitch Downgrades Ratings on Various Classes
GSC PARTNERS: Moody's Downgrades Ratings on Various Classes

GSR MORTGAGE: Moody's Downgrades Ratings on Seven Tranches
GSR MORTGAGE: Moody's Downgrades Ratings on 280 Tranches
GUAM ECONOMIC: Fitch Takes Rating Actions on Various 2007 Bonds
GULF STREAM: Moody's Downgrades Ratings on Various 2007-1 Notes
INDYMAC HOME: Moody's Downgrades Ratings on 27 Securities

INDYMAC MORTGAGE: Moody's Cuts Ratings on Nine 2005-AR1 Tranches
IXIS ABS: S&P Downgrades Ratings on Seven Classes of Notes
JP MORGAN: Moody's Downgrades Ratings on 14 2007-HE1 Tranches
LNR PARTNERS: Fitch Affirms CMBS Special Servicer Rating
LOWER BUCKS: Moody's Reviews 'B3' Rating on $27 Mil. 1992 Bonds

MASTR ADJUSTABLE: Moody's Downgrades Ratings on Eight Tranches
MASTR ASSET: Moody's Downgrades Ratings on 74 Tranches
MASTR ASSET: Moody's Downgrades Ratings on Two Securities
MERRILL LYNCH: Moody's Downgrades Ratings on A-2A Securities
MESA GLOBAL: Moody's Downgrades Ratings on Two Securities

METROPOLITAN ASSET: Moody's Downgrades Ratings on Three Securities
MOMENTUM CAPITAL: Moody's Downgrades Ratings on Various Notes
NY COUNTIES: Fitch Affirms Ratings on Various 2005 Bonds
NY COUNTIES: Fitch Upgrades Ratings on 2005 S3 Bonds From 'BB'
PREFERREDPLUS TRUST: S&P Corrects Rating on $50MM Certs. to 'CCC-'

PROVIDENT BANK: Moody's Downgrades Ratings on 1999-3 Trusts
PRUDENTIAL ASSET: Fitch Affirms CMBS Servicer Ratings
RACE POINT: Moody's Downgrades Ratings on Various Classes
RALI SERIES: Moody's Junks Ratings on 2006-Q09 Trust From 'Aa3'
RESIDENTIAL ASSET: Moody's Downgrades Ratings on 130 Securities

ROCKLAND TOBACCO: Fitch Affirms Ratings on 2005B Bonds at 'BB+'
SALOMON BROTHERS: Moody's Downgrades Ratings on Four Securities
SARM 2008-1: Moody's Downgrades Ratings on Five Tranches
SASCO 2007-BHC1: Fitch Puts Ratings on 17 Notes on Negative Watch
SILICON VALLEY: Fitch Takes Various Rating Actions on Bonds

SOUNDVIEW HOME: Moody's Downgrades Ratings on 2006-NLC1 Securities
SOUTHERN PACIFIC: Moody's Downgrades Ratings on Four Securities
SOVEREIGN BANK: Moody's Downgrades Ratings on Three Securities
SPECIALTY UNDERWRITING: Moody's Cuts Ratings on Nine Securities
SUFFOLK TOBACCO: Fitch Takes Rating Actions on Various 2008 Bonds

TRALEE CDO: Moody's Downgrades Ratings on Various Classes of Notes
WACHOVIA BANK: S&P Downgrades Ratings on 2004-WHALE4 Certificates
WAMU MORTGAGE: Moody's Cuts Ratings on Five 2005-AR4 Tranches
WELLS FARGO: Moody's Downgrades Ratings on 28 2006-2 Tranches

* Moody's Takes Rating Actions on Tranches by Jumbo-Prime Loans
* S&P Downgrades Ratings on 105 Tranches From 29 Hybrid CDO Deals
* S&P Downgrades Ratings on Eight Classes of Mortgage Certificates
* S&P Puts Ratings on 114 Classes on CreditWatch Negative



                            *********

AAMES MORTGAGE: Moody's Downgrades Ratings on 12 Securities
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 12
securities and upgraded the ratings of 4 securities from 6
transactions issued by Aames.  These actions are part of an
ongoing review of subprime RMBS transactions.

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

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

The upgrades of the ratings of 4 securities from Aames Mortgage
Investment Trust 2004-1 are a result of the current credit
enhancement relative to projected losses.  Credit enhancement has
built as a result of the deal failing performance triggers,
primarily related to principal deficient subordinate bonds.  Once
subordinate tranches are "principal deficient", i.e. under-
collateralized, performance triggers are breached and all
principal is paid sequentially.  Moody's anticipates that the
principal deficiency will persist for the life of the transaction,
therefore sequential payments to the upgraded bonds will enable
the tranches to maintain a strong credit profile.

The complete rating actions:

Aames Mortgage Investment Trust 2004-1

  -- Cl. M3, Upgraded to Aaa; previously on 4/16/2008 Downgraded
     to A2

  -- Cl. M4, Upgraded to Aaa; previously on 4/16/2008 Downgraded
     to Baa1

  -- Cl. M5, Upgraded to Aa2; previously on 4/16/2008 Downgraded
     to Baa2

  -- Cl. M6, Upgraded to A3; previously on 4/16/2008 Downgraded to
     Ba1

  -- Cl. M9, Downgraded to C; previously on 4/16/2008 Downgraded
     to Caa1

Aames Mortgage Trust 2001-2

  -- Cl. M-2, Downgraded to B1; previously on 11/22/2005
     Downgraded to Ba2

  -- Cl. B, Downgraded to C; previously on 11/22/2005 Downgraded
     to Ca

Aames Mortgage Trust 2001-3

  -- Cl. M-1, Downgraded to Baa2; previously on 7/14/2006
     Downgraded to A3

  -- Cl. M-2, Downgraded to Ca; previously on 5/9/2006 Downgraded
     to B2

Aames Mortgage Trust 2001-4

  -- Cl. M-1, Downgraded to Baa2; previously on 12/21/2001
     Assigned Aa2

  -- Cl. M-2, Downgraded to Caa3; previously on 10/17/2007
     Downgraded to Baa2

  -- Cl. B, Downgraded to C; previously on 10/17/2007 Downgraded
     to Caa2

Aames Mortgage Trust 2002-1

  -- Cl. M-1, Downgraded to Baa2; previously on 5/6/2002 Assigned
     Aa2

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

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

Aames Mortgage Trust 2003-1

  -- Cl. M-6, Downgraded to C; previously on 12/13/2007 Downgraded
     to Ca


ABFS MORTGAGE: Moody's Downgrades Ratings on 11 Securities
----------------------------------------------------------
Moody's Investors Service has downgraded the rating of eleven
securities from seven transactions issued by ABFS Mortgage Loan
Trust.  These actions are part of an ongoing review of subprime
RMBS transactions.  Certain securities are supported by an
insurance policies issued by MBIA Insurance Corporation or Ambac
Assurance Corporation.

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

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 70% to
80%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

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

As part of evaluating the current rating for the securities,
Moody's Investors Service also reviewed the underlying rating.
The underlying rating reflects the intrinsic credit quality of the
securities in the absence of the guarantee.

The complete rating actions:

ABFS Mortgage Loan Trust 2001-1

  -- Cl. A-1, Downgraded to B3; previously on 2/18/2009 Downgraded
     to Ba2

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     7/1/2008 Published at Ba2

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

ABFS Mortgage Loan Trust 2001-2

  -- Cl. A-1, Downgraded to B3; previously on 2/18/2009 Downgraded
     to Ba1

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     7/1/2008 Published at Ba1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

ABFS Mortgage Loan Trust 2001-4

  -- Cl. A, Downgraded to B3; previously on 2/18/2009 Downgraded
     to B1

  -- Current Underlying Rating: Downgraded to Caa2; previously on
     7/1/2008 Published at B1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

ABFS Mortgage Loan Trust 2002-1

  -- Cl. A-5, Current Rating; Ba3

  -- Current Underlying Rating: Downgraded to Caa2; previously on
     7/1/2008 Published at B3

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

ABFS Mortgage Loan Trust 2002-2

  -- Cl. M-1, Downgraded to Ba1; previously on 8/6/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ca; previously on 5/23/2006 Downgraded
     to Baa3

  -- Cl. B, Downgraded to C; previously on 9/29/2006 Downgraded to
     B2

ABFS Mortgage Loan Trust 2002-3

  -- Cl. M-1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 10/15/2002 Assigned Aa2

  -- Cl. M-2, Downgraded to Caa2; previously on 10/15/2002
     Assigned A2

  -- Cl. B, Downgraded to C; previously on 5/23/2006 Downgraded to
     Baa3

ABFS Mortgage Loan Trust 2003-2

  -- Cl. B, Downgraded to B2; previously on 1/26/2004 Assigned
     Baa2


ACCESS GROUP: Moody's Downgrades Ratings on Four Classes of Notes
-----------------------------------------------------------------
Moody's has downgraded four classes of notes and confirmed eight
classes of notes from three Access Group securitizations.  The
underlying collateral consists of alternative student loans that
were extended primarily to graduate and professional students.
The confirmation and downgrade actions conclude the review of the
12 notes initiated in the fourth quarter of 2008, as a result of
the bankruptcy filing of Lehman Brothers Holdings Inc.  LBHI was
the interest rate hedge provider in these transactions.

The actions on the 2005-A and 2005-B securitizations were driven
primarily by the compression of excess spread as a result of
LBHI's bankruptcy filing.  Excess spread is particularly important
in these transactions because it is the main source of credit
enhancement.  The exposure of these transactions to unhedged
interest rate risk has resulted in significant excess spread
compressions.  Excess spread per annum has declined from a range
of approximately 1.5% to 1.8% during the first half of 2008 to a
range of approximately 1.1% to 1.5% for both transactions.

The actions on the 2007-A securitization were driven primarily by
the weakened economic environment.  Moody's expects that borrowers
entering repayment in this environment to face difficulties
finding employment.  As observed, delinquencies and gross defaults
in the 2007-A transaction are both at more elevated levels
compared to older securitizations.

The new ratings were based on Moody's assumed loss volatility and
the coverage of Moody's expected loss by available credit
enhancement for each class of notes, compared to other outstanding
securitizations with similar collateral characteristics and rating
categories.  The assumed loss volatility and expected loss take
into account the uncertainties related to the current economic
environment.  Other qualitative factors such as structural
features were also considered in evaluating the new ratings.
Significant structural features include subordinate note interest
and principal triggers (both of which redirect cashflow
allocations to senior classes), and the change of cash flow
allocations among the senior classes from pro-rata to sequential
if certain events occur.

The complete rating actions are:

Issuer: Access Group, Inc., Private Student Loan Asset-Backed
Floating Rate Notes, Series 2005-A

  -- Cl. 2005-A-A-1, Rating confirmed; Previously Aaa Placed on
     Review for Possible Downgraded on 9/17/2008

  -- Cl. 2005-A-A-2, Rating confirmed; Previously Aaa Placed on
     Review for Possible Downgraded on 9/17/2008

  -- Cl. 2005-A-A-3, Downgraded to Aa1; Previously Aaa Placed on
     Review for Possible Downgraded on 9/17/2008

  -- Cl. 2005-A-B-1, Downgraded to B1; Previously A3 Placed on
     Review for Possible Downgraded on 9/17/2008

Issuer: Access Group Inc. Private Student Loan asset-Backed
Floating Rate Notes, Series 2005-B

  -- Cl. A-1, Rating confirmed; Previously Aaa Placed on Review
     for Possible Downgraded on 12/19/2008

  -- Cl. A-2 , Rating confirmed; Previously Aaa Placed on Review
     for Possible Downgraded on 12/19/2008

  -- Cl. A-3, Rating confirmed; Previously Aaa Placed on Review
     for Possible Downgraded on 12/19/2008

  -- Cl. B-1, Downgraded to Baa3; Previously A3 Placed on Review
     for Possible Downgraded on 12/19/2008

Issuer: Access Group, Inc. Private Student Loan Asset-Backed
Floating Rate Notes, Series 2007-A

  -- Cl. 2007-A-A-1, Rating confirmed; Previously Aaa Placed on
     Review for Possible Downgraded on 9/17/2008

  -- Cl. 2007-A-A-2, Rating confirmed; Previously Aaa Placed on
     Review for Possible Downgraded on 9/17/2008

  -- Cl. 2007-A-A-3, Rating confirmed; Previously Aaa Placed on
     Review for Possible Downgraded on 9/17/2008

  -- Cl. 2007-A-B, Downgraded to Baa1; Previously A3 Placed on
     Review for Possible Downgraded on 9/17/2008


ACE SECURITIES: Moody's Downgrades Ratings on Two Securities
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Cl. A-
2A and Cl. A-2B securities issued by ACE Securities Corp. Home
Equity Loan Trust, Series 2006-HE4.  The rating actions are the
result of recent deterioration relative to expected performance.

The collateral backing the transaction consists primarily of
first-lien, fixed and adjustable subprime residential mortgage
loans.  The downgrades relate to cashflowing senior bonds whose
support has deteriorated in recent months, as principal payments
have slowed relative to erosion of credit support provided by
subordinate bonds.

The downgraded bonds are at higher risk of losses in the event
that they are not paid off before supporting subordinate bonds are
completely written down.  In the event that subordinate bonds are
written down entirely, this deal has structural features that
redirect principal payments pro-rata toward all senior bonds.

In its analysis of these bonds, Moody's has considered the current
available level of credit enhancement and updated its base
cashflow assumptions for the transactions, in order to account for
CDR, CPR and severity trends.

Complete list of rating actions below:

Issuer: ACE Securities Corp. Home Equity Loan Trust, Series 2006-
HE4

  -- Cl. A-2A, Downgraded to Caa2; previously on 3/16/2009
     Downgraded to Baa2

  -- Cl. A-2B, Downgraded to Ca; previously on 3/16/2009
     Downgraded to Caa3


AMERICAN AIRLINES: S&P Assigns Initial Ratings on 2009-1A Certs.
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary 'A-'
rating to American Airlines Inc.'s (B-/Negative/--) series 2009-1A
Class A pass-through certificates, with an expected maturity of
July 2, 2019.  The final legal maturity will be 18 months after
the expected maturity.  The issues are a drawdown under a Rule 415
shelf registration.  S&P will assign final ratings on conclusion
of a legal review of the documentation.

"We base the preliminary 'A-' rating on American's credit quality,
substantial collateral coverage by desirable aircraft, and on
legal and structural protections available to the pass-through
certificates," said Standard & Poor's credit analyst Betsy R.
Snyder.  "American will use the proceeds of the offering to
acquire 16 B737-800 aircraft being delivered to American this year
and next, and refinance four B777-200ER aircraft that it already
owns," she continued.  The notes secured by each aircraft are
cross-collateralized and cross-defaulted, a provision that S&P
believes increases the likelihood that American would affirm the
notes (and thus continue to pay on the certificates) in
bankruptcy.

The outlook is negative.  Although S&P expects AMR's operating
performance in 2009 to be better than that of 2008, the company
faces substantial debt maturities and capital spending plans in
2009.  Liquidity could face pressure if operating cash flow is
weaker than S&P expected, cash collateral requirements increase
materially under American's credit card processing agreements or
fuel hedge contracts, or if difficult credit market conditions
make it impossible to arrange sufficient amounts of secured
financing.  S&P could lower ratings if such conditions result in
unrestricted cash to consistently fall below $3 billion.


AMORTIZING RESIDENTIAL: Moody's Cuts Ratings on 33 Securities
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 33
securities from 9 transactions issued by ARC.  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.

Complete rating actions are:

Amortizing Residential Collateral Trust 2002-BC8

  -- Cl. M1, Downgraded to Baa3; previously on 8/26/2008
     Downgraded to A1

  -- Cl. M2, Downgraded to Caa2; previously on 8/26/2008
     Downgraded to Baa2

  -- Cl. M3, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ba2

  -- Cl. M4, Downgraded to C; previously on 8/26/2008 Downgraded
     to B3

Amortizing Residential Collateral Trust 2002-BC9

  -- Cl. M1, Downgraded to Baa3; previously on 8/26/2008
     Downgraded to A1

  -- Cl. M2, Downgraded to Ca; previously on 8/26/2008 Downgraded
     to Ba2

  -- Cl. M3, Downgraded to C; previously on 8/26/2008 Downgraded
     to Ca

Amortizing Residential Collateral Trust 2004-1

  -- Cl. M2, Downgraded to A2; previously on 11/29/2004 Assigned
     Aa3

  -- Cl. M4, Downgraded to Baa2; previously on 11/29/2004 Assigned
     A2

  -- Cl. M5, Downgraded to Baa3; previously on 11/9/2007
     Downgraded to Baa2

  -- Cl. M6, Downgraded to Ba3; previously on 11/9/2007 Downgraded
     to Baa3

  -- Cl. M7, Downgraded to B3; previously on 11/9/2007 Downgraded
     to Ba1

  -- Cl. M8, Downgraded to Ca; previously on 11/9/2007 Downgraded
     to B1

Amortizing Residential Collateral Trust Mortgage Pass-Through
Certificates, Series 2001-BC6

  -- Cl. A, Downgraded to Aa2; previously on 1/3/2002 Assigned Aaa

  -- Cl. A-IO, Downgraded to Aa2; previously on 1/3/2002 Assigned
     Aaa

  -- Cl. M1, Downgraded to Caa2; previously on 8/26/2008
     Downgraded to Ba2

  -- Cl. M2, Downgraded to C; previously on 8/26/2008 Downgraded
     to B3

Amortizing Residential Collateral Trust Mortgage Pass-Through
Certificates, Series 2002-BC1

  -- Cl. A, Downgraded to Aa3; previously on 3/22/2002 Assigned
     Aaa

  -- Cl. M-1, Downgraded to Ba1; previously on 8/26/2008
     Downgraded to Baa1

  -- Cl. M-2, Downgraded to B3; previously on 8/26/2008 Downgraded
     to B1

  -- Cl. B, Downgraded to C; previously on 8/26/2008 Downgraded to
     B2

Amortizing Residential Collateral Trust, Series 2002-BC3

  -- Cl. A, Downgraded to Aa1; previously on 6/25/2002 Assigned
     Aaa

  -- Cl. A-IO, Downgraded to Aa1; previously on 6/25/2002 Assigned
     Aaa

  -- Cl. M1, Downgraded to Baa2; previously on 8/26/2008
     Downgraded to A2

Amortizing Residential Collateral Trust, Series 2002-BC4

  -- Cl. M2, Downgraded to Baa2; previously on 7/25/2002 Assigned
     A2

  -- Cl. M3, Downgraded to Ba3; previously on 9/21/2006 Downgraded
     to Ba1

  -- Cl. B1, Downgraded to B2; previously on 9/21/2006 Downgraded
     to Ba2

Amortizing Residential Collateral Trust, Series 2002-BC5

  -- Cl. M1, Downgraded to A1; previously on 8/9/2002 Assigned Aa2

  -- Cl. M2, Downgraded to Baa3; previously on 8/9/2002 Assigned
     A2

  -- Cl. M3, Downgraded to Ca; previously on 8/9/2002 Assigned
     Baa2

Amortizing Residential Collateral Trust, Series 2002-BC6

  -- Cl. M1, Downgraded to Baa2; previously on 8/26/2008
     Downgraded to A1

  -- Cl. M2, Downgraded to B2; previously on 11/19/2007 Downgraded
     to Baa3

  -- Cl. M3, Downgraded to C; previously on 11/19/2007 Downgraded
     to Caa2


BABSON MID-MARKET: Moody's Downgrades Ratings on 2007-II Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Babson Mid-Market CLO Ltd. 2007-
II:

  -- US$249,600,000 Class A-1 Senior Notes Due 2021, Downgraded
     to A1; previously on April 18, 2007 Assigned Aaa;

  -- US$40,000,000 Class A-2R Senior Revolving Notes Due 2021,
     Downgraded to Aa2; previously on April 18, 2007 Assigned Aaa;

  -- US$4,400,000 Class A-2B Senior Notes Due 2021, Downgraded
     to A2; previously on March 4, 2009 Aaa Placed Under Review
     for Possible Downgrade;

  -- US$23,000,000 Class B Senior Notes Due 2021, Downgraded to
     Baa1; previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- US$5,000,000 Combination Notes Due 2021, Downgraded to B2;
     previously on March 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade.

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

  -- US$27,000,000 Class C Deferrable Mezzanine Notes Due 2021,
     Confirmed at Ba1; previously on March 23, 2009 Downgraded to
     Ba1 and Placed Under Review for Possible Downgrade;

  -- US$18,750,000 Class D Deferrable Mezzanine Notes Due 2021,
     Confirmed at B1; previously on March 23, 2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade;

  -- US$15,500,000 Class E Deferrable Mezzanine Notes Due 2021,
     Confirmed at Caa3; previously on March 23, 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 (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 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,
Class D, and Class E overcollateralization tests.  The weighted
average rating factor has steadily increased over the last year
and is currently 3314 versus a test level of 3179 as of the last
trustee report, dated May 11, 2009.  Based on the same report,
defaulted securities total about $22.4 million, accounting for
roughly 5.2% of the collateral balance, and securities rated Caa1
or lower make up approximately 16.2% of the underlying portfolio.
Additionally, interest payments on the Class D and Class E Notes
are presently being deferred as a result of the failure of the
Class C overcollateralization test.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed and approximated 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 1.5 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 0.5 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 the trustee's reported numbers.

Babson Mid-Market CLO Ltd. 2007-II, issued in April of 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.


BAC AAH: Moody's Downgrades Ratings on $100 Mil. Receipts to 'B3'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating of $100,000,000 Money Market Preferred Stock Custodial
Receipts, Bank of America Corporation, Series XVII, relating to
Floating Rate Noncumulative Preferred Securities XVII issued by
BAC AAH Capital Funding LLC XVII.

The rating action is:

Class Description: $100,000,000 Money Market Preferred Stock
Custodial Receipts, Bank of America Corporation, Series XVII

  -- Current Rating: B3
  -- Prior Rating: A3
  -- Prior Rating Date: 11/25/02

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


BACHUS 2006-1: Moody's Downgrades Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Bacchus (U.S.) 2006-1 Ltd.:

  -- US$252,750,000 Class A Senior Secured Floating Rate Notes Due
     2019, Downgraded to Aa1; previously on 1/16/2007 Assigned Aaa

  -- US$18,000,000 Class B Second Priority Floating Rate Notes Due
     2019, Downgraded to A2; previously on 3/4/2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$15,250,000 Class I Combination Notes Due 2019, Downgraded
     to Ba2; previously on 3/4/2009 Baa3 Placed Under Review for
     Possible Downgrade;

  -- US$15,000,000 Class II Combination Notes Due 2019, Downgraded
     to Ba2; previously on 3/4/2009 Baa3 Placed Under Review for
     Possible Downgrade.

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

  -- US$28,000,000 Class C Third Priority Deferrable Floating Rate
     Notes due 2019, Confirmed at Ba1; previously on 3/17/2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$12,750,000 Class D Fourth Priority Deferrable Floating
     Rate Notes due 2019, Confirmed at B3; previously on 3/17/2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$12,000,000 Class E Fifth Priority Deferrable Floating Rate
     Notes due 2019. Confirmed at Caa3; previously on 3/17/2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
second lien loans will be below their historical averages,
consistent with Moody's research.

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
Overcollateralization Tests.  The weighted average rating factor
has steadily increased over the last year and it is currently at
2679 versus a test level of 2750 as of the last trustee report,
dated May 7, 2009.  Based on the same report, defaulted securities
total about $28 million, accounting for roughly 8.5% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 14.7% of the underlying portfolio.  Additionally,
interest payments on the Class D Notes and Class E Notes are
presently being deferred as a result of the failure of the Class C
Overcollateralization 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.  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.

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.

Bacchus (U.S.) 2006-1 Ltd., issued on December 19, 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


BANC OF AMERICA: S&P Downgrades Ratings on 2005-MIB1 Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 10
classes of commercial mortgage pass-through certificates from Banc
of America Large Loan Inc.'s series 2005-MIB1 and removed them
from CreditWatch with negative implications, where they were
placed on April 7, 2009.  Concurrently, S&P affirmed its ratings
on six other classes from this transaction and removed them from
CreditWatch negative.

Hotel properties in New York (31%), Kissimmee, Florida (3%), and
Virginia Beach, Virginia (1%) secure three loans totaling
$295.6 million (36% of the pool trust balance).  S&P based its
hotel analysis on a review of the borrower's operating statements
for the year ended Dec. 31, 2008, and its 2009 budget.  S&P's
analysis factored in S&P's expectations that average 2009 revenue
per available room in the industry would decline 14%-16%, as S&P
noted in recent article "Criteria | Corporates | General: Standard
& Poor's Lowers Its 2009 And Publishes Its 2010 RevPAR Assumptions
In The U.S. Lodging Industry," published April 16, 2009, on
RatingsDirect.

The largest hotel loan and the largest loan in the pool, the
Westin New York at Times Square, has a trust balance of
$232.0 million (31%) and is secured by a leasehold interest in a
45-story, 863-room, full-service hotel in Midtown Manhattan.  The
master servicer, Bank of America N.A., reported debt service
coverage of 4.81x for the year ended Dec. 31, 2008.  Standard &
Poor's value for the asset has declined 18% since issuance.  The
loan was extended for another year in March 2009 and has two one-
year extension options remaining.

Five loans totaling $826.9 million (57% of the pool trust balance)
are secured by retail and office properties.  Two of the loans
totaling $570.0 million (31% of the pool trust balance) are made
up of Toys "R" Us stores.

  -- The only office loan in the pool, and the second-largest loan
     in the pool, is the USX Tower loan.  The loan has a trust
     balance of $145.0 million and a whole-loan balance of
     $203.8 million that includes a subordinate $58.8 million B-
     note held outside of the trust.  In addition, the borrower's
     equity interests in the property secure a $25.0 million
     mezzanine loan.  A 64-story, 2.3 million-sq.-ft. class A
     office building in Pittsburgh secures this loan.  The master
     servicer reported DSC of 1.84x for the year ended Dec. 31,
     2008.  Standard & Poor's value has declined by 26% since
     issuance due to higher operating expenses.

  -- The largest retail loan in the pool, the Toys "R" Us-DE
     portfolio, has a trust balance of $170.0 million and a whole-
     loan balance of $425.0 million.  The whole loan is split into
     two pari passu pieces: a $170.0 million piece in this
     transaction that makes up 23% of the trust balance, and a
     $255.0 million piece that is included in the COMM 2005-FL11
     transaction.  In addition, the borrower's equity interests in
     the properties secure a $175.0 million mezzanine loan.  A
     pool of 85 Toys "R" Us and Babies "R" Us stores and four
     distribution centers that are cross-collateralized and cross-
     defaulted secure the loan.  The properties total 7.5 million
     sq. ft. and are located in 26 states.  The mortgaged
     properties operate under a 15-year triple-net master lease.
     Based on current market conditions for the retail sector,
     Standard & Poor's assumed lower market rents and a higher
     market vacancy than at issuance.  Based on this analysis, the
     resultant value is 24% below its level at issuance.  The loan
     is currently scheduled to mature in August 2009 and has one
     12-month extension option remaining.

As of the June 15, 2009, remittance report, the trust collateral
consisted of the senior participation interests in six floating-
rate interest-only mortgage loans, two floating-rate interest-only
whole mortgage loans, and two floating-rate interest-only pari
passu split structure mortgage loans.  All of the loans are
indexed to one-month LIBOR.  The pool balance has declined 40% to
$737.9 million since issuance.

There are currently two loans totaling $50.0 million (7%) with the
special servicer, CT Investment Management Co. LLC.  Details of
the largest specially serviced loan in the pool are:

  -- The Liberty Properties loan, the fifth-largest loan in the
     pool, has a whole-loan balance of $52.7 million that is split
     into a $40.2 million senior pooled component (5%) and a
     $12.5 million subordinate note held outside of the trust.  In
     addition, the borrower's equity interests in the properties
     secure a $20.1 million mezzanine loan.  A 54,700-sq.-ft.
     suburban office building, a 319,200-sq.-ft. industrial/office
     building, and three industrial/warehouse buildings totaling
     1.1 million sq. ft. in Worcester and Dedham, Massachusetts,
     secure the loan.  The loan was transferred to the special
     servicer on March 20, 2009, and has been in default on the
     mezzanine loan since mid-2008.  Some of the properties are
     also in need of physical repair, and CTIMCO is working on a
     modification that will enable the borrower to make the
     necessary repairs.  Standard & Poor's value for the assets
     has declined 29% since issuance due primarily to the lower
     occupancy at the properties.

All but three of the loans mature in the next three months.  Two
of the loans, the La Cumbre Plaza loan and the Radisson Resort
Parkway loan, have final maturity dates in the next three months.

If the performance of the collateral properties or their related
property sectors deteriorate further from S&P's expectations, S&P
may revise S&P's analysis and adjust its ratings accordingly.

      Ratings Lowered And Removed From Creditwatch Negative

                 Banc of America Large Loan Inc.
  Commercial mortgage pass-through certificates series 2005-MIB1

                 Rating
                 ------
    Class    To         From             Credit enhancement (%)
    -----    --         ----             ----------------------
    B        AA         AAA/Watch Neg                     38.94
    C        A-         AAA/Watch Neg                     32.01
    D        BBB        AA+/Watch Neg                     27.90
    E        BBB-       AA/Watch Neg                      23.79
    F        BB+        A+/Watch Neg                      19.68
    G        BB         A/Watch Neg                       15.58
    H        BB-        BBB+/Watch Neg                    12.14
    J        B+         BBB/Watch Neg                      8.25
    K        CCC+       BBB-/Watch Neg                     4.07
    L        CCC-       BB/Watch Neg                       0.00

      Ratings Affirmed And Removed From Creditwatch Negative

                  Banc of America Large Loan Inc.
  Commercial mortgage pass-through certificates series 2005-MIB1

                 Rating
                 ------
    Class    To         From             Credit enhancement (%)
    -----    --         ----             ----------------------
    A-1      AAA        AAA/Watch Neg                     75.23
    A-2      AAA        AAA/Watch Neg                     44.78
    X-1B     AAA        AAA/Watch Neg                       N/A
    X-2      AAA        AAA/Watch Neg                       N/A
    X-3      AAA        AAA/Watch Neg                       N/A
    X-5      AAA        AAA/Watch Neg                       N/A

                       N/A - Not applicable.


BANKBOSTON HOME: Moody's Downgrades Ratings on Four Securities
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating of four
securities from two transactions issued by BankBoston Home Equity
Loan Trust.  These actions are part of an ongoing review of
subprime RMBS transactions.  The securities are supported by an
insurance policy issued by MBIA Insurance Corporation.

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 80%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

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

As part of evaluating the current rating for the securities,
Moody's Investors Service also reviewed the underlying rating.
The underlying rating reflects the intrinsic credit quality of the
securities in the absence of the guarantee.

The complete rating actions:

Issuer: BankBoston Home Equity Loan Trust 1998-1

  -- A-5, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/209)

  -- A-6, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/209)

Issuer: BankBoston Home Equity Loan Trust 1998-2

  -- A-6, Downgraded to Baa2; previously on 11/16/2008 Upgraded to
     Aa2

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/209)

  -- A-7, Downgraded to Baa2; previously on 11/16/2008 Upgraded to
     Aa2

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/209)


BEAR STEARNS: Fitch Puts Ratings on 2005-PWR8 Certs. on Neg. Watch
------------------------------------------------------------------
Fitch Ratings places on Rating Watch Negative these classes of
Bear Stearns Commercial Mortgage Securities Inc.'s commercial
mortgage pass-through certificates, series 2005-PWR8:

  -- $37.5 million class B 'AA';
  -- $17.7 million class C 'AA-';
  -- $26.5 million class D 'A';
  -- $17.7 million class E 'A-';
  -- $19.9 million class F 'BBB';
  -- $15.4 million class G 'BBB-';
  -- $17.7 million class H 'BB';
  -- $8.8 million class J 'B+';
  -- $4.4 million class K 'B';
  -- $6.6 million class L 'B-';
  -- $6.6 million class M 'B-';
  -- $2.2 million class N 'CCC/RR1';
  -- $4.4 million class P 'CCC/RR2'.

In addition, Fitch revises the Rating Outlook on this class:

  -- $150 million class A-J 'AAA'; Outlook to Negative from
     Stable.

The rating actions reflect the transfer of two loans (2.2%) to
special servicing subsequent to the previous Fitch rating action.
Including the recent transfers, there are currently five specially
serviced loans (3.7%).  One additional loan (0.1%) was 30 days
delinquent as of the June remittance.

The largest specially serviced loan, Kaleidoscope Center (2%),
transferred June 25, 2009 due to imminent default.  The loan is
secured by a 219,009 square foot anchored retail center located in
Mission Viejo, California.  As of year-end 2008, the servicer-
reported debt service coverage ratio was 1.09 times (x).  At that
time, the reported occupancy was at 78%, compared to 85.5% at
issuance.  A servicer report indicates the borrower has stated
that occupancy has since dropped to 60%, primarily due to the
vacancy of two major tenants, representing a combined 24.6% of the
space, which vacated prior to their respective lease expirations.
There are reportedly prospects for some of the vacant space.  Five
leases corresponding to approximately 10.7% of the property's net
rentable area are scheduled to expire in 2009, or are month-to-
month.

The second largest specially serviced loan (0.9%) transferred
Feb. 11, 2009, and is secured by a 145,803 sf retail property
located in West Chester, Ohio.  The most recent reported occupancy
was 54.1% as of March 1, 2009, compared to 93% at issuance.  The
servicer-reported DSCR was 0.63x for year-end 2008.  The borrower
is expected to submit an updated proposal in June.

Two of the specially serviced loans (0.6%) transferred Nov. 12,
2008 due to a technical default, when the tenant-in-common sponsor
and master lessee of each respective loan, DBSI, filed for Chapter
11 bankruptcy protection.  Both of the assets have been released
from bankruptcy, and in each case, there is a settlement agreement
releasing the reserve accounts that were being claimed as assets
of the bankruptcy estate.  Through third-quarter 2008, the larger
of the two DBSI loans had a servicer-reported DSCR of 2.04x, while
the smaller had coverage of 1.99x; the most recent reported
occupancies stood at 91% and 92%, respectively.  It is expected
that once the bankruptcy amounts due are reconciled, the loan
documents will be updated to reflect the new master tenants.

The smallest specially serviced loan (0.2%) transferred May 8,
2009, due to monetary default.  The loan is secured by a 47,402 sf
industrial property located in Bonita Springs, Florida.  As of
year-end 2008, the occupancy had dropped to 74% from 94%, and the
reported DSCR had declined to 0.88x.

Fitch expects to resolve the Negative Watch status of these
classes as additional information on the potential workout and
valuation of the recently transferred loans becomes available.


BEAR STEARNS: Moody's Downgrades Ratings on Two 2007-N7 NIMS
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two net
interest margin securities backed by residential mortgage-backed
securitizations issued by Bear Stearns Structured Products Inc.
NIM Trust 2007-N7.  This NIM transaction relies on residual cash
flows and prepayment penalties generated by the underlying
mortgage-backed securitizations.  These cash flows are sensitive
to a number of factors:

  i) Prepayment speeds on the collateral backing the RMBS

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

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

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

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

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

As delinquency and losses have accumulated in the transactions
underlying the NIMs, residual cash flows have severely declined
and, in most cases, disappeared.  As a result, the large majority
of these transactions have not received principal payments in
recent months and many have accrued unpaid interest.  Projected
future loss levels on the large majority of underlying
transactions are now higher than previously estimated.  These
elevated loss levels further reduce the likelihood that the net
interest margin securities will ultimately be paid in full.

Complete rating action follows:

Issuer: Bear Stearns Structured Products Inc. NIM Trust 2007-N7
Notes, Series 2007-N7-II

  -- Cl. II-A-3, Downgraded to C; previously on 4/15/2009 Ba2
     Placed Under Review for Possible Downgrade

Issuer: Bear Stearns Structured Products Inc. NIM Trust 2007-N7-IV

  -- Cl. IV-A-3, Downgraded to C; previously on 4/15/2009 Ba2
     Placed Under Review for Possible Downgrade


BECKMAN COULTER: Fitch Affirms 'BB-' Rating on Class A Notes
------------------------------------------------------------
Fitch Ratings affirms and assigns a Rating Outlook to this class
of the Beckman Coulter, Inc., series BC 2000-A:

  -- $106.7 million class A at 'BB-'; Outlook Stable.

The affirmations are the result of stable performance since
Fitch's last rating action. The Rating Outlook reflects the likely
rating changes over the next one to two years.

The loans are secured by two of Beckman Coulter's office/research
and development facilities, located in Brea, California and Miami,
Florida.  The buildings are 100% occupied by Beckman Coulter,
which currently has an investment grade credit rating of 'BBB'
with a Stable Outlook.  Each property is subject to a NNN lease in
which the tenant is obligated to make at a rate reflecting an
amount equal to the loan's principal and interest payments, until
the loan's maturity date of June 30, 2018 at which time there will
be a balloon balance of approximately $53.1 million.

The property located in Miami is currently being specially
serviced due to on-going litigation regarding the tenant's failure
to pay sales taxes on rent.  Beckman Coulter, the tenant, has
requested a hearing with the Florida Department of Revenue to
dispute the legitimacy of the sales tax charges and the borrower
has initiated a legal action against Beckman Coulter for its
failure to pay the sales taxes.  Currently, a court date has been
scheduled for September 2009.  Beckman Coulter has escrowed funds
to pay the obligations to the State should they not be successful
in winning the suit.  The loan remains current on its interest and
principal payments required under the loan.

As part of its analysis, Fitch took the current in place rents and
applied market vacancies, management fees and capital expenditure
assumptions in order to derive a normalized operating cash flow
for the properties.  The resulting stressed debt service coverage
ratio, based upon Fitch's stressed cash flow and a debt constant
of 9.66% is 1.36 times.


CALIFORNIA COUNTY: Fitch Affirms Ratings on Seven Classes of Bonds
------------------------------------------------------------------
Fitch Ratings affirms seven classes of tobacco settlement asset-
backed bonds from California County Tobacco Securitization Agency
(Los Angeles County Tobacco Asset Securitization Authority) series
2006:

2006A Senior Convertible Capital Appreciation Turbo Term Bonds

  -- $69,743,134 due June 1, 2021 at 'BBB+'; Outlook Stable;
  -- $53,944,662 due June 1, 2028 at 'BBB+'; Outlook Stable;
  -- $72,654,379 due June 1, 2036 at 'BBB+'; Outlook Stable;
  -- $62,180,171 due June 1, 2041 at 'BBB+'; Outlook Stable;
  -- $84,524,254 due June 1, 2046 at 'BBB+'; Outlook Stable.

Capital Appreciation Bonds

  -- 2006B at 'BBB'; Outlook Stable;
  -- 2006C at 'BB+'; Outlook Positive.

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.

Although the delinked rating of the 2021 turbo bond suggested by
the model is 'A-', the bond is being affirmed at the cap rating of
'BBB+' with a Stable Outlook.  The 2028 through 2046 turbo bonds
are being affirmed at 'BBB+' with a Stable Outlook which is
consistent with the model output.  The 2006B capital appreciation
bond is being affirmed at 'BBB' with a Stable Outlook which is
consistent with the model output.  The 2006C CAB is being affirmed
at 'BB+' 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.

California County Tobacco Securitization Agency (Los Angeles
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 STATEWIDE: Fitch Affirms Ratings on 23 Bonds
-------------------------------------------------------
Fitch Ratings affirms 23 and downgrades two classes from
California Statewide Financing Authority series 2002 and 2006:

Tobacco settlement asset-backed bonds current interest serial
bonds:

  -- $820,000 due June 1, 2010 affirmed at 'BBB+', Outlook Stable;

  -- $810,000 due June 1, 2010 affirmed at 'BBB+', Outlook Stable;

  -- $785,000 due June 1, 2011 affirmed at 'BBB+', Outlook Stable;

  -- $775,000 due June 1, 2011 affirmed at 'BBB+', Outlook Stable;

  -- $1,040,000 due June 1, 2012 affirmed at 'BBB+', Outlook
     Stable;

  -- $1,030,000 due June 1, 2012 affirmed at 'BBB+', Outlook
     Stable;

  -- $1,020,000 due June 1, 2013 affirmed at 'BBB+', Outlook
     Stable;

  -- $1,010,000 due June 1, 2013 affirmed at 'BBB+', Outlook
     Stable;

  -- $955,000 due June 1, 2014 affirmed at 'BBB+', Outlook Stable;

  -- $945,000 due June 1, 2014 affirmed at 'BBB+', Outlook Stable;

  -- $935,000 due June 1, 2015 affirmed at 'BBB+', Outlook Stable;

  -- $925,000 due June 1, 2015 affirmed at 'BBB+', Outlook Stable;

  -- $930,000 due June 1, 2016 affirmed at 'BBB+', Outlook Stable;

  -- $920,000 due June 1, 2016 affirmed at 'BBB+', Outlook Stable;

  -- $930,000 due June 1, 2017 affirmed at 'BBB+', Outlook Stable;

  -- $920,000 due June 1, 2017 affirmed at 'BBB+', Outlook Stable;

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

  -- $28,045,000 due June 1, 2029 affirmed at 'BBB+', Outlook
     Stable;

  -- $27,765,000 due June 1, 2029 affirmed at 'BBB+', Outlook
     Stable;

  -- $27,540,000 due June 1, 2037 affirmed at 'BBB+', Outlook
     Stable;

  -- $27,265,000 due June 1, 2037 affirmed at 'BBB+', Outlook
     Stable;

  -- $33,095,000 due June 1, 2043 affirmed at 'BBB+', Outlook
     Stable;

  -- $32,765,000 due June 1, 2043 affirmed at 'BBB+', Outlook
     Stable;

Tobacco settlement asset-backed bonds capital appreciation bonds:

  -- 2006A downgraded to 'BBB-' from 'BBB', Outlook Stable;
  -- 2006B affirmed at 'BBB-', Outlook Negative;
  -- 2006C downgraded to 'BB' from '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 suggested by the
model are 'A' or higher, the bonds are being affirmed at the cap
rating of 'BBB+' with Outlook Stable.  The turbo bonds are being
affirmed at a level consistent with the model output at 'BBB+'
with Outlook Stable.  The 2006A capital appreciation bonds is
being downgraded from 'BBB' to 'BBB-' with Outlook Stable based on
the model and other qualitative factors.  The 2006B CAB is being
affirmed at 'BBB-' and the 2006C CAB is being downgraded from
'BB+' to 'BB'.  In the case the 2006B and 2006C CABs, the model
output suggests that the bonds are under pressure, with breakeven
levels indicative of lower ratings.  Therefore, the bonds are
being placed on Outlook Negative because of the possibility of the
bonds being downgraded depending on the amount of future MSA
payments received.

California Statewide Financing 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.


CAPITAL ONE: Moody's Cuts Ratings on 13 Classes of Securities
-------------------------------------------------------------
Moody's Investors Service downgraded the ratings on 13 classes of
Class C and D subordinate asset-backed securities issued out of
the Capital One Multi-asset Execution Trust.  These securities are
backed by a $47.5 billion revolving pool of consumer and small
business bank credit card receivables originated by Capital One
Bank (USA), N.A.  These rating actions conclude the review
initiated on April 20, 2009.

                           Rationale

These rating actions are primarily driven by an increase in the
Trust charge-off rate and decrease in the principal payment rate
over the past year.  Moody's expect these key metrics will remain
weak as the consumer macroeconomic environment undergoes further
deterioration.

In May, the three-month average gross charge-off rate for the
Trust averaged 10.1% in 2009, compared to 7.6% for the same period
in 2008.  Despite some modest improvement in charge-offs in April
and May and some seasonal improvements in delinquency trends,
Moody's expect the Trust charge-off rate will resume its upward
trajectory as the year progresses, possibly rising to as high as
12.5% by the second quarter of 2010 in Moody's base case.

The Trust principal payment rate has fallen to 15.4% on a three-
month average basis in May, compared to 17.7% over the same period
last year.  This decline is consistent with industry-wide
principal payment rates that have fallen steadily since peaking in
2006, reflecting consumers' strained financial resources.

The principal payment rate is a measure of cardholders'
willingness and ability to repay their credit card balances.  It
is also a measure of the speed by which securitized investors will
be repaid if an amortization event is triggered.  Therefore, a
pronounced and sustained drop in this rate may have negative
consequences for securitized noteholders.

The Class C and Class D subordinate notes may benefit from a
spread account that can provide additional credit protection.
However, the benefit afforded by this structural feature can be
ephemeral since improvement in excess spread -- even if temporary
-- would allow for the release of any accumulated amounts.  For
this reason, Moody's ascribe a low value to this form of credit
protection.

In April 2009, Moody's revised its expectations for key
performance metrics of the Trust.  The current expected range of
performance for the gross charge-off rate is 9.5%-12.5%, for the
principal payment rate is 13%-16%, and for the yield is 20%-23%.

The Class C(2004-4) Notes with a scheduled maturity of August 2009
are not included in the downgrade, and are confirmed at Baa2.

The complete rating actions are:

Issuer: Capital One Multi-asset Execution Trust

                        Ratings Confirmed

  -- $150,000,000 Class C(2004-4) Floating Rate Asset-backed
     Notes, confirmed at Baa2, previously on April 20, 2009 Placed
     on Review for Possible Downgrade

                        Ratings Downgraded

  -- $250,000,000 Class C(2003-3) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $250,000,000 Class C(2003-4) Fixed Rate Asset-backed Notes,
     downgraded to Ba1 from Baa2, previously on April 20, 2009
     Placed on Review for Possible Downgrade

  -- $100,000,000 Class C(2004-2) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $367,500,000 Class C(2004-3) Fixed Rate Asset-backed Notes,
     downgraded to Ba1 from Baa2, previously on April 20, 2009
     Placed on Review for Possible Downgrade

  -- $175,000,000 Class C(2005-1) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $175,000,000 Class C(2006-1) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $100,000,000 Class C(2006-2) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $125,000,000 Class C(2006-3) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $300,000,000 Class C(2007-1) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $250,000,000 Class C(2007-2) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $125,000,000 Class C(2007-3) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

  -- $350,000,000 Class C(2007-4) Floating Rate Asset-backed
     Notes, downgraded to Ba1 from Baa2, previously on April 20,
     2009 Placed on Review for Possible Downgrade

Approximately $335,000,000 Class D(2002-1) Asset Backed Notes,
downgraded to B1 from Ba2, previously on April 20, 2009 Placed on
Review for Possible Downgrade

Capital One Financial Corporation (Baa1, negative outlook)
headquartered in McLean, Virginia, is a bank holding company and
the fifth largest U.S. bank credit card issuer.  Capital One
reported over $210 billion in managed assets (including
securitized receivables) at December 31, 2008.  Capital One Bank
(USA), N.A., is a wholly owned subsidiary of Capital One.


CAPITAL ONE: Moody's Withdraws 'B1' Ratings on Class D Notes
------------------------------------------------------------
Moody's Investors Service has withdrawn the ratings on the Class
D(2002-1) asset-backed securities issued out of the Capital One
Multi-asset Execution Trust.  These securities are backed by a
$47.5 billion revolving pool of consumer and small business bank
credit card receivables originated by Capital One Bank (USA), N.A.

Moody's has withdrawn the ratings of these notes for business
reasons.

The last rating action concerning these notes was taken on July 1,
2009, when Moody's downgraded the COMET Class D(2002-1) notes to
B1 from Ba2.


C-BASS MORTGAGE: Moody's Downgrades Ratings on 40 Securities
------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 40
securities and upgraded the ratings of 4 securities from 12
transactions issued by C-BASS 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 ranging from 70% to
80%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

The upgrades of the ratings of 4 securities are based upon non-
declining credit support due to cumulative losses exceeding their
triggers, requiring all future payments to be paid to the most
senior outstanding bond.

The complete rating actions:

C-Bass Mortgage Loan Asset-Backed Certificates, Series 2001-CB3

  -- Cl. M-1, Upgraded to Aaa; previously on 9/27/2001 Assigned
     Aa2

  -- Cl. M-2, Upgraded to Aa2; previously on 9/27/2001 Assigned A2

  -- Cl. B-2, Downgraded to Caa3; previously on 1/13/2006
     Downgraded to B1

C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4

  -- Cl. IM-1, Downgraded to A1; previously on 1/4/2002 Assigned
     Aa2

  -- Cl. IM-2, Downgraded to A3; previously on 1/4/2002 Assigned
     A2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2002-CB1

  -- Cl. M-2, Upgraded to Aaa; previously on 3/23/2009 Upgraded to
     Aa2

  -- Cl. B-1, Upgraded to A2; previously on 3/23/2009 Upgraded to
     Baa1

  -- Cl. B-2, Downgraded to Ca; previously on 3/23/2009 Downgraded
     to Caa2

C-BASS 2002-CB5 Trust

  -- Cl. M-1, Downgraded to A1; previously on 12/19/2002 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 12/19/2002
     Assigned A2

  -- Cl. B-1, Downgraded to Ca; previously on 5/5/2006 Downgraded
     to Ba2

  -- Cl. B-2, Downgraded to C; previously on 8/14/2006 Downgraded
     to B1

  -- Cl. B-3, Downgraded to C; previously on 8/14/2006 Downgraded
     to B3

C-BASS 2002-CB6 Trust

  -- Cl. M-2F, Downgraded to Baa1; previously on 1/24/2003
     Assigned A2

  -- Cl. B-1, Downgraded to B3; previously on 1/24/2003 Assigned
     Baa2

  -- Cl. B-2, Downgraded to C; previously on 6/12/2007 Downgraded
     to Ba2

  -- Cl. B-3, Downgraded to C; previously on 6/12/2007 Downgraded
     to Caa2

C-BASS 2003-CB2 Trust

  -- Cl. M-1, Downgraded to Aa2; previously on 12/1/2006 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A3; previously on 12/1/2006 Upgraded
     to Aa2

  -- Cl. B-1, Downgraded to Baa3; previously on 12/1/2006 Upgraded
     to A3

  -- Cl. B-2, Downgraded to Ba3; previously on 6/25/2003 Assigned
     Baa3

C-BASS 2003-CB3 Trust

  -- Cl. M-1, Downgraded to Aa3; previously on 12/1/2006 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to Baa1; previously on 12/1/2006 Upgraded
     to Aaa

  -- Cl. B-1, Downgraded to Baa3; previously on 12/1/2006 Upgraded
     to Aa3

  -- Cl. B-2, Downgraded to Ba2; previously on 12/1/2006 Upgraded
     to A1

C-BASS 2003-CB4 Trust

  -- Cl. M-1, Downgraded to Aa2; previously on 12/1/2006 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to Baa2; previously on 9/29/2003 Assigned
     A2

  -- Cl. B-1, Downgraded to Baa3; previously on 9/29/2003 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Ba2; previously on 9/29/2003 Assigned
     Baa2

C-BASS Series 2003-CB5, C-Bass Mortgage Loan Asset-Backed
Certificates

  -- Cl. M-2, Downgraded to A1; previously on 12/1/2006 Upgraded
     to Aa2

  -- Cl. M-3, Downgraded to A3; previously on 12/1/2006 Upgraded
     to A1

  -- Cl. B-1, Downgraded to Baa1; previously on 12/1/2006 Upgraded
     to A3

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB1

  -- Cl. M-2, Downgraded to A2; previously on 11/9/2007 Upgraded
     to Aa3

  -- Cl. M-3, Downgraded to A3; previously on 11/9/2007 Upgraded
     to A1

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB2

  -- M-2, Downgraded to A1; previously on 11/9/2007 Upgraded to
     Aa2

  -- M-3, Downgraded to A3; previously on 11/9/2007 Upgraded to A1

  -- B-1, Downgraded to Baa1; previously on 11/9/2007 Upgraded to
     A2

C-BASS Mortgage Loan Asset-Backed Certificates, Series 2004-CB4

  -- Cl. M-1, Downgraded to Aa3; previously on 11/9/2007 Upgraded
     to Aaa

  -- Cl. M-2, Downgraded to A3; previously on 11/9/2007 Upgraded
     to Aa2

  -- Cl. M-3, Downgraded to Baa1; previously on 11/9/2007 Upgraded
     to Aa3

  -- Cl. B-1, Downgraded to Baa2; previously on 11/9/2007 Upgraded
     to A1

  -- Cl. B-2, Downgraded to Baa3; previously on 11/9/2007 Upgraded
     to A2

  -- Cl. B-3, Downgraded to Ba3; previously on 8/16/2004 Assigned
     Baa3

  -- Cl. B-4, Downgraded to Caa3; previously on 8/16/2004 Assigned
     Ba1


CENTERLINE CAPITAL: Fitch Affirms CMBS Servicer Ratings
-------------------------------------------------------
Fitch Ratings has affirmed and removed Centerline Capital Group's
CMBS servicer ratings from Rating Watch Negative:

  -- Primary servicer at 'CPS2-';
  -- Special servicer at 'CSS1-'.

The primary servicer rating reflects Centerline's proven ability
to service performing commercial real estate loans in CMBS
transactions.  The special servicer affirmation is based on
Centerline's demonstrated ability to resolve defaulted assets with
minimal losses to the trust in a timely fashion.  The rating also
reflects Centerline's strong commitment to technology.  Both
ratings consider Centerline's highly experienced management and
staff.

Fitch is closely monitoring the company's financial condition
through conversations with the Centerline CFO and reviewing the
most current financial statements.  Like all CMBS special
servicers Centerline is facing the challenge of a rapidly growing
portfolio of specially serviced loans so Fitch is also carefully
monitoring the company's efforts to manage growth and continue to
provide the level of service the CMBS market expects.

As of March 31, 2009, Centerline was named special servicer on 81
CMBS transactions totaling $112 billion and was specially
servicing 242 assets, totaling $2.7 billion.  As of the same date,
Centerline was primary servicer for 139 loans in eight CMBS
transactions totaling $1.4 billion.


CENTEX HOME: Moody's Downgrades Ratings on 39 Securities
--------------------------------------------------------
Moody's Investors Service has downgraded the rating of 39
securities from 9 transactions issued by Centex.  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 65% 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:

Centex Home Equity Co (CHEC) Loan Tr 2004-1

  -- Cl. M-4, Downgraded to A3; previously on 9/29/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa1; previously on 9/29/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Baa2; previously on 9/29/2004 Assigned
     A3

  -- Cl. M-7, Downgraded to Baa3; previously on 9/29/2004 Assigned
     Baa1

  -- Cl. M-8, Downgraded to Ba1; previously on 9/29/2004 Assigned
     Baa2

  -- Cl. M-9, Downgraded to Ba2; previously on 11/7/2007
     Downgraded to Ba1

  -- Cl. B-1, Downgraded to B2; previously on 11/7/2007 Downgraded
     to B1

  -- Cl. B-2, Downgraded to Ca; previously on 11/7/2007 Downgraded
     to B3

Centex Home Equity Loan Trust 2002-A

  -- Cl. MF-1, Downgraded to A1; previously on 1/29/2002 Assigned
     Aa2

  -- Cl. MF-2, Downgraded to Baa3; previously on 1/29/2002
     Assigned A2

  -- Cl. MV-1, Downgraded to Baa2; previously on 1/29/2002
     Assigned Aa2

  -- Cl. MV-2, Downgraded to B1; previously on 1/29/2002 Assigned
     A2

  -- Cl. BF, Downgraded to Caa2; previously on 1/29/2002 Assigned
     Baa2

  -- Cl. BV, Downgraded to C; previously on 11/9/2006 Downgraded
     to B1

Centex Home Equity Loan Trust 2002-C

  -- Cl. M-2, Downgraded to Baa2; previously on 8/23/2002 Assigned
     A2

  -- Cl. B-1, Downgraded to Caa3; previously on 2/12/2007
     Downgraded to Baa3

  -- Cl. B-2, Downgraded to C; previously on 11/9/2006 Downgraded
     to B1

Centex Home Equity Loan Trust 2002-D

  -- Cl. B, Downgraded to Caa3; previously on 9/11/2007 Downgraded
     to B3

Centex Home Equity Loan Trust 2003-A

  -- Cl. M-3, Downgraded to Baa3; previously on 3/31/2003 Assigned
     Baa1

  -- Cl. B, Downgraded to Ba1; previously on 3/31/2003 Assigned
     Baa2

Centex Home Equity Loan Trust 2003-B

  -- Cl. M-2, Downgraded to Baa2; previously on 7/31/2003 Assigned
     A2

  -- Cl. M-3, Downgraded to Ba1; previously on 7/31/2003 Assigned
     Baa1

  -- Cl. B, Downgraded to B3; previously on 7/31/2003 Assigned
     Baa2

Centex Home Equity Loan Trust 2004-B

  -- Cl. M-4, Downgraded to A3; previously on 5/19/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa1; previously on 5/19/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Baa3; previously on 5/19/2004 Assigned
     A3

  -- Cl. M-7, Downgraded to Ba2; previously on 5/19/2004 Assigned
     Baa1

  -- Cl. B, Downgraded to Caa3; previously on 5/19/2004 Assigned
     Baa2

Centex Home Equity Loan Trust 2004-C

  -- Cl. M-4, Downgraded to A3; previously on 8/9/2004 Assigned A1


  -- Cl. M-5, Downgraded to Baa1; previously on 8/9/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Baa3; previously on 8/9/2004 Assigned
     A3

  -- Cl. M-7, Downgraded to Ba2; previously on 8/9/2004 Assigned
     Baa1

  -- Cl. B, Downgraded to Caa1; previously on 8/9/2004 Assigned
     Baa2

Centex Home Equity Loan Trust 2004-D

  -- Cl. MV-2, Downgraded to Baa2; previously on 10/26/2004
     Assigned Aa3

  -- Cl. MV-3, Downgraded to Baa3; previously on 10/26/2004
     Assigned A1

  -- Cl. MV-4, Downgraded to Ba1; previously on 10/26/2004
     Assigned A2

  -- Cl. MV-5, Downgraded to Ba2; previously on 10/26/2004
     Assigned A3

  -- Cl. MV-6, Downgraded to B1; previously on 10/26/2004 Assigned
     Baa1

  -- Cl. BV, Downgraded to Caa3; previously on 10/26/2004 Assigned
     Baa2


CHEYNE HIGH: S&P Corrects Ratings on Medium-Term Notes
------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
medium-term notes issued by Cheyne High Grade ABS CDO I Ltd., a
cash flow high-grade structured finance collateralized debt
obligation, by placing it on CreditWatch with negative
implications.  S&P also corrected the ratings on the money-market
note from this transaction by lowering the long-term rating to 'B'
and raising the short-term rating to 'A-1+'.  Wachovia Bank N.A.
('A-1+') acts as the put provider for this transaction.

S&P inadvertently removed the rating on the MT notes from
CreditWatch negative on June 10, 2009, when S&P lowered the
ratings on CDO tranches from other transactions.

The MM note carries both a short-term rating (tied to the put
provider's short term rating) and a long-term rating (based on the
credit support of the transaction).  S&P lowered the long-term
rating on the MM notes and left it on CreditWatch negative to
match the 'B/Watch Neg' rating on the long-term notes (class A-
1LT), which S&P downgraded on June 10, 2009.  S&P inadvertently
did not lower the rating on the MM note in connection with the
June 10, 2009, rating actions.  S&P is also correcting the short-
term rating on the MM note to 'A-1+' to reflect the short-term
rating on Wachovia Bank.

                        Ratings Corrected

                 Cheyne High Grade ABS CDO I Ltd.

                              Rating
                              ------
         Class       To                  From
         -----       --                  ----
         A-1MT-e     AA+/Watch Neg       AA+
         A-1MM-h     B/A-1+/Watch Neg    A/A-1/Watch Neg


CITIGROUP MORTGAGE: Moody's Puts Ratings on Resecuritized Certs.
----------------------------------------------------------------
Moody's Investors Service has assigned the below-mentioned ratings
to the Certificates as the "Resecuritized Certificates" issued in
connection with Citigroup Mortgage Loan Trust 2009-6 as the
"Resecuritized Transaction".

Class 7A1 is a Senior, Sequential, Pass-through bond backed by
Class 3-A-22 as the "Underlying Certificate 1" issued by Morgan
Stanley Mortgage Loan Trust 2007-12 Mortgage Pass-Through
Certificates, Series 2007-12 as the "Underlying Transaction1".
The Underlying Certificate1 is backed by first-lien, fixed-rate,
prime residential mortgage loans.  Moody's did not initially rate
the Underlying Transaction1 but as a part of its analysis of the
Underlying Certificate1 it estimates losses on the Underlying
Transaction1 to be between 13% and 15%.

Classes 13A1 and 13A2 are backed by Class A-3A (the "Underlying
Certificate2") issued by Citigroup Mortgage Loan Trust 2007-AMC2
Asset-Backed Pass-Through Certificates, Series 2007-AMC2.  The
Underlying Certificate2 is backed primarily by first -lien,
adjustable-rate, subprime residential mortgage loans.  Class 13A1
is a senior class whereas Class 13A2 is a subordinate class which
receives principal payment after Class 13A1 but absorbs losses
before Class 13A1.  Additionally, Class 13A2 is an "accrual
certificate," i.e. it accrues the interest that would have been
paid to it. Cashflows generated due to such accrual of interest on
Class 13A2 is used to pay down Class 13A1 certificate.

Classes 18A1 and 18A2 are backed by Class A-2A (the "Underlying
Certificate3") issued by Securitized Asset Backed Receivables LLC
Trust 2007-BR3 Mortgage Pass-Through Certificates, Series 2007-
BR3.  The Underlying Certificate3 is backed primarily by first -
lien, adjustable-rate, subprime residential mortgage loans.  Class
18A1 is a senior class whereas Class 18A2 is a subordinate class
which receives principal payment after Class 18A1 but absorbs
losses before Class 18A1.  Additionally, Class 18A2 is an "accrual
certificate," i.e. it accrues the interest that would have been
paid to it.  Cashflows generated due to such accrual of interest
on Class 18A2 is used to pay down Class 18A1 certificate.

The ratings on the resecuritized certificates address the ultimate
payment of promised interest and principal on the rated
certificates and do not address any other amounts that may be
payable on the certificates.

On September 22, 2008, Moody's announced that it will assign a
rating to any security issued by a resecuritization transaction
backed by one or more RMBS only after first reviewing the ratings
(and, if appropriate, taking rating actions) on the RMBS
underlying the resecuritization. This review would be in addition
to its normal surveillance of the underlying transactions

When assigning the ratings on the Resecuritized Certificates
Moody's first updated rating specific-stress prepayment and loss
assumptions on the remaining pools of mortgages remaining in each
of the underlying transaction.  The updated assumptions
considered, among other things, mortgage pool's past performance,
its collateral attributes, macro economic assumptions and Moody's
negative performance outlook on the RMBS sector.  Second, multiple
cash flow scenarios were run, assuming different combinations of
prepayment and loss timing on the underlying mortgage pools.  In
each scenario, cash flow from each of the underlying certificates
was compared to proposed structure on each of the Resecuritized
Certificates.  Third, Moody's analyzed the loss on the
Resecuritized Seniors at a rating specific stress level, and the
sensitivity of loss for the Resecuritized Seniors to changes in
prepayment and loss timing assumptions.  In Moody's opinion the
issuer's targeted levels of credit enhancement for each of the
Classes was consistent with the respective rating.

The rating on each subordinate class was based on (i) the
structure of the resecuritization transaction, (ii) the rating on
the respective underlying certificate, and (iii) the size of the
subordinate class.  The probability of default for the subordinate
class is the same as that for its underlying certificate.
However, Moody's anticipates a higher loss severity on the
subordinate class due to its subordinate position to the senior
class (both in terms of principal distribution and loss
allocation), and smaller size (when compared to underlying
certificate).  Therefore, the rating on subordinate class is lower
than the rating on the respective underlying certificate.

Because the ratings on the resecuritized certificates are linked
to the rating of the underlying certificate and their mortgage
pools performance, any rating action on the underlying
certificates may trigger a review of the ratings on the
resecuritized certificates.

Deutsche Bank National Trust Company will act as the
Administrative Trustee in the transaction.

The complete rating actions are:

Issuer: Citigroup Mortgage Loan Trust 2009-6

  -- Class 7A1, Assigned Aaa
  -- Class 13A1, Assigned A3
  -- Class 13A2, Assigned Caa3
  -- Class 18A1, Assigned Baa3
  -- Class 18A2, Assigned Ca


CITYSCAPE HOME: Moody's Downgrades Ratings on Class A-5 Notes
-------------------------------------------------------------
Moody's Investors Service has downgraded the underlying rating of
Cityscape Home Equity Loan Trust 1996-2, Class A-5.  This action
is part of an ongoing review of subprime RMBS transactions.  The
securities are supported by an insurance policy issued by
Financial Security Assurance Inc.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.

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 85%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

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

As part of evaluating the current rating for the securities,
Moody's Investors Service also reviewed the underlying rating.
The underlying rating reflects the intrinsic credit quality of the
securities in the absence of the guarantee.

Complete list of rating actions:

Issuer: Cityscape Home Equity Loan Trust 1996-2

  -- A-5, Current Rating: Aa3, on review for possible downgrade

  -- Current Underlying Rating: Downgraded to Caa3; previously on
     7/10/2008 Published at B3

  -- Financial Guarantor: Financial Security Assurance Inc. (Aa3
     Placed Under Review for Possible Downgrade on 5/20/2009)


CNL FUNDING: Moody's Downgrades Ratings on Eight Certificates
-------------------------------------------------------------
Moody's has downgraded the ratings of 8 certificates from CNL
Funding 99-1.  The certificates are backed by restaurant franchise
loans.

The certificates were placed on review for possible downgrade in
December 2008 due to the transfer of a number of loans to special
servicing for a covenant default.  In January 2009, GECFFC
executed definitive documentation for a modification for these
loans.

The actions are driven by the relative high concentration of
borrowers and the declining weighted average FCCR.  The current
reported FCCR for 21% of the loans, by principal balance, is below
1.  Moody's expects depressed consumer spending trends and intense
competition will continue to pressure operating margins for these
restaurants, as the economy remains weak and unemployment rises.
The final rating actions are based on the pro-forma credit
enhancement levels.

CNL Funding 99-1, LP

  -- Class A-2, downgraded to Aa2 from Aaa, previously on
     12/08/2008 Placed on review for possible downgrade

  -- Class B, downgraded to A2 from Aa2, previously on 12/12/2008
     Placed on review for possible downgrade

  -- Class C, downgraded to Baa1 from A2, previously on 12/12/2008
     Placed on review for possible downgrade

  -- Class D, downgraded to Baa3 from A3, previously on 12/12/2008
     Placed on review for possible downgrade

  -- Class IO, downgraded to Aa2 from Aaa, previously on
     12/12/2008 Placed on review for possible downgrade

  -- Class E, downgraded to B1 from Ba1, previously on 12/12/2008
     Downgraded to Ba1 from Baa2 and Placed on review for possible
     downgrade

  -- Class F, downgraded to Caa1 from B1, previously on 12/12/2008
     Downgraded to B1 from Ba2 and Placed on review for possible
     downgrade

  -- Class G, downgraded to Ca from Caa3, previously on 12/12/2008
     Downgraded to Caa3 from B2 and Placed on review for possible
     downgrade

The credit support for the certificates consists of subordination
and overcollateralization of the bonds by the loans.  Class B
through Class H certificates are subordinated to Class IO and
Class A certificates, providing a total credit support of 40.7% to
Class A certificates.  The subordinated certificates provide
credit support of 29.7% to Class B certificates; 23% to Class C
certificates; 19.7% to Class D certificates; 13.1% to Class E;
9.8% to Class F. and 4.2% to Class G.  The current
overcollateralization amount is zero.


COMM 2005-FL11: S&P Downgrades Ratings on Six Classes of Certs.
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of commercial mortgage pass-through certificates from COMM
2005-FL11 and removed them from CreditWatch with negative
implications, where they were placed on April 7, 2009.
Concurrently, S&P affirmed its ratings on eight other classes from
this transaction and removed them from CreditWatch negative.

Five loans totaling $434 million (82% of the pool trust balance)
are secured by retail properties.  Three of these five loans,
totaling $367 million (70% of the pool trust balance), are secured
by retail portfolios, including two Toys "R" Us portfolios and one
consisting of properties that were formerly Mervyns stores.

The largest loan in the pool, the Toys "R" Us-DE portfolio, has a
trust balance of $255.0 million and a whole-loan balance of
$425.0 million.  The whole loan is split into two pari passu
pieces: a $255.0 million piece in this transaction that makes up
48% of the trust balance, and a $170.0 million piece in the BALL
2005-MIB transaction.  In addition, the borrower's equity
interests in the properties secure a $175.0 million mezzanine
loan.  A pool of 85 Toys "R" Us and Babies "R" Us stores and four
distribution centers that are cross-collateralized and cross-
defaulted secure the loan.  The properties total 7.5 million sq.
ft. and are located in 26 states.  The mortgaged properties
operate under a 15-year triple-net master lease.  Due to current
market conditions for the retail sector, S&P assumed lower market
rents and a higher market vacancy rate than at issuance when
performing S&P's analysis, and the resultant value is 24% below
its level at issuance.  The loan is currently scheduled to mature
in August 2009 and has one 12-month extension option remaining.

The third-largest loan in the pool, the Toys "R" Us-MPO portfolio,
has a trust balance of $87.0 million and a whole-loan note balance
of $145.0 million.  The whole loan is split into two pari passu
pieces: an $87.0 million piece in this transaction that makes up
16% of the trust balance, and a $58.0 million piece in the BALL
2005-MIB transaction.  In addition, the borrower's equity
interests in the properties secure a $55.0 million mezzanine loan.
The loan is secured by a pool of 46 Toys "R" Us and Babies "R" Us
stores that are cross-defaulted and cross-collateralized.  These
stores total 1.9 million sq. ft. and are located in Pennsylvania,
Ohio, and Massachusetts.  The mortgaged properties operate under
the same master lease terms as those in the Toys "R" Us-DE
portfolio.  As with the previous loan, Standard & Poor's assumed
lower market rents and a higher market vacancy than at issuance in
S&P's analysis, which resulted in a value 26% below its level at
issuance.  The loan is currently scheduled to mature in August
2009 and has one 12-month extension remaining.

The sixth-largest loan in the pool, the DDR/Macquarie Mervyn's
Portfolio, has a trust balance of $24.95 million and a whole-loan
balance of $237.5 million.  The whole loan is split into three
pari passu notes: a $106.3 million fixed-rate A-2 note included in
the GMAC 2006-C1 trust, a $106.3 million fixed-rate A-1 note that
was contributed to GE Commercial Mortgage Corp.'s series 2005-C4
transaction, and a $24.95 million floating-rate note that is part
of this trust and makes up 5% of the pool.  The loan is secured by
32 single-tenant stores that were formerly operating as Mervyns, a
discount department chain that carried national brands and
private-label merchandise.  Mervyns filed for bankruptcy on Aug.
29, 2008, and rejected all of its leases on or before Dec. 31,
2008.  Mervyns subsequently closed all of its stores.  The loan
was transferred to Midland Loan Services Inc., the special
servicer for this loan, on Oct. 22, 2008, due to imminent default.
Three of the stores were sold to Kohl's, and approximately
$21 million was received to pay down the A-3 note in this
transaction earlier in the year.  Since then, four properties have
been partially or completely leased and two additional properties
are expected to be sold to an unnamed purchaser, according to
Midland.  S&P downgraded class L to 'D' on Feb. 27, 2009 ("COMM
2005-FL11 Class L Downgraded To 'D' On Interest Shortfalls; Class
K Rating Affirmed And Off Watch Negative," published
Feb. 27, 2009) due to the accumulated interest shortfalls
associated with the special servicing fees and expenses for this
loan.  Standard & Poor's value for the asset has declined 52%
since issuance.

As of the June 15, 2009, remittance report, the trust collateral
consisted of the senior participation interests in two floating-
rate interest-only mortgage loans, one floating-rate whole
mortgage loan, and three floating-rate interest-only pari passu
mortgage loans.  All of the loans are indexed to one-month LIBOR.
The pool balance has declined 68% since issuance, to
$527.8 million.

All of the loans mature over the next four months and have one 12-
month extension option remaining.

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

       Ratings Lowered And Removed From Creditwatch Negative

                          COMM 2005-FL11
          Commercial mortgage pass-through certificates

                Rating
                ------
   Class    To         From             Credit enhancement (%)
   -----    --         ----             ----------------------
   E        AA-        AA+/Watch Neg                     27.79
   F        A-         AA/Watch Neg                      22.34
   G        BBB-       A+ /Watch Neg                     17.71
   H        BB+        A-/Watch Neg                      13.62
   J        BB         BBB+/Watch neg                     8.99
   K        B-         BBB-/Watch Neg                     4.09

      Ratings Affirmed And Removed From Creditwatch Negative

                          COMM 2005-FL11
          Commercial mortgage pass-through certificates

      Class              Rating       Credit enhancement (%)
      -----              ------       ----------------------
      A-J                AAA                           51.22
      B                  AAA                           45.23
      C                  AAA                           38.41
      D                  AAA                           33.78
      X-2-CB             AAA                             N/A
      X-2-DB             AAA                             N/A
      X-3-CB             AAA                             N/A
      X-3-DB             AAA                             N/A

                       N/A - Not applicable.


CONTIMORTGAGE HOME: Moody's Downgrades Ratings on 19 Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 19
securities and upgraded the rating of 1 security from 9
transactions issued by ContiMortgage Home Equity Loan Trust.
These actions are part of an ongoing review of subprime RMBS
transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
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 a
severity assumption of 80%.  The results of these two calculations
-- Recent Losses and Pipeline Losses -- are weighted to arrive at
the lifetime cumulative loss projection.

The upgrade of 1 rating is a result of stable and significant
over-collateralization.

The complete rating actions:

ContiMortgage Home Equity Loan Trust 1994-05

  -- A-4, Downgraded to B3; previously on 12/13/1994 Assigned Aaa

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

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

ContiMortgage Home Equity Loan Trust 1995-01

  -- A-5, Downgraded to Caa1; previously on 12/19/2008 Downgraded
     to B3

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

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

  -- A-6IO, Downgraded to Caa1; previously on 12/19/2008
     Downgraded to B3

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

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

  -- A-7IO, Downgraded to Caa1; previously on 12/19/2008
     Downgraded to B3

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

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

ContiMortgage Home Equity Loan Trust 1995-02

  -- A-5, Downgraded to B2; previously on 3/31/2008 Downgraded to
     Baa3

  -- Current Underlying Rating: Downgraded to B2; previously on
     6/16/2008 Published at Baa3

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

ContiMortgage Home Equity Loan Trust 1995-04

  -- A-9, 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)

  -- A-13IO, 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)

ContiMortgage Home Equity Loan Trust 1996-01

  -- A-7, Downgraded to B3; previously on 6/16/2008 Published at
     Baa1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/16/2008 Published at Baa1

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

ContiMortgage Home Equity Loan Trust 1996-02

  -- A-8, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba1

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

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-10IO, Downgraded to B3; previously on 2/18/2009 Downgraded
     to Ba1

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

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

ContiMortgage Home Equity Loan Trust 1996-03

  -- A-7, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba3

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-8, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba3

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-9IO, Downgraded to B3; previously on 2/18/2009 Downgraded
     to Ba3

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-10IO, Downgraded to B3; previously on 2/18/2009 Downgraded
     to Ba3

  -- Current Underlying Rating: Downgraded to Caa1; previously on
     6/16/2008 Published at Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

ContiMortgage Home Equity Loan Trust 1996-04

  -- A-8, Downgraded to B3; previously on 2/18/2009 Downgraded to
     B1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/16/2008 Published at B1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-9, Downgraded to B3; previously on 2/18/2009 Downgraded to
     B1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/16/2008 Published at B1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-10, Downgraded to B3; previously on 2/18/2009 Downgraded to
     B1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/16/2008 Published at B1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-11IO, Downgraded to B3; previously on 2/18/2009 Downgraded
     to B1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/16/2008 Published at B1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-12IO, Downgraded to B3; previously on 2/18/2009 Downgraded
     to B1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/16/2008 Published at B1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

ContiMortgage Home Equity Loan Trust 1997-2

  -- M-1F, Upgraded to A3; previously on 12/12/2003 Downgraded to
     Baa3


CORPORATE BACKED: Moody's Downgrades Ratings on Certs. to 'Ba3'
---------------------------------------------------------------
Moody's Investors Service announced that it downgraded its rating
of 1,521,126 Corporate Backed Trust Certificates, Series 2001-27,
Class A-1 issued by Corporate Backed Trust Certificates, Series
2001-27 Trust.

The rating action is:

Class Description: 1,521,126 Corporate Backed Trust Certificates,
Series 2001-27, Class A-1

  -- Current Rating: Ba3

  -- Prior Rating: Ba2

  -- Prior Rating Date: 02/12/09

The transaction is a structured note whose rating changes with the
rating of the Underlying Securities.  The rating action is a
result of the change of the rating of 7.50% Senior Debentures
issued by Royal Caribbean Cruises, Ltd., which were downgraded to
Ba3 by Moody's on June 29, 2009.


COUNTRYWIDE ALTERNATIVE: Moody's Cuts Ratings on Three Securities
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 3
securities from 3 transactions issued by Countrywide Alternative
Loan Trust.  The rating actions are the result of recent
deterioration relative to expected performance.  The collateral
backing the transactions consist primarily of first-lien,
adjustable Alt-A mortgage loans.  The downgrades relate to
cashflowing senior bonds whose support has deteriorated in recent
months, as principal payments have slowed relative to erosion of
credit support provided by subordinate bonds.

The rating actions are:

Alternative Loan Trust 2006-OC11

  -- Cl. 2-A-1, Downgraded to B3; previously on 1/29/2009
     Downgraded to Ba2

Alternative Loan Trust 2006-OC3

  -- Cl. 2-A-1, Downgraded to B1; previously on 1/29/2009
     Downgraded to A1

Alternative Loan Trust 2006-OC4

  -- Cl. 2-A-1, Downgraded to B2; previously on 1/29/2009
     Downgraded to Ba1

The downgraded bonds are at higher risk of losses in the event
that they are not paid off before supporting subordinate bonds are
completely written down.  In the event that subordinate bonds are
written down entirely, these deals have structural features that
redirect principal payments to be paid pro rata to all senior
bonds, and/or direct losses to be allocated pro rata to each of
the outstanding senior bonds.

In its analysis of these bonds, Moody's has considered the current
available level of credit enhancement and updated its base
cashflow assumptions for the transactions, in order to account for
CDR, CPR and severity trends.


CPT ASSET-BACKED: Moody's Downgrades Ratings on Seven Securities
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of seven
securities from CPT Asset-Backed Certificates Trust 2004-EC1.
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 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: CPT Asset-Backed Certificates Trust 2004-EC1

  -- Cl. M-2, Downgraded to A3; previously on 12/15/2004 Assigned
     Aa2

  -- Cl. M-3, Downgraded to Baa3; previously on 12/15/2004
     Assigned Aa3

  -- Cl. M-4, Downgraded to Ba1; previously on 12/15/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to B1; previously on 12/15/2004 Assigned
     A2

  -- Cl. M-6, Downgraded to Ca; previously on 12/15/2004 Assigned
     Baa1

  -- Cl. M-7, Downgraded to C; previously on 12/15/2004 Assigned
     Baa2

  -- Cl. B, Downgraded to C; previously on 4/10/2008 Downgraded to
     Ba2


CREDIT PROTECTION: Moody's Withdraws 'B1' Rating on Trust 283
-------------------------------------------------------------
Moody's Investors Service announced that it has withdrawn the
rating of Credit Protection Trust 283, an unfunded synthetic
collateralized debt obligation transaction referencing a portfolio
of corporate credits.

Moody's explained that the withdrawal rating action taken is a
result of the termination of the swap after the Failure to Pay
from Lehman Brothers Special Financing Inc. (Party A) to Credit
Protection Trust 283 (Party B), an amount due to Party B in
respect of the transaction under the Confirmation.  Party A did
not remedy such Failure to Pay and accordingly, such Failure to
Pay constituted an Event of Default under Section 5(a)(i) of the
ISDA Master Agreement as agreed between the parties and the
Confirmation in February 2008.

  -- Current Rating: WR
  -- Prior Rating: B1
  -- Prior Rating Action Date: June 26, 2009
  -- Prior Rating Action: Downgrade to B1 from Aaa


CREDIT SUISSE: S&P Downgrades Ratings on 11 2007-TFL2 Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes of commercial mortgage pass-through certificates from
Credit Suisse First Boston Mortgage Securities Corp.'s series
2007-TFL2.  Concurrently, S&P affirmed its ratings on 15 other
classes from this transaction.  In addition, S&P removed all 26 of
these ratings from CreditWatch with negative implications, where
they were placed on April 7, 2009.

Hotel properties secure four loans in the pool totaling $736.5
million (61% of the pool trust balance).  These properties are
located in Las Vegas (38% of the pool trust balance), Atlantic
City, New Jersey (15%), Half Moon Bay, California (4%), and
Irving, Texas (4%).  S&P based its hotel analysis on a review of
the borrowers' operating statements for the trailing 12 months
ended March 31, 2009, and their 2009 budgets.  The lodging
collateral performance has been significantly impacted by the
reduction in business and leisure travel.  S&P's analysis factored
in its expectation that average 2009 revenue per available room in
the lodging industry would decline between 14% and 16%, as S&P
noted in a recent article.

According to Smith Travel, the general U.S. hotel industry
reported average RevPAR declines of 18% in the first four months
of 2009 compared with 2008.

The Planet Hollywood Resort & Casino loan, the largest loan in the
pool, is the largest loan secured by a hotel property.  This loan
has a trust balance of $460.0 million (38%) and a whole-loan
balance of $860.0 million.  A 2,567-room, full-service gaming
hotel in Las Vegas secures this loan.  The master servicer,
KeyBank Real Estate Capital, reported debt service coverage of
0.59x and 92% occupancy for the 12 months ended March 31, 2009.
The loan matures on Dec. 9, 2009, and has two 12-month extension
options remaining.  S&P's adjusted valuation has fallen 42% since
issuance.

Office properties secure two loans totaling $359.5 million (30% of
the pool trust balance).  These properties are located in
Bellevue, Seattle, and Mercer Island, Washington (24% of the pool
trust balance) and Greenwich, Connecticut (6%).  These office
properties have experienced higher vacancies since issuance.

The Whitehall Seattle Portfolio loan, the second-largest loan in
the pool, is the largest loan secured by office properties.  This
loan has a trust balance of $292.5 million (24%) and a whole-loan
balance of $747.1 million.  In addition, the borrower's equity
interests in the properties secure mezzanine loans totaling
$149.4 million.  Eleven class A office properties totaling
2.66 million sq. ft. in Bellevue, Seattle, and Mercer Island
secure this loan.  KeyBank reported a 2.19x DSC for the 12 months
ended Dec. 31, 2008, and 71% occupancy as of March 2009.  This
loan matures on April 9, 2010, and has two one-year extension
options remaining.  S&P's adjusted valuation has declined 30%
since issuance.

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

  -- There are senior participation interests on seven floating-
     rate loans in the pool.

  -- There are mortgages on two gaming and two full-service
     hotels, 15 office buildings, and one land development
     project.

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

Details of the specially serviced loan in the pool that previously
prompted downgrades are:

  -- The Resorts Atlantic City loan, secured by a 942-room gaming
     hotel in Atlantic City, New Jersey, has a trust balance of
     $175.0 million (15%) and a whole-loan balance of
     $360.0 million.  This loan, which is 90-plus-day delinquent,
     was transferred to the special servicer on Nov. 20, 2008, due
     to monetary default.  For details of the rating actions
     related to this loan, see "Five Credit Suisse First Boston
     Mortgage Securities 2007-TFL2 Classes Downgraded Due to
     Resorts Atlantic City Exposure," published March 10, 2009, on
     RatingsDirect.  The loan matured April 9, 2009. The special
     servicer, TriMont Real Estate Advisors Inc., has indicated
     that it plans to file for foreclosure while simultaneously
     pursuing a deed-in-lieu of foreclosure.  S&P expects that the
     special servicing fees on this loan will continue to generate
     interest shortfalls.  The November 2008 appraisal values the
     property at a level that exceeds the outstanding debt on the
     senior trust balance.

Details of the other specially serviced loan in the pool are:

  -- The Biscayne Landing loan, the fourth-largest loan in the
     pool, has a whole-loan balance of $195.3 million, which
     consists of a $106.8 million senior pooled component (9% of
     the pool trust balance), a $53.5 million subordinate
     nonpooled component, that supports the 'BSL' certificates
     (not rated by Standard & Poor's), and a $35.0 million
     nontrust junior participation interest.  In addition, the
     borrower's equity interests in the property secure a
     $35.0 million mezzanine loan.  The collateral consists of a
     ground leasehold interest in 188 gross acres of vacant land
     in North Miami, Florida.  The borrower's intention, which has
     not been realized, was to develop a master planned community
     consisting of residential condominium and rental units,
     office buildings, hotels, a retail center, and acres of
     passive parks.  This loan, which is current, was transferred
     to special servicing on March 18, 2008, after the borrower
     failed to make the mandatory $17.0 million minimum
     amortization payment.  The loan matured May 9, 2009.  The
     special servicer, TriMont, indicated that it plans to file
     for foreclosure in the near term.  The October 2008 appraisal
     values the property at a level that exceeds the outstanding
     debt on the senior trust balance.

Details on the nonpooled loan are:

  -- The CapitalSource Portfolio loan has a nonpooled trust and
     whole-loan balance of $236.9 million that is raked to the
     'CSP' certificates.  This loan is secured by 64 healthcare
     facilities totaling 6,895 beds in various locations in the
     U.S.  This loan matures on April 9, 2010, and has two 12-
     month extension options remaining.  KeyBank reported a 1.63x
     DSC for the 12 months ended Dec. 31, 2008.  S&P's adjusted
     valuation is comparable to S&P's levels at issuance.

      Ratings Lowered And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2007-TFL2

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-2      AA        AAA/Watch Neg                      48.61
    A-3      BB+       AAA/Watch Neg                      31.40
    B        BB        AA+/Watch Neg                      27.60
    C        BB-       AA/Watch Neg                       24.06
    D        B+        AA-/Watch Neg                      21.27
    E        B         A+/Watch Neg                       18.23
    F        B-        A/Watch Neg                        15.20
    G        CCC+      BBB+/Watch Neg                     12.41
    H        CCC       BBB-/Watch Neg                      9.12
    J        CCC-      BB/Watch Neg                        6.08
    K        D         B-/Watch Neg                        2.78

      Ratings Affirmed And Removed From Creditwatch Negative

       Credit Suisse First Boston Mortgage Securities Corp.
  Commercial mortgage pass-through certificates series 2007-TFL2

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    A-1      AAA       AAA/Watch Neg                      56.93
    CSP-A1   AAA       AAA/Watch Neg                        N/A
    CSP-A2   AAA       AAA/Watch Neg                        N/A
    CSP-B    AA+       AA+/Watch Neg                        N/A
    CSP-C    AA        AA/Watch Neg                         N/A
    CSP-D    AA-       AA-/Watch Neg                        N/A
    CSP-E    A+        A+/Watch Neg                         N/A
    CSP-F    A         A/Watch Neg                          N/A
    CSP-G    BBB+      BBB+/Watch Neg                       N/A
    CSP-H    BBB       BBB/Watch Neg                        N/A
    CSP-J    BBB-      BBB-/Watch Neg                       N/A
    CSP-K    BB+       BB+/Watch Neg                        N/A
    CSP-AX   AAA       AAA/Watch Neg                        N/A
    A-X-1    AAA       AAA/Watch Neg                        N/A
    A-X-2    AAA       AAA/Watch Neg                        N/A

                       N/A - Not applicable.


CRHMFA HOMEBUYERS: Moody's Cuts Ratings on 2006-FH-1 Bonds to Ba3
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on these
bonds: the rating on CRHMFA Homebuyers Fund Senior Single Family
Mortgage Revenue Bonds Series 2006-FH-1(original principal amount
$14,380,000) is downgraded from Ba3 to Caa1, and CRHMFA Homebuyers
Fund Subordinate Single Family Mortgage Revenue Bonds Series 2006-
FH-1 (the "Subordinate Bonds" -- original principal amount
$920,000) from B3 to C.  This action is based on the very high
level of delinquencies and defaults in this very small pool of
whole mortgage loans reflecting the distress in the California
home mortgage market.  The outlook on the ratings remains
negative.

The Single Family Mortgage Revenue Bonds Series 2006-FH-1 (the
Bonds) were issued in May of 2006 by CRHMFA Homebuyers Fund (the
Fund), a joint exercise of powers agency the members of which are
local jurisdictions within the State of California.  The Bonds are
limited obligations of the Fund, payable solely from the mortgage
loans, reserves, and revenues pledged under the Indenture.
Although the Indenture permitted additional issuance, to date only
this one series of bonds has been issued.

The Bonds consisted of $14,380,000 original par amount of Senior
Lien Bonds (the Senior Bonds) and $920,000 original par amount of
Subordinate Bonds (the Subordinate Bonds).  Proceeds of the Bonds,
along with other funds available at closing (an issuer advance, a
servicer advance, and bond issuance premium) were issued to fund
up to $15.3 million of whole loans, as well as make deposits in
reserve funds and pay costs of the program.  The loans consist of
first lien mortgage loans to first-time homebuyers solely for
owner-occupied residences.  Each loan is underwritten according to
the issuer's standards and is either a fixed-rate loan with 40
year level amortization, or a fixed-rate loan with interest only
for seven years and then 33 year level amortization.

Credit strengths that contributed to the rating included asset to
debt ratios of 1.06 for the Senior Bonds (provided in part by
subordination of the Subordinate Bonds) and 1.00 for the
Subordinate Bonds; A Liquidity Reserve equal to 2% of outstanding
Mortgage Loans, and an additional Mortgage Reserve covering an
additional 45 days of debt service on mortgages; primary mortgage
insurance on each of the mortgage loans from Radian Guaranty,
Inc., a 5% pool insurance policy from Radian, and liquidity
support from the Servicer, CitiMortgage, Inc.  The issuer also
provided a series of cash flows demonstrating the ability of the
program to perform under a variety of stress scenarios.

Because the loans are whole loans, the PMI coverage and pool
coverage from Radian were key elements in protection against
losses from delinquency and/or foreclosure for the program.  In
addition, because of the small size of the program and the
potential for delays in obtaining recovery from PMI and/or
foreclosure for non-performing loans, the liquidity provided by
the servicer obligations from CitiMortgage, and the Advance Claim
Rider to the Radian Policy were important elements in rating
analysis.  Although CitiMortgage is obligated as servicer to
advance payment on each of the mortgages (regardless of whether it
first receives payment from the borrower), CitiMortgage itself
does not have an applicable rating, and its obligation may be
limited to the extent it concludes amounts advanced are not
reasonably recoverable.  Furthermore, CitiMortgage has the right
to recover its advances from foreclosure proceeds before remitting
to the bond trustee.  The Advance Claim Rider from Radian also was
considered to be key to liquidity support.  Under this Rider, the
Trustee can make advance claims on the pool policy to the extent
that it needs funds to pay bond debt service due to mortgage loans
being at least 60 days delinquent and in foreclosure.

On March 2, 2009, Moody's downgraded the rating on the Senior
Bonds to Ba3, and the Subordinate Bonds to B3 following a
downgrade of Radian's insurance finance strength rating from A2 to
Ba3 (with a developing outlook).  Moody's commented that the
downgrade of Radian affected Moody's assessment of the support
provided by Radian.  The ratings remained on watch because of the
high levels of delinquencies observed in the portfolio.

Delinquencies in the portfolio have continued to rise.  As of the
end of April 2009 (most recent information available to Moody's)
22 of the 61 loans in the pool (36%) are in some stage of
delinquency or foreclosure; of these, 11 loans (18.33%) are in
active foreclosure, three loans (5%) are in REO and an additional
8 (26.66%) are in loss mitigation or on a repayment plan.  Moody's
understands that CitiMortgage has continued to make advances on
all of the mortgages pending the ultimate outcome of foreclosure,
pursuant to the servicing agreement with the issuer and trustee.
So long as CitiMortgage makes such advances, the trustee should
continue to receive sufficient funds to make scheduled debt
service on the bonds (without the need to tap reserves).  However,
given the high level of loans in foreclosure, the decline in house
prices being experienced in the California market, and the length
of time being taken to resolve delinquencies and foreclosures,
Moody's loss calculations indicate that significant losses could
occur upon ultimate disposition of the delinquent loans through
foreclosure, potentially exceeding the levels of loss reserves
available to cover shortfalls in foreclosure proceeds and
reimburse the servicer for advances of delinquent payments and
carrying costs.

The last rating action with respect to the Senior Bonds and the
Subordinate bonds was on March 2, 2009, when the Senior Bonds were
downgraded from A2 to Ba3 and the Subordinate bonds were
downgraded from Baa3 to B3.


CSFB MORTGAGE: Moody's Downgrades Ratings on 93 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded 93 tranches and confirmed
2 tranches from 3 Jumbo and Alt-A CSFB transactions.

The collateral backing transactions CSFB 2005-1 group II, CSFB
2005-4 groups I III, and CSFB 2005-5 groups I II VI VII, consists
primarily of first-lien, fixed-rate, Jumbo mortgage loans, and
collateral backing transactions CSFB 2005-4 group II and CSFB
2005-5 groups III IV V, consists of primarily 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 Jumbo
collateral 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 Alt-A
collateral 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.

Moody's applied a similar approach for deals backed by Alt-A
collateral from the 2005 vintage with updated key parameters, such
as severity and the rate of delinquency build up, which would be
generally lower relative to the 2006 and 2007 vintages.  These
updates capture 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, 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:

CSFB Mortgage Pass-Through Ctfs 2005-1

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

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

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

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

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

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

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

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

CSFB Mortgage Pass-Through Ctfs 2005-4

  -- Cl. A-P, Downgraded to Baa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-1, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. I-X, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

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

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

  -- Cl. II-A-9, Downgraded to Ba2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. III-A-1, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-2, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-3, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-4, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-5, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-6, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-7, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-8, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-10, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-11, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-12, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-13, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-14, Downgraded to Baa1; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-15, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-16, Downgraded to A2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-17, Downgraded to A3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-18, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-19, Downgraded to Baa3; previously on 4/9/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-20, Downgraded to A3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-21, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-22, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-23, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-24, Downgraded to Baa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-A-25, Downgraded to A3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. III-X, Downgraded to A2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. C-B-3, Downgraded to Ca; previously on 4/9/2009 Baa3
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. D-B-4, Downgraded to C; previously on 4/9/2009 Ba1 Placed
     Under Review for Possible Downgrade

CSFB Mortgage Pass-Through Ctfs 2005-5

  -- Cl. I-A-1, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-1, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-2, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-3, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-4, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-5, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-6, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-8, Confirmed at Aaa; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-9, Downgraded to Aa1; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-10, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-11, Downgraded to Aa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-12, Downgraded to Aa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-13, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-14, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-15, Downgraded to A1; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-16, Downgraded to Aa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. II-X, Confirmed at Aaa; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

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

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

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

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

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

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

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

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

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

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

  -- Cl. VI-A-1, Downgraded to Aa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. VI-A-2, Downgraded to Aa2; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. VI-A-3, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. VI-A-4, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. VII-A-1, Downgraded to Aa3; previously on 4/9/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. C-B-1, Downgraded to Baa1; previously on 4/9/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. C-B-2, Downgraded to Ba3; previously on 4/9/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. C-B-3, Downgraded to B3; previously on 4/9/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. C-B-4, Downgraded to Ca; previously on 4/9/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. C-P, Downgraded to A1; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. C-X, Downgraded to Aa3; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. D-B-1, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. D-B-2, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. D-B-3, Downgraded to Caa3; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. D-B-4, Downgraded to Ca; previously on 4/9/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. D-P, Downgraded to A1; previously on 4/9/2009 Aaa Placed
     Under Review for Possible Downgrade

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

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

  i) the nature, sufficiency, and quality of historical
     performance information available for the asset class as well
     as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
     interests of the key parties to the transaction, most notably
     the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
     cashflow and capital structure,

  v) an analysis of the transaction's governance and legal
     structure, and

vi) a comparison of these attributes against those of other
     similar transactions.


CWCAPITAL ASSET: Fitch Takes Actions on CMBS Servicer Ratings
-------------------------------------------------------------
Fitch Ratings has taken these rating actions on CWCapital Asset
Management LLC's and CWCapital LLC's CMBS servicer ratings:

CWCAM

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

CWCapital

  -- Primary servicer affirmed at 'CPS2+';
  -- Master servicer affirmed at 'CMS3+'.

The special servicer rating upgrade is based on the group's highly
experienced asset management staff, its robust asset management
technology platform and CWCapital's ability to successfully manage
substantial portfolio growth, as demonstrated through its timely
and thorough interaction with Fitch's CMBS surveillance group.
Also considered are CWCAM's proactive surveillance team and
CWCapital's low special servicing management and staff turnover in
the last two years.

The primary servicer rating reflects CWCapital's experience as a
longstanding CMBS primary servicer as well as its experienced and
tenured servicing staff and management team.  The master servicer
rating considers CWCapital's procedures in place for the oversight
of third party servicers and its ability to report and remit to
CMBS trustees.  All three servicer ratings consider the strong
financial backing of parent company, Caisse de Depot et Placement
du Quebec.

As of March 31, 2009, CWCapital's servicing portfolio consisted of
1108 loans totaling $10.11 billion.  As of the same date, the
company acted as primary servicer in 40 CMBS transactions,
servicing 467 loans totaling $4.8 billion.  CWCapital is currently
named master servicer on one CMBS transaction totaling
$27.47 million.  Also as of March 31, 2009, CWCAM's special
servicing portfolio consisted of 120 CMBS transactions totaling
$171 billion.  The CMBS special servicing portfolio consisted of
366 actively specially serviced loans totaling $4.8 billion and 39
real estate-owned assets valued at $230 million.


DEUTSCHE BANK: Fitch Puts Ratings on Various Classes of Notes
-------------------------------------------------------------
Deutsche Bank AG (Deutsche Bank, rated 'AA-/F1+' on Rating Watch
Negative by Fitch Ratings), as counterparty in the series
Agreements and Trust Instruments of the corporate synthetic
transactions noted below, has notified Fitch of its intention to
execute two proposed amendments.  The first amendment modifies
each respective Series Agreement (the Series Amendments) to remove
Deutsche Bank's par call option within the respective Series
Agreements.

The series Amendments apply to these transactions:

  -- $175,000,000 Camber Master Trust series 7 certificates
     'B/LS2'; Outlook Negative;

  -- $175,000,000 Camber Master Trust series 8 certificates
     'B/LS2'; Outlook Negative;

  -- $125,000,000 Camber Master Trust series 9 certificates
     'BB/LS3'; Outlook Negative;

  -- $125,000,000 Camber Master Trust series 10 certificates
     'BB/LS3'; Outlook Negative;

  -- $125,000,000 Pivot Master Trust series 1 certificates
     'BB/LS3'; Outlook Negative;

  -- $125,000,000 Pivot Master Trust series 2 certificates
     'BB/LS3'; Outlook Negative;

  -- $125,000,000 Pivot Master Trust series 3 certificates
     'BB/LS5'; Outlook Negative;

  -- $125,000,000 Pivot Master Trust series 4 certificates
     'BB/LS5'; Outlook Negative;

  -- $150,000,000 Pivot Master Trust series 5 certificates
     'BBB/LS5'; Outlook Negative;

  -- $150,000,000 Pivot Master Trust series 6 certificates
     'BBB/LS5'; Outlook Negative;

  -- $150,000,000 Pivot Master Trust series 7 certificates
     'BBB/LS5'; Outlook Negative;

  -- $150,000,000 Pivot Master Trust series 8 certificates
     'BBB/LS5'; Outlook Negative.

The Series Amendments, which remove Deutsche Bank's call option on
the notes, in and of themselves will not affect Fitch's credit
opinion of the notes with respect to the likelihood that
noteholders will receive the timely payment of interest and the
ultimate return of principal at maturity.

The second amendment modifies each respective Trust Instrument
(the Trust Amendments) to allow for one or more noteholders to
request the replacement of the underlying collateral, with 100%
noteholder approval of the replacement collateral.  The Trust
Amendments apply to these transactions:

  -- $350,000,000 Eirles Two Limited series 316 notes 'B/LS2';
     Outlook Negative;

  -- $250,000,000 Eirles Two Limited series 319 notes 'BB/LS3';
     Outlook Negative;

  -- $250,000,000 Coriolanus Limited series 64 notes 'BB/LS3';
     Outlook Negative;

  -- $250,000,000 Coriolanus Limited series 68 notes 'BB/LS5';
     Outlook Negative;

  -- $600,000,000 Coriolanus Limited series 79 notes 'BBB/LS5';
     Outlook Negative.

The Trust Amendments in and of themselves will not affect Fitch's
credit opinion of the notes since the replacement collateral must
have the same aggregate purchase value, the same or higher coupon,
and the same or earlier maturity date as the replaced collateral.
The entity charged with executing the collateral replacement must
have a minimum rating equal to the swap counterparty's rating.  In
addition, the existing asset swap between the issuer and Deutsche
Bank remains in effect to protect the coupon payments due to the
noteholders.

At the request of the issuer, the ratings of Eirles Two Limited,
series 316 and 319 and Coriolanus Limited series 64, 68 and79 are
converted to public from private ratings.


EQCC TRUST: Moody's Downgrades Ratings on Two 2001-1F Securities
----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 2
securities from EQCC Trust 2001-1F.  These actions are part of an
ongoing review of subprime RMBS transactions.  The securities are
supported by an insurance policy issued by Ambac Assurance
Corporation.

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 85%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

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

The complete rating actions:

Issuer: EQCC Trust 2001-1F

  -- Cl. A-1, Downgraded to Ba2; previously on 4/13/2009
     Downgraded to Baa2

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

  -- Cl. A-2, Downgraded to Ba2; previously on 4/13/2009
     Downgraded to Baa2

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


FIRST ALLIANCE: Moody's Confirms Ratings on 35 Classes of Notes
---------------------------------------------------------------
Moody's Investors Service has confirmed the ratings of 35 classes
and downgraded two classes of notes issued by First Alliance
Mortgage Loan Trust.  The securities are supported by insurance
policies issued by MBIA Insurance Corporation.

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

As part of evaluating the current ratings for the securities,
Moody's Investors Service also reviewed the underlying ratings.
The underlying ratings reflect the intrinsic credit quality of the
securities in the absence of the guarantee.

The underlying ratings on the securities 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 this 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 differs by transaction and is higher for more recent
vintages.

Complete rating action:

Issuer: First Alliance Mortgage Loan Trust 1998-1F

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

Issuer: First Alliance Mtg Co Loan Trust 1994-02

  -- A-1, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

  -- A-2, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)

  -- A-3, Confirmed at A2; previously on 11/16/2008 A2 Placed
     Under Review Direction Uncertain

  -- Financial Guarantor: MBIA Insurance Corporation (B3,
     previously on 2/18/2009 downgraded from Baa1)


FIRST HORIZON: Moody's Downgrades Ratings on Eight Classes
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of eight
classes of notes from a transaction issued by First Horizon
Mortgage Pass-Through Trust.

The ratings are based on the methodology applied to all
transactions with small pool factors.  Moody's defines low pool
factor deals as those that meet one of these two criteria: (1) the
outstanding collateral balance is less than $1 million, and the
pool factor is less than 5% or (2) the pool has fewer than 50
loans remaining

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

First, gross defaults are determined by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets ("delinquency pipeline")
and a pipeline multiplier.  The pipeline multiplier accounts for
further possible defaults that might arise from borrowers that are
current.  The pipeline multiplier differs for each deal based on
the number of loans remaining in the pool -- greater the number of
loans remaining the higher the multiplier.  The estimated defaults
are subject to a floor -- a minimum default.  The minimum default
also differs based on the number loans remaining in the pool. The
fewer the number of loans remaining in the pool the higher the
minimum default since each loan represents a higher percentage of
the pool.

The final default number is then multiplied by expected loss
severity to arrive at Moody's expected loss estimate.  Loss
severity also differs by transaction and is higher for more recent
vintages.

Complete rating action:

Issuer: First Horizon Mortgage Pass-Through Trust 2004-FL1 (Loans
Remaining: 39)

  -- Cl. II-A-1, Current Balance: $4,269,731, Downgraded to A1;
     previously on 2/21/2005 Assigned Aaa

  -- Cl. II-A-IO, IO Class, Downgraded to A1; previously on
     2/21/2005 Assigned Aaa

  -- Cl. B-1, Current Balance: $1,036,065, Downgraded to Baa3;
     previously on 7/17/2006 Upgraded to Aaa

  -- Cl. B-2, Current Balance: $673,356, Downgraded to B2;
     previously on 7/17/2007 Upgraded to Aa1

  -- Cl. B-3, Current Balance: $492,001, Downgraded to Caa2;
     previously on 7/17/2006 Upgraded to A2

  -- Cl. B-4, Current Balance: $155,151, Downgraded to Ca;
     previously on 7/17/2007 Upgraded to A3

  -- Cl. B-5, Current Balance: $181,354, Downgraded to Ca;
     previously on 7/17/2007 Upgraded to Ba1


FLAGSHIP CLO: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Flagship CLO VI:

  -- US$35,500,000 Class A-1b Floating Rate Notes Due 2021,
     Downgraded to A1; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$10,000,000 Class A-2 Floating Rate Notes Due 2021,
     Downgraded to Aa2; previously on June 28, 2007 Assigned Aaa;

  -- US$33,750,000 Class B Floating Rate Notes Due 2021,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade.

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

  -- US$22,500,000 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$20,000,000 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;

  -- US$20,000,000 Class E Deferrable Floating Rate Notes Due
     2021, Confirmed at Caa3; previously on March 13, 2009
     Downgrade 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 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 overcollateralization tests.  The weighted average rating
factor has steadily increased over the last year and it is
currently 2748 versus a test level of 2650 as of the last trustee
report, dated June 2, 2009.  Based on the same report, defaulted
securities total about $25 million, accounting for roughly 5% of
the collateral balance, and securities rated Caa1 or lower make up
approximately 19% of the underlying portfolio.  Additionally,
interest payments on the Class E notes are presently being
deferred as a result of the failure of the Class D
overcollateralization 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 diffeent
from the trustee's reported numbers.

Flagship CLO VI, issued in June 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.


FRIEDBERGMILSTEIN PRIVATE: Moody's Cuts Ratings on Various Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by FriedbergMilstein Private Capital
Fund I:

  -- US$325,500,000 Class A First Priority Senior Secured Floating
     Rate Delayed Draw Notes due 2019, Downgraded to Aa1;
     previously on January 26, 2005 Assigned Aaa;

  -- US$54,100,000 Class B-1 Second Priority Secured Floating Rate
     Notes due 2019, Downgraded to A3; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade;

  -- US$17,000,000 Class B-2 Second Priority Secured Fixed Rate
     Notes due 2019, Downgraded to A3; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade;

  -- US$10,000,000 Combination Securities due 2019, Downgraded to
     B1; previously on March 4, 2009 Baa3 Placed Under Review for
     Possible Downgrade.

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

  -- US$20,750,000 Class C-1 Third Priority Secured Deferrable
     Floating Rate Notes due 2019, Confirmed at Ba1; previously on
     March 23, 2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

  -- US$13,000,000 Class C-2 Third Priority Secured Deferrable
     Fixed Rate Notes due 2019, Confirmed at Ba1; previously on
     March 23, 2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

  -- US$21,000,000 Class D-1 Fourth Priority Secured Deferrable
     Floating Rate Notes due 2019, Confirmed at B3; previously on
     March 23, 2009 Downgraded to B3 and Placed Under Review for
     Possible Downgrade;

  -- US$12,750,000 Class D-2 Fourth Priority Secured Deferrable
     Fixed Rate Notes due 2019, Confirmed at B3; previously on
     March 23, 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 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 A/B,
C, and D Principal Coverage Tests.  The weighted average rating
factor has steadily increased over the last year and is currently
3228 versus a test level of 3400 as of the last trustee report,
dated June 2, 2009.  Based on the same report, defaulted
securities total approximately $106 million, accounting for
roughly 18% of the collateral balance, and securities rated Caa1
or lower make up approximately 19% of the underlying portfolio.
Interest payments on the Class C-1, C-2, D-1, and D-2 notes are
presently being deferred as a result of the failure of the Class
A/B Principal Coverage Test.  Additionally, 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.

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 historical averages.
Specifically, the default probability stresses include (1) a 1.5
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 0.5 notch-equivalent assumed downgrade for
CEs is also applied to CEs provided between 6-12 months ago.

Due to the impact of all the 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.

FriedbergMilstein Private Capital Fund I, issued in December 2004,
is a small and middle market collateralized loan obligation.

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.


FU-BACM COMMERCIAL: Fitch Downgrades Ratings on 2001-C1 Certs.
--------------------------------------------------------------
Fitch Ratings downgrades and assigns Rating Outlooks to FU-BACM
Commercial Mortgage, series 2001-C1, commercial mortgage pass-
through certificates:

  -- $16.4 million class H to 'A' from 'A+'; Negative Outlook;
  -- $19.6 million class J to 'BBB-' from 'BBB+; Negative Outlook;
  -- $16.4 million class K to 'B' from 'BBB-'; Negative Outlook;
  -- $13.1 million class L to 'CC/RR4' from 'BB+';
  -- $6.5 million class M to 'C/RR6' from 'BB';
  -- $9.8 million class N to 'C/RR6' from 'B-'
  -- $13.1 million class O to 'C/RR6' from 'CCC/DR1'.

Fitch has also affirmed and assigns Outlooks to these classes:

  -- $703.6 million class A-2 at 'AAA'; Outlook Stable;

  -- $56.2 million class A-2F at 'AAA'; Outlook Stable;

  -- Interest-only classes IO-I, IO-II and IO-III at 'AAA'; Stable
     Outlook;

  -- $52.3 million class B at 'AAA'; Stable Outlook;

  -- $26.2 million class C at 'AAA'; Stable Outlook;

  -- $26.2 million class D at 'AAA'; Stable Outlook;

  -- $16.4 million class E at 'AAA'; Stable Outlook:

  -- $13.1 million class F at 'AAA'; Stable Outlook;

  -- $26.2 million class G at 'AA'; Negative Outlook;

  -- $6.5 million class P at 'C/RR6'.

The downgrades reflect an increase in Fitch expected losses, as
well as an increase in Fitch Loans of Concern (14.1%), which
includes eight specially serviced loans (9.4%), since Fitch's last
rating action.  Rating Outlooks reflect the likely direction of
any rating changes over the next one to two years.  The Negative
Rating Outlooks reflect the high percentage of Fitch Loans of
Concern.  As of the June 2009 distribution date, the pool's
aggregate principal balance has been reduced by 22.3% to
$1.01 billion from $1.31 billion at issuance.  Fifty-three loans
(37.4%) have defeased including the two shadow-rated loans, the
Cornerstone portfolio (7.8%) and the RFS Hotel portfolio (4.4%).

Fitch has identified 17 Loans of Concern (14.1%), including eight
specially serviced loans (9.4%).  The largest specially serviced
loan (3.6%) is collateralized by a 223,720 square foot office
property located in Emeryville, California.  The loan was
transferred in June 2009 due to imminent default as a result of
increased vacancy primarily from the FDIC termination of the WaMu
lease (18% of NRA).  Servicer reported year-to-date DSCR and
occupancy is 0.66x and 68%, respectively.  The special servicer is
reviewing workout options.  Fitch expects significant losses are
likely upon liquidation unless occupancy is stabilized.  At this
time, the loan is current.

The second largest specially serviced loan (2.2%) is
collateralized by a 471,444 sf retail property in Sherman, Texas.
The loan transferred to special servicing July 8, 2008 due to
payment default.  The mall has been affected by a new big box
retail center located within close proximity and has resulted
experienced an increase in vacancy.  As of March 31, 2009
occupancy for the mall was 62.8%.  Fitch expects losses are
likely.  The loan is in foreclosure.

The third largest specially serviced loan (1.2%) is collateralized
by a 354-unit multifamily property in Durham, North Carolina.  The
loan transferred to special serving April 29, 2008, due to payment
default and deferred maintenance.  The special servicer has
negotiated a discounted pay-off and is scheduled to close in July
2009.  Fitch expects moderate losses upon disposition.

The largest non-specially serviced Fitch Loan of Concern (1.2%) is
collateralized by a single-tenant medical office building in
Sacramento, California.  The property is currently 100% vacant and
the borrower is working to stabilize the property by redeveloping
the project into multi-tenant space.  Fitch will continue to
monitor the progress of this transition.

Excluding defeased loans, four loans are scheduled to mature in
2009 (3.4%).  One of these loans, Midway Mall (2.2%), is currently
in special servicing.  Excluding defeased loans, there are 79
loans scheduled to mature in 2010 (49.8%).


GALAXY CLO: Moody's Downgrades Ratings on Various 2003-1 Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Galaxy CLO 2003-1, Ltd.:

  -- US$232,500,000 Class A Floating Rate Notes, Due 2016,
     Downgraded to Aa3; previously on January 15, 2004 Assigned
     Aaa;

  -- US$13,500,000 Class B Deferrable Floating Rate Notes, Due
     2016, Downgraded to Ba1; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$9,500,000 Class C-1 Deferrable Floating Rate Notes, Due
     2016, Downgraded to Caa1; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$14,500,000 Class C-2 Deferrable Fixed Rate Notes, Due
     2016, Downgraded to Caa1; previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$17,000,000 Class 1 Combination Securities, Downgraded to
     B3; previously on March 4, 2009 Baa1 Placed Under Review for
     Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds 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 Par
Value Test.  The weighted average rating factor has steadily
increased over the last year and is currently 2982 versus a test
level of 2468 as of the last trustee report, dated June 15, 2009.
Based on the same report, defaulted securities total about
$20.3 million, accounting for roughly 7.5% of the collateral
balance, and securities rated Caa1 or lower make up approximately
15.3% 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.

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.


GECMC 2003-C2: Fitch Downgrades Ratings on Various Classes
----------------------------------------------------------
Fitch Ratings has downgraded and assigned a Rating Outlook on this
class of GECMC 2003-C2 commercial mortgage pass-through
certificates, series 2003-C2:

  -- $8 million class BLVD-5 to 'BB+' from 'BBB-'; Outlook
     Negative.

Fitch has also placed these classes on Rating Watch Negative:

  -- $1.9 million class BLVD-1 'A'; Watch Negative;
  -- $2.5 million class BLVD-2 'A-'; Watch Negative;
  -- $4.5 million class BLVD-3 'BBB+'; Watch Negative;
  -- $3.5 million class BLVD-4 'BBB'; Watch Negative.

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

  -- $46.6 million class A-2 at 'AAA'; Outlook Stable;
  -- $54.3 million class A-3 at 'AAA'; Outlook Stable;
  -- $406.1 million class A-4 at 'AAA'; Outlook Stable;
  -- $176.1 million class A-1A at 'AAA'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $35.5 million class B at 'AAA'; Outlook Stable;
  -- $14.8 million class C at 'AAA'; Outlook Stable;
  -- $26.6 million class D at 'AAA'; Outlook Stable;
  -- $14.8 million class E at 'AAA'; Outlook Stable;
  -- $14.8 million class F at 'AAA'; Outlook Stable;
  -- $14.8 million class G at 'AA'; Outlook Stable;
  -- $14.8 million class H at 'A'; Outlook Stable;
  -- $19.2 million class J at 'BBB'; Outlook Stable;
  -- $7.4 million class K at 'BB+'; Outlook Stable;
  -- $8.9 million class L at 'BB'; Outlook Stable;
  -- $4.4 million class M at 'B+'; Outlook Negative;
  -- $7.4 million class N at 'B'; Outlook Negative;
  -- $3 million class O at 'B-'; Outlook Negative.

Fitch does not rate $15.6 million class P certificates and class
A-1 has paid in full.

The downgrade of class BLVD-5 and the Watch Negative placements
reflect the transfer of the Boulevard Mall to special servicing.
Classes BLVD-1 through 5 represent the subordinate note rake
classes for the Boulevard Mall.  In total there are currently
three specially serviced loans (8.2%).  The Rating Outlooks
reflect the likely direction of any rating changes over the next
one or two years.

The largest specially serviced loan is Boulevard Mall (7%).  The
loan is sponsored by GGP and was transferred in April 2009 after
GGP filed for bankruptcy and included the property in the filing.
At a minimum, CMBS trusts which include GGP loans will incur
additional servicing fees.  The pooled A-note for Boulevard Mall,
which previously had an investment-grade shadow rating, is no
longer considered investment grade.  Class BLVD-5 is currently
experiencing interest shortfalls as a result of the transfer of
Boulevard Mall to special servicing.  Fitch expects the class to
continue to incur shortfalls that will likely not be recovered.

The second largest specially serviced loan (0.6%) transferred on
April 13, 2009 due to monetary default.  The loan is secured by a
43,584 square foot (sf) retail property located in Olympia, WA.
The most recent reported occupancy was 80% as of May 31, 2009,
compared to 96% at issuance.  The borrower is requesting a draw on
reserves as part of a plan to reinstate the loan.

The last specially serviced loan (0.5%) transferred on Nov. 13,
2008 due to monetary default.  The loan is secured by a 40,301 sf
industrial property located in Roswell, GA.  As of March 3, 2009,
the occupancy had dropped to 48% from 84%, and the reported DSCR
had declined to 0.63 times (x).

As of the June 2009 distribution date, the pool's aggregate
certificate balance has decreased 24.9% to $905 million from
$1.205 billion at issuance.  In addition, 26 loans (29.48%) have
defeased.

The transaction has limited near-term maturity risk: 0% maturing
in 2009, 3.88% in 2010 and 0.44% in 2011.

Fitch expects to resolve the Watch Negative status of the
Boulevard Mall rakes when more information becomes available about
fees associated with the bankruptcy.


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 VII,
Limited:

  -- US$45,600,000 Class B Floating Rate Notes Due 2020,
     Downgraded to A1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$9,500,000 Class 2 Combination Securities Due 2020,
     Downgraded to B3; previously on March 4, 2009 Baa3 Placed
     Under Review for Possible Downgrade.

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

  -- US$29,000,000 Class C Deferrable Floating Rate Notes Due
     2020, Confirmed at Ba1; previously on March 23, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$21,700,000 Class D Deferrable Floating Rate Notes Due
     2020, Confirmed at B3; previously on March 23, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$17,750,000 Class E Deferrable Floating Rate Notes Due
     2020, Confirmed at Caa3; previously on March 23, 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 and high-yield corporate bonds 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 A/B,
Class C, Class D, and Class E overcollateralization tests.  The
weighted average rating factor has increased over the last year
and is currently 3671 versus a test level of 3575 as of the last
trustee report, dated June 22, 2009.  Based on the same report,
defaulted securities total about $56.8 million, accounting for
roughly 13.6% of the collateral balance, and securities rated Caa1
or lower make up approximately 30.8% of the underlying portfolio.
Additionally, interest payments on the Class D and Class E notes
are presently being deferred as a result of the failure of the
Class C overcollateralization test.

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 1.5
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 0.5 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 the trustee's reported numbers.

GSC Partners CDO Fund VII, Limited, 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 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.


GSR MORTGAGE: Moody's Downgrades Ratings on Seven Tranches
----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 67
tranches from 7 RMBS transactions, backed by prime Jumbo loans,
issued by GSR.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate, jumbo residential mortgage
loans.  These actions are a result of Moody's updated loss
expectations on the underlying collateral relative to available
credit enhancement.

Moody's methodology for rating securities backed by pools of jumbo
mortgages originated prior to 2005 takes into account the
annualized loss rate from the last 12 months and the projected
loss rate over the 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 for the previous year.  Pipeline Losses are calculated
by using annualized roll rates of 15%, 30%, 65% and 90% for loans
that are 60-89 days delinquent, 90 or more days delinquent, in
foreclosure, and properties that are held for sale respectively.
Moody's then applies loss upon default (severity) assumptions
ranging from 25% to 35% on the loans that are projected to
default.  The roll-rates and severity assumptions mentioned above
can vary from deal-to-deal, depending on a deal's specific
characteristics.

Weights are then applied to Recent Losses and Pipeline Losses.
The weights applied depend on the year of loan and RMBS
origination -- deals from earlier vintages typically experience
higher Recent Losses and, as a result, have higher weights on
Recent Losses.  The weighted loss is then translated to lifetime
projected loss depending on the deal's expected remaining life by
which is estimated based the deal's pool factor and prepayment
speeds.

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

List of actions:

GSR Mortgage Loan Trust 2003-1

  -- Cl. B-2, Downgraded to Aa1; previously on 7/17/2006 Upgraded
     to Aaa

GSR Mortgage Loan Trust 2004-11

  -- Cl. 1A1, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 1A2, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 1AX, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 2A1, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 2A2, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 2A3, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 2AX1, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 2AX2, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 3A1, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 4A1, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

  -- Cl. 5A1, Downgraded to A2; previously on 9/20/2004 Assigned
     Aaa

GSR Mortgage Loan Trust 2004-12

  -- Cl. 1A1, Downgraded to Aa1; previously on 12/30/2004 Assigned
     Aaa

  -- Cl. 1A2, Downgraded to Aa2; previously on 12/30/2004 Assigned
     Aaa

  -- Cl. 2A1, Downgraded to A3; previously on 12/30/2004 Assigned
     Aaa

  -- Cl. 2A2, Downgraded to A3; previously on 12/30/2004 Assigned
     Aaa

  -- Cl. 2A3, Downgraded to A3; previously on 12/30/2004 Assigned
     Aaa

  -- Cl. 3A5, Downgraded to A2; previously on 12/30/2004 Assigned
     Aaa

  -- Cl. 3A6, Downgraded to A2; previously on 12/30/2004 Assigned
     Aaa

  -- Cl. 1B1, Downgraded to A2; previously on 12/30/2004 Assigned
     Aa2

  -- Cl. 1B2, Downgraded to Ba1; previously on 7/17/2007 Upgraded
     to A1

  -- Cl. 1B3, Downgraded to Caa3; previously on 7/17/2007 Upgraded
     to Baa1

  -- Cl. 1B4, Downgraded to Ca; previously on 12/30/2004 Assigned
     Ba2

  -- Cl. 1B5, Downgraded to Ca; previously on 12/30/2004 Assigned
     B2

GSR Mortgage Loan Trust 2004-15F

  -- Cl. 1A-1, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 1A-4, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 2A-1, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 2A-2, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 2A-3, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 3A-1, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 3A-2, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 4A-1, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 5-A1, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 6A-1, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 7A-1, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. 7A-2, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

  -- Cl. A-P, Downgraded to Aa3; previously on 7/1/2005 Assigned
     Aaa

GSR Mortgage Loan Trust 2004-5

  -- Cl. 1A1, Downgraded to Aa2; previously on 6/14/2004 Assigned
     Aaa

  -- Cl. 1A2, Downgraded to Aa3; previously on 7/17/2007 Upgraded
     to Aaa

  -- Cl. 1A3, Downgraded to Aa2; previously on 6/14/2004 Assigned
     Aaa

  -- Cl. 1AX, Downgraded to Aa2; previously on 6/14/2004 Assigned
     Aaa

  -- Cl. 2A1, Downgraded to Aa2; previously on 6/14/2004 Assigned
     Aaa

  -- Cl. 2AX, Downgraded to Aa2; previously on 6/14/2004 Assigned
     Aaa

  -- Cl. 3A2, Downgraded to Aa2; previously on 6/14/2004 Assigned
     Aaa

  -- Cl. 3A3, Downgraded to Aa2; previously on 6/14/2004 Assigned
     Aaa

GSR Mortgage Loan Trust 2004-7

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

  -- Cl. 1A-2, Downgraded to A3; previously on 7/30/2004 Assigned
     Aa1

  -- Cl. 1A-3, Downgraded to A2; previously on 7/30/2004 Assigned
     Aaa

  -- Cl. 2A-1, Downgraded to A2; previously on 7/30/2004 Assigned
     Aaa

  -- Cl. 3A-1, Downgraded to A2; previously on 7/30/2004 Assigned
     Aaa

  -- Cl. 4A-1, Downgraded to A2; previously on 7/30/2004 Assigned
     Aaa

GSR Mortgage Loan Trust 2004-9

  -- Cl. 1A1, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 1A2, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 1AX, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 2A1, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 3A1, Downgraded to Aa2; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 3A2, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 4A1, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 5A2, Downgraded to Aa1; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 5A3, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 5A4, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 5A5, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 5A6, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 5A7, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 5A8, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 6A1, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa

  -- Cl. 7A1, Downgraded to Aa3; previously on 9/7/2004 Assigned
     Aaa


GSR MORTGAGE: Moody's Downgrades Ratings on 280 Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded 280 tranches and
confirmed 25 tranches from 11 Jumbo transactions issued by GSR.

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:

GSR Mortgage Loan Trust 2005-3F


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

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

  -- Cl. 1A-4, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-5, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-6, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-7, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-8, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-9, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-10, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-11, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-13, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-14, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-15, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1A-17, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-1, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 2A-5, Downgraded to Baa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

GSR Mortgage Loan Trust 2005-4F

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

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

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

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

  -- Cl. 4A-2, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 4A-5, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-6, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-7, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-8, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-9, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-10, Downgraded to A2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-11, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-12, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-13, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-1, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-2, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6A-1, Downgraded to A3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

GSR Mortgage Loan Trust 2005-5F

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

  -- Cl. 1A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

  -- Cl. 2A-5, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-6, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-7, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-8, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-9, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-10, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-11, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-12, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-13, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-14, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-15, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-16, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-17, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-18, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 3A-3, Downgraded to Aa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 3A-7, Downgraded to Aa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 4A-4, Downgraded to Aa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-5, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-6, Downgraded to Aa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-7, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-8, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7A-2, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-2, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-3, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-4, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-5, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-6, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-7, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 8A-9, Downgraded to Aa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-10, Downgraded to Aa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

GSR Mortgage Loan Trust 2005-AR3

  -- Cl. 1A1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2A1, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 5A1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 6A2, Downgraded to B1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 7A1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A1, Downgraded to Baa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8A2, Downgraded to B1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1B1, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1B2, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1B4, Downgraded to Ca; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2B1, Downgraded to Ca; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2B2, Downgraded to C; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2B3, Downgraded to C; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

GSR Mortgage Loan Trust 2006-6F

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

  -- Cl. 2A-1, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-2, Downgraded to B1; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-3, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-4, Downgraded to Ba2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-5, Downgraded to Caa3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3A-2, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3A-4, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-5, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-1, Downgraded to B3; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, 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 Ba2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

GSR Mortgage Loan Trust 2006-7F

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

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

  -- Cl. 2A-2, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-3, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-4, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-5, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-6, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-7, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-8, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-9, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-10, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-11, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-12, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-13, Downgraded to Ca; previously on 3/19/2009 Caa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-1, Downgraded to Ba2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 3A-4, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-5, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-6, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-7, Downgraded to Ca; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-8, Downgraded to Ca; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-1, Confirmed at B2; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-3, Downgraded to B1; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-4, Downgraded to Ca; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-5, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-6, Downgraded to Ca; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-7, Downgraded to B1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-8, Downgraded to B1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-9, Downgraded to Ca; previously on 3/19/2009 Caa3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-10, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-11, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-12, Downgraded to B1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-13, Downgraded to B1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-14, Downgraded to B1; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-1, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-2, Confirmed at B3; previously on 3/19/2009 B3
     Placed Under Review for Possible Downgrade

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

GSR Mortgage Loan Trust 2006-8F

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

  -- Cl. 2A-1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-1, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-2, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3A-4, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-5, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 3A-9, Downgraded to Ba2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-10, Downgraded to Ba2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-11, Downgraded to Ba2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-1, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, Downgraded to Ba3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

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

  -- Cl. 4A-4, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-7, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-8, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-9, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-10, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-12, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-13, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-14, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-15, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-16, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-17, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-18, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-19, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-20, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-21, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-2, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

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

GSR Mortgage Loan Trust 2006-9F

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

  -- Cl. 2A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 4A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-3, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-4, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-5, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-2, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-3, Downgraded to Ba3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 5A-4, Downgraded to Ca; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 6A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 6A-2, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 7A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 8A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 9A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

GSR Mortgage Loan Trust 2007-1F

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

  -- Cl. 2A-1, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-2, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-3, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-4, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-5, Downgraded to Ca; previously on 3/19/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-6, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-7, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-8, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-9, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-10, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-1, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-2, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3A-4, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3A-6, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-7, Downgraded to Ba3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-8, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-9, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-10, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-11, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-12, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3A-14, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-15, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-16, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-1, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

GSR Mortgage Loan Trust 2007-2F

  -- Cl. 1A-1, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-2, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-3, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-4, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-5, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-1, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-10, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-2, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-3, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-4, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-5, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-6, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-7, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-8, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-9, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-1, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-2, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-3, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-4, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-5, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-6, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-7, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-8, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-9, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-10, Downgraded to B2; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-1, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-P, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

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

GSR Mortgage Loan Trust 2007-3F

  -- Cl. 1A-1, Downgraded to B2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-2, Downgraded to B2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1A-4, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1A-5, Downgraded to Caa3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-1, Downgraded to B2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-2, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-3, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-4, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-5, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-6, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-7, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-8, Downgraded to Caa3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-9, Downgraded to B1; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 2A-10, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-1, Downgraded to B2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-2, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-3, Downgraded to B2; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-4, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-5, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-6, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-7, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 3A-8, Downgraded to Caa3; previously on 3/19/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-1, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. 4A-2, Downgraded to B3; previously on 3/19/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. A-X, Downgraded to Ba1; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

  i) the nature, sufficiency, and quality of historical
     performance information available for the asset class as well
     as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
     interests of the key parties to the transaction, most notably
     the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
     cashflow and capital structure,

  v) an analysis of the transaction's governance and legal
     structure, and

vi) a comparison of these attributes against those of other
     similar transactions.


GUAM ECONOMIC: Fitch Takes Rating Actions on Various 2007 Bonds
---------------------------------------------------------------
Fitch Ratings affirms two and downgrades one class from Guam
Economic Development and Commerce Authority, Tobacco Settlement
asset-backed bonds, series 2007:

  -- $17,505,000 series 2007A current interest turbo term bonds
     due June 1, 2032 affirmed at 'BBB+'; Outlook Stable;

  -- $16,070,000 series 2007A current interest turbo term bonds
     due June 1, 2047 affirmed at 'BBB+'; Outlook Negative;

  -- $3,407,077 series 2007B capital appreciation turbo term bonds
     June 1, 2057 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
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 2007A bond due in 2032 is being affirmed at 'BBB+' with a
Stable Outlook which is consistent with the model output.  The
2007A bond due in 2047 is being affirmed at 'BBB+' and the 2007B
bond is being downgraded to 'BB+'.  Fitch has assigned a Negative
Outlook to both bonds 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.

Guam Economic Development and Commerce Authority, Tobacco
Settlement asset-backed bonds, series 2007 bonds are secured by
the pledged payments made under the MSA.  The pledged payments
consist of Guam'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.


GULF STREAM: Moody's Downgrades Ratings on Various 2007-1 Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Gulf Stream - Sextant CLO 2007-1,
Ltd.:

  -- US$76,500,000 Class A-1-B Floating Rate Notes due 2021,
     Downgraded to A3; previously on March 31, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$17,500,000 Class B Floating Rate Notes due 2021,
     Downgraded to Baa2; previously on March 31, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$33,750,000 Class C Floating Rate Deferrable Notes due
     2021, Downgraded to B1; previously on March 31, 2009 Ba1
     Placed Under Review for Possible Downgrade;

  -- US$31,250,000 Class D Floating Rate Deferrable Notes due
     2021, Downgraded to Ca; previously on March 31, 2009 Caa1
     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, 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 2948 versus a test level of 2770 as of the
last trustee report, dated May 15, 2009.  Based on the same
report, defaulted securities total about $28.6 million, accounting
for roughly 6% of the collateral balance, and securities rated
Caa1 or lower make up approximately 16% of the underlying
portfolio.  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.

Due to the impact of all the 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.

Gulf Stream - Sextant CLO 2007-1, Ltd., issued on May 24, 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.


INDYMAC HOME: Moody's Downgrades Ratings on 27 Securities
---------------------------------------------------------
Moody's Investors Service has downgraded the rating of 27
securities from eight subprime RMBS transactions issued by
IndyMac.  Six additional tranches have been placed on review for
possible downgrade.  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:

Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2004-A

  -- Cl. M-3, Downgraded to Baa2; previously on 6/15/2004 Assigned
     A3

  -- Cl. M-4, Downgraded to B2; previously on 4/15/2008 Downgraded
     to Ba1

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD
2002-B

  -- Cl. M-1, Downgraded to Baa2; previously on 10/15/2002
     Assigned Aa2

  -- Cl. M-2, Downgraded to Caa2; previously on 10/15/2002
     Assigned A2

  -- Cl. B-1, Downgraded to C; previously on 5/29/2007 Downgraded
     to B1

  -- Cl. B-2, Downgraded to C; previously on 5/29/2007 Downgraded
     to B3

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD
2000-C

  -- Cl. AF-5, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/22/2000 Assigned Aaa

  -- Cl. AF-6, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/22/2000 Assigned Aaa

  -- Cl. AV, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/22/2000 Assigned Aaa

  -- Cl. MF-1, Downgraded to Caa2; previously on 11/23/2004
     Downgraded to Baa2

  -- Cl. MF-2, Downgraded to C; previously on 1/7/2005 Downgraded
     to Ca

  -- Cl. MV-1, Downgraded to Caa3; previously on 7/12/2007
     Downgraded to Baa3

  -- Cl. MV-2, Downgraded to C; previously on 7/12/2007 Downgraded
     to Caa2

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, SPMD 2001-A

  -- AV, Downgraded to Baa1; previously on 4/25/2003 Downgraded to
     Aa2

  -- MF-1, Downgraded to Caa3; previously on 1/7/2005 Downgraded
     to Ba3

  -- MF-2, Downgraded to C; previously on 1/7/2005 Downgraded to
     Ca

  -- MV-1, Downgraded to Caa3; previously on 7/24/2006 Downgraded
     to Baa3

  -- MV-2, Downgraded to C; previously on 1/7/2005 Downgraded to
     Ba3

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD
2001-B

  -- Cl. MF-1, Downgraded to B3; previously on 6/29/2001 Assigned
     Aa2

  -- Cl. MF-2, Downgraded to C; previously on 9/26/2005 Downgraded
     to Ba1

  -- Cl. BF, Downgraded to C; previously on 3/7/2005 Downgraded to
     Caa2

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, SPMD 2004-B

  -- Cl. M-4, Downgraded to A3; previously on 10/27/2004 Assigned
     A1

  -- Cl. M-5, Downgraded to Baa1; previously on 10/27/2004
     Assigned A2

IndyMac Home Equity Mortgage Loan Asset-Backed Trust, SPMD 2004-C

  -- Cl. M-5, Downgraded to Ba1; previously on 4/15/2008
     Downgraded to Baa3

  -- Cl. M-6, Downgraded to Ba3; previously on 4/15/2008
     Downgraded to Ba1

  -- Cl. M-7, Downgraded to Caa2; previously on 4/15/2008
     Downgraded to Ba3

  -- Cl. M-8, Downgraded to C; previously on 4/15/2008 Downgraded
     to B2

  -- Cl. M-9, Downgraded to C; previously on 4/15/2008 Downgraded
     to Caa1

Home Equity Mortgage Loan Asset-Backed Trust, Series SPMD 2001-C

  -- Cl. AF-A, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/20/2001 Assigned Aaa

  -- Cl. AF-B4, Aaa Placed Under Review for Possible Downgrade;
     previously on 11/20/2001 Assigned Aaa

  -- Cl. M-1, Aa2 Placed Under Review for Possible Downgrade;
     previously on 11/20/2001 Assigned Aa2

  -- Cl. M-2, Downgraded to B3; previously on 4/12/2006 Downgraded
     to Baa2

  -- Cl. B, Downgraded to C; previously on 4/12/2006 Downgraded to
     B2


INDYMAC MORTGAGE: Moody's Cuts Ratings on Nine 2005-AR1 Tranches
----------------------------------------------------------------
Moody's Investors Service has downgraded 9 tranches from IndyMac
Mortgage Loan Trust 2005-AR1.

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

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

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

Complete rating actions are:

Issuer: IndyMac INDA Mortgage Loan Trust 2005-AR1

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

  -- Cl. 1-A-2, Downgraded to Caa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Caa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-2, Downgraded to Caa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

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.


IXIS ABS: S&P Downgrades Ratings on Seven Classes of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
seven classes of notes issued by IXIS ABS CDO 3 Ltd., a hybrid
collateralized debt obligation transaction, following the
liquidation of the collateral in the portfolio.  S&P subsequently
withdrew S&P's 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
      ---------            -----      --    -------    ----
      IXIS ABS CDO 3 Ltd.  A-1LA-SS   NR    Dsrp       CCsrp
      IXIS ABS CDO 3 Ltd.  A-1LB      NR    D          CC
      IXIS ABS CDO 3 Ltd.  A-2L       NR    D          CC
      IXIS ABS CDO 3 Ltd.  A-3L       NR    D          CC
      IXIS ABS CDO 3 Ltd.  B-1L       NR    D          CC
      IXIS ABS CDO 3 Ltd.  B-2L       NR    D          CC
      IXIS ABS CDO 3 Ltd.  X          NR    D          CC

                          NR - Not rated.


JP MORGAN: Moody's Downgrades Ratings on 14 2007-HE1 Tranches
-------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 14
tranches issued by J.P. Morgan Mortgage Acquisition Trust 2007-
HE1.

The collateral backing these transactions consists primarily of
first-lien, fixed- and adjustable-rate, subprime residential
mortgage loans.  The actions are triggered by a combination of
factors that can include increased delinquencies, higher loss
severities, slower prepayments and mounting losses in the
underlying collateral.  Additionally, the continued deterioration
of the housing market has also contributed to the increased loss
expectations for subprime pools.  The actions listed below reflect
Moody's updated loss projections for the subprime RMBS sector
first announced in a press release on February 29, 2009, and are
part of Moody's on-going review process.

Moody's final rating actions are based on collateral performance
and updated pool-level loss expectations relative to current
levels of tranche-specific credit enhancement.  Moody's took into
account credit enhancement provided by subordination, cross-
collateralization, excess spread, time tranching, and other
structural features.

Complete rating actions are:

J.P. Morgan Mortgage Acquisition Trust 2007-HE1

  -- Cl. AF-1, Downgraded to Baa2; previously on 2/26/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AF-2, Downgraded to Ba2; previously on 2/26/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. AF-3, Downgraded to B1; previously on 2/26/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. AF-4, Downgraded to B2; previously on 2/26/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. AF-5, Downgraded to B3; previously on 2/26/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. AF-6, Downgraded to B1; previously on 2/26/2009 A3 Placed
     Under Review for Possible Downgrade

  -- Cl. AV-1, Downgraded to Ba2; previously on 2/26/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. AV-2, Downgraded to B3; previously on 2/26/2009 B1 Placed
     Under Review for Possible Downgrade

  -- Cl. AV-3, Downgraded to Caa2; previously on 2/26/2009 B2
     Placed Under Review for Possible Downgrade

  -- Cl. AV-4, Downgraded to Caa3; previously on 2/26/2009 B3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-1, Downgraded to C; previously on 2/26/2009 Baa3
     Placed Under Review for Possible Downgrade

  -- Cl. MF-2, Downgraded to C; previously on 2/26/2009 Ba3 Placed
     Under Review for Possible Downgrade

  -- Cl. MF-3, Downgraded to C; previously on 2/26/2009 B2 Placed
     Under Review for Possible Downgrade

  -- Cl. MF-4, Downgraded to C; previously on 2/26/2009 Ca Placed
     Under Review for Possible Downgrade


LNR PARTNERS: Fitch Affirms CMBS Special Servicer Rating
--------------------------------------------------------
Fitch Ratings has affirmed LNR Partners, Inc.'s CMBS special
servicer rating at 'CSS1-'.

The rating reflects LNR's demonstrated ability to specially
service and workout loans and assets securing commercial mortgage-
backed securities.  The rating considers LNR's highly tenured
management with consistently low turnover, its comprehensive
surveillance procedures, and its continued use of robust
technology.

Fitch is closely monitoring LNR's financial condition through
conversations with the LNR CFO and reviewing the most current
financial statements. Like all CMBS special servicers, LNR is
facing the challenge of a rapidly growing portfolio of specially
serviced loans.  Fitch is also carefully monitoring LNR's efforts
to manage growth and continue to provide the level of service the
CMBS market expects.

As of March 31, 2009, LNR was named special servicer on 139 CMBS
transactions totaling $209.9 billion.  At the same date, the
company was actively servicing 505 loans totaling $5.8 billion and
managing 66 real estate owned assets totaling $520 million.


LOWER BUCKS: Moody's Reviews 'B3' Rating on $27 Mil. 1992 Bonds
---------------------------------------------------------------
Moody's Investors Service has placed the B3 rating for Lower Bucks
Hospital on Watchlist for possible downgrade.  The Watchlist
applies to $27 million of Series 1992 Bonds issued by Langhorne
Manor Higher Education and Health Authority, PA.  The Watchlist
follows receipt of unaudited ten-month financial statements ending
April 30, 2009, and the continued decline in financial
performance.  Moody's expects to complete its review in the next
90 days.

The last rating action on Lower Bucks Hospital was on March 26,
2009, when Moody's affirmed the B3 rating and negative outlook.


MASTR ADJUSTABLE: Moody's Downgrades Ratings on Eight Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded 8 tranches from MASTR
Adjustable Rate Mortgages Trust 2007-3.

The collateral backing the transaction consists primarily of
first-lien, adjustable-rate, negative amortization, 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 Option ARM pools.  The actions
listed below reflect Moody's updated expected losses on the Option
ARM sector announced in a press release on February 5, 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.

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: MASTR Adjustable Rate Mortgages Trust 2007-3

  -- Cl. 2-M1, Downgraded to C; previously on 8/6/2008 Downgraded
     to Ba1

  -- Cl. 2-M2, Downgraded to C; previously on 8/6/2008 Downgraded
     to Ba3

  -- Cl. 2-M3, Downgraded to C; previously on 8/6/2008 Downgraded
     to B2

  -- Cl. 2-M4, Downgraded to C; previously on 8/6/2008 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

  -- Cl. 2-M5, Downgraded to C; previously on 7/1/2008 Downgraded
     to B3 and Placed Under Review for Possible Downgrade

  -- Cl. 2-M6, Downgraded to C; previously on 8/6/2008 Downgraded
     to Ca

  -- Cl. 2-M7, Downgraded to C; previously on 7/1/2008 Downgraded
     to Ca

  -- Cl. 2-M8, Downgraded to C; previously on 7/1/2008 Downgraded
     to Ca

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


MASTR ASSET: Moody's Downgrades Ratings on 74 Tranches
------------------------------------------------------
Moody's Investors Service has downgraded 74 tranches from 3 RMBS
transactions issued by MASTR Asset Securitization.

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

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

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

Complete rating actions are:

MASTR Asset Securitization Trust 2005-2

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

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

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

  -- Cl. 1-A-4, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 4-A-1, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

MASTR Asset Securitization Trust 2006-1

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

  -- Cl. 1-A-2, Downgraded to Baa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-3, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4, Downgraded to Ba2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Ba1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 3-A-2, Downgraded to B2; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 15-A-X, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 15-PO, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 30-A-X, Downgraded to Baa1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

MASTR Asset Securitization Trust 2006-2

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

  -- Cl. 1-A-2, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1-A-4, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to B2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to B2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to B2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Caa3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-13, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-14, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-15, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-16, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-17, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-18, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-19, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-20, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-21, Downgraded to B1; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-22, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-23, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-24, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-25, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-26, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-27, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-28, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-29, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-30, Downgraded to B2; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-31, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-32, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-33, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-34, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-35, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

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

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

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

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

  -- Cl. B-3, Downgraded to Ca; 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.


MASTR ASSET: Moody's Downgrades Ratings on Two Securities
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Cl. A-1 &
Cl. A-2 securities issued by MASTR Asset Backed Securities Trust
2006-HE3.  The rating actions are the result of recent
deterioration relative to expected performance.

The collateral backing the transaction consists primarily of
first-lien, fixed and adjustable-rate subprime residential
mortgage loans.  The downgrades relate to cashflowing senior bonds
whose support has deteriorated in recent months, as principal
payments have slowed relative to erosion of credit support
provided by subordinate bonds.

The downgraded bonds are at higher risk of losses in the event
that they are not paid off before supporting subordinate bonds are
completely written down.  In the event that subordinate bonds are
written down entirely, this deal has structural features that
redirect principal payments pro-rata toward all senior bonds.

In its analysis of these bonds, Moody's has considered the current
available level of credit enhancement and updated its base
cashflow assumptions for the transactions, in order to account for
CDR, CPR and severity trends.

Issuer: MASTR Asset Backed Securities Trust 2006-HE3

  -- Cl. A-1, Downgraded to B2; previously on 3/20/2009 Downgraded
     to A2

  -- Cl. A-2, Downgraded to Caa3; previously on 3/20/2009
     Downgraded to Caa2


MERRILL LYNCH: Moody's Downgrades Ratings on A-2A Securities
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of the Cl. A-
2A securities issued by Merrill Lynch Mortgage Investors Trust
2006-RM4.  The rating actions are the result of recent
deterioration relative to expected performance.

The collateral backing the transaction consists primarily of
first-lien, fixed and adjustable subprime residential mortgage
loans.  The downgrades relate to cashflowing senior bonds whose
support has deteriorated in recent months, as principal payments
have slowed relative to erosion of credit support provided by
subordinate bonds.

The downgraded bonds are at higher risk of losses in the event
that they are not paid off before supporting subordinate bonds are
completely written down.  In the event that subordinate bonds are
written down entirely, this deal has structural features that
redirect principal payments pro-rata toward all senior bonds.

In its analysis of these bonds, Moody's has considered the current
available level of credit enhancement and updated its base
cashflow assumptions for the transactions, in order to account for
CDR, CPR and severity trends.

Complete list of rating actions below:

Issuer: Merrill Lynch Mortgage Investors Trust 2006-RM4

  -- Cl. A-2A, Downgraded to Caa2; previously on 3/17/2009
     Downgraded to Baa3


MESA GLOBAL: Moody's Downgrades Ratings on Two Securities
---------------------------------------------------------
Moody's Investors Service has downgraded the rating of two
securities from two transactions issued by MESA.  Additionally
Moody's has upgraded the ratings of two securities from MESA 2003-
1 Global Issuance Company.  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.  The bonds being upgraded
have experienced an improvement in credit support provided by
subordination and overcollateralization relative to expected loss
attributable to the purely sequential nature of the principal
cashflows.

Moody's approach to analyzing seasoned subprime pools i.e. prior
to 2H 2005 takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 70-80%.
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: MESA 2002-3 Global Issuance Company

  -- Cl. B-2, Downgraded to Ca; previously on 10/25/2007
     Downgraded to Caa1

Issuer: MESA 2003-1 Global Issuance Company

  -- Cl. M-2, Upgraded to Aaa; previously on 11/16/2006 Upgraded
     to Aa1

  -- Cl. B-1, Upgraded to Aa1; previously on 11/16/2006 Upgraded
     to Aa3

  -- Cl. B-3, Downgraded to B3; previously on 11/16/2006 Upgraded
     to A3


METROPOLITAN ASSET: Moody's Downgrades Ratings on Three Securities
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
securities and upgraded the ratings of eight securities from six
transactions issued by Metropolitan.  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 75%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

Moody's has upgraded eight bonds as a result of each deal
permanently failing its cumulative loss performance trigger,
causing all principal collections to be distributed sequentially.
These sequential payments to the upgraded bonds will enable the
tranches to maintain strong credit profiles.

The complete rating actions:

Issuer: Metropolitan Asset Funding, Inc. II Series, 1998-A

  -- B-1, Upgraded to Aa2; previously on 4/28/1998 Assigned Baa2

Issuer: Metropolitan Asset Funding, Inc. II, Series 1998-B

  -- M-2, Upgraded to Aaa; previously on 11/24/1998 Assigned A2

Issuer: Metropolitan Asset Funding, Inc. II, Series 1999-A

  -- M-2, Upgraded to Aaa; previously on 3/18/1999 Assigned A2

  -- B-1, Downgraded to Caa1; previously on 10/1/2003 Downgraded
     to B3

Issuer: Metropolitan Asset Funding, Inc. II, Series 1999-B

  -- M-2, Upgraded to Aaa; previously on 10/1/2003 Upgraded to Aa2

  -- B-1, Upgraded to Aa3; previously on 9/20/1999 Assigned Baa2

  -- B-2, Downgraded to Caa2; previously on 11/30/2005 Downgraded
     to B2

Issuer: Metropolitan Asset Funding, Inc. II, Series 1999-C

  -- Cl. B-2, Upgraded to Aaa; previously on 10/1/2003 Upgraded to
     Baa3

  -- Cl. B-3, Upgraded to Aa2; previously on 10/1/2003 Upgraded to
     Ba3

Issuer: Metropolitan Mortgage Funding, Inc., Series 2000-B

  -- Cl. M-1, Upgraded to Aaa; previously on 10/1/2003 Downgraded
     to A1

  -- Cl. B-1, Downgraded to Ca; previously on 10/1/2003 Downgraded
     to Caa2


MOMENTUM CAPITAL: Moody's Downgrades Ratings on Various Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Momentum Capital Fund, Ltd.:

  -- US$52,400,000 Class A-2 Floating Rate Notes Due 2021,
     Downgraded to Aa2; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$22,500,000 Class B Floating Rate Notes Due 2021,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$15,950,000 Class C Deferrable Floating Rate Notes Due
     2021, Downgraded to Ba2; previously on March 13, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$11,250,000 Class D Deferrable Floating Rate Notes Due
     2021, Downgraded to Caa1; previously on March 13, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$9,150,000 Class E Deferrable Floating Rate Notes Due 2021,
     Downgraded to Ca; previously on March 13, 2009 Downgraded to
     Caa3 and Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
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 D and Class E Overcollateralization Tests.  The weighted
average rating factor has steadily increased over the last year
and is currently at 2689 versus a test level of 2586 as of the
last trustee report, dated June 10, 2009.  Based on the same
report, defaulted securities total about $12.7 million, accounting
for roughly 3.8% of the collateral balance, and securities rated
Caa1 or lower make up approximately 15% of the underlying
portfolio.  Additionally, interest payments on the Class D and
Class E Notes were deferred on the last payment date in April 2009
as a result of the failure of the Class C and Class D
Overcollateralization Tests.

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.

Momentum Capital Fund, Ltd., issued in September 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 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.


NY COUNTIES: Fitch Affirms Ratings on Various 2005 Bonds
--------------------------------------------------------
Fitch Ratings affirms eight and upgrades one class from New York
Counties Tobacco Trust IV series 2005:

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

  -- $6,965,000 due June 1, 2021 affirmed at 'BBB+'; Outlook
     Stable;

  -- $4,520,000 due June 1, 2026 affirmed at 'BBB+'; Outlook
     Stable;

  -- $54,610,000 due June 1, 2027 affirmed at 'BBB+'; Outlook
     Stable;

  -- $16,585,000 due June 1, 2038 affirmed at 'BBB+'; Outlook
     Stable;

  -- $124,400,000 due June 1, 2041 affirmed at 'BBB+'; Outlook
     Stable;

  -- $84,975,000 due June 1, 2042 affirmed at 'BBB+'; Outlook
     Stable;

  -- $83,875,000 due June 1, 2045 affirmed at 'BBB+'; Outlook
     Stable;

Tobacco settlement asset-backed bonds subordinate turbo capital
appreciation bonds:

  -- 2005D affirmed at 'BBB', Outlook Stable;
  -- 2005E upgraded to 'BBB' 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 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 ratings of the 2021 through 2038 turbo bonds
suggested by the model are 'A-', the bonds are being affirmed at
the cap rating of 'BBB+' with a Stable Outlook.  The 2041 through
2045 bonds are being affirmed at a level consistent with the model
output of 'BBB+' with a Stable Outlook.  The 2005D capital
appreciation bond is being affirmed at 'BBB' with a Stable Outlook
while the 2005E is being upgraded from 'BB+' to 'BBB' with a
Stable Outlook.  Although the model output indicated a notch above
these ratings on the CABs, Fitch accounted for the uncertainty
associated with the long term horizon of these bonds.

New York Counties Tobacco Trust IV 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.


NY COUNTIES: Fitch Upgrades Ratings on 2005 S3 Bonds From 'BB'
--------------------------------------------------------------
Fitch Ratings upgrades two classes of capital appreciation bonds
from New York Counties Tobacco Trust V Series 2005:

  -- 2005 S1 affirmed at 'BBB', Stable Outlook;
  -- 2005 S2 upgraded to 'BBB' from 'BBB-', Stable Outlook;
  -- 2005 S3 upgraded to 'BBB-' from 'BB', Positive Outlook.

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.

The 2005 S1 capital appreciation bond is being affirmed at 'BBB'
with a Stable Outlook while the 2005 S2 is being upgraded from
'BBB-' to 'BBB' with a Stable Outlook.  Although the model output
indicated a notch above these ratings on the CABs, Fitch accounted
for the uncertainty associated with the long term horizon of these
bonds.  The 2005 S3 CAB is being upgraded from 'BB' to '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.

New York Counties Tobacco Trust V 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


PREFERREDPLUS TRUST: S&P Corrects Rating on $50MM Certs. to 'CCC-'
------------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on
PreferredPLUS Trust Series FRD-1's $50 million trust certificates
by raising the rating to 'CCC-' from 'D'.

The rating on the certificates is dependent on the rating on the
underlying security, Ford Motor Co.'s 7.40% debentures due Nov. 1,
2046.  S&P did not take rating action on the certificates
contemporaneously with the rating action on the underlying
security due to an administrative error.

The rating action reflects the April 13, 2009, raising of S&P's
rating on the underlying security to 'CCC-' from 'D'.


PROVIDENT BANK: Moody's Downgrades Ratings on 1999-3 Trusts
-----------------------------------------------------------
Moody's Investors Service has downgraded the rating of 1 security
from Provident Bank Home Equity Loan Trust 1999-3.  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 a
deal-specific severity of 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: Provident Bank Home Equity Loan Trust 1999-3

  -- A-1, Downgraded to B3; previously on 2/18/2009 Downgraded to
     B1


PRUDENTIAL ASSET: Fitch Affirms CMBS Servicer Ratings
-----------------------------------------------------
Fitch Ratings has affirmed Prudential Asset Resources' CMBS
servicer ratings:

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

Each of the ratings considers the extensive industry experience of
PAR's servicing management and staff.  The primary servicer rating
considers PAR's demonstrated ability to service loans in
commercial mortgage-backed securities transactions, its robust
employee training program, and continued implementation of strong
technology.  The master servicer rating reflects PAR's proven
ability to report and remit to CMBS trustees and to oversee third
party primary servicers.  The special servicer rating reflects the
special servicing group's experienced asset managers and their
ability to workout, manage and liquidate nonperforming loans and
real estate owned properties in CMBS transactions.

As of March 31, 2009, PAR's total servicing portfolio consisted of
6,095 loans totaling $63.2 billion, of which approximately
$14 billion across 37 transactions, including 29 transactions as
the named master servicer, was CMBS.  As of the same date, PAR was
overseeing four primary servicers in one CMBS transaction who
serviced 65 loans totaling $395.7 million.  Also as of March 31,
2009, PAR was named special servicer on 14 CMBS transactions,
comprising 17 loans totaling $1.5 billion.


RACE POINT: Moody's Downgrades Ratings on Various Classes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Race Point IV CLO, Ltd.

  -- US$72,500,000 Class A-1-B Floating Rate Notes Due 2021,
     Downgraded to A1; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$50,000,000 Class A-2 Floating Rate Notes Due 2021,
     Downgraded to Aa3; previously on August 1, 2007 Assigned Aaa;

  -- US$22,000,000 Class B Floating Rate Notes Due 2021,
     Downgraded to Baa1; previously on March 4, 2009 Aa3 Placed
     Under Review for Possible Downgrade.

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

  -- US$33,000,000 Class C Floating Rate Deferrable Notes Due
     2021, Confirmed at Ba2; previously on March 13, 2009
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade;

  -- US$39,900,000 Class D Floating Rate Deferrable Notes Due
     2021, Confirmed at Caa3; 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," 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, 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 3178 as of the last trustee report, dated
June 15, 2009.  Based on the same report, defaulted securities
total about $61.2 million, accounting for roughly 11% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 26% of the underlying portfolio.  Additionally,
interest payments on the Class D Notes are presently being
deferred.

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.

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.


RALI SERIES: Moody's Junks Ratings on 2006-Q09 Trust From 'Aa3'
---------------------------------------------------------------
Moody's Investors Service has downgraded 1 tranche from the RALI
Series 2006-QO9 Trust.

Complete rating action is:

Issuer: RALI Series 2006-QO9 Trust

  -- Cl. AXP, Downgraded to Caa1; previously on 9/17/2008 Aa3
     Placed Under Review for Possible Downgrade

The collateral backing the transaction consists primarily of
first-lien, adjustable-rate, negative amortization, Alt-A mortgage
loans.  The action is 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 Option ARM pools.  The actions
listed below reflect Moody's updated expected losses on the Option
ARM sector announced in a press release on February 5, 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.

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.

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.


RESIDENTIAL ASSET: Moody's Downgrades Ratings on 130 Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 130
securities from 25 transactions issued by Residential Asset
Securities Corporation.  These actions are part of an ongoing
review of subprime RMBS transactions.

The rating actions are the result of an analysis of credit
enhancement relative to updated collateral loss projections.  The
revised loss projections generally result from deterioration in
collateral performance in recent months.  Additionally, most
affected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.  In
addition, in certain RASC deals, the over-collateralization
accounts and excess spread are cross-collateralized between the
different pools within a transaction.  Therefore, for these deals,
losses incurred on a deteriorating pool could erode the over-
collateralization accounts for both pools.  As a result, the
better performing pool's loss may be allocated to subordinate
bonds instead of being absorbed by that pool's outstanding over-
collateralization amount.  This feature can adversely affect the
creditworthiness of certain bonds backed by better performing
collateral relative to a non-related collateral group from the
same transaction.

Moody's approach to analyzing seasoned subprime pools (i.e. prior
to 2H 2005) takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 55% to
80%.  The results of these two calculations -- Recent Losses and
Pipeline Losses -- are weighted to arrive at the lifetime
cumulative loss projection.

The complete rating actions:

RASC Series 1999-RS1

  -- A-I-3, Downgraded to Ba1; previously on 11/17/2008 Published
     at Aa2

  -- A-II, Downgraded to Baa2; previously on 11/17/2008 Published
     at Aaa

RASC Series 2001-KS2 Trust

  -- Cl. A-I-5, Downgraded to Baa2; previously on 6/29/2001
     Assigned Aaa

  -- Cl. A-I-6, Downgraded to Baa1; previously on 6/29/2001
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to Ba2; previously on 2/28/2005
     Downgraded to A2

  -- Cl. M-I-2, Downgraded to C; previously on 6/7/2006 Downgraded
     to Baa3

  -- Cl. M-I-3, Downgraded to C; previously on 5/17/2007
     Downgraded to Caa2

  -- Cl. A-II, Downgraded to A1; previously on 6/29/2001 Assigned
     Aaa

  -- Cl. M-II-1, Downgraded to B2; previously on 9/29/2006
     Downgraded to A1

  -- Cl. M-II-2, Downgraded to C; previously on 6/7/2006
     Downgraded to Baa3

  -- Cl. M-II-3, Downgraded to C; previously on 6/29/2001 Assigned
     Baa2

RASC Series 2001-KS3 Trust

  -- A-I-5, Downgraded to Baa1; previously on 10/23/2001 Assigned
     Aaa

  -- A-I-6, Downgraded to A3; previously on 10/23/2001 Assigned
     Aaa

  -- A-II, Downgraded to Aa3; previously on 10/23/2001 Assigned
     Aaa

  -- M-I-1, Downgraded to B1; previously on 2/28/2005 Downgraded
     to A2

  -- M-I-2, Downgraded to C; previously on 6/7/2006 Downgraded to
     Ba2

  -- M-I-3, Downgraded to C; previously on 6/7/2006 Downgraded to
     Caa1

  -- M-II-1, Downgraded to Ba1; previously on 10/23/2001 Assigned
     Aa2

  -- M-II-2, Downgraded to Ca; previously on 10/23/2001 Assigned
     A2

  -- M-II-3, Downgraded to C; previously on 10/23/2001 Assigned
     Baa2

RASC Series 2002-KS1 Trust

  -- Cl. A-I-5, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. A-I-6, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. A-IIA, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. A-IIB, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

RASC Series 2002-KS2 Trust

  -- Cl. A-I-5, Downgraded to Aa2; previously on 4/29/2002
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to Baa3; previously on 9/25/2006
     Downgraded to Aa3

  -- Cl. M-I-2, Downgraded to Ca; previously on 9/25/2006
     Downgraded to Ba1

  -- Cl. M-I-3, Downgraded to C; previously on 9/25/2006
     Downgraded to Caa3

RASC Series 2003-KS11 Trust

  -- Cl. M-I-2, Downgraded to Baa1; previously on 2/20/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to B3; previously on 2/20/2004 Assigned
     Baa2

  -- Cl. M-II-1, Downgraded to A1; previously on 2/20/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to Baa3; previously on 2/20/2004
     Assigned A2

  -- Cl. M-II-3, Downgraded to Caa2; previously on 2/20/2004
     Assigned Baa2

RASC Series 2003-KS2 Trust

  -- Cl. M-I-2, Downgraded to Baa1; previously on 4/24/2003
     Assigned A2

  -- Cl. M-I-3, Downgraded to Ba1; previously on 4/24/2003
     Assigned Baa2

RASC Series 2003-KS4 Trust

  -- Cl. A-II-A, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. A-II-B, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. A-III, Downgraded to Ba3; previously on 11/17/2008
     Downgraded to Baa1

  -- Cl. M-I-1, Downgraded to A1; previously on 7/31/2003 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Baa2; previously on 7/31/2003
     Assigned A2

  -- Cl. M-I-3, Downgraded to Caa1; previously on 7/31/2003
     Assigned Baa2

RASC Series 2003-KS5 Trust

  -- Cl. A-I-5, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-I-6, Downgraded to Ba2; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-II-A, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-II-B, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

RASC Series 2003-KS6 Trust

  -- Cl. A-I, Downgraded to Aa3; previously on 8/29/2003 Assigned
     Aaa

  -- Cl. A-II, Downgraded to Aa3; previously on 8/29/2003 Assigned
     Aaa

  -- Cl. M-1, Downgraded to Ba2; previously on 1/3/2008 Downgraded
     to Baa2

  -- Cl. M-2, Downgraded to C; previously on 1/3/2008 Downgraded
     to B1

  -- Cl. M-3, Downgraded to C; previously on 1/3/2008 Downgraded
     to B2

RASC Series 2003-KS7 Trust

  -- Cl. A-I-5, Downgraded to Aa2; previously on 9/26/2003
     Assigned Aaa

  -- Cl. A-I-6, Downgraded to Aa1; previously on 9/26/2003
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to A2; previously on 9/26/2003 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Baa3; previously on 9/26/2003
     Assigned A2

  -- Cl. M-I-3, Downgraded to Caa3; previously on 9/26/2003
     Assigned Baa2

RASC Series 2003-KS8 Trust

  -- Cl. M-I-1, Downgraded to A1; previously on 11/21/2003
     Assigned Aa2

  -- Cl. M-I-2, Downgraded to Baa2; previously on 11/21/2003
     Assigned A2

  -- Cl. M-I-3, Downgraded to B3; previously on 11/21/2003
     Assigned Baa2

RASC Series 2003-KS9 Trust

  -- Cl. A-I-4, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-I-5, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-I-6, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-II-A, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

  -- Cl. A-II-B, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Baa2

RASC Series 2004-KS1 Trust

  -- Cl. M-I-1, Downgraded to A1; previously on 4/15/2004 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Baa3; previously on 4/15/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to Caa1; previously on 4/15/2004
     Assigned Baa2

  -- Cl. M-II-1, Downgraded to Aa3; previously on 4/15/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to Baa3; previously on 11/16/2007
     Downgraded to Baa1

  -- Cl. M-II-3, Downgraded to B2; previously on 11/16/2007
     Downgraded to Ba3

RASC Series 2004-KS10 Trust

  -- Cl. M-1, Downgraded to A1; previously on 11/19/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Baa3; previously on 11/19/2004
     Assigned A2

  -- Cl. M-3, Downgraded to Ba2; previously on 11/16/2007
     Downgraded to Baa1

  -- Cl. M-4, Downgraded to Caa3; previously on 11/16/2007
     Downgraded to Baa3

  -- Cl. M-5, Downgraded to C; previously on 11/16/2007 Downgraded
     to Ba2

  -- Cl. M-6, Downgraded to C; previously on 11/16/2007 Downgraded
     to B1

  -- Cl. B, Downgraded to C; previously on 11/16/2007 Downgraded
     to B3

RASC Series 2004-KS11 Trust

  -- Cl. M-1, Downgraded to Baa2; previously on 3/23/2009
     Downgraded to A2

  -- Cl. M-2, Downgraded to Caa3; previously on 3/23/2009
     Downgraded to B3

  -- Cl. M-3, Downgraded to C; previously on 3/23/2009 Downgraded
     to Caa2

RASC Series 2004-KS12 Trust

  -- Cl. M-1, Downgraded to A2; previously on 1/17/2005 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba3; previously on 3/23/2009
     Downgraded to Ba2

  -- Cl. M-3, Downgraded to Ca; previously on 3/23/2009 Downgraded
     to B3

RASC Series 2004-KS2 Trust

  -- Cl. M-I-1, Downgraded to A1; previously on 4/15/2004 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Baa3; previously on 4/15/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to Ca; previously on 11/16/2007
     Downgraded to Ba1

  -- Cl. M-II-1, Downgraded to A1; previously on 4/15/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to Baa3; previously on 4/15/2004
     Assigned A2

  -- Cl. M-II-3, Downgraded to Ca; previously on 11/16/2007
     Downgraded to Ba3

RASC Series 2004-KS3 Trust

  -- Cl. A-I-5, Downgraded to Aa2; previously on 5/28/2004
     Assigned Aaa

  -- Cl. A-I-6, Downgraded to Aa1; previously on 5/28/2004
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to A2; previously on 5/28/2004 Assigned
     Aa2

  -- Cl. M-I-2, Downgraded to Baa3; previously on 5/28/2004
     Assigned A2

  -- Cl. M-I-3, Downgraded to Ca; previously on 5/28/2004 Assigned
     Baa2

  -- Cl. M-II-1, Downgraded to A2; previously on 5/28/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to Ba1; previously on 5/28/2004
     Assigned A2

  -- Cl. M-II-3, Downgraded to Ca; previously on 11/16/2007
     Downgraded to Ba2

RASC Series 2004-KS4 Trust

  -- Cl. A-I-4, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Ba2

  -- Cl. A-I-5, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Ba2

  -- Cl. A-I-6, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Ba2

  -- Cl. A-II-A, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Ba2

  -- Cl. A-II-B3, Downgraded to Ba3; previously on 4/13/2009
     Downgraded to Ba2

RASC Series 2004-KS5 Trust

  -- Cl. A-I-5, Downgraded to Aa3; previously on 8/16/2004
     Assigned Aaa

  -- Cl. A-I-6, Downgraded to Aa2; previously on 8/16/2004
     Assigned Aaa

  -- Cl. M-I-1, Downgraded to Baa2; previously on 8/16/2004
     Assigned Aa2

  -- Cl. M-I-2, Downgraded to B3; previously on 8/16/2004 Assigned
     A2

  -- Cl. M-I-3, Downgraded to Caa3; previously on 8/16/2004
     Assigned Baa2

  -- Cl. M-II-1, Downgraded to Baa1; previously on 8/16/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to B2; previously on 8/16/2004
     Assigned A2

  -- Cl. M-II-3, Downgraded to C; previously on 11/16/2007
     Downgraded to Ba2

RASC Series 2004-KS6 Trust

  -- Cl. A-I-4, Downgraded to Aa3; previously on 8/30/2004
     Assigned Aaa

  -- Cl. A-I-5, Downgraded to A2; previously on 8/30/2004 Assigned
     Aaa

  -- Cl. A-I-6, Downgraded to A1; previously on 8/30/2004 Assigned
     Aaa

  -- Cl. M-I-1, Downgraded to Baa3; previously on 8/30/2004
     Assigned Aa2

  -- Cl. M-I-2, Downgraded to Ca; previously on 8/30/2004 Assigned
     A2

  -- Cl. M-I-3, Downgraded to C; previously on 8/30/2004 Assigned
     Baa2

  -- Cl. M-II-1, Downgraded to A1; previously on 8/30/2004
     Assigned Aa2

  -- Cl. M-II-2, Downgraded to B3; previously on 8/30/2004
     Assigned A2

  -- Cl. M-II-3, Downgraded to C; previously on 11/16/2007
     Downgraded to Ba2

RASC Series 2004-KS7 Trust

  -- Cl. A-I-3, Downgraded to B1; previously on 8/8/2008
     Downgraded to Ba3

  -- Current Underlying: Downgraded to B1; previously on 8/8/2008
     Published at Ba3

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

  -- Cl. A-I-4, Downgraded to B3; previously on 8/8/2008
     Downgraded to B1

  -- Current Underlying: Downgraded to B3; previously on 8/8/2008
     Published at B1

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

  -- Cl. A-I-5, Downgraded to B3; previously on 12/19/2008
     Downgraded to B2

  -- Current Underlying: Downgraded to B3; previously on 8/8/2008
     Published at B2

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

  -- Cl. A-I-6, Downgraded to B3; previously on 8/8/2008
     Downgraded to B1

  -- Current Underlying: Downgraded to B3; previously on 8/8/2008
     Published at B1

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

  -- Cl. A-II-A, Downgraded to Caa2; previously on 12/19/2008
     Downgraded to B2

  -- Current Underlying: Downgraded to Caa2; previously on
     8/8/2008 Published at B2

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

  -- Cl. A-II-B3, Downgraded to Caa2; previously on 12/19/2008
     Downgraded to B3

  -- Current Underlying: Downgraded to Caa2; previously on
     8/8/2008 Published at B3

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

RASC Series 2004-KS8 Trust

  -- Cl. M-II-1, Downgraded to Baa3; previously on 3/23/2009
     Downgraded to Baa2

  -- Cl. M-II-2, Downgraded to Caa3; previously on 3/23/2009
     Downgraded to B2

  -- Cl. M-II-3, Downgraded to C; previously on 3/23/2009
     Downgraded to Ca

RASC Series 2004-KS9 Trust

  -- Cl. A-I-4, Downgraded to B2; previously on 8/8/2008 Published
     at Baa2

  -- Current Underlying: Downgraded to B2; previously on 8/8/2008
     Published at Baa2

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

  -- Cl. A-I-5, Downgraded to B3; previously on 8/8/2008 Published
     at Baa2

  -- Current Underlying: Downgraded to B3; previously on 8/8/2008
     Published at Baa2

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

  -- Cl. A-I-6, Downgraded to B3; previously on 8/8/2008 Published
     at Baa2

  -- Current Underlying: Downgraded to B3; previously on 8/8/2008
     Published at Baa2

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


ROCKLAND TOBACCO: Fitch Affirms Ratings on 2005B Bonds at 'BB+'
---------------------------------------------------------------
Fitch Ratings affirms two classes from Rockland Tobacco Asset
Securitization Corporation, tobacco settlement asset-backed bonds,
series 2005:

  -- $13,084,280 series 2005A bonds due Aug. 15, 2045 at 'BBB',
     Stable Outlook;

  -- $2,860,940 series 2005B bonds due Aug. 15, 2050 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
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 series 2005A bond is being affirmed at 'BBB' with a Stable
Outlook based on the model output and other qualitative factors.
The series 2005B bond is being affirmed at 'BB+'.  The bond is
assigned a Positive Outlook because a relatively stable MSA cash
flow in the future is likely to lead to an upgrade of the rating.

Rockland Tobacco Asset Securitization Corporation, tobacco
settlement asset-backed bonds, series 2005 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.


SALOMON BROTHERS: Moody's Downgrades Ratings on Four Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
securities and upgraded the ratings of three securities from four
transactions issued by Salomon Brothers.  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 65% to
80%.  The results of these two calculations --- Recent Losses and
Pipeline Losses --- are weighted to arrive at the lifetime
cumulative loss projection.

Moody's has upgraded the Cl. M-1 bond from Salomon Brothers Mort
Sec VII, Inc 1998-OPT2 as a result of the transaction's current
credit enhancement relative to projected losses.  The current
level of overcollateralization is below the minimum amount allowed
by the governing documents, and as a result, all principal
collections will be distributed to the Class M-1.  Additionally,
Moody's has upgraded two bonds from Salomon Mortgage Loan Trust,
Series 2002-CB3 as a result of the deal permanently failing its
cumulative loss performance trigger, causing all principal
collections to be distributed sequentially.  These sequential
payments to the upgraded bonds will enable the tranches to
maintain strong credit profiles.

The complete rating actions:

Salomon Home Equity Loan Tr Series 2002-WMC1

  -- Cl. M-2, Downgraded to B3; previously on 1/29/2002 Assigned
     A2

  -- Cl. M-3, Downgraded to C; previously on 2/24/2006 Downgraded
     to B1

Salomon Brothers Mort Sec VII, Inc 1998-OPT2

  -- M-1, Upgraded to Aaa; previously on 9/25/1998 Assigned Aa2

Salomon Mortgage Loan Trust, Series 2002-CB3

  -- Cl. M-2, Upgraded to Aaa; previously on 7/11/2002 Assigned A2

  -- Cl. B-1, Upgraded to A1; previously on 7/11/2002 Assigned
     Baa2

Union Planters Mortgage Loan Trust 2003-UP1

  -- Cl. M-2, Downgraded to A3; previously on 4/16/2003 Assigned
     A1

  -- Cl. M-3, Downgraded to Baa1; previously on 4/16/2003 Assigned
     A3


SARM 2008-1: Moody's Downgrades Ratings on Five Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded 5 tranches and confirmed
1 tranche from SARM 2008-1.

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

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

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

Complete rating actions are:

Issuer: Structured Adjustable Rate Mortgage Loan Trust, Series
2008-1

  -- Cl. A1, Downgraded to Baa1; previously on 9/17/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A1X, Downgraded to Baa1; previously on 9/17/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A2, Downgraded to B3; previously on 9/17/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A21, Downgraded to B3; previously on 9/17/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. A22, Downgraded to B3; previously on 9/17/2008 Aaa Placed
     Under Review for Possible Downgrade

  -- Cl. AP, Confirmed at Aaa; previously on 9/17/2008 Aaa Placed
     Under Review for Possible Downgrade

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

  i) the nature, sufficiency, and quality of historical
     performance information available for the asset class as well
     as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
     interests of the key parties to the transaction, most notably
     the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
     cashflow and capital structure,

  v) an analysis of the transaction's governance and legal
     structure, and

vi) a comparison of these attributes against those of other
     similar transactions.


SASCO 2007-BHC1: Fitch Puts Ratings on 17 Notes on Negative Watch
-----------------------------------------------------------------
Fitch Ratings has placed 17 classes from SASCO 2007-BHC1 on Rating
Watch Negative due to its exposure to 2006 vintage U.S. CMBS
collateral.

Fitch took rating actions on this transaction earlier this year
following implementation of its revised Dec. 16, 2008 criteria
report, 'Global Rating Criteria for Structured Finance CDOs'.
Since that time, the magnitude of actual and expected rating
downgrades of the underlying collateral has exceeded Fitch's
expectation.

Since Fitch's last review, approximately 69.4% of the
transaction's collateral has been downgraded or placed on Watch
Negative.  The Fitch derived weighted average rating of the
collateral has fallen to 'BB' as of the May 29, 2009 trustee
report from 'BBB' at last review.  On April 8, 2009, Fitch placed
532 classes from 50 fixed-rate CMBS conduit transactions from the
2006 through 2008 vintages on Watch Negative, with the expectation
that the majority of the classes will be downgraded one to two
categories when the Negative Watch is resolved.

Furthermore, for underlying CMBS bonds not rated by Fitch, Fitch's
CDO rating methodology stipulates an input of the lower of the
ratings assigned by either Moody's or S&P.  Fitch does not rate
37.3% of the bonds in this transaction.  To date, the other rating
agencies have taken significant negative rating actions on U.S.
CMBS transactions originated between 2006 through 2008.

Fitch has placed these classes on Watch Negative:

  -- $350,912,000 class A-1 'BBB';
  -- $68,929,000 class A-2 'BB+';
  -- Interest-only class X 'BBB';
  -- $16,292,000 class B 'BB+';
  -- $10,026,000 class C 'BB';
  -- $3,133,000 class D 'BB';
  -- $8,146,000 class E 'BB;
  -- $5,013,000 class F 'BB';
  -- $6,266,000 class G 'BB-';
  -- $8,146,000 class H 'BB-';
  -- $4,386,000 class J 'B+';
  -- $5,013,000 class K 'B';
  -- $3,759,000 class L 'B';
  -- $1,253,000 class M 'B-';
  -- $1,253,000 class N 'B-';
  -- $2,506,000 class P 'B-';
  -- $1,253,000 class Q 'B-'.

Fitch expects to resolve the Negative Watch status of these
classes over the next few months.


SILICON VALLEY: Fitch Takes Various Rating Actions on Bonds
-----------------------------------------------------------
Fitch Ratings affirms two, upgrades one, and downgrades three
classes from Silicon Valley Tobacco Securitization Authority,
tobacco settlement asset-backed bonds (Santa Clara County Tobacco
Securitization Corporation), series 2007:

  -- $43,604,065 series 2007A, due June 1, 2036 downgraded to
     'BBB'; Outlook Stable;

  -- $11,339,136 series 2007A, due June 1, 2041 downgraded to
     'BBB'; Outlook Stable;

  -- $13,617,538 series 2007A, due June 1, 2047 downgraded to
     'BBB'; Outlook Stable;

  -- $4,407,579 series 2007B, due June 1, 2047 affirmed at 'BBB';
     Outlook Negative;

  -- $20,160,692 series 2007C, due June 1, 2056 affirmed at 'BB+';
     Outlook Stable;

  -- $8,901,000 series 2007D, due June 1, 2056 upgraded to '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.

The 2007A bonds due on 2036, 2041, and 2047 are being downgraded
to 'BBB' with Stable Outlooks which is consistent with the model
output.  The 2007B bond is being affirmed at 'BBB'; however, the
model output suggests that the bond is under pressure with a
breakeven level indicative of a lower rating.  Therefore the bond
is being assigned a Negative Outlook because of the possibility of
the bond being downgraded depending on the amount of the future
MSA payments received by the trust.  The 2007C bond is being
affirmed at 'BB+' with a Stable Outlook which is consistent with
the model output.  The 2007D bond is being upgraded to 'BB-' with
a Stable Outlook based on the model output and other qualitative
factors.

Silicon Valley Tobacco Securitization Authority, tobacco
settlement asset-backed bonds (Santa Clara County Tobacco
Securitization Corporation), series 2007 bonds are secured by the
pledged payments made under the MSA.  The pledged payments consist
of County of Santa Clara'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.


SOUNDVIEW HOME: Moody's Downgrades Ratings on 2006-NLC1 Securities
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of Cl.A-1
securities issued by Soundview Home Loan Trust 2006-NLC1.  The
rating actions are the result of recent deterioration relative to
expected performance.

The collateral backing the transaction consists primarily of
first-lien, fixed and adjustable-rate subprime residential
mortgage loans.  The downgrades relate to cashflowing senior bonds
whose support has deteriorated in recent months, as principal
payments have slowed relative to erosion of credit support
provided by subordinate bonds.

The downgraded bonds are at higher risk of losses in the event
that they are not paid off before supporting subordinate bonds are
completely written down.  In the event that subordinate bonds are
written down entirely, these deals have structural features that
redirect principal payments pro-rata toward all senior bonds.

In its analysis of these bonds, Moody's has considered the current
available level of credit enhancement and updated its base
cashflow assumptions for the transactions, in order to account for
CDR, CPR and severity trends.

Complete list of ratin actions below:

Issuer: Soundview Home Loan Trust 2006-NLC1

  -- Cl. A-1, Downgraded to Caa2; previously on 3/17/2009
     Downgraded to Baa2


SOUTHERN PACIFIC: Moody's Downgrades Ratings on Four Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of 4
securities from 2 transactions issued by Southern Pacific Secured
Assets Corp.  Additionally, the underlying rating of one tranche
was downgraded while the long-term rating remins unchanged.  These
actions are part of an ongoing review of subprime RMBS
transactions.  The securities are supported by an insurance policy
issued by MBIA Insurance Corporation.  The rating action is
prompted by rating actions affecting the insurer and is part of an
ongoing review of ABS 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 80%.  The results of
these two calculations -- Recent Losses and Pipeline Losses -- are
weighted to arrive at the lifetime cumulative loss projection.

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

As part of evaluating the current rating for the securities,
Moody's Investors Service also reviewed the underlying rating.
The underlying rating reflects the intrinsic credit quality of the
securities in the absence of the guarantee.

The complete rating actions:

Issuer: Southern Pacific Secured Assets Corp 1998-01

  -- A-1, Current Rating: B3

  -- Current Underlying Rating: Downgraded to Caa2; previously on
     6/25/2008 Published at Caa1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

Issuer: Southern Pacific Secured Assets Corp 1998-2

  -- A-1, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/25/2008 Published at Ba1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-7, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba3

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/25/2008 Published at Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-8, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba3

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/25/2008 Published at Ba3

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)

  -- A-9, Downgraded to B3; previously on 2/18/2009 Downgraded to
     Ba1

  -- Current Underlying Rating: Downgraded to B3; previously on
     6/25/2008 Published at Ba1

  -- Financial Guarantor: MBIA Insurance Corporation (Downgraded
     to B3, Outlook Negative on 6/25/2009)


SOVEREIGN BANK: Moody's Downgrades Ratings on Three Securities
--------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
securities from Sovereign Bank Home Equity Loan Trust 2000-1.
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, most
effected transactions have, at some point, passed performance
triggers and released portions of credit enhancement.

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

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

Issuer: Sovereign Bank Home Equity Loan Trust 2000-1

  -- Cl. A-5, Downgraded to Caa2; previously on 12/19/2008
     Downgraded to B3

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

  -- Cl. A-6, Downgraded to Caa2; previously on 12/19/2008
     Downgraded to B3

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

  -- Cl. A-7, Downgraded to Caa2; previously on 12/19/2008
     Downgraded to B3

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


SPECIALTY UNDERWRITING: Moody's Cuts Ratings on Nine Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of nine
securities from four transactions issued by SURF in 2003 and 2004.
These actions are part of an ongoing review of subprime RMBS
transactions.

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

Moody's approach to analyzing seasoned subprime pools (i.e. prior
to 2H 2005) takes into account the annualized loss rate from last
12 months and the projected loss rate over next 12 months, and
then translates these measures into lifetime losses based on a
deal's expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions, in this case ranging from 70-75%.
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: Specialty Underwriting and Residential Finance Trust,
Series 2003-BC3

  -- Cl. B-2, Downgraded to Ca; previously on 11/28/2007
     Downgraded to Caa1

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2004-BC1

  -- Cl. M-2, Downgraded to Baa1; previously on 5/28/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa3; previously on 5/28/2004 Assigned
     A3

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2004-BC2

  -- Cl. M-3, Downgraded to Baa2; previously on 8/30/2004 Assigned
     A3

  -- Cl. B-2, Downgraded to C; previously on 12/27/2007 Downgraded
     to Ca

Issuer: Specialty Underwriting and Residential Finance Trust,
Series 2004-BC3

  -- Cl. M-2, Downgraded to Baa1; previously on 1/10/2005 Assigned
     A2

  -- Cl. M-3, Downgraded to Baa2; previously on 1/10/2005 Assigned
     A3

  -- Cl. B-1, Downgraded to Ba1; previously on 1/10/2005 Assigned
     Baa2

  -- Cl. B-2, Downgraded to Ba3; previously on 1/10/2005 Assigned
     Baa3


SUFFOLK TOBACCO: Fitch Takes Rating Actions on Various 2008 Bonds
-----------------------------------------------------------------
Fitch Ratings affirms ten and downgrades three classes from
Suffolk Tobacco Asset Securitization Corporation, tobacco
settlement asset-backed bonds, series 2008:

Current Interest Serial Bonds

  -- $1,190,000 series 2008A due June 1, 2010 affirmed at 'BBB+';
     Outlook Stable;

  -- $1,315,000 series 2008A due June 1, 2011 affirmed at 'BBB+';
     Outlook Stable;

  -- $1,445,000 series 2008A due June 1, 2012 affirmed at 'BBB+'
     Outlook Stable;

  -- $285,000 series 2008A due June 1, 2013 affirmed at 'BBB+';
     Outlook Stable;

  -- $445,000 series 2008A due June 1, 2014 affirmed at 'BBB+';
     Outlook Stable;

  -- $610,000 series 2008A due June 1, 2015 affirmed at 'BBB+';
     Outlook Stable;

  -- $815,000 series 2008A due June 1, 2016 affirmed at 'BBB+';
     Outlook Stable;

  -- $840,000 series 2008A due June 1, 2017 affirmed at 'BBB+';
     Outlook Stable;

  -- $2,820,000 series 2008A due June 1, 2018 affirmed at 'BBB+';
     Outlook Stable;

Current Interest Turbo Term Bonds

  -- $40,045,000 series 2008B due June 1, 2028 affirmed at 'BBB+';
     Outlook Stable;

  -- $62,295,000 series 2008B due June 1, 2048 downgraded to 'BBB'
     from 'BBB+'; Outlook Negative;

Convertible Capital Appreciation Turbo Term Bonds

  -- $107,671,780.60 series 2008C due June 1, 2044 downgraded to
     'BBB' from 'BBB+'; Outlook Negative;

Convertible Capital Appreciation Turbo Term Bonds

  -- $13,375,082.10 series 2008D due June 1, 2048 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
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 2008A bonds suggested by the
model are 'A' or higher, the bonds are being affirmed at the cap
rating of 'BBB+' with Stable Outlooks.  The 2008B bond due on 2028
is being affirmed at 'BBB+' with a Stable Outlook which is
consistent with the model output.  The 2008B bond due on 2048, the
2008C bond, and the 2008D bond are downgraded to '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.

Suffolk Tobacco Asset Securitization Corporation, tobacco
settlement asset-backed bonds, series 2008 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.


TRALEE CDO: 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 Tralee CDO I Ltd.:

  -- US$273,200,000 Class A-1 Senior Secured Floating Rate
     Notes due 2022, Downgraded to Aa2; previously on March 23,
     2007 Assigned Aaa;

  -- US$17,900,000 Class A-2a Senior Secured Floating Rate
     Notes due 2022, Downgraded to A3; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade;

  -- US$3,500,000 Class A-2b Senior Secured Fixed Rate Notes
     due 2022, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$18,800,000 Class B Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to Ba1; previously on March
     13, 2009 Downgraded to Baa3 and Placed Under Review for
     Possible Downgrade;

  -- US$19,000,000 Class C Senior Secured Deferrable Floating
     Rate Notes due 2022, Downgraded to B1; previously on March
     13, 2009 Downgraded to Ba3 and Placed Under Review for
     Possible Downgrade;

  -- US$13,400,000 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;

  -- US$5,500,000 Type I Composite Notes due 2022, Downgraded
     to A3; previously on March 4, 2009 Aa2 Placed Under Review
     for Possible Downgrade;

  -- US$8,500,000 Type II Composite Notes due 2022, Downgraded
     to A3; previously on March 4, 2009 Aa2 Placed Under Review
     for Possible Downgrade;

  -- US$7,000,000 Type III Composite Notes due 2022, Downgraded
     to Ba3; previously on March 4, 2009 Baa1 Placed Under Review
     for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds 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 is currently 2654 versus a test level of 2633 as of the
last trustee report, dated June 6, 2009.  Based on the same
report, defaulted securities total about $21.6 million, accounting
for roughly 6% of the collateral balance, and securities rated
Caa1 or lower make up approximately 7.5% of the underlying
portfolio.  Additionally, interest payments on the Class D 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.

Tralee CDO I Ltd., issued in March 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.


WACHOVIA BANK: S&P Downgrades Ratings on 2004-WHALE4 Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class J and K commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2004-WHALE4.
Concurrently, S&P affirmed its ratings on classes RC and X-1 from
this transaction.  In addition, S&P removed all four of the
ratings from CreditWatch with negative implications, where they
were placed on April 7, 2009.

The remaining loan in the pool, the Ritz-Carlton-New Orleans loan,
has a whole-loan balance of $87.5 million that consists of a
senior pooled trust balance of $65.6 million, a junior nonpooled
component of $2.0 million that is raked to the class RC
certificates, and a $19.9 million junior participation interest
that is held outside the trust.  This loan was transferred to the
special servicer, Wachovia Bank N.A. (Wachovia), on April 6, 2009,
after the borrower failed to payoff the loan at its April 4, 2009,
final maturity date.  The pooling and servicing agreement may
limit Wachovia's ability to extend the loan. Consequently,
Wachovia is currently working on clarifying its ability to extend
the loan by seeking consent from the remaining certificate holders
to amend the PSA.  The master servicer, also Wachovia, reported a
debt service coverage (DSC) of 1.03x for the 12 months ended
Dec. 31, 2008, and 62% occupancy as of April 2009.

S&P based its cash flow analysis on a review of the borrower's
operating statements for the first four months of 2009, 12 months
ended Dec. 31, 2008, and its 2009 budget.  S&P's analysis
incorporated its expectation that the average 2009 revenue per
available room for the lodging industry would decline 14%-16%, as
S&P noted in recent article "Standard & Poor's Lowers Its 2009 And
Publishes Its 2010 RevPar Assumptions In the U.S. Lodging
Industry," published April 16, 2009, on RatingsDirect.  An April
2009 appraisal values the property on an 'As-Is' basis at a level
that exceeds the outstanding debt on the trust balance.

According to Smith Travel, the New Orleans lodging market posted
RevPAR declines of 17% in the first four months of 2009 compared
with 2008, whereas the U.S. hotel industry overall reported RevPAR
declines of 18%.

As of the June 15, 2009, remittance report, pool statistics are:

  -- There is one specially serviced floating-rate mortgage loan;

  -- There is a mortgage on a 527-room full-service Ritz-Carlton
     Hotel and a 230-room Iberville Suites, both in New Orleans;
     and

  -- The loan is indexed to one-month LIBOR.

      Ratings Lowered And Removed From Creditwatch Negative

             Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2004-WHALE4

                  Rating
                  ------
  Class          To        From            Credit enhancement (%)
  -----          --        ----            ----------------------
  J              CCC       B/Watch Neg              48.21
  K              CCC-      B-/Watch Neg             N/A

      Ratings Affirmed And Removed From Creditwatch Negative

             Wachovia Bank Commercial Mortgage Trust
Commercial mortgage pass-through certificates series 2004-WHALE4

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

                       N/A - Not applicable.


WAMU MORTGAGE: Moody's Cuts Ratings on Five 2005-AR4 Tranches
-------------------------------------------------------------
Moody's Investors Service has downgraded 5 tranches from WAMU
2005-AR4.

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

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

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

Complete rating actions are:

Issuer: WaMu Mortgage Pass-Through Certificates, Series 2005-AR4

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

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

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

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

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

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

  i) the nature, sufficiency, and quality of historical
     performance information available for the asset class as well
     as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
     interests of the key parties to the transaction, most notably
     the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
     cashflow and capital structure,

  v) an analysis of the transaction's governance and legal
     structure, and

vi) a comparison of these attributes against those of other
     similar transactions.


WELLS FARGO: Moody's Downgrades Ratings on 28 2006-2 Tranches
-------------------------------------------------------------
Moody's Investors Service has downgraded 28 tranches from Wells
Fargo Mortgage Backed Securities 2006-2 Trust.

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

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

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

Complete rating actions are:

Wells Fargo Mtge Bkd Securities 2006-2 Tr

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

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

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

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

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

  -- Cl. I-A-6, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. I-A-8, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-9, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. I-A-12, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-13, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-14, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-16, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. I-A-17, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

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

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

  -- Cl. II-A-6, Downgraded to Baa3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. II-A-7, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

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

  -- Cl. III-A-2, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-1, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. IV-A-2, Downgraded to Caa1; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. A-PO, Downgraded to B2; previously on 3/19/2009 A2 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.


* Moody's Takes Rating Actions on Tranches by Jumbo-Prime Loans
---------------------------------------------------------------
Moody's Investors Service has taken rating actions with respect to
the ratings of certain tranches of transactions collateralized by
Jumbo-Prime mortgage loans issued on or after 2005.

These actions result in changes to ratings announced on May 5,
2009 and June 2, 2009, as the rating agency identified a cash-flow
modeling error on certain Jumbo-Prime RMBS transactions that
improperly allocated prepayment proceeds for the first 2 months of
the cash-flow projections to subordinate certificates, instead of
allocating those proceeds to the senior certificates.

In all, 21 transactions were affected.  To determine the updated
ratings, Moody's first updated the loss projections on all these
transactions based on the latest performance trends of the
underlying collateral since the last action.  Then, cash-flow
projections were re-run on all the affected transactions with the
corrected prepayment distributions.  Out of 21 transactions
identified, only 3 bonds from 2 transactions had material rating
changes that are mentioned below.

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.

The adjusted rating actions are:

Issuer: CHL Mortgage Pass-Through Trust 2006-13

  -- Cl. 1-A-12, Upgraded to Ba1 from Ba3; previously on 5/5/2009
     Downgraded to Ba3 from Baa1

  -- Cl. 1-A-22, Upgraded to Baa3 from Ba2; previously on 5/5/2009
     Downgraded to Ba2 from A1

Issuer: Wells Fargo Mortgage Backed Securities 2005-17 Trust

  -- Cl. II-A-1, Upgraded to Ba1 from Ba2; previously on 6/2/2009
     Downgraded to Ba2 from Aaa

The ratings on the notes were assigned after evaluating factors
determined applicable to the credit profile of the notes, such as:

  i) the nature, sufficiency, and quality of historical
     performance information available for the asset class as well
     as for the transaction sponsor,

ii) collateral analysis,

iii) an analysis of the policies, procedures and alignment of
     interests of the key parties to the transaction, most notably
     the originator and the servicer,

iv) an analysis of the transaction's allocation of collateral
     cashflow and capital structure,

  v) an analysis of the transaction's governance and legal
     structure, and

vi) a comparison of these attributes against those of other
     similar transactions.


* S&P Downgrades Ratings on 105 Tranches From 29 Hybrid CDO Deals
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 105
tranches from 29 U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed 51 of the
lowered ratings from CreditWatch with negative implications.
S&P also withdrew four ratings from Davis Square Funding II.  The
ratings on 31 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
RMBS.  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 105 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $21.178 billion.  Eighteen of the 29 affected
transactions are mezzanine structured finance CDOs of asset-backed
securities, which are collateralized in large part by mezzanine
tranches of residential mortgage-backed securities and other SF
securities.  The other eleven 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 rating assigned to
Phoenix CDO II Ltd., and Trainer Wortham First Republic CBO IV
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
-----------                 -----      --             ----
ABS Capital Funding II      A-1        B-/Watch Neg   BBB-/Watch Neg
ABS Capital Funding II      A-2        A              AA/Watch Neg
ABS Capital Funding II      A-3        CCC+/Watch Neg BB+/Watch Neg
Adirondack 2005-2 Ltd.      A-1LT-a    A-/Watch Neg   AA/Watch Neg
Adirondack 2005-2 Ltd.      A-1LT-b    A-/Watch Neg   AA/Watch Neg
Adirondack 2005-2 Ltd.      A-2        BBB-/Watch Neg A/Watch Neg
Adirondack 2005-2 Ltd.      B          B/Watch Neg    BBB-/Watch Neg
Adirondack 2005-2 Ltd.      C          CCC-/Watch Neg B-/Watch Neg
Adirondack 2005-2 Ltd.      D          CC             CCC/Watch Neg
Altius III Funding Ltd      A-1a       CC             CCC-/Watch Neg
Altius III Funding Ltd      A-1a-2     CC             CCC-/Watch Neg
Altius III Funding Ltd      A-1a-3     CC             CCC-/Watch Neg
Altius III Funding Ltd      A-1b-1B    CC             CCC-/Watch Neg
Altius III Funding Ltd      A-1b-1F    B-/Watch Neg   BB+/Watch Neg
Altius III Funding Ltd      A-1b-V     CC             CCC-/Watch Neg
Altius III Funding Ltd      S          BBB-/Watch Neg AA/Watch Neg
Arroyo CDO I Ltd.           B          BBB/Watch Neg  AA/Watch Neg
Arroyo CDO I Ltd.           C-1        CCC/Watch Neg  BBB-/Watch Neg
Arroyo CDO I Ltd.           C-2        CCC/Watch Neg  BBB-/Watch Neg
Aspen Funding I, Ltd.       A-2L       BBB-/Watch Neg A+/Watch Neg
Aspen Funding I, Ltd.       A-3L       CCC+/Watch Neg BBB/Watch Neg
Aspen Funding I, Ltd.       B-1        CCC-/Watch Neg BB+/Watch Neg
Aspen Funding I, Ltd.       Pfd Shares CC             CCC+/Watch Neg
Barrington CDO Ltd.         A-1J       CC             CCC-
Barrington CDO Ltd.         A-1M(A)    CC             BB/Watch Neg
Barrington CDO Ltd.         A-1M(B)    CC             BB/Watch Neg
Barrington CDO Ltd.         A-1Q(A)    CC             BB/Watch Neg
Barrington CDO Ltd.         A-1Q(B)    CC             BB/Watch Neg
Belle Haven ABS CDO, Ltd.   A1J        CC             CCC/Watch Neg
Belle Haven ABS CDO, Ltd.   A1SB-1     CCC-           BBB-/Watch Neg
Belle Haven ABS CDO, Ltd.   A1SB-2     CCC-           BBB-/Watch Neg
Belle Haven ABS CDO, Ltd.   A1ST       CCC-           BBB-/Watch Neg
Birch Real Estate CDO I     A-2        AA             AAA
Birch Real Estate CDO I     A-2L       AA             AAA
Birch Real Estate CDO I     A-3L       BB-            A+
Birch Real Estate CDO I     B-1        CCC-           BB+/Watch Neg
Bluegrass ABS CDO II Ltd.   A-1MT-a    BB             A
Bluegrass ABS CDO II Ltd.   A-1MT-b    BB             A
Bluegrass ABS CDO II Ltd.   A-2        CC             CCC-/Watch Neg
Capmark VI Ltd              CreditFaci CC             BB+/Watch Neg
Capmark VI Ltd              A-1        CC             B/Watch Neg
Capmark VI Ltd              A-2        CC             CCC-
C-Bass CBO IV Ltd.          B-1        A+             AAA
C-Bass CBO IV Ltd.          B-2        A+             AAA
C-Bass CBO IV Ltd.          C          BBB+           AA
C-Bass CBO IV Ltd.          D-1        CCC            B/Watch Neg
C-Bass CBO IV Ltd.          D-2        CCC            B/Watch Neg
C-Bass CBO IV Ltd.          E          CC             CCC
Davis Square Funding II     A-1MM-a    NR/NR           AA/A-1+
Davis Square Funding II     A-1MM-e    CCC+/A-1+      AA/A-1+/Watch Neg
Davis Square Funding II     A-1MT-a    NR             AA+
Davis Square Funding II     A-1MT-b    NR             AA+
Davis Square Funding II     A-1MT-d    NR             AA+
Davis Square Funding II     A-1LT-a    CCC+           AA/Watch Neg
Davis Square Funding II     A-1LT-b    CCC+           AA/Watch Neg
Davis Square Funding II     A-1LT-c    CCC+           AA/Watch Neg
Davis Square Funding II     A-1LT-d    CCC+           AA/Watch Neg
Davis Square Funding II     A-1LT-e    CCC+           AA/Watch Neg
Davis Square Funding II     A-1LT-f    CCC+           AA/Watch Neg
Duke Funding High Grade I   A-1 LTa    B/Watch Neg    A/Watch Neg
Duke Funding High Grade I   A-1 LTb1   B/Watch Neg    A/Watch Neg
Duke Funding High Grade I   A-1LT b2   B/Watch Neg    A/Watch Neg
Duke Funding High Grade I   A-2        CC             B+/Watch Neg
Duke Funding V, Ltd.        1-A2       CCC            BBB-/Watch Neg
Duke Funding V, Ltd.        I-A1       CCC            BBB-/Watch Neg
Duke Funding V, Ltd.        I-B        CCC            BBB-/Watch Neg
Duke Funding V, Ltd.        I-W        CCC            BBB-/Watch Neg
Duke Funding V, Ltd.        II         CC             B/Watch Neg
Eastman Hill Funding  I     A-1-FL     BBB-           AA
Eastman Hill Funding  I     A-1-FX     BBB-           AA
Fortius II Funding Ltd.     A-1        CC             CCC+/Watch Neg
Glacier Funding CDO II      A-1NV      AA             AAA/Watch Neg
Glacier Funding CDO II      A-1V       AA             AAA/Watch Neg
Glacier Funding CDO II      A-2        BBB            AAA/Watch Neg
Independence III CDO, Ltd.  A-1        BB/Watch Neg   AAA
Independence III CDO, Ltd.  A-2        BB/Watch Neg   AAA
Independence III CDO, Ltd.  B          CCC-/Watch Neg BBB
Independence III CDO, Ltd.  C-1        CC             CCC-
Independence III CDO, Ltd.  C-2        CC             CCC-
Kent Funding Ltd            A-1        CC             BB+/Watch Neg
Kent Funding Ltd            A-2        CC             B-/Watch Neg
Kent Funding Ltd            ABCP       CC             BB+/Watch Neg
Klio II Funding, Ltd.       A-1        CC             BBB/Watch Neg
Klio II Funding, Ltd.       A-2        CC             B/Watch Neg
Klio II Funding, Ltd.       ABCP       B-/B/Watch Neg AA+/A-1+/WatchNeg
Klio II Funding, Ltd.       B          CC             CCC-/Watch Neg
Lakeside CDO II Ltd         A-1        AA/Watch Neg   AAA
Lakeside CDO II Ltd         B          CC             CCC
Pacific Shores CDO Ltd.     B-1        B+             A/Watch Neg
Pacific Shores CDO Ltd.     B-2        B+             A/Watch Neg
Pacific Shores CDO Ltd.     C          CC             B-/Watch Neg
Pascal CDO, Ltd.            A          CC             CCC-/Watch Neg
Putnam Structured Product   A-1MM-a    AA/A-1+        AAA/A-1+
  CDO 2001-1 Ltd
Putnam Structured Product   A-1MM-b    AA/A-1+        AAA/A-1+
  CDO 2001-1 Ltd
Putnam Structured Product   A-1SS      AA             AAA
  CDO 2001-1 Ltd
Putnam Structured Product   A-2        A/Watch Neg    AAA
  CDO 2001-1 Ltd
Putnam Structured Product   B          B+/Watch Neg   A/Watch Neg
  CDO 2001-1 Ltd
Putnam Structured Product   C-1        CCC-           CCC/Watch Neg
  CDO 2001-1 Ltd
Putnam Structured Product   C-2        CCC-           CCC/Watch Neg
  CDO 2001-1 Ltd
Saybrook Point CBO Ltd.     A          A              AA-
Structured Finance Advisors A          BB-            AA-
  ABS CDO III, Ltd.
Synthetic Residential Asset B          BBB/Watch Neg  AA/Watch Neg
  Hybrid CDO 2004-10, Ltd.
Synthetic Residential Asset C          B-/Watch Neg   A/Watch Neg
  Hybrid CDO 2004-10, Ltd.
Synthetic Residential Asset D          CCC-/Watch Neg BBB/Watch Neg
  Hybrid CDO 2004-10, Ltd.
TIAA Structured Finance     A-1        B/Watch Neg    AA
  CDO I Ltd.
TIAA Structured Finance     A-2        B/Watch Neg    AA
  CDO I Ltd.
West Coast Funding I Ltd    A-1a       BB+/Watch Neg  A/Watch Neg
West Coast Funding I Ltd    A-1b       CC             CCC-
West Coast Funding I Ltd    A-1v       CC             CCC-

                      Other Ratings Reviewed

       ABS Capital Funding II      B          CC
       ABS Capital Funding II      C-1        CC
       ABS Capital Funding II      C-2        CC
       Adirondack 2005-2 Ltd.      E          CC
       Altius III Funding Ltd      A-2        CC
       Altius III Funding Ltd      B          CC
       Altius III Funding Ltd      C          CC
       Altius III Funding Ltd      D          CC
       Altius III Funding Ltd      E          CC
       Arroyo CDO I Ltd.           A          AAA
       Aspen Funding I, Ltd.       A-1L       AAA/Watch Neg
       Barrington CDO Ltd.         A-2        CC
       Barrington CDO Ltd.         B          CC
       Barrington CDO Ltd.         C          CC
       Barrington CDO Ltd.         D          CC
       Belle Haven ABS CDO, Ltd.   A2         CC
       Belle Haven ABS CDO, Ltd.   A3         CC
       Belle Haven ABS CDO, Ltd.   Com Sec    AAA
       Belle Haven ABS CDO, Ltd.   Sub Nts    CC
       Birch Real Estate CDO I     A-1        AAA
       Birch Real Estate CDO I     A-1L       AAA
       Bluegrass ABS CDO II Ltd.   B          CC
       Bluegrass ABS CDO II Ltd.   C-1        CC
       Bluegrass ABS CDO II Ltd.   C-2        CC
       Bluegrass ABS CDO II Ltd.   Type I Com CC
       Capmark VI Ltd              B          CC
       Capmark VI Ltd              C          CC
       Capmark VI Ltd              Income Nts CC
       Duke Funding High Grade I   B          CC
       Duke Funding High Grade I   C-1        CC
       Duke Funding High Grade I   C-2        CC
       Duke Funding High Grade I   D          CC
       Duke Funding V, Ltd.        III        CC
       Duke Funding V, Ltd.        IV-A       CC
       Duke Funding V, Ltd.        IV-B       CC
       Eastman Hill Funding  I     A-2        AAA
       Fortius II Funding Ltd.     A-2        CC
       Fortius II Funding Ltd.     B          CC
       Fortius II Funding Ltd.     C          CC
       Fortius II Funding Ltd.     D          CC
       Fortius II Funding Ltd.     E          CC
       Fortius II Funding Ltd.     S          A+/Watch Neg
       Glacier Funding CDO II      B          CC
       Glacier Funding CDO II      C          CC
       Glacier Funding CDO II      D          CC
       Glacier Funding CDO II      Pref Shrs  CC
       Kent Funding Ltd            B          CC
       Klio II Funding, Ltd.       C          CC
       Klio II Funding, Ltd.       Pref Shrs  CC
       Lakeside CDO II Ltd         C          CC
       Pacific Shores CDO Ltd.     A          AAA
       Pascal CDO, Ltd.            B          CC
       Pascal CDO, Ltd.            C          CC
       Pascal CDO, Ltd.            Combo Nts  AAA
       Phoenix CDO II Ltd.         A          AAA
       Structured Finance Advisors B          CC
        ABS CDO III, Ltd.
       Structured Finance Advisors C          CC
        ABS CDO III, Ltd.
       Structured Finance Advisors Pfd Shares CC
        ABS CDO III, Ltd.
       Trainer Wortham First       A          AAA
        Republic CBO IV, Limited
       Trainer Wortham First       B          AA+
        Republic CBO IV, Limited
       Trainer Wortham First       C          A+
        Republic CBO IV, Limited
       West Coast Funding I Ltd    A-2        CC
       West Coast Funding I Ltd    A-3        CC
       West Coast Funding I Ltd    B          CC
       West Coast Funding I Ltd    C          CC
       West Coast Funding I Ltd    D          CC


* S&P Downgrades Ratings on Eight Classes of Mortgage Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes of mortgage pass-through certificates from three U.S.
residential mortgage-backed securities transactions issued between
1996 and 2004.  At the same time, S&P removed two of the lowered
ratings from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on 29 classes from one of the downgraded
transactions and five additional transactions issued between 1992
and 2004.  S&P also removed five of the affirmed ratings from
CreditWatch negative.

The lowered ratings reflect the deterioration of available credit
support for the affected transactions, as well as S&P's loss
expectations based on the dollar amount of loans currently in the
delinquency pipelines of the downgraded transactions.  S&P derived
the losses for these transactions. Because the remaining pool
balances for the transactions with lowered ratings are becoming
smaller, the potential losses from delinquent loans could have a
more significant impact on the credit support available for the
remaining classes.

S&P believes the amount of credit enhancement available for the
downgraded classes is not sufficient to cover losses at the
previous rating levels.  Although cumulative losses were generally
lower in comparison with S&P's projected lifetime losses for the
transactions S&P reviewed, S&P is projecting an increase in losses
due to increases in delinquencies and the current negative
condition of the housing market.

The affirmations reflect S&P's belief that there is sufficient
credit enhancement for these classes to support the ratings at
their current levels.

S&P monitors these transactions and incorporate updated losses and
delinquency pipeline performance to assess whether, in S&P's view,
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P think
appropriate.

                          Rating Actions

            AFC Mortgage Loan Asset-Backed Certs 1998-1
                           Series 1998-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1       00105HDH6     CCC                  BB/Watch Neg
   2A-1       00105HDK9     B                    B/Watch Neg
   1A-2       00105HDJ2     CCC                  BBB/Watch Neg
   2A-2       00105HDL7     BB                   BB/Watch Neg

         AFC Mortgage Loan Asset-Backed Certs Ser 1997-3
                           Series 1997-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-4       00105HDA1     BBB+                 BBB+/Watch Neg
   1A-5       00105HDB9     BBB+                 BBB+/Watch Neg
   2-A        00105HDC7     BBB+                 BBB+/Watch Neg

                IMC Home Equity Loan Trust 1996-2
                        Series 1996-2

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A-7        449670BB3     A+                   AAA
       A-8        449670BC1     A+                   AAA

           Morgan Stanley Mortgage Loan Trust 2004-6AR
                         Series 2004-6AR

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       C-B-1      61748HBU4     A                    AA
       C-B-2      61748HBV2     BB                   A
       C-B-3      61748HBW0     CCC                  BBB
       C-B-4      61748HBY6     CC                   B

                         Ratings Affirmed

                IMC Home Equity Loan Trust 1996-4
                          Series 1996-4

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-6        449670BR8     AAA
                 S          4496709A7     AAA

            Morgan Stanley Mortgage Loan Trust 2004-6AR
                         Series 2004-6AR

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1      61748HBM2     AAA
                 2-A-2      61748HBN0     AAA
                 2-A-3      61748HBP5     AAA
                 3-A        61748HBQ3     AAA
                 4-A        61748HBR1     AAA
                 5-A        61748HBS9     AAA
                 6-A        61748HBT7     AAA
                 1-A        61748HBF7     AAA
                 1-M-1      61748HBG5     AA
                 1-M-2      61748HBH3     A
                 1-M-3      61748HBJ9     A-
                 1-B-1      61748HBK6     BBB+
                 1-B-2      61748HBL4     BBB

           Prudential Securities Secured Financing Corp.
                           Series 1992-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-1        74436JAL1     AAA

                 Saxon Mortgage Securities Corp.
                          Series 1992-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 B-1        805570AC2     AA+
                 B-2        805570AD0     AA+

Structured Asset Securities Corporation Mortgage Loan Trust 2002-9
                           Series 2002-9

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1         86358RB55     AAA
                 A2         86358RC21     AAA

    Structured Mortgage Asset Residential Trust, Series 92-11
                          Series 1992-11

                 Class      CUSIP         Rating
                 -----      -----         ------
                 BJ         863573PU9     AAA
                 BX         863573PV7     AAA
                 BY         863573PT2     AAA
                 G          863573PQ8     AAA


* S&P Puts Ratings on 114 Classes on CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 114
classes from 33 small business securitizations on CreditWatch with
negative implications.  Additionally, S&P's ratings on another 58
small business securitization classes remain on CreditWatch
negative.

The actions follow recent revisions to S&P's methodology for
rating conduit/fusion commercial mortgage-backed securities
transactions, published on June 26, 2009.  S&P will conduct a more
detailed review of the impact of these criteria on each
securitization in the upcoming months to resolve the CreditWatch
placements.

The placement of the 114 classes on CreditWatch follows S&P's
placement of 58 other small business loan ratings on CreditWatch
negative, due to performance reasons.

The securitizations affected by S&P's revised CMBS criteria are
backed in part by CMBS collateral.  The classes that are not
affected by S&P's review of the small business loan sector or
S&P's revised CMBS criteria are interest-only classes or small
business loans that have no significant real estate acting as
collateral, such as securitizations of loans used for medical
equipment or practice acquisition.

Standard & Poor's expects to resolve the CreditWatch placements
within the next three months after S&P conducts a more detailed
review, and S&P may resolve the placements by taking further
rating actions as appropriate.

              Ratings Placed On Creditwatch Negative

                        BLC Capital Corp.
                          Series 2002-A

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A

           Business Loan Express SBA Loan Trust 2003-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        M                        A/Watch Neg         A

           Business Loan Express SBA Loan Trust 2003-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        M                        A/Watch Neg         A

        Business Loan Express Business Loan Trust 2003-A

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A

  Business Loan Express Business Loan Backed Notes Series 2004-A

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB

  Business Loan Express Business Loan Backed Notes Series 2005-A

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB

                          CIT SBL 2008-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA

            CNL Commercial Mortgage Loan Trust 2001-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA

            CNL Commercial Mortgage Loan Trust 2001-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        AA-/Watch Neg       AA-

            CNL Commercial Mortgage Loan Trust 2002-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        AA-/Watch Neg       AA-

            CNL Commercial Mortgage Loan Trust 2002-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        AA+/Watch Neg       AA+

            CNL Commercial Mortgage Loan Trust 2003-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A1                       A/Watch Neg         A
        A2                       A/Watch Neg         A

            CNL Commercial Mortgage Loan Trust 2003-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A1                       A/Watch Neg         A
        A2                       A/Watch Neg         A

                            CRF-17 LLC

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        B                        A/Watch Neg         A
        C                        BB/Watch Neg        BB

                            CRF-18 LLC

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-2                      AAA/Watch Neg       AAA
        A-3                      AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB
        D                        BB/Watch Neg        BB
        E                        B/Watch Neg         B

                            CRF 19 LLC

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-1                      AAA/Watch Neg       AAA
        A-2                      AAA/Watch Neg       AAA
        A-3                      AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB
        D                        BB/Watch Neg        BB
        E                        B/Watch Neg         B

                  GE Business Loan Trust 2003-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A

                  GE Business Loan Trust 2003-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB

                  GE Business Loan Trust 2004-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB

                  GE Business Loan Trust 2004-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB
        D                        BB/Watch Neg        BB

                  GE Business Loan Trust 2005-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A-2                      AAA/Watch Neg       AAA
        A-3                      AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB
        D                        BB/Watch Neg        BB

                  GE Business Loan Trust 2005-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A/Watch Neg         A
        C                        BBB/Watch Neg       BBB
        D                        BB/Watch Neg        BB

                  GE Business Loan Trust 2006-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        AA/Watch Neg        AA
        C                        A/Watch Neg         A
        D                        BBB/Watch Neg       BBB

                  GE Business Loan Trust 2006-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        AA/Watch Neg        AA
        C                        A/Watch Neg         A
        D                        BBB+/Watch Neg      BBB+

                  GE Business Loan Trust 2007-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        AA/Watch Neg        AA
        C                        A/Watch Neg         A
        D                        BBB/Watch Neg       BBB

             Lehman Brothers Small Balance Commercial
                          Series 2005-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        A                        AAA/Watch Neg       AAA
        B                        A-/Watch Neg        A-
        M1                       AA/Watch Neg        AA
        M2                       A+/Watch Neg        A+

             Lehman Brothers Small Balance Commercial
                          Series 2005-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        1A                       AAA/Watch Neg       AAA
        2A                       AAA/Watch Neg       AAA
        M1                       AA/Watch Neg        AA

             Lehman Brothers Small Balance Commercial
                          Series 2006-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        1A                       AAA/Watch Neg       AAA
        2A                       AAA/Watch Neg       AAA
        3A1                      AAA/Watch Neg       AAA
        3A2                      AAA/Watch Neg       AAA
        3A3                      AAA/Watch Neg       AAA

  Lehman Brothers Small Balance Commercial Mortgage Trust 2006-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        1A                       AAA/Watch Neg       AAA
        2A1                      AAA/Watch Neg       AAA
        2A2                      AAA/Watch Neg       AAA
        2A3                      AAA/Watch Neg       AAA

  Lehman Brothers Small Balance Commercial Mortgage Trust 2006-3

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        1A                       AAA/Watch Neg       AAA
        2A1                      AAA/Watch Neg       AAA
        2A2                      AAA/Watch Neg       AAA
        2A3                      AAA/Watch Neg       AAA

  Lehman Brothers Small Balance Commercial Mortgage Trust 2007-1

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        1A                       AAA/Watch Neg       AAA
        2A1                      AAA/Watch Neg       AAA
        2A2                      AAA/Watch Neg       AAA
        2A3                      AAA/Watch Neg       AAA

Lehman Brothers Small Balance Commercial Mortgage Trust 2007-2

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        1A1                      AAA/Watch Neg       AAA
        1A2                      AAA/Watch Neg       AAA
        1A3                      AAA/Watch Neg       AAA
        1A4                      AAA/Watch Neg       AAA
        2A1                      AAA/Watch Neg       AAA
        2A2                      AAA/Watch Neg       AAA
        2A3                      AAA/Watch Neg       AAA

  Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3

                                         Rating
                                         ------
        Class                    To                  From
        -----                    --                  ----
        1A1                      AAA/Watch Neg       AAA
        1A2                      AAA/Watch Neg       AAA
        1A3                      AAA/Watch Neg       AAA
        1A4                      AAA/Watch Neg       AAA
        2A1                      AAA/Watch Neg       AAA
        2A2                      AAA/Watch Neg       AAA
        2A3                      AAA/Watch Neg       AAA
        AJ                       AAA/Watch Neg       AAA
        AM                       AAA/Watch Neg       AAA

            Ratings Remaining On Creditwatch Negative

         Business Loan Express Business Loan Trust 2006-A

              Class                    Rating
              -----                    ------
              A                        AAA/Watch Neg
              B                        A/Watch Neg
              C                        BBB/Watch Neg

         Business Loan Express Business Loan Trust 2007-A

              Class                    Rating
              -----                    ------
              A                        AAA/Watch Neg
              B                        AA/Watch Neg
              C                        A/Watch Neg
              D                        BBB/Watch Neg

         Business Loan Express SBA Loan Trust 2005-1

              Class                    Rating
              -----                    ------
              A                        AAA/Watch Neg
              M                        A/Watch Neg

         Business Loan Express SBA Loan Trust 2006-1

              Class                    Rating
              -----                    ------
              A                        BBB/Watch Neg

                       LBSBC NIM Co. 2006-1

              Class                    Rating
              -----                    ------
              N1                       BBB/Watch Neg
              N2                       BB/Watch Neg
              N3                       B/Watch Neg

                       LBSBC NIM Co. 2006-2

              Class                    Rating
              -----                    ------
              N1                       BBB/Watch Neg
              N2                       BB/Watch Neg
              N3                       B/Watch Neg

                       LBSBC NIM Co. 2006-3

              Class                    Rating
              -----                    ------
              N1                       BBB/Watch Neg
              N2                       BB/Watch Neg
              N3                       B/Watch Neg

                       LBSBC NIM Co. 2007-1

              Class                    Rating
              -----                    ------
              N1                       BBB/Watch Neg
              N2                       BB/Watch Neg
              N3                       B/Watch Neg

                      LBSBC NIM Co. 2007-3

              Class                    Rating
              -----                    ------
              N1                       BBB/Watch Neg
              N2                       BB/Watch Neg
              N3                       B/Watch Neg

              Lehman Bros. Small Balance Commercial
                              2005-2

              Class                    Rating
              -----                    ------
              B                        BBB+/Watch Neg
              M2                       A+/Watch Neg
              M3                       A/Watch Neg

              Lehman Bros. Small Balance Commercial
                              2006-1

              Class                    Rating
              -----                    ------
              B                        BBB+/Watch Neg
              M1                       AA/Watch Neg
              M2                       A+/Watch Neg
              M3                       A/Watch Neg

    Lehman Bros. Small Balance Commercial Loan Trust 2006-SBA
                             2006-SBA

              Class                    Rating
              -----                    ------
              A                        BBB-/Watch Neg

    Lehman Bros. Small Balance Commercial Mortgage Trust 2006-2

              Class                    Rating
              -----                    ------
              B                        BBB+/Watch Neg
              M1                       AA/Watch Neg
              M2                       A+/Watch Neg
              M3                       A/Watch Neg

    Lehman Bros. Small Balance Commercial Mortgage Trust 2006-3

              Class                    Rating
              -----                    ------
              B                        BBB+/Watch Neg
              M1                       AA/Watch Neg
              M2                       A+/Watch Neg
              M3                       A/Watch Neg

    Lehman Bros. Small Balance Commercial Mortgage Trust 2007-1

              Class                    Rating
              -----                    ------
              B                        BBB+/Watch Neg
              M1                       AA/Watch Neg
              M2                       A+/Watch Neg
              M3                       A/Watch Neg
              M4                       BBB+/Watch Neg

    Lehman Bros. Small Balance Commercial Mortgage Trust 2007-2

              Class                    Rating
              -----                    ------
              B                        BBB/Watch Neg
              M1                       AA/Watch Neg
              M2                       AA-/Watch Neg
              M3                       A/Watch Neg
              M4                       A-/Watch Neg
              M5                       BBB+/Watch Neg

    Lehman Bros. Small Balance Commercial Mortgage Trust 2007-3

              Class                    Rating
              -----                    ------
              B                        BBB/Watch Neg
              M1                       AA/Watch Neg
              M2                       AA-/Watch Neg
              M3                       A/Watch Neg
              M4                       A-/Watch Neg
              M5                       BBB+/Watch Neg



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Ma. Theresa Amor J. Tan Singco, Ronald C. Sy, Joel Anthony
G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo
Fernandez, Christopher G. Patalinghug, and Peter A. Chapman,
Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                  *** End of Transmission ***