TCR_Public/090726.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 26, 2009, Vol. 13, No. 205

                            Headlines



ABERDEEN LOAN: Moody's Downgrades Ratings on Various Classes
AMMC CLO: Moody's Downgrades Ratings on Various Classes of Notes
ARES VIR: Moody's Downgrades Ratings on Various Classes of Notes
ARES XI: Moody's Downgrades Ratings on Various Classes of Notes
ATTENTUS CDO: Fitch Corrects Press Release on July 17, 2009

ATTENTUS CDO: Fitch Downgrades Ratings on Three Classes to 'D'
AUGUSTA FUNDING: Moody's Upgrades Ratings on $150MM Bonds to 'B3'
AUGUSTA FUNDING: Moody's Upgrades Ratings on 4 Classes of Bonds
AUGUSTA LIMITED: Moody's Upgrades Ratings on Various Bonds
BABSON CLO: Moody's Downgrades Ratings on Various 2006-II Notes

BANC OF AMERICA: Moody's Affirms Ratings on 20 2004-2 Certs.
BANK OF AMERICA: Moody's Reviews Ratings on 109 Classes of Notes
BEAR STEARNS: Fitch Downgrades Ratings on 2001-Top2 Securities
BEAR STEARNS: Fitch Takes Various Rating Actions on Certificates
BEAR STEARNS: Moody's Downgrades Ratings on 13 2005-4 Tranches

BELLE HAVEN: Moody's Does Not Take Rating Actions on Notes
BURR RIDGE: Moody's Downgrades Ratings on Class E Notes to 'Caa3'
C-BASS MORTGAGE: Moody's Downgrades Ratings on 2007-CB4 Tranche
CAPCO AMERICA: Fitch Puts Ratings on 1998-D7 Notes on Neg. Watch
CAPITALSOURCE COMMERCIAL: Moody's Cuts Ratings on 2006-1 Notes

CARVER COUNTY: S&P Raises Rating on 1997A Bonds From 'BB+'
CASTLE GARDEN: Moody's Downgrades Ratings on Various Classes
CENTURION CDO: Moody's Downgrades Ratings on Various Classes
CHAMPLAIN CLO: Moody's Downgrades Ratings on Various Classes
CHASE FUNDING: Moody's Downgrades Ratings on Five 2004-OPT1 Notes

CIT GROUP: Fitch Puts Ratings on Six Trusts Under Analysis
CITIGROUP COMMERCIAL: Moody's Affirms Ratings on 2005-EMG Certs.
CLYDESDALE CLO: Moody's Downgrades Ratings on Five Classes
CLYDESDALE CLO: Moody's Downgrades Ratings on Various Notes
COAST INVESTMENT: Moody's Downgrades Ratings on Four 2002-1 Notes

COLUMBUS PARK: Moody's Upgrades Ratings on Various Classes
CONNECTICUT VALLEY: Moody's Downgrades Ratings on Five Classes
CREDIT SUISSE: Moody's Downgrades Ratings on 140 Tranches
CREDIT SUISSE: Moody's Takes Rating Actions on 2005-C2 Certs.
CREDIT SUISSE: Moody's Takes Rating Actions on 2005-C3 Certs.

CSAM FUNDING: Moody's Downgrades Ratings on Eight Classes
CSAM FUNDING: Moody's Downgrades Ratings on Various Classes
CWABS ASSET-BACKED: Moody's Downgrades Ratings on 36 Securities
DFR MIDDLE: Moody's Downgrades Ratings on Two Classes of Notes
DRUMMOND COMPANY: Moody's Gives Stable Outlook; Keeps 'Ba3' Rating

E*TRADE ABS: Moody's Downgrades Ratings on Two Classes of Notes
EMPORIA PREFERRED: Moody's Downgrades Ratings on Two Classes
FIRST NATIONAL: Fitch Assigns 'BB' Rating on Class D Notes
FIRST UNION: Moody's Confirms Ratings on Six 2001-C1 Certificates
FM LEVERAGED: Moody's Downgrades Ratings on Two Classes of Notes

FOUR CORNERS: Moody's Downgrades Ratings on Various 2005-1 Notes
FRANKLIN CLO: Moody's Downgrades Ratings on Three Classes of Notes
FRANKLIN CLO: Moody's Junks Ratings on Class D Notes From 'B2'
FREMONT HOME: Moody's Downgrades Ratings on Class SL-A to 'C'
GALAXY VI: Moody's Downgrades Ratings on Various Classes

GRAYSTON CLO: Moody's Downgrades Ratings on Three Classes of Notes
GREENWICH CAPITAL: S&P Downgrades Ratings on Six 2004-FL2 Certs.
GULF STREAM-COMPASS: Moody's Downgrades Ratings on 2002-I Notes
HIGHLAND CREDIT: Moody's Upgrades Ratings on Two Classes of Notes
HOME RE: Moody's Downgrades Ratings on Five 2006-1 Tranches

HUNTINGTON CDO: Fitch Downgrades Ratings on Six Classes of Notes
JP MORGAN: Fitch Downgrades Ratings on Two 2005-CIBC12 Notes
JP MORGAN: Fitch Downgrades Ratings on 2002-CIBC4 Certificates
JPMORGAN CHASE: S&P Affirms Ratings on 13 2004-FL1 Certificates
LANDMARK III: Moody's Downgrades Ratings on Various Notes

LEHMAN BROS: S&P Downgrades Ratings on Four Securities to 'CCC-'
MADISON PARK: Moody's Downgrades Ratings on Three Classes of Notes
MADISON PARK: Moody's Downgrades Ratings on Various Classes
MARATHON STRUCTURED: Moody's Downgrades Ratings on Four Classes
MARQUETTE PARK: Moody's Downgrades Ratings on Four Classes

MAX FUNDING: Moody's Downgrades Ratings on Class B Notes to 'B1'
MERRILL LYNCH: Moody's Affirms Ratings on Four 1998-C1-CTL Certs.
MORGAN STANLEY: DBRS DOWNGRADES FOUR CLASS TO "C"
MORGAN STANLEY: S&P Affirms Ratings on Two Senior Notes
MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class IA Notes

NEWCASTLE MORTGAGE: Moody's Cuts Ratings on Seven 2004-1 Tranches
ORCHARD PARK: Fitch Junks Ratings on Three Classes of Notes
RIVERSIDE PARK: Moody's Does Not Take Rating Action on Notes
RESTRUCTURED ASSET: S&P Corrects Rating on 2003-7-A Certs. to 'D'
RAFFLES PLACE: S&P Downgrades Ratings on Five Classes to 'D'

RFSC SERIES: Moody's Downgrades Ratings on Four 2002-RM1 Certs.
RMF FOUR: S&P Withdraws Ratings on All Outstanding Tranches
SANKATY HIGH: Moody's Upgrades Ratings on Two Classes of Notes
SATURNS TRUST: Moody's Downgrades Ratings on 2003-15 Units
SATURNS TRUST: Moody's Downgrades Ratings on 2003-8 Units

SEQUOIA MORTGAGE: Moody's Downgrades Ratings on 121 Tranches
SEQUOIA MORTGAGE: Moody's Downgrades Ratings on Class B Tranche
SOLSTICE ABS: Moody's Downgrades Ratings on Three Classes
SOUTH COAST: Moody's Does Not Take Rating Actions on Notes
TABERNA PREFERRED: Fitch Puts Ratings on Notes on Negative Watch

TOWER HILL: Moody's Downgrades Ratings on 13 Classes of Notes
TRICADIA CDO: Moody's Downgrades Ratings on Four 2005-3 Notes
TRICADIA CDO: Moody's Downgrades Ratings on Six 2003-1 Notes
VITESSE CLO: Moody's Upgrades Ratings on Various Notes
WASHINGTON MUTUAL: Fitch Affirms Primary Servicer Ratings

* Moody's Cuts Ratings on Seven Certs. From Four Resecuritizations
* Moody's Cuts Ratings on Two Certs. From Two Resecuritizations
* Moody's Downgrades Ratings on 182 Tranches From Three Issuers
* Moody's Withdraws Ratings on 426 Classes of Notes by 60 SF CDOs
* S&P Downgrades Ratings on 19 Tranches From Six CLO Transactions

* S&P Downgrades Ratings on 22 Tranches From Seven CDO Deals
* S&P Downgrades Ratings on 44 Tranches From 15 CDO Transactions
* S&P Downgrades Ratings on 47 Classes From Seven RMBS Deals
* S&P Downgrades Ratings on 81 Classes From Four RMBS Deals
* S&P Downgrades Ratings on 320 Classes From 23 Prime Jumbo RMBS

* S&P Downgrades Ratings on 864 Classes of Mortgage Certs. to 'D'
* S&P Downgrades Ratings on Six Natural Peril Catastrophe Bonds



                            *********

ABERDEEN LOAN: Moody's Downgrades Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Aberdeen Loan Funding, Ltd.:

  -- US$376,000,000 Class A Floating Rate Senior Secured
     Extendable Notes Due 2018, Downgraded to A3; previously on
     March 27, 2008 Assigned Aaa;

  -- US$29,500,000 Class B Floating Rate Senior Secured Extendable
     Notes Due 2018, Downgraded to Ba1; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$25,250,000 Class C Floating Rate Senior Secured Deferrable
     Interest Extendable Notes Due 2018, Downgraded to B2;
     previously on March 18, 2009 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$19,250,000 Class D Floating Rate Senior Secured Deferrable
     Interest Extendable Notes Due 2018, Downgraded to Ca;
     previously on March 18, 2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade;

  -- US$17,250,000 Class E Floating Rate Senior Secured Deferrable
     Interest Extendable Notes Due 2018, Downgraded to C;
     previously on March 18, 2009 Downgraded to Caa2 and Placed
     Under Review for Possible Downgrade;

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, an increase in the proportion of securities
from issuers rated Caa1 and below, and failure of Class C, D and E
Coverage Tests.  The weighted average rating factor has steadily
increased over the last year and is currently 3,511 versus a test
level of 2,642 as of the last trustee report, dated May 31, 2009.
Based on the same report, defaulted securities total about
$15.4 million, accounting for roughly 3.2% of the collateral
balance, and securities rated Caa1 or lower make up approximately
20% of the underlying portfolio.  Additionally, interest payments
on the Class D and E Notes are presently being deferred as a
result of the failure of the Class C and D Coverage Tests.
Finally, Moody's noted that the portfolio includes a number of
investments in securities that mature after the maturity date of
the notes.  These investments potentially expose the notes to
market risk in the event of liquidation at the time of the notes'
maturity.

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.

Aberdeen Loan Funding, Ltd., issued in March 2008, 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.


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

  -- US$63,250,000 Class A-1-B Notes due 2018, Downgraded to A1,
     previously on March 17, 2009 Aaa Placed Under Review for
     Possible Downgrade;

  -- US$70,000,000 Class A-2 Notes due 2018, Downgraded to Aa3,
     previously on June 21, 2006 Assigned Aaa;

  -- US$17,500,000 Class B Notes due 2018, Downgraded to Baa1,
     previously on March 17, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- US$28,750,000 Class C Notes due 2018, Downgraded to Ba2,
     previously on March 17, 2009 Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$35,000,000 Class D Notes due 2018, Downgraded to Caa3,
     previously on March 17, 2009 Downgraded to B2 and Placed
     Under Review for Possible Downgrade;

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," 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, 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 is currently 2507 versus a test level of 2525 as of the last
trustee report, dated June 3, 2009.  Based on the same report,
defaulted securities total about $24 million, accounting for
roughly 5% of the collateral balance, and securities rated Caa1 or
lower make up approximately 15% of the underlying portfolio.

Moody's also 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.

AMMC CLO VI, Limited, issued in June 21, 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.


ARES VIR: 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 Ares VIR CLO:

  -- Class A-1-A Floating Rate Notes Due 2018, Downgraded to Aa3;
     previously on March 23, 2006 Assigned Aaa;

  -- Class A-1-C Floating Rate Notes Due 2018, Downgraded to A1;
     previously on March 4, 2009 Aaa Placed Under Review for
     Possible Downgrade;

  -- Class A-2 Variable Funding Floating Rate Notes Due 2018,
     Downgraded to Aa3; previously on March 23, 2006 Assigned Aaa;

  -- Class B Floating Rate Notes Due 2018, Downgraded to Baa1;
     previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- Class C-1 Floating Rate Deferrable Notes Due 2018, Downgraded
     to Ba2; previously on March 17, 2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade;

  -- Class C-2 Fixed Rate Deferrable Notes Due 2018, Downgraded to
     Ba2; previously on March 17, 2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade;

  -- Class D Floating Rate Deferrable Notes Due 2018, Downgraded
     to B3; previously on March 17, 2009 Downgraded to B1 and
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
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, 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 is currently 3122 versus a test level of 2805 as of the last
trustee report, dated June 5, 2009.  Based on the same report,
defaulted securities total about $15 million, accounting for
roughly 2.5% of the collateral balance, and securities rated Caa1
or lower make up approximately 18.4% 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.

Ares VIR CLO, issued in March 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.


ARES XI: 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 Ares XI CLO, Ltd:

  -- US$50,000,000 Class A-1a Variable Funding Floating Rate Notes
     Due 2021, Downgraded to Aa1; previously on September 27, 2007
     Assigned Aaa;

  -- US$473,900,000 Class A-1b Senior Secured Floating Rate Notes
     Due 2021, Downgraded to Aa1; previously on September 27, 2007
     Assigned Aaa;

  -- US$15,000,000 Class A-1c Senior Secured Floating Rate Notes
     Due 2021, Downgraded to Aa2; previously on September 27, 2007
     Assigned Aaa;

  -- US$60,400,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2021, Downgraded to A1; previously on March 4, 2009 Aa1
     Placed Under Review for Possible Downgrade;

  -- US$48,500,000 Class B Senior Secured Floating Rate Notes Due
     2021, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$15,900,000 Class E Secured Deferrable Floating Rate Notes
     Due 2021, Downgraded to Caa2; previously on March 13, 2009
     Downgraded to Caa1 and Placed Under Review for Possible
     Downgrade.

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

  -- US$48,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes Due 2021, Confirmed at Ba1; previously on March 13,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- $32,400,000 Class D Secured Deferrable Floating Rate Notes
     Due 2021, Confirmed at B1; previously on March 13, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook", 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.
Moody's has also applied resecuritization stress factors to
default probability assumptions for structured finance asset
collateral as described in the press release titled "Moody's
updates its key assumptions for rating structured finance CDOs,"
published on December 11, 2008.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured through the
weighted average rating factor), an increase in the dollar amount
of defaulted securities, an increase in the proportion of
securities from issuers rated Caa1 and below, and failure of the
Class E Overcollateralization Test.  The weighted average rating
factor has steadily increased over the last year and it is
currently at 2867 as of the last trustee report, dated June 4,
2009.  Based on the same report, defaulted securities total about
$35.8 million, accounting for roughly 4.5% of the collateral
balance, and securities rated Caa1 or lower make up approximately
17.5% of the underlying portfolio.

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

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

Ares XI CLO, Ltd., issued on 8/25/07, 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.


ATTENTUS CDO: Fitch Corrects Press Release on July 17, 2009
-----------------------------------------------------------
Fitch Ratings released a correction of a July 17, 2009 report.  It
clarifies information in the second paragraph regarding the class
A-1, B, C, D, E-1, E-2, F-1, F-2 and subordinated notes.

Fitch Ratings has downgraded three rated notes of Attentus CDO II,
Ltd/LLC:

  -- $60,000,000 class A-2 notes to 'D' from 'B';
  -- $55,000,000 class A-3A notes to 'D' from 'CCC';
  -- $5,000,000 class A-3B notes to 'D' from 'CCC.

The class A-1 notes remain at 'AA' on Rating Watch Evolving based
upon the financial guaranty insurance policy provided by Assured
Guaranty Corp. (Insurer Financial Strength 'AA'; Rating Watch
Evolving).  The class B, C, D, E-1, E-2, F-1, F-2 and subordinated
notes all remain at 'C'.

The downgrades are a result of the transaction's non-payment of
current interest to the class A-2, A-3A and A-3B notes on the
July 9, 2009 payment date.  Attentus II entered into an Event of
Default in April 2009 as a result of an overcollateralization
ratio breaching a specified default threshold.  Senior noteholders
subsequently voted to accelerate payments to the class A-1 notes.
As a result of the acceleration, all interest and principal
proceeds available to the notes after distributions for fees and
expenses will be paid toward the class A-1 notes until paid in
full before any distributions will be made to more junior notes.

These notes are backed primarily by trust preferred securities,
senior and subordinated debt issued by real estate investment
trusts, homebuilders and financial institutions specializing in
mortgage lending, CDOs, and CMBS.


ATTENTUS CDO: Fitch Downgrades Ratings on Three Classes to 'D'
--------------------------------------------------------------
Fitch Ratings has downgraded three rated notes of Attentus CDO II,
Ltd/LLC:

  -- $60,000,000 class A-2 notes to 'D' from 'B';
  -- $55,000,000 class A-3A notes to 'D' from 'CCC';
  -- $5,000,000 class A-3B notes to 'D' from 'CCC.

The class A-1 notes are affirmed at 'AA' on Rating Watch Evolving
based upon the financial guaranty insurance policy provided by
Assured Guaranty Corp. (Insurer Financial Strength 'AA'; Rating
Watch Evolving).  The class B, C, D, E-1, E-2, F-1, F-2 and
subordinated notes are all affirmed at 'C'.

The downgrades are a result of the transaction's non-payment of
current interest to the class A-2, A-3A and A-3B notes on the
July 9, 2009 payment date.  Attentus II entered into an Event of
Default in April 2009 as a result of an overcollateralization
ratio breaching a specified default threshold.  Senior noteholders
subsequently voted to accelerate payments to the class A-1 notes.
As a result of the acceleration, all interest and principal
proceeds available to the notes after distributions for fees and
expenses will be paid toward the class A-1 notes until paid in
full before any distributions will be made to more junior notes.

These notes are backed primarily by trust preferred securities,
senior and subordinated debt issued by real estate investment
trusts, homebuilders and financial institutions specializing in
mortgage lending, CDOs, and CMBS.


AUGUSTA FUNDING: Moody's Upgrades Ratings on $150MM Bonds to 'B3'
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
rating assigned to these bonds issued by Augusta Funding Limited
II:

  -- $150,000,000 8.40% Secured Guaranteed Bonds Due 2030,
     Upgraded to Aa1; previously on 02/18/09 B3;

The primary assets of the company are $120,000,000 of The State of
Israel 5.50% Guaranteed Notes due 2023, Class 1-A as the
"Defeasance Obligations", which are rated Aaa by Moody's and a
swap agreement with JPMorgan Chase Bank, N.A., as the "Swap
Counterparty".  The ratings assigned by Moody's to the Bonds are
linked to the ratings of the Defeasance Obligations and the rating
of the Swap Counterparty.  The ratings on the Bonds will change
upon changes in Moody's ratings of the Defeasance Obligations or
the ratings of the Swap Counterparty.


AUGUSTA FUNDING: Moody's Upgrades Ratings on 4 Classes of Bonds
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
ratings assigned to these bonds issued by Augusta Funding Limited
V:

(1) $93,886,250 6.40% Secured Guaranteed Class A-2 Bonds Due 2011,
    Upgraded to Baa2; previously on 05/13/09 Baa3;

(2) $10,000,000 Floating Rate Secured Guaranteed Class F-1 Bonds
    Due 2011, Upgraded to Baa2; previously on 05/13/09 Baa3;

(3) $33,651,503 7.15% Secured Guaranteed Class A-3 Bonds Due 2036,
    Upgraded to Baa2; previously on 05/13/09 Ba1;

(4) $30,000,000 Floating Rate Secured Guaranteed Class F-2 Bonds
    Due 2036, Upgraded to Baa2; previously on 05/13/09 Ba1;

The ratings assigned by Moody's to the Bonds are linked to several
factors, including, but not limited to, the ratings of various
series of perpetual and long-dated floating rate notes owned by
the Company and the rating of JPMorgan Chase Bank, N.A., as Swap
Counterparty and will change upon changes in Moody's ratings of
these factors.  The Bonds also benefit from a financial insurance
agreement entered into between the Company and MBIA Insurance
Corporation, as a successor to Capital Markets Assurance
Corporation.

The actions reflect the changes in credit quality of the FRNs and
are not based on the rating of MBIA whose insurance financial
strength rating was downgraded by Moody's to B3 on 02/18/09.  The
rating actions are consistent with Moody's modified approach to
rating structured finance securities wrapped by financial
guarantors as described in a press release dated November 10,
2008, titled "Moody's modifies approach to rating structured
finance securities wrapped by financial guarantors."


AUGUSTA LIMITED: Moody's Upgrades Ratings on Various Bonds
----------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
ratings assigned to these bonds issued by Augusta Limited VI:

(1) $29,000,000 7.25% Secured Guaranteed Class A-2 Bonds Due 2011,
    Upgraded to Baa2; previously on 02/18/09 B3;

(2) $38,387,168 7.375% Secured Guaranteed Class A-3 Bonds Due
    2013, Upgraded to Baa2; previously on 02/18/09 B3;

(3) $155,534,478 7.85% Secured Guaranteed Class A-4 Bonds Due
    2036, Upgraded to Baa2; previously on 02/18/09 B3;

(4) $75,876,857 7.75% Secured Guaranteed Class A-5 Bonds Due 2036,
    Upgraded to Baa2; previously on 02/18/09 B3;

(5) $30,000,961 Floating Rate Secured Guaranteed Class F-3 Bonds
    Due 2011, Upgraded to Baa2; previously on 02/18/09 B3;

The ratings assigned by Moody's to the Bonds are linked to several
factors, including, but not limited to, the ratings of various
series of perpetual and long-dated floating rate notes owned by
the Company and the rating of JPMorgan Chase Bank, N.A., as Swap
Counterparty and will change upon changes in Moody's ratings of
these factors.  The Bonds also benefit from a financial insurance
agreement entered into between the Company and MBIA Insurance
Corporation, as a successor to Capital Markets Assurance
Corporation.

The actions reflect the changes in credit quality of the FRNs and
are not based on the rating of MBIA whose insurance financial
strength rating was downgraded by Moody's to B3 on 02/18/09.  The
rating actions are consistent with Moody's modified approach to
rating structured finance securities wrapped by financial
guarantors as described in a press release dated November 10,
2008, titled "Moody's modifies approach to rating structured
finance securities wrapped by financial guarantors."


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

  -- US$200,000,000 Class A-1A Senior Notes Due 2020, Downgraded
     to Aa1; previously on October 26, 2006 Assigned Aaa;

  -- US$22,000,000 Class A-1B Senior Notes Due 2020, Downgraded to
     A2, previously on March 4, 2009 Aa1 Placed Under Review for
     Possible Downgrade;

  -- US$218,000,000 Class A-2 Senior Notes Due 2020, Downgraded to
     Aa3; previously on October 26, 2006 Assigned Aaa;

  -- US$18,500,000 Class B Senior Notes Due 2020, Downgraded to
     A3, previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade.

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

  -- US$32,000,000 Class C Deferrable Mezzanine Notes Due 2020,
     Confirmed at Ba1; previously on March 17, 2009 Downgraded to
     Ba1 and Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class D Deferrable Mezzanine Notes Due 2020,
     Confirmed at B1; previously on March 17, 2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade;

  -- US$10,000,000 Class E Deferrable Mezzanine Notes Due 2020,
     Confirmed at Caa2; previously on March 17, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook", and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
second lien loans will be below their historical averages,
consistent with Moody's research.  Moody's has also applied
resecuritization stress factors to default probability assumptions
for structured finance asset collateral as described in the press
release titled "Moody's updates its key assumptions for rating
structured finance CDOs," published on December 11, 2008.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured 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 Class D and
Class E overcollateralization tests.  The weighted average rating
factor has steadily increased over the last year and is currently
3044 versus a test level of 2730 as of the last trustee report,
dated June 10, 2009.  Based on the same report, defaulted
securities total about $31.4 million, accounting for roughly 5.6%
of the collateral balance, and securities rated Caa1 or lower make
up 15.8% of the underlying portfolio.  Moody's also assessed the
collateral pool's elevated concentration risk in debt obligations
of companies in the banking, finance, real estate, and insurance
industries, which Moody's views to be more strongly correlated in
the current market environment.

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

Babson CLO Ltd. 2006-II, issued on October 26, 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.


BANC OF AMERICA: Moody's Affirms Ratings on 20 2004-2 Certs.
------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 20 classes of
Banc of America Commercial Mortgage Inc., Commercial Mortgage
Pass-Through Certificates, Series 2004-2 due to increased
subordination due to principal amoritization payoffs and overall
stable pool performance.  The pool has paid down by 13% since
Moody's last review in June 2008.  The action is the result of
Moody's on-going surveillance of commercial mortgage backed
securities transactions.

As of the July 10, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 27%
to $833.1 million from $1.1 billion at securitization.  The
Certificates are collateralized by 62 mortgage loans ranging in
size from less than 1% to 13% of the pool, with the top ten non-
defeased loans representing 50% of the pool.  The pool includes
one loan, representing 5% of the pool, with an investment grade
underlying rating.  The PPG Place Loan ($108.4 million -- 13%)
formerly had an investment grade underlying rating, but due to a
decline in performance it is now analyzed as part of the conduit
pool.  Thirteen loans, representing 17% of the pool, have defeased
and are collateralized with U.S. Government securities.

Moody's was provided with partial or full-year 2008 operating
results for 98% of the pool, excluding defeased loans.  Moody's
weighted average loan to value ratio is 87%, essentially the same
as at Moody's prior review in June 2008.

Moody's stressed debt service coverage ratio for the conduit
component is 1.23X compared to 1.14X at last review.  Moody's
stressed DSCR is based on Moody's net cash flow and a 9.25%
stressed rate applied to the loan balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral Herf
score is 40.  The pool, excluding defeased loans and loans with
underlying ratings, has a Herf score of 16 compared to 24 at last
review.

Nine loans, representing 8% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

There have been no realized losses since securitization.
Currently three of pool's top ten loans, representing 20% of the
pool, are in special servicing.  Moody's estimates an $8.2 million
loss (18% loss severity) from one of the specially serviced loans.
The largest specially serviced loan is the Eden Prairie Mall Loan
($78.8 million -- 9.6%), which is secured by the borrower's
interest in a 1.1 million square foot regional mall located in
suburban Minneapolis, Minnesota.  The mall is owned by an
affiliate of General Growth Properties, Inc.  The in-line space
was 99% occupied as of March 2009, similar to last review.  Anchor
tenants include Sears, Target, Von Maur and Kohl's. The loan was
transferred to special servicing due to GGP's bankruptcy filing on
April 16, 2009.  Property performance has been stable, but Moody's
analysis reflects a stressed cash flow due to Moody's concerns
about the weak retail environment and the potential negative
impact of GPP's bankruptcy on property performance.  Moody's LTV
and stressed DSCR are 82% and 1.22X, respectively, compared to 79%
and 1.20X at last review.

The second specially serviced loan is the Broward Financial Loan
($46.5 million -- 5.6%), which is secured by a 325,500 square foot
Class A office tower located in downtown Fort Lauderdale, Florida.
The loan was transferred to special servicing for maturity default
in March 2009.  The borrower's efforts to refinance the loan have
been hampered by the short lease term remaining for the property's
largest tenant, Franklin Templeton, which leases 42% of the
building through June 2011.  The property was 79% occupied in
April 2009 compared to 77% at last review. The Borrower has
requested an extension of maturity to provide time to secure
refinancing.  Moody's LTV and stressed DSCR are 121% and 0.90X,
respectively, compared to 99% and 1.03X at last review.

The third specially serviced loan is Prince Kuhio Plaza Loan
($37.8 million -- 4.5%), which is secured by the borrower's
interest in a 504,000 square foot regional mall located in Hilo,
Hawaii.  The mall is owned by an affiliate of General Growth
Properties, Inc.  The loan was transferred to special servicing
due a maturity default and GGP's bankruptcy filing on April 16,
2009.  The loan matured on April 1, 2009.  The mall was 85%
occupied as of March 2009 compared to 89% at last review.  Anchor
tenants include Sears, Macy's, Safeway and Long's Drugs.  Property
performance has declined since last review.  Moody's analysis of
this loan reflects a stressed cash flow and tranching adjustments
due to Moody's concerns about the weak retail environment, the
property's declining performance trend and the potential negative
impact of GPP's bankruptcy on property performance.  Moody's
current underlying rating and stressed DSCR are Baa3 and 1.39X,
respectively, compared to Baa1 and 1.34X at last review.

The loan which formerly had an underlying rating was the PPG Place
Loan ($108.3 million -- 13.0%), which is secured by a 1.5 million
square foot office complex located in downtown Pittsburgh,
Pennsylvania.  The property was 88% occupied as of May 2008, the
same as at last review.  The largest tenant is PPG Industries,
Inc. (25% NRA; lease expiration June 2021; Moody's senior
unsecured rating A3 -- stable outlook).  Property performance has
declined since last review due to increased operating expenses.
Moody's LTV and stressed DSCR are 73% and 1.33X, respectively,
compared to 68% and 1.44X at last review.

The three largest conduit loans, excluding the specially serviced
loans, represent 10.3% of the outstanding pool balance.  The
largest conduit loan is the MHC Portfolio-Waterford Estates Loan
($30.0 million -- 3.6%), which is secured by a 731-pad
manufactured housing community located approximately ten miles
south of Wilmington in Bear, Delaware.  The property was 93%
occupied as of December 2008 compared to 96% at last review.
Performance has been stable.  Moody's LTV and stressed DSCR are
96% and 0.99X, respectively, compared to 95% and 0.97X at last
review.

The second largest conduit loan is MHC Portfolio-Lake Fairways
Country Club ($29.5 million -- 3.5%), which is secured by an 896-
pad manufactured housing community located in North Fort Myers,
Florida.  The property was 93% occupied as of December 2008,
essentially the same as at last review.  Performance has been
stable.  Moody's LTV and stressed DSCR are 87% and 1.09X,
respectively, compared to 85% and 1.08X at last review.

The third largest conduit loan is MHC Portfolio- The Meadows at
Countrywood/The Lakes at Countrywood ($26.2 million -- 3.1%),
which is secured by two adjacent manufactured housing communities
totaling 1,159-pads.  The properties are located approximately 20
miles northeast of downtown Tampa in Plant, Florida.  The overall
occupancy was 97% as of December 2008, essentially the same as at
last review.  Performance has improved due to increased rental
revenues.  Moody's LTV and stressed DSCR are 83% and 1.14X,
respectively, compared to 90% and 1.04X at last review.

Moody's rating actions is:

  -- Class A-2, $7,667,143, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/2008

  -- Class A-3, $283,402,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/2008

  -- Class A-4, $125,682,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/2008

  -- Class A-5, $254,120,181, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/2008

  -- Class XC, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/2008

  -- Class XP, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/2008

  -- Class B, $27,045,564, affirmed at Aaa; previously upgraded to
     Aaa from Aa1 on 6/26/2008

  -- Class C, $12,811,056, affirmed at Aaa; previously upgraded to
     Aaa from Aa2 on 6/26/2008

  -- Class D, $24,198,662, affirmed at A1; previously upgraded to
     A1 from A2 on 6/26/2008

  -- Class E, $11,387,606, affirmed at A3; previously affirmed at
     A3 on 6/26/2008

  -- Class F, $15,657,957, affirmed at Baa1; previously affirmed
     at Baa1 on 6/26/2008

  -- Class G, $9,964,155, affirmed at Baa2; previously affirmed at
     Baa2 on 6/26/2008

  -- Class H, $15,657,958, affirmed at Baa3; previously affirmed
     at Baa3 on 6/26/2008

  -- Class J, $4,270,352, affirmed at Ba1; previously affirmed at
     Ba1 on 6/26/2008

  -- Class K, $5,693,803, affirmed at Ba2; previously affirmed at
     Ba2 on 6/26/2008

  -- Class L, $5,693,803, affirmed at Ba3; previously affirmed at
     Ba3 on 6/26/2008

  -- Class M, $7,117,253, affirmed at B1; previously affirmed at
     B1 on 6/26/2008

  -- Class N, $2,846,901, affirmed at B2; previously affirmed at
     B2 on 6/26/2008

  -- Class O, $2,846,901, affirmed at B3; previously affirmed at
     B3 on 6/26/2008


BANK OF AMERICA: Moody's Reviews Ratings on 109 Classes of Notes
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade 109 classes of senior and subordinate asset-backed
securities issued out of Bank of America Corporation's BA Credit
Card Trust and BA Master Credit Card Trust II.  These securities
are backed by a $93 billion revolving pool of unsecured consumer
general purpose bank credit card receivables.

                            Rationale

The review is primarily driven by a pronounced acceleration of the
Trust's charge-off rate in recent months.  Specifically, the gross
charge-off rate jumped by almost 50% in the past three months
alone, up from 9.6% in March to 14.1% in June.  The steepness of
the recent trend in charge-off rates was unexpected and falls
outside Moody's recently revised expectations

Total delinquencies, often a harbinger of the near-term trend in
charge-offs, have been moderating in recent months for both the
Trust and in the industry.  This improvement is an expected
seasonal phenomenon related to tax-refund season and has been
consistently evident in each of the past 20-plus years.  Moody's
expect delinquencies will soon resume an increasing trajectory and
quickly erase the seasonal improvements that have been posted in
the past two months.

Moody's continue to have a negative outlook for the credit card
industry and, in Moody's base case, call for a recovery of the
credit card sector to begin once industry average charge-offs peak
in mid-2010 at about 12%.  This forecast is largely driven by
macroeconomic indicators, in particular, a coincident peak in the
unemployment rate of around 10%.

Also being reviewed is the Trust's recently invoked discounting
mechanism, which is working as anticipated to increase yield (and
excess spread), but is set to expire in September 2009.  Although
Moody's believe BAC will extend discounting beyond September, they
are under no obligation to do so.  If discounting is discontinued,
the yield would begin to fall over a period of several months by
up to approximately 5 percentage points and make early
amortization more likely.

Moody's review will primarily focus on BAC's ability to address
and mitigate the risk of further deterioration in Trust
performance as well as any indication of its intent to extend
discounting beyond September 2009.  At the conclusion of the
review, which is typically no longer than 90 days, Moody's may
downgrade the notes.

    Payments to Class C Reserve Account Senior To Class D Notes

In May 2009, BAC issued Class D notes for the benefit of all
classes.  In June, available cash flows were allocated to fund the
Class C reserve account.  At the same time, the Class D notes were
written down by approximately 8% (from $8.1 billion to
$7.5 billion).  Moody's believes that this dynamic between the
Class D notes and Class C reserve account is unique to the Trust.
For other trusts that have Class D notes, the Class C reserve
account funding is subordinate to the allocation of charge-offs to
the Class D notes.

When Moody's reviewed the amendment to the documentation that
created the Class D notes in May 2009, it was Moody's
understanding that the funding of the Class C reserve account
would be fully subordinated to the Class D notes.  The fact that
this is not the case creates the possibility that the Class D
could be eroded in some scenarios.  However, Moody's does not
consider this possibility to warrant a rating distinction in and
of itself.

The complete rating actions are:

Under Review For Possible Downgrade

Issuer: BA Master Credit Card Trust II

  -- BAseries Class A (2001-2), placed under review for possible
     downgrade; previously on July 26, 2001 rated Aaa

  -- BAseries Class A (2002-2), placed under review for possible
     downgrade; previously on March 27, 2002 rated Aaa

  -- BAseries Class A (2002-3), placed under review for possible
     downgrade; previously on April 24, 2002 rated Aaa

  -- BAseries Class A (2002-11), placed under review for possible
     downgrade; previously on October 30, 2002 rated Aaa

  -- BAseries Class A (2003-4), placed under review for possible
     downgrade; previously on April 24, 2003 rated Aaa

  -- BAseries Class A (2003-5), placed under review for possible
     downgrade; previously on May 21, 2003 rated Aaa

  -- BAseries Class A (2003-8), placed under review for possible
     downgrade; previously on August 5, 2003 rated Aaa

  -- BAseries Class A (2003-10), placed under review for possible
     downgrade; previously on October 16, 2003 rated Aaa

  -- BAseries Class A (2004-1), placed under review for possible
     downgrade; previously on March 10, 2004 rated Aaa

  -- BAseries Class A (2004-2), placed under review for possible
     downgrade; previously on February 27, 2004 rated Aaa

  -- BAseries Class A (2004-3), placed under review for possible
     downgrade; previously on March 29, 2004 rated Aaa

  -- BAseries Class A (2004-5), placed under review for possible
     downgrade; previously on June 7, 2004 rated Aaa

  -- BAseries Class A (2004-6), placed under review for possible
     downgrade; previously on June 18, 2004 rated Aaa

  -- BAseries Class A (2004-8), placed under review for possible
     downgrade; previously on September 21, 2004 rated Aaa

  -- BAseries Class A (2004-9), placed under review for possible
     downgrade; previously on October 22, 2004 rated Aaa

  -- BAseries Class A (2004-10), placed under review for possible
     downgrade; previously on October 28, 2004 rated Aaa

  -- BAseries Class A (2005-2), placed under review for possible
     downgrade; previously on May 19, 2005 rated Aaa

  -- BAseries Class A (2005-3), placed under review for possible
     downgrade; previously on June 14, 2005 rated Aaa

  -- BAseries Class A (2005-4), placed under review for possible
     downgrade; previously on July 7, 2005 rated Aaa

  -- BAseries Class A (2005-6), placed under review for possible
     downgrade; previously on August 25, 2005 rated Aaa

  -- BAseries Class A (2005-9), placed under review for possible
     downgrade; previously on November 28, 2005 rated Aaa

  -- BAseries Class A (2005-10), placed under review for possible
     downgrade; previously on November 30, 2005 rated Aaa

  -- BAseries Class A (2005-11), placed under review for possible
     downgrade; previously on December 20, 2005 rated Aaa

  -- BAseries Class A (2006-2), placed under review for possible
     downgrade; previously on March 7, 2006 rated Aaa

  -- BAseries Class A (2006-3) , placed under review for possible
     downgrade; previously on March 30, 2006 rated Aaa

  -- BAseries Class A (2006-5), placed under review for possible
     downgrade; previously on June 12, 2006 rated Aaa

  -- BAseries Class A (2006-6), placed under review for possible
     downgrade; previously on July 20, 2006 rated Aaa

  -- BAseries Class A (2006-7), placed under review for possible
     downgrade; previously on July 28, 2005 rated Aaa

  -- BAseries Class A (2006-8), placed under review for possible

     downgrade; previously on August 11, 2006 rated Aaa

  -- BAseries Class A (2006-9), placed under review for possible
     downgrade; previously on August 30, 2006 rated Aaa

  -- BAseries Class A (2006-11), placed under review for possible
     downgrade; previously on September 29, 2006 rated Aaa

  -- BAseries Class A (2006-12), placed under review for possible
     downgrade; previously on October 19, 2006 rated Aaa

  -- BAseries Class A (2006-13), placed under review for possible
     downgrade; previously on November 14, 2006 rated Aaa

  -- BAseries Class A (2006-14), placed under review for possible
     downgrade; previously on November 30, 2006 rated Aaa

  -- BAseries Class A (2006-15), placed under review for possible
     downgrade; previously on December 15, 2006 rated Aaa

  -- BAseries Class A (2006-16), placed under review for possible
     downgrade; previously on December 20, 2006 rated Aaa

  -- BAseries Class A (2007-1), placed under review for possible
     downgrade; previously on January 23, 2007 rated Aaa

  -- BAseries Class A (2007-2), placed under review for possible
     downgrade; previously on February 19, 2007 rated Aaa

  -- BAseries Class A (2007-3), placed under review for possible
     downgrade; previously on March 22, 2007 rated Aaa

  -- BAseries Class A (2007-4), placed under review for possible
     downgrade; previously on March 26, 2007 rated Aaa

  -- BAseries Class A (2007-5), placed under review for possible
     downgrade; previously on March 23, 2007 rated Aaa

  -- BAseries Class A (2007-6), placed under review for possible
     downgrade; previously on April 16, 2007 rated Aaa

  -- BAseries Class A (2007-7), placed under review for possible
     downgrade; previously on May 22, 2007 rated Aaa

  -- BAseries Class A (2007-8), placed under review for possible
     downgrade; previously on June 25, 2007 rated Aaa

  -- BAseries Class A (2007-9), placed under review for possible
     downgrade; previously on July 19, 2007 rated Aaa

  -- BAseries Class A (2007-10), placed under review for possible
     downgrade; previously on July 27, 2007 rated Aaa

  -- BAseries Class A (2007-11), placed under review for possible
     downgrade; previously on August 28, 2007 rated Aaa

  -- BAseries Class A (2007-12), placed under review for possible
     downgrade; previously on August 28, 2007 rated Aaa

  -- BAseries Class A (2007-13), placed under review for possible
     downgrade; previously on November 8, 2007 rated Aaa

  -- BAseries Class A (2007-14), placed under review for possible
     downgrade; previously on November 29, 2007 rated Aaa


  -- BAseries Class A (2007-15), placed under review for possible
     downgrade; previously on November 29, 2007 rated Aaa

  -- BAseries Class A (2008-1), placed under review for possible
     downgrade; previously on January 30, 2008 rated Aaa

  -- BAseries Class A (2008-2), placed under review for possible
     downgrade; previously on March 14, 2008 rated Aaa

  -- BAseries Class A (2008-4), placed under review for possible
     downgrade; previously on April 13, 2008 rated Aaa

  -- BAseries Class A (2008-5), placed under review for possible
     downgrade; previously on May 6, 2008 rated Aaa

  -- BAseries Class A (2008-6), placed under review for possible
     downgrade; previously on May 20, 2008 rated Aaa

  -- BAseries Class A (2008-7), placed under review for possible
     downgrade; previously on June 13, 2008 rated Aaa

  -- BAseries Class A (2008-8), placed under review for possible
     downgrade; previously on July 17, 2008 rated Aaa

  -- BAseries Class A (2008-9), placed under review for possible
     downgrade; previously on August 6, 2008 rated Aaa

  -- BAseries Class A (2008-10), placed under review for possible
     downgrade; previously on August 18, 2008 rated Aaa

Issuer: BA Master Credit Card Trust II

  -- BAseries Class B(2003-4), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2004-1), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2004-2), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2005-1), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2005-2), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2005-3), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2006-1), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2006-4), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2007-1), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2007-2), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2007-3), placed under review for possible

     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2007-4), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2007-5), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2007-6), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2008-1), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2008-2), placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- BAseries Class B(2009-1), placed under review for possible
     downgrade; previously on June 4, 2009 rated A2

Issuer: BA Credit Card Trust II

  -- BAseries Class C(2002-1), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2002-3), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2002-6), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2002-7), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2003-1), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2003-4), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2003-7), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2004-1), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2004-2), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2005-1), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2005-2), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2006-1), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2006-2), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2006-3), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2006-5), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2006-7), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2007-1), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2007-2), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2007-4), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2008-1), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2008-2), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2008-5), placed under review for possible
     downgrade; previously on May 15, 2009 upgraded to Baa1 from
     Baa2

  -- BAseries Class C(2009-1), placed under review for possible
     downgrade; previously on June 4, 2009 rated Baa2

Issuer: BA Master Credit Card Trust II

  -- Series 1997-B Class A, placed under review for possible
     downgrade; previously on February 27, 1997 rated Aaa

  -- Series 2000-E Class A, placed under review for possible
     downgrade; previously on June 1, 2000 rated Aaa

  -- Series 2000-H Class A, placed under review for possible
     downgrade; previously on August 23, 2000 rated Aaa

  -- Series 2001-B Class A, placed under review for possible
     downgrade; previously on March 8, 2001 rated Aaa

  -- Series 2001- C Class A, placed under review for possible
     downgrade; previously on April 25, 2001 rated Aaa

  -- Series 1997-B Class B, placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- Series 2000-E Class B, placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- Series 2000-H Class B, placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

  -- Series 2001-B Class B, placed under review for possible
     downgrade; previously on May 15, 2009 confirmed at A2

BAC, headquartered in Charlotte, NC reported total assets of
$2.3 trillion as of March 31, 2009.  FIA, the sponsor and servicer
to the Trust, is a wholly owned subsidiary of BAC.  FIA's long-
term bank deposits are rated Aa3 and its Bank Financial Strength
rating is D+ (negative outlook)


BEAR STEARNS: Fitch Downgrades Ratings on 2001-Top2 Securities
--------------------------------------------------------------
Fitch Ratings downgrades and assigns Rating Outlooks to these
classes of Bear Stearns Commercial Mortgage Securities Inc.,
series 2001-Top2:

  -- $26.4 million class B to 'AA' from 'AAA'; Outlook Negative;
  -- $30.2 million class C to 'BBB' from 'AAA'; Outlook Negative;
  -- $10.1 million class D to 'BBB-' from 'AAA'; Outlook Negative.
  -- $23.9 million class E to 'C'/RR1 from 'A+';
  -- $8.8 million class F to 'C'/RR6 from 'A-';
  -- $16.4 million class G to 'C'/RR6 from 'BB+'.

Fitch downgrades and removes these classes from Rating Watch
Negative:

  -- $6.3 million class H to 'C/RR6' from 'BB';
  -- $7.5 million class J to 'C/RR6' from 'BB-';
  -- $3.8 million class K to 'C/RR6' from 'B-';
  -- $5 million class L to 'C/RR6' from 'B-'.

Fitch downgrades and revises the Recovery Rating (RR) of this
class:

  -- $2.3 million class M from 'CC/RR4' to 'C/RR6'.

Fitch also affirms and assigns Outlooks to these classes:

  -- $24.9 million class A-1 at 'AAA'; Outlook Stable;
  -- $529.7 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable.

Class X-2 is paid in full and the non-rated class NR has been
depleted as a result of losses.

The downgrades are a result of additional specially serviced loans
and increased Fitch loss expectations 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
Outlooks reflect the high percentage of Fitch Loans of Concern and
the potential for increased loss estimates.

Fitch has identified thirty-one loans (33.4%) as Fitch Loans of
Concern, including thirteen specially serviced loans (14.5%).
Seven crossed loans backed by industrial properties located in
Grand Rapids, MI make up the largest concentration.  The loans
transferred to special servicing on March 10, 2009, due to payment
default of the seven crossed loans.  The major tenant at the
property vacated in December 2008 after completion of its own
world headquarters facility.  Per the special servicer, a recent
review of the loan documents indicates imminent default of the
remaining six loans.  The borrower has requested a modification
and the special servicer continues settlement discussions.
Occupancies at the properties range from 10% to 100%.

The second largest specially serviced loan (3.6%) is secured by an
186,667 square foot lifestyle center located in Provo, Utah.  The
loan transferred to the special servicer on June 18, 2003, due to
payment default.  The loan was modified in February 2005.
However, in October 2008, the borrower notified the special
servicer of their inability to continue to support the property's
debt.  In December 2008, the borrower defaulted on its payment.
The lender is moving forward with foreclosure and a court
appointed receiver is currently managing the property.  The
property is 72% occupied.

The third largest specially serviced loan (1.4%) is secured by an
industrial property located in Phoenix, Arizona.  The loan
transferred to special servicing on April 6, 2009, due to imminent
default.  The property is secured by a 3-building, office-flex
project comprising 133,000 square feet.  The loan was accelerated
and a receiver has been appointed at the property.  Asset is
scheduled for an August 20, 2009 foreclosure sale.  The receiver
was successful in negotiating a lease renewal for a tenant
occupying 40% of the space and is seeking lender approval of the
lease terms.  The property was 53% occupied as of May 2009.

Significant losses are expected upon liquidation of the specially
serviced assets which are expected to deplete classes F thru M and
impact class E.

One loan, Mansfield Village Apartments (2.3%) maintains its
investment grade shadow rating; although increasing expenses and
modest income have negatively impacted net operating income since
issuance.  The loan is secured by an 812 unit multifamily property
located in Mansfield, New Jersey.  As of March 31, 2009, the
servicer-reported debt service coverage ratio was 1.21 times.  As
of June 30, 2009, the property is 77.6% occupied.

As of the July 2009 distribution date, the pool has paid down
30.9% to $695.4 million from $1.0 billion at issuance.  Twenty-
five loans (18.9%) have defeased since issuance including the
second largest loan in the deal (5.2%).  Fourteen non-defeased
loans (14.9%) are scheduled to mature in 2010.


BEAR STEARNS: Fitch Takes Various Rating Actions on Certificates
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on Bear Stearns
Structured Products mortgage certificates.  The classes represent
a beneficial ownership interest in separate trust funds.

Bear Stearns Structured Products Trust 2000-1

  -- Class 1-X affirmed at 'AAA'; Outlook Stable
  -- Class 1-B affirmed at 'AA'; Outlook Stable
  -- Class 1-C affirmed at 'A'; Outlook Stable
  -- Class 1-D affirmed at 'BBB'; Outlook Stable
  -- Class 2-A affirmed at 'AAA'; Outlook Stable
  -- Class 2-B affirmed at 'AA'; Outlook Stable
  -- Class 2-C affirmed at 'A'; Outlook Stable
  -- Class 2-D affirmed at 'BBB'; Outlook Stable
  -- Class 2-E affirmed at 'BB'; Outlook Stable
  -- Class 2-F affirmed at 'B'; Outlook Stable
  -- Class 3-X affirmed at 'AAA'; Outlook Stable
  -- Class 3-A affirmed at 'AAA'; Outlook Stable
  -- Class 3-B affirmed at 'AAA'; Outlook Stable
  -- Class 3-C affirmed at 'AA'; Outlook Stable
  -- Class 3-D affirmed at 'BBB'; Outlook Stable
  -- Class 3-E affirmed at 'BB'; Outlook Stable
  -- Class 3-F affirmed at 'CCC/RR2';
  -- Class 3-G affirmed at 'CC/RR2';
  -- Class 4-A downgraded to 'D/RR1' from 'CCC/DR1';
  -- Class 5-A affirmed at 'AAA'; Outlook Stable
  -- Class 5-B affirmed at 'AA'; Outlook Stable
  -- Class 5-C affirmed at 'A'; Outlook Stable
  -- Class 5-D affirmed at 'BBB'; Outlook Stable
  -- Class 5-E affirmed at 'BB'; Outlook Stable
  -- Class 5-F affirmed at 'B' Outlook Stable.

The rating actions were taken as part of Fitch's ongoing
surveillance process of existing transactions.

Collateral was analyzed according to Fitch's published 'US Prime
RMBS Surveillance Criteria' and 'US RMBS Alt-A Surveillance
Criteria'.  Cash flows were run on each group at the 'AAA' to 'B'
stress levels to determine if the bond passed that rating stress
without incurring a material principal loss.  Bonds were affirmed
at their current rating if they passed their rating stress
threshold.  The class 4-A was downgraded to 'D' because the bond
incurred a realized principal loss as reported on the monthly
remittance reports provided by the trustee.  Recovery Ratings were
run on all bonds with a rating below 'B'.

In addition to the analyzing the cash flows, Fitch reviewed any
additional credit enhancement when applicable of the underlying
securities as well as the subordination provided by the non-rated
classes in Bear Stearns Structured Product Trust 2000-1.

The underlying securities remaining in group one (classes 1-X thru
1-D) consist of Citicorp Mortgage Securities, Inc. 1988-17 A-
1,Ryland Mortgage SEC Corp/American Home Funding Trust 1988-1 A,
and Nomura Asset Capital Corp 1993-1 1,2,3,4.  Nomura Asset
Capital Corp 1993-1 has a pool policy provided by Commonwealth
Mortgage Assurance Corporation.

The underlying securities remaining in group two (classes 2-A thru
2-F) consist of Comfed Savings Bank series 1987-1 A, Comfed
Savings Bank, series 1988-1 A, Guardian Savings and Loan
Association, series 1989-10 A, Guardian Savings and Loan
Association, series 1990-1 A, and Ryland Mortgage Securities
Corp., 1994-5 M2.

The underlying securities remaining in group three (classes 3-x
thru 3-G) consist of Bear Stearns Mortgage Securities, 1997-4 B3,
Fund America Investors Corporation II, 1993-A B3, Salomon Brothers
Mortgage Securities VII, 1994-1 B1 and B2, Structured Asset
Mortgage Investments, 1998-6 B2 and B3, and Wilshire Funding
Corporation Mortgage-Backed Certificates, 1998-WFC2 M2.  Fund
America Investors Corporation II, 1993-A has a pool policy
provided by Commonwealth Mortgage Assurance Corporation.

The underlying securities remaining in group four (class 4-A)
consist of Nomura Asset Capital Corp., 1993-1 5 and Sandia
Mortgage Corp., 1991-A A.  Nomura Asset Capital Corp., 1993-1 has
a pool policy provided by Commonwealth Mortgage Assurance
Corporation.

The underlying securities remaining in group five (class 5-A thru
5-F) consist of Citicorp Mortgage Securities, Inc., 1990-5 A7 and
DLJ Mortgage Acceptance Corp., 1996-I B5.  Citicorp Mortgage
Securities, Inc., 1990-5 A7 has a financial guarantee provided by
CitiCorp.

Fitch recently revised its surveillance methodology for prime and
Alt A RMBS to include the use of the ResiLogic mortgage loss and
default model to determine a base-case loss expectation in
conjunction with a transaction specific assessment of the pools'
actual performance.  The assessment helps determine the
adjustment, if any, to the ResiLogic base-case loss expectation
due to observed improvement or deterioration in the pools'
performance trends.

In addition to the Long-Term Rating for each bond, Fitch assigns
Recovery Ratings for bonds rated below 'B'.  The Recovery Rating
scale is based upon the expected relative recovery characteristics
of an obligation.  For structured finance, Recovery Ratings are
designed to estimate recoveries on a forward-looking basis while
taking into account the time value of money.


BEAR STEARNS: Moody's Downgrades Ratings on 13 2005-4 Tranches
--------------------------------------------------------------
Moody's Investors Service has downgraded 13 tranches from Bear
Stearns ARM Trust 2005-4.

The collateral backing the transaction consists primarily of
first-lien, adjustable-rate, Alt-A mortgage loans.  The actions
are triggered by higher than expected increase in delinquencies
and rising severities.

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.

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

Moody's has revised the lifetime expected loss on this transaction
to 3% of original balance.  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: Bear Stearns ARM Trust 2005-4

  -- Cl. I-A-1, Downgraded to Ba1; previously on 2/11/2009
     Downgraded to Baa1

  -- Cl. II-A-2, Downgraded to Baa2; previously on 2/11/2009
     Downgraded to Baa1

  -- Cl. II-A-3, Downgraded to Baa3; previously on 2/11/2009
     Downgraded to Baa1

  -- Cl. II-X-1, Downgraded to Baa2; previously on 2/11/2009
     Downgraded to Baa1

  -- Cl. III-A-1, Downgraded to Baa3; previously on 2/11/2009
     Downgraded to Baa1

  -- Cl. IV-A-1, Downgraded to A1; previously on 11/21/2008
     Downgraded to Aa1

  -- Cl. B-1, Downgraded to Ba2; previously on 2/11/2009
     Downgraded to Baa2

  -- Cl. B-2, Downgraded to B1; previously on 2/11/2009 Downgraded
     to Ba1

  -- Cl. B-3, Downgraded to B3; previously on 2/11/2009 Downgraded
     to Ba2

  -- Cl. B-4, Downgraded to Caa2; previously on 2/11/2009
     Downgraded to Ba3

  -- Cl. B-5, Downgraded to Ca; previously on 2/11/2009 Downgraded
     to B2

  -- Cl. B-6, Downgraded to Ca; previously on 2/11/2009 Downgraded
     to Caa3

  -- Cl. B-7, Downgraded to C; previously on 2/11/2009 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.


BELLE HAVEN: Moody's Does Not Take Rating Actions on Notes
----------------------------------------------------------
Moody's Investors Service announced that it has not withdrawn,
reduced or taken any other adverse action with respect to its
current ratings on these notes issued by Belle Haven ABS CDO,
Ltd., as the "Issuer" as a result of the entry into and execution
of a novation agreement among Issuer, AIG Financial Products Corp.
as "Transferor" and Barclays Bank PLC as "Transferee" on July 22,
2009, as the "Novation Transaction", evidencing Transferor's wish
to transfer by novation its rights and responsibilities under two
cash flow swap transaction to Transferee:

  -- US$344,000,000 Class A1ST Senior Secured Floating Rate Notes
     Due 2044, Currently Rated Caa2; previously on 3/18/09
     Downgraded to Caa2

  -- US$0 Class A1SB-1 Notes Due November 3, 2044, Currently Rated
     Caa2; previously on 3/18/09 Downgraded to Caa2

  -- US$0 Class A1SB-2 Notes Due November 3, 2044, Currently Rated
     Caa2; previously on 3/18/09 Downgraded to Caa2

  -- US$48,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2044, Currently Rated C; previously on 3/18/09 Downgraded
     to C

  -- US$35,000,000 Class A2 Senior Secured Floating Rate Notes Due
     2044, Currently Rated C; previously on 3/18/09 Downgraded to
     C

  -- US$35,000,000 Class A3 Senior Secured Deferrable Interest
     Floating Rate Notes Due 2044, Currently Rated C; previously
     on 3/18/09 Downgraded to C

  -- US$10,000,000 Combination Securities Due 2044, Currently
     Rated Aaa; previously on 12/14/04 Rated Aaa

Moody's analysis relied on review of the related swap and novation
documentation as well as an examination of the cash flows in the
transaction.

Many CDO documents (to which Moody's is never a party) specify
that, in order to amend the documents, the issuer must obtain an
opinion from the rating agencies that the proposed amendment would
not in and of itself result in the related ratings being
downgraded or withdrawn at the time of the amendment.  This type
of provision is typically referred to in the CDO indenture as a
"rating agency confirmation" or "RAC".  Moody's is never obligated
to provide a RAC, and the decision whether or not to issue a RAC
lies entirely within Moody's sole discretion.

Before providing a RAC for an amendment, the proposal will be
reviewed by a Moody's credit committee which will consider, among
other things, the performance of the specific CDO and collateral
manager and the specifics of the proposed amendment and the
particular structure of the CDO.  A RAC is purely an opinion, as
of the point in time at which the RAC is provided, that the
proposed amendment in isolation does not introduce sufficient
additional credit risk so as to negatively impact the related
ratings.  In other words, it does not consider the impact of other
factors on the ratings, such as collateral deterioration.  Also,
the RAC does not address any other, non-credit related impact that
the amendment might have.  Moody's further emphasizes that a RAC
is not a substitute for noteholder consent or for independent
analyses by noteholders of the impact on them of any proposed
amendment.


BURR RIDGE: Moody's Downgrades Ratings on Class E Notes to 'Caa3'
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of these notes issued by Burr Ridge CLO Plus Ltd.:

  -- US$6,500,000 Class E Deferrable Mezzanine Floating Rate Notes
     Due 2023, Downgraded to Caa3; previously on March 17, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

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

  -- US$18,000,000 Class B Mezzanine Floating Rate Notes Due 2023,
     Confirmed at Aa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$33,000,000 Class C Deferrable Mezzanine Floating Rate
     Notes Due 2023, Confirmed at Ba1; previously on March 17,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$7,500,000 Class D Deferrable Mezzanine Floating Rate Notes
     Due 2023, Confirmed at B1; previously on March 17, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade.

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

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 Class D and
Class E Overcollateralization Tests.  The amount of defaulted
securities has steadily increased over the last year and currently
totals about $22.5 million, accounting for roughly 7.5% of the
collateral balance, as of the last trustee report, dated June 22,
2009.  Based on the same report, securities from issuers rated
Caa1 or lower make up approximately 15% of the underlying
portfolio.  Additionally, interest payments on 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
different from the trustee's reported numbers.

Burr Ridge CLO Plus Ltd., issued in December 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

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


C-BASS MORTGAGE: Moody's Downgrades Ratings on 2007-CB4 Tranche
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of one tranche
issued in C-Bass Mortgage Loan Asset Backed Notes, Series 2001-CB4
transaction due to higher expected pool losses in relation to
available credit enhancement.  Underlying securities' collateral
consists primarily of closed-end second lien residential mortgage
loans (CES).

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) Moody's
review of the nature, sufficiency, and quality of historical loan
performance information, ii) analysis of the collateral
composition and pool credit performance including prepayment, loan
delinquency and loss data, iii) consideration of the transaction's
capital structure and related allocations of collateral cash flows
and losses, and iv) a comparison of current credit enhancement
levels to updated Moody's pool loss projections based on present
collateral credit performance.

When analyzing underlying ratings for CES and HELOC transactions,
Moody's projects cumulative losses for each deal based on a
collateral analysis of the deal's Constant Prepayment Rate and
Constant Default Rate.

CPR is based on the average of the last six months 1-month CPR.

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.
Moody's assumes that the CDR will not decline for the next two
years and will decline subsequently for the life of the deal under
a schedule, typically reducing by 50% in year 3 and remaining
constant thereafter.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation can also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing.  Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.

Aggregate credit enhancement which combines subordination benefit
(including over-collateralization and/or reserve accounts) and
excess spread benefit is compared with projected cumulative losses
for the deal to derive coverage multiples and associated ratings
by deal tranche.  Moody's will analyze tranche coverage multiples
after consideration of timing of tranche repayment and allocation
of losses (if any).

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

  -- Cl. IIB-1, Downgraded to Ba3; previously on 1/4/2002 Assigned
     Baa2


CAPCO AMERICA: Fitch Puts Ratings on 1998-D7 Notes on Neg. Watch
----------------------------------------------------------------
Fitch Ratings places four classes of CAPCO America Securitization
Corp.'s commercial mortgage pass-through certificates, series
1998-D7 on Rating Watch Negative:

  -- Interest-only class PS-1 at 'AAA';
  -- $17.9 million class B-1 at 'AA-';
  -- $28 million class B-2 at 'BBB+';
  -- $15.6 million class B-3 at 'B-/DR1'.

The Rating Watch Negative placements are due to expected future
interest shortfalls that could impact each of these classes.  The
shortfalls are due to the master servicer's recoupment and
reduction of outstanding advances associated with two specially
serviced loans.

The largest specially serviced loan transferred to special
servicing on March 7, 2008, due to imminent default.  The loan was
modified in November 2008 and part of the modification included a
debt forgiveness provision resulting in a waiver of debt service
from July thru September 2009 at which point the modification
period expires.  This has resulted in the servicer not being able
to advance principal and interest payments.  At this time, Fitch
is unable to determine when the interest shortfalls are expected
to be repaid.  The Rating Watch Negative placements will be
resolved when the shortfalls are repaid or more information is
known on repayment timing.


CAPITALSOURCE COMMERCIAL: Moody's Cuts Ratings on 2006-1 Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by CapitalSource Commercial Loan
Trust 2006-1:

  -- US$27,379,000 Class B Floating Rate Deferrable Asset Backed
     Notes, Downgraded to Aa3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$68,447,000 Class C Floating Rate Deferrable Asset Backed
     Notes, Downgraded to Baa2; previously on March 4, 2009 A2
     Placed Under Review for Possible Downgrade;

  -- US$52,803,000 Class D Floating Rate Deferrable Asset Backed
     Notes, Downgraded to B2; previously on March 4, 2009 Baa3
     Placed Under Review for Possible Downgrade;

  -- US$31,290,000 Class E Floating Rate Deferrable Asset Backed
     Notes, Downgraded to Caa3; previously on March 4, 2009 Ba2
     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."

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.  As of the trustee
report dated June 10, 2009, charged-off loans total about
$1.4 million, accounting for roughly 0.7% of the collateral
balance, and deliquent loans make up approximately 1.9% 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.

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.

CapitalSource Commercial Loan Trust 2006-1, issued in 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.


CARVER COUNTY: S&P Raises Rating on 1997A Bonds From 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Carver
County Housing and Redevelopment Authority (Lake Grace
Apartments), Minnesota's series 1997A to 'BBB' from 'BB+' and
affirmed its 'BB' rating on the series 1997B bonds.

"The upgrade reflects the property's ability to continue to
service its debt at the current rating level," said Standard &
Poor's credit analyst Mikiyon Alexander.

The ratings reflect stable debt service coverage levels of 1.28x
maximum annual debt service on senior bonds and 1.13x MADS on
junior bonds based on 2008 financial results, decrease in expenses
leading to an improvement in the expense ratio, and debt service
reserve fund funded at more than 12 months' MADS.

The property is located in Chaska, Minnesota, located
approximately 26 miles southwest of Minneapolis.  The property
consists of 91 units, with 19 built in 1993 and 72 built in 1971.
Carver County Housing and Redevelopment Authority has been owner
of the property since 1993, and is the current manager of the
property.  Casualty insurance is provided by State Farm Insurance
Co. (AA/Negative).


CASTLE GARDEN: Moody's Downgrades Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Castle Garden Funding:

  -- $379,000,000 Class A-1 Floating Rate Notes Due 2020,
     Downgraded to A1; previously on 11/29/2005 Assigned Aaa;

  -- $150,000,000 Class A-2 Delayed Draw Floating Rate Notes Due
     2020, Downgraded to A1; previously on 11/29/2005 Assigned
     Aaa;

  -- $105,000,000 Class A-3a Floating Rate Notes Due 2020,
     Downgraded to Aa1; previously on 11/29/2005 Assigned Aaa;

  -- $12,000,000 Class A-3b Floating Rate Notes Due 2020,
     Downgraded to A2; previously on 3/4/2009 Aa1 Placed Under
     Review for Possible Downgrade;

  -- $39,500,000 Class A-4 Floating Rate Notes Due 2020,
     Downgraded to Baa1; previously on 3/4/2009 Aa2 Placed Under
     Review for Possible Downgrade;

  -- $25,500,000 Class B-1 Deferrable Floating Rate Notes Due
     2020, Downgraded to Ba2; previously on 3/18/2009 Downgraded
     to Ba1 and Placed Under Review for Possible Downgrade;

  -- $20,000,000 Class B-2 Deferrable Fixed Rate Notes Due 2020,
     Downgraded to Ba2; previously on 3/18/2009 Downgraded to Ba1
     and Placed Under Review for Possible Downgrade;

  -- $22,500,000 Class C-1 Floating Rate Notes Due 2020,
     Downgraded to Caa1; previously on 3/18/2009 Downgraded to B1
     and Placed Under Review for Possible Downgrade;

  -- $12,500,000 Class C-2 Fixed Rate Notes Due 2020, Downgraded
     to Caa1; previously on 3/18/2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade;

  -- $15,000,000 Class D-1 Floating Rate Notes Due 2020,
     Downgraded to Ca; previously on 3/18/2009 Downgraded to Caa2
     and Placed Under Review for Possible Downgrade;

  -- $1,000,000 Class D-2 Fixed Rate Notes Due 2020, Downgraded to
     Ca; previously on 3/18/2009 Downgraded to Caa2 and Placed
     Under Review for Possible Downgrade;

  -- $3,000,000 Class J Combination Notes Due 2020, Downgraded to
     Ba1; previously on 3/4/2009 A2 Placed Under Review for
     Possible Downgrade;

  -- $4,500,000 Class K Combination Notes Due 2020, Downgraded to
     Ba3; previously on 3/4/2009 Baa2 Placed Under Review for
     Possible Downgrade;

  -- $5,000,000 Class L Combination Notes Due 2020, Downgraded to
     Ba3; previously on 3/4/2009 Baa2 Placed Under Review for
     Possible Downgrade;

  -- $12,000,000 Class M Combination Notes Due 2020, Downgraded to
     Ba1; previously on 3/4/2009 A2 Placed Under Review for
     Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," the application
of certain stresses with respect to the default probabilities
associated with certain Moody's credit estimates, and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis reflects the expectation that recoveries for
high-yield corporate bonds and second lien loans will be below
their historical averages, consistent with Moody's research.
Moody's has also applied resecuritization stress factors to
default probability assumptions for structured finance asset
collateral as described in the press release titled "Moody's
updates its key assumptions for rating structured finance CDOs,"
published on December 11, 2008.

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, and an increase in the proportion of
securities from issuers rated Caa1 and below.  The weighted
average rating factor has steadily increased over the last year
and is currently 2950 versus a test level of 2430 as of the last
trustee report, dated June 25, 2009.  Based on the same report,
defaulted securities total about $77 million, accounting for
roughly 9% of the collateral balance, and securities rated Caa1 or
lower make up approximately 8.9% of the underlying portfolio.
Moody's 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 observes that the transaction is exposed to 2.4% CLO
tranches in the underlying portfolio.  The majority of these CLO
tranches are currently assigned low speculative-grade ratings and
carry depressed market valuations that may herald poor recovery
prospects in the event of default.

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

Castle Garden Funding, issued in October 2005, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


CENTURION CDO: Moody's Downgrades Ratings on Various Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Centurion CDO 9 Ltd.:

  -- US$40,000,000 Class A-1A Floating Rate Notes Due 2019,
     Downgraded to Aa2; previously on June 30, 2005 Assigned Aaa;

  -- US$586,000,000 Class A-1B Floating Rate Notes Due 2019,
     Downgraded to Aa2; previously on June 30, 2005 Assigned Aaa;

  -- US$35,000,000 Class A-2 Floating Rate Notes Due 2019,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$55,000,000 Class C Floating Rate Notes Due 2019,
     Downgraded to B3; previously on March 18, 2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade;

  -- US$5,000,000 Class Q-2 Combination Securities Due 2019,
     Downgraded to Baa3; previously on March 4, 2009 A3 Placed
     Under Review for Possible Downgrade.

Additionally, Moody's confirmed the ratings of these notes:

  -- US$38,000,000 Class B Floating Rate Notes Due 2019, Confirmed
     at Ba1; previously on March 18, 2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade;

  -- US$9,500,000 Class D-1 Floating Rate Notes Due 2019,
     Confirmed at Caa2; previously on March 18, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade;

  -- US$4,000,000 Class D-2 Floating Rate Notes Due 2019,
     Confirmed at Caa2; previously on March 18, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade.

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, 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 is currently 2672 versus a test level of 2508 as of the last
trustee report, dated July 10, 2009.  Based on the same report,
defaulted securities total about $50 million, accounting for
roughly 6.4% of the collateral balance, and securities rated Caa1
or lower make up approximately 9.4% of the underlying portfolio.
Moody's also assessed the collateral pool's elevated concentration
risk in a number of industries.

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.

Centurion CDO 9 Ltd., issued in 2005, is a collateralized loan
obligation, backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


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

  -- Class A-1 Senior Secured Floating Rate Notes, Downgraded to
     Aa3; previously on May 12, 2004 Assigned Aaa;

  -- Class A-2 Revolving Senior Secured Floating Rate Notes,
     Downgraded to Aa3; previously on May 12, 2004 Assigned Aaa;

  -- Class A-3 Delay Settle Senior Secured Floating Rate Notes,
     Downgraded to Aa3; previously on May 12, 2004 Assigned Aaa;

  -- Class C-1 Combination Notes, Downgraded to Caa1; previously
     on May 12, 2004 Assigned Baa3;

  -- Class C-1 Secured Floating Rate Notes, Downgraded to Caa1;
     previously on March 18, 2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade;

  -- Class C-2 Combination Notes, Downgraded to B3; previously on
     May 12, 2004 Assigned Baa2;

  -- Class C-2 Secured Fixed Rate Notes, Downgraded to Caa1;
     previously on March 18, 2009 Downgraded to B1 and Placed
     Under Review for Possible Downgrade.

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

  -- Class B Senior Secured Deferrable Floating Rate Notes,
     Confirmed at Baa3; previously on March 18, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade.

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, 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 2653 as of the last trustee report, dated
June 4, 2009.  Based on the same report, defaulted securities
total about $38.7 million, accounting for roughly 9.4% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 11.5% 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.

Champlain CLO, Ltd., issued on May 12, 2004, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


CHASE FUNDING: Moody's Downgrades Ratings on Five 2004-OPT1 Notes
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating of five
securities from Chase Funding Loan Acquisition Trust 2004-OPT1.
These actions are part of an ongoing review of subprime RMBS
transactions.

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

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

The complete rating actions:

Issuer: Chase Funding Loan Acquisition Trust 2004-OPT1

  -- Cl. M-3, Downgraded to Baa3; previously on 12/16/2004
     Assigned A3

  -- Cl. B-1, Downgraded to Ba1; previously on 12/16/2004 Assigned
     Baa1

  -- Cl. B-2, Downgraded to Ba2; previously on 12/16/2004 Assigned
     Baa2

  -- Cl. B-3, Downgraded to B2; previously on 12/16/2004 Assigned
     Baa3

  -- Cl. B-4, Downgraded to Caa2; previously on 12/16/2004
     Assigned Ba1


CIT GROUP: Fitch Puts Ratings on Six Trusts Under Analysis
----------------------------------------------------------
Fitch Ratings has placed six trusts backed by student loan
receivables under analysis in connection with the recent Fitch
downgrade of CIT Group, Inc., to 'C' from 'BB-'.  The affected
trusts are linked to related entities directly or indirectly fully
owned by CIT, including Education Lending Group, Inc., and Xpress
Loan Servicing.  Related entities are involved as the
administrator, sponsor, paying agent or master servicer for the
transactions.

Fitch will assess the operational risk present in the transaction
related to the potential disruption of the services provided by
the affected entities.  Fitch will gather information from the
corporate analysts responsible for CIT's rating as well as
directly from CIT and its affiliates, and also analyze possible
structural remedies that may be present in the transactions.  The
review is expected to be completed within 30 days and the ratings
may be affirmed, put on Rating Watch Negative, or downgraded.

Fitch places these trusts under analysis (UA):

  -- Arizona Higher Education Loan Authority - 2005 Trust
     Indenture;

  -- Education Lending Group, Inc. - CIT Education Loan Trust
     2005-1;

  -- Education Lending Group, Inc. - Education Funding Capital
     Trust - II;

  -- Education Lending Group, Inc. - Education Funding Capital
     Trust - III;

  -- Education Lending Group, Inc. - Education Funding Capital
     Trust - IV;

  -- PARTS Private Student Loan Trust 2007-CT1.


CITIGROUP COMMERCIAL: Moody's Affirms Ratings on 2005-EMG Certs.
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 13 classes and
downgraded two classes of Citigroup Commercial Mortgage Securities
Inc., Commercial Mortgage Pass-Through Certificates, Series 2005-
EMG.  The downgrades are due to concerns about potential declines
in credit quality from non-reporting loans, more significant
exposure to New York City and a decline in diversity.  At
securitization there was no historical or current financial
information for approximately 5% of the pool.  At this time,
Moody's was not provided with current financial information for
approximately 9% of the pool.  Moody's is concerned that the
transaction's credit support may not be sufficient for the current
ratings given the stresses on property performance caused by the
economic recession.  The action is the result of Moody's on-going
surveillance of commercial mortgage-backed securities
transactions.

As of the June 22, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 49%
to $371 million from $722 million at securitization.  The
Certificates are collateralized by 141 seasoned loans, ranging in
size from less than 1% to 8% of the pool, with the top ten loans
representing 30% of the pool.  The pool includes seven loans,
representing 31% of the pool, with investment grade underlying
ratings.  No loans have defeased.

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

One loan has been liquidated from the trust, resulting in a
minimal $12,000 realized loss.  Currently, one loan, representing
less than 1% of the pool, is in special servicing.  Moody's is not
estimating a loss from this loan at this time.

Moody's was provided with full-year 2008 operating results for 91%
of the pool.  Moody's weighted average loan to value ratio for the
conduit component is 37% compared to 43% at Moody's prior full
review in November 2007.

Moody's stressed debt service coverage ratio is 3.79X compared to
3.16X at last review.  Moody's stressed DSCR is based on Moody's
net cash flow and a 9.25% stressed rate applied to the loan
balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral Herf
score is 40.  The pool, excluding loans with underlying ratings,
has a Herf score of 62 compared to 90 at last review.

The loans with underlying ratings represent 31% of the pool.  The
240 Central Park South Loan ($30.0 million - 6.1%) is secured by a
304-unit apartment complex located in New York City.  The property
was 91% occupied as of December 2008, the same as last review.
Property's performance has been stable.  The underlying rating and
stressed DSCR are Baa3 and 1.38X, respectively, compared to Baa3
and 1.28X at last review.

The 17-19 West 34th Street Loan ($17.0 million - 4.6%) is secured
by a 224,000 square foot office/retail building located in midtown
Manhattan, New York City.  The property was 95% occupied as of
April 2009 compared to 98% at last review.  The underlying rating
and stressed DSCR are Aaa and 2.28X, respectively, compared to Aaa
and 2.16X at last review.

The 52 Vanderbilt Avenue Loan ($17.5 million - 3.5%) is secured by
a 184,000 square foot Class B office/retail building located in
midtown Manhattan, New York City.  The property was 96% leased as
of April 2009, essentially the same as at last review.
Performance has improved due to increased rental revenues.  The
underlying rating and stressed DSCR are to Baa1 and 1.71X,
respectively, compared to Baa2 and 1.38X at last review.

The 50 East 42nd Street Loan ($15.0 million - 4.0%) is secured by
a 144,378 square foot mixed use property located in midtown
Manhattan.  The property was 84% occupied as of December 2008
compared to 96% at last review.  Moody's analysis of this loan
reflects a stressed cash flow due to Moody's concerns about the
decline in occupancy and lease rollover risk during the next year.
The underlying rating and stressed DSCR are A2 and 1.59X,
respectively, compared to Aa3 and 1.77X at last review.

The 1001 Central Park Avenue Loan ($14.0 million; - 3.8%) is
secured by a 238,700 square foot retail center located in
Scarsdale, New York.  The property was 68% occupied as of March
2009 compared to 85% at last review.  The increase in vacancy is
largely attributable to Linen N' Things vacating the center as a
result of its bankruptcy.  Moody's analysis of the loan reflects a
stressed cash flow due to Moody's concerns about the retail sector
in general and the impact of the loss of an anchor tenant on
property performance.  The underlying rating and stressed DSCR are
A3 and 1.95X, respectively, compared to Aa2 and 2.18X at last
review.

The 6 West 32nd Street Loan ($11.8 million - 3.2%) is secured by a
171-room hotel located in midtown Manhattan.  Performance has been
stable.  The underlying rating and stressed DSCR are Baa1 and
2.28X, respectively, compared to Baa1 and 1.99X at last review.

The 295 Park Avenue South Loan ($9.3 million; - 2.5%) is secured
by a 179 unit multifamily property located in midtown Manhattan.
The property was 99% occupied as of March 2009.  Performance has
been strong due to increasing rental revenues.  The underlying
rating and stressed DSCR are Aaa and 4.36X, compared to Aaa and
1.99X at last review.

Moody's rating actions is:

  -- Class A-2, $43,077,040, affirmed at Aaa; previously affirmed
     at Aaa on 11/13/2007

  -- Class A-3, $42,513,000, affirmed at Aaa; previously affirmed
     at Aaa on 11/13/2007

  -- Class A-4, $199,016,000, affirmed at Aaa; previously affirmed
     at Aaa on 11/13/2007

  -- Class A-J, $46,036,000, affirmed at Aaa; previously affirmed
     at Aaa on 11/13/2007

  -- Class X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 11/13/2007

  -- Class B, $7,222,000; affirmed at Aa1; previously upgraded to
     Aa1 from Aa2 on 11/13/2007

  -- Class C, $2,708,000, affirmed at Aa2; previously upgraded to
     Aa2 from Aa3 on 11/13/2007

  -- Class D, $5,416,000, affirmed at A2; previously affirmed at
     A2 on 11/13/2007

  -- Class E, $1,805,000, affirmed at A3; previously affirmed at
     A3 on 11/13/2007

  -- Class F, $3,611,000, affirmed at Baa1; previously affirmed at
     Baa1 on 11/13/2007

  -- Class G, $1,805,000, affirmed at Baa2; previously affirmed at
     Baa2 on 11/13/2007

  -- Class H, $3,611,000, affirmed at Baa3; previously affirmed at
     Baa3 on 11/13/2007

  -- Class J, $8,124,000, affirmed at Ba1; previously affirmed at
     Ba1 on 11/13/2007

  -- Class K, $2,708,000, downgraded to B1 from Ba2; previously
     affirmed at Ba2 on 11/13/2007

  -- Class L, $1,806,000, downgraded to B2 from Ba3; previously
     affirmed at Ba3 on 11/13/2007


CLYDESDALE CLO: Moody's Downgrades Ratings on Five Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Clydesdale CLO 2005, Ltd.:

  -- US$186,500,000 Class A-1 Floating Rate Notes Due 2017,
     Downgraded Aa2; previously on December 6, 2005 Assigned Aaa;

  -- US$100,000,000 Class A-2 Delayed Draw Notes Due 2017,
     Downgraded to Aa2; previously on December 6, 2005 Assigned
     Aaa;

  -- US$8,500,000 Class A-3b Floating Rate Notes Due 2017,
     Downgraded to Aa3; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$30,000,000 Class A-4 Floating Rate Notes Due 2017,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$12,000,000 Class D Floating Rate Notes Due 2017,
     Downgraded to Caa3; previously on March 18, 2009 Downgraded
     to Caa2 and Placed Under Review for Possible Downgrade.

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

  -- US$28,000,000 Class B Deferrable Floating Rate Notes Due
     2017, Confirmed at Ba1; previously on March 18, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$19,500,000 Class C Floating Rate Notes Due 2017, Confirmed
     at B1; previously on March 18, 2009 Downgraded to B1 and
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
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, 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 is currently 2711 versus a test level of 2550 as of the last
trustee report, dated July 2, 2009.  Based on the same report,
defaulted securities total about $38.35 million, accounting for
roughly 7.68% of the collateral balance, and securities from
issuers rated Caa1 or lower make up approximately 11.45% 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.

Clydesdale CLO 2005, Ltd., issued in December 2005, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


CLYDESDALE CLO: Moody's Downgrades Ratings on Various Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Clydesdale CLO 2004, Ltd.:

  -- US$255,000,000 Class A-1 Floating Rate Notes Due 2016,
     Downgraded to Aa2; previously on August 24, 2004 Assigned
     Aaa;

  -- US$22,500,000 Class A-2 Floating Rate Notes Due 2016,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$13,250,000 Class B-1 Deferrable Floating Rate Notes Due
     2016, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$5,750,000 Class B-2 Deferrable Fixed Rate Notes Due 2016,
     Downgraded to Ba2; previously on March 18, 2009 Downgraded to
     Ba1 and Placed Under Review for Possible Downgrade;

  -- US$11,500,000 Class C-1 Floating Rate Notes Due 2016,
     Downgraded to Caa2; previously on March 18, 2009 Downgraded
     to B1 and Placed Under Review for Possible Downgrade;

  -- US$2,500,000 Class C-2 Fixed Rate Notes Due 2016, Downgraded
     to Caa2; previously on March 18, 2009 Downgraded to B1 and
     Placed Under Review for Possible Downgrade;

  -- US$10,000,000 Class D Floating Rate Notes Due 2016,
     Downgraded to Ca; previously on March 18, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade;

  -- US$4,000,000 Class K Blended Securities Due 2016, Downgraded
     to B1; previously on August 24, 2004 Assigned Baa2.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
high-yield corporate bonds 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, 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 is currently 2733 versus a test level of 2500 as of the last
trustee report, dated July 7, 2009.  Based on the same report,
defaulted securities total about $26.5 million, accounting for
roughly 7.7% of the collateral balance, and securities from
issuers rated Caa1 or lower make up approximately 11.2% 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.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


COAST INVESTMENT: Moody's Downgrades Ratings on Four 2002-1 Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded ratings
of four classes of notes issued by Coast Investment Grade 2002-1,
Limited and left on review for possible further downgrade the
ratings of one of these classes.  The notes affected by the rating
action are:

  -- $246,900,000 Class A Floating Rate Senior Secured Notes, Due
     2017, Downgraded to Caa1 and Under Review for Possible
     Downgrade; previously on 4/9/2009 Downgraded to Ba1 and
     Placed Under Review for Possible Downgrade

  -- $24,000,000 Class B Floating Rate Senior Secured Notes, Due
     2017, Downgraded to C; previously on 4/9/2009 Downgraded to
     Caa1 and Placed Under Review for Possible Downgrade

  -- $26,600,000 Class C-1 Floating Rate Senior Secured Notes, Due
     2017, Downgraded to C; previously on 4/9/2009 Downgraded to
     Ca

  -- $3,400,000 Class C-2 Fixed Rate Senior Secured Notes, Due
     2017, Downgraded to C; previously on 4/9/2009 Downgraded to
     Ca

Coast Investment Grade 2002-1, Limited is a collateralized debt
obligation backed primarily by a portfolio of collateralized loan
obligations and collateralized bond obligations.  CLOs and CBOs
consist approximately 77% of the portfolio.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio.  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 proportion of securities rated Caa1 and below
and failure of the coverage tests, among other measures.  More
than 30% of its assets have been downgraded since Moody's last
review of the transaction in April 2009.  Securities rated Caa1 or
lower make up approximately 43% of the underlying portfolio.  In
addition, the Trustee reports that the transaction is currently
failing one or more coverage tests, including the Class A
Overcollateralization Ratio Test.

The actions also take into consideration the occurrence on
April 1, 2009, as reported by the Trustee, of an Event of Default
described in Section 5.1(d) of the Indenture dated May 2, 2002.
As provided in Article V of the Indenture during the occurrence
and continuance of an Event of Default, certain holders of Notes
may be entitled to direct the Trustee to take particular actions
with respect to the Collateral and the Notes.  The severity of
losses of certain tranches may be different, however, depending on
the timing and outcome of a liquidation.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  Since the last review of this
transaction in April 2009, Moody's has completed the first stage
of its two-stage review of U.S. and EMEA CLOs.  Some of the
underlying securities in the portfolio experienced more severe
rating action than was anticipated at the time of last review.
Moody's is currently in Stage II of its CLO review and performing
comprehensive analysis by modeling each CLO individually.
Additional rating actions will be taken as necessary for all rated
liabilities.  As a result, the ratings assigned to Class A remain
on watch for possible downgrade.

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.


COLUMBUS PARK: Moody's Upgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Columbus Park CDO Ltd.:

  -- US$19,000,000 Class B Senior Secured Deferrable Floating Rate
     Notes Due 2020, Upgraded to Baa2; previously on March 20,
     2009, Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$12,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes Due 2020, Upgraded to Ba1; previously on March 20,
     2009, Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$13,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes Due 2020, Upgraded to B1; previously on March 20, 2009,
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

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

  -- US$19,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2020, Confirmed at Aa2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions on the notes are a result
of the new issuance of additional Subordinated Notes in the
aggregate principal amount of $14,556,925 at a purchase price of
56.1% of par on July 7, 2009.  In addition, Moody's notes that the
rating actions on the Class B Notes, the Class C Notes and the
Class D Notes are the result of a comprehensive deal-level
analysis including an in-depth assessment of results from Moody's
quantitative CLO rating model along with an evaluation of deal-
specific qualitative factors.  By way of comparison, rating
actions taken by Moody's in its Stage I CLO surveillance sweep
were largely based on a parameter-based approach.

Moody's also notes that the rating actions taken on the notes
reflect credit deterioration of the underlying portfolio as well
as 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 an
increase in the dollar amount of defaulted securities and an
increase in the proportion of securities from issuers rated Caa1
and below.  Based on the last trustee report, dated June 19, 2009,
defaulted securities total about 25.8 million, accounting for
roughly 6.5% of the collateral balance, and securities rated Caa1
or lower make up approximately 8% of the underlying portfolio.

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.

Columbus Park CDO Ltd., issued in April 2008, 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.


CONNECTICUT VALLEY: Moody's Downgrades Ratings on Five Classes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded ratings
of five classes of notes issued by Connecticut Valley CLO Funding
IV, Ltd., Limited and left on review for possible further
downgrade the ratings of two of these classes.  The notes affected
by the rating action are:

  -- US$225,000,000 Class A-1 Floating Rate Notes Due 2027,
     Downgraded to Caa1 and remains on Review for Possible
     Downgrade; previously on 3/12/2009 Downgraded to Baa3 and
     remains on Review for Possible Downgrade

  -- US$43,000,000 Class A-2 Floating Rate Notes Due 2027,
     Downgraded to Caa3 and remains on Review for Possible
     Downgrade; previously on 3/12/2009 Downgraded to B1 and
     remains on Review for Possible Downgrade

  -- US$50,000,000 Class A-3 Floating Rate Notes Due 2027,
     Downgraded to Ca; previously on 3/12/2009 Downgraded to B3
     and remains on Review for Possible Downgrade

  -- US$28,000,000 Class B Floating Rate Notes Due 2027,
     Downgraded to C; previously on 3/12/2009 Downgraded to Caa3
     and remains on Review for Possible Downgrade

  -- US$29,500,000 Class C Floating Rate Notes Due 2027,
     Downgraded to C; previously on 3/12/2009 Downgraded to Ca

Connecticut Valley CLO Funding IV, Ltd. is a collateralized debt
obligation backed primarily by a portfolio of collateralized loan
obligations.  CLOs consist approximately 70% of the portfolio.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio.  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 proportion of securities rated Caa1 and below,
an increase in dollar amount of defaulted assets and failure of
the coverage tests, among other measures.  More than 78% of its
assets have been downgraded since Moody's last review of the
transaction in March 2009.  According to the Trustee, the deal has
a WARF of 4146 as of June 25, 2009. Securities rated Caa1 or lower
make up approximately 16% of the underlying portfolio.  The
trustee reports 61 million defaulted assets.  In addition, the
Trustee reports that the transaction is currently failing one or
more coverage tests, including the Class A Par Value Ratio.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  Since the last review of this
transaction in April 2009, Moody's has completed the first stage
of its two-stage review of U.S. and EMEA CLOs.  Some of the
underlying securities in the portfolio experienced more severe
rating action than was anticipated at the time of last review.
Moody's is currently in Stage II of its CLO review and performing
comprehensive analysis by modeling each CLO individually.
Additional rating actions will be taken as necessary for all rated
liabilities.  As a result, the ratings assigned to Class A-1 and
Class A-2 remain on watch for possible downgrade.

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.


CREDIT SUISSE: Moody's Downgrades Ratings on 140 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 140
tranches from 21 RMBS transactions, backed by prime Jumbo and Alt-
A loans, issued by CSFB.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable-rate, Jumbo and Alt-A 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
or Alt-A 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 (REO)
respectively.  Moody's then applies loss upon default (severity)
assumptions ranging from 25% to 35% for Jumbo transactions and
severity assumptions ranging from 40% to 55% for Alt-A
transactions 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.

These pools consist of Jumbo mortgages:

Credit Suisse First Boston Mortgage Securities Corp. Pass-Through
Certificates, 2002-P1

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26/
  Group I

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-34

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-1/
  Group III

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-17/
  Group I-30 II--15 Year Jumbo A

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-19

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-21/
  Group I II

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-21/
  Group III

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-8/
  Group I II III IV Mortgage Loans

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR12/ Group I II III Mortgage Loans

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR18/ Group I II III

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR2/
  Group I II III IV

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR20/ Group I II III

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR22/ Group I II III

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR24/ Group I II III IV V

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR28/ Group I II III IV V

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR30/ Group I II III IV V

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-1

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4/
  Group II III

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-AR2/
  Group I II III IV V Mortgage mortgage Loans

These pools consist of Alt-A loans:

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26/
  Group III

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26/
  Group IV

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-5/
  Group IV

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-1/
  Group I II

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-17/
  Group V-Alt. VI-Alt. A

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-17/
  Group III-Alt. IV VII A

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-21/
  Group IV V

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-8/
  Group V VI Mortgage Loans

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR2/
  Group V

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR28/ Group VI

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-
  AR30/ Group VI

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4/
  Group I

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4/
  Group IV V

* CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-AR2/
  Group VI Mortgage Loans

List of actions:

Credit Suisse First Boston Mortgage Securities Corp. Pass-Through
Certificates, 2002-P1

  -- Cl. B-4, Downgraded to Ca; previously on 8/25/2008 Downgraded
     to Ba3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-26

  -- Cl. III-M-3, Downgraded to Caa1; previously on 10/24/2006
     Downgraded to Ba1

  -- Cl. III-B, Downgraded to C; previously on 10/24/2006
     Downgraded to Ca

  -- Cl. IV-B-2, Downgraded to Aa2; previously on 1/7/2005
     Upgraded to Aaa

  -- Cl. IV-B-3, Downgraded to Ba2; previously on 1/7/2005
     Upgraded to A2

  -- Cl. IV-B-4, Downgraded to Ca; previously on 1/7/2005 Upgraded
     to Baa2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-34

  -- Cl. D-B-3, Downgraded to Baa2; previously on 1/7/2005
     Upgraded to Baa1

  -- Cl. D-B-4, Downgraded to Ca; previously on 1/24/2003 Assigned
     Ba3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2002-5

  -- Cl. IV-B-1, Downgraded to A3; previously on 3/18/2002
     Assigned Aa2

  -- Cl. IV-B-2, Downgraded to B3; previously on 3/18/2002
     Assigned A2

  -- Cl. IV-B-3, Downgraded to Ca; previously on 11/13/2007
     Downgraded to Ba1

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-1

  -- Cl. III-B-2, Downgraded to Aa3; previously on 12/1/2006
     Upgraded to Aaa

  -- Cl. III-B-3, Downgraded to A3; previously on 12/1/2006
     Upgraded to Aa3

  -- Cl. D-B-2, Downgraded to Aa3; previously on 12/1/2006
     Upgraded to Aa2

  -- Cl. D-B-3, Downgraded to B3; previously on 12/1/2006 Upgraded
     to A2

  -- Cl. D-B-4, Downgraded to Ca; previously on 12/1/2006 Upgraded
     to Baa2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-17

  -- Cl. D-B-2, Downgraded to Ba3; previously on 12/1/2006
     Upgraded to Aa3

  -- Cl. D-B-3, Downgraded to Caa3; previously on 12/1/2006
     Upgraded to A3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-19

  -- Cl. I-A-2, Downgraded to Aa1; previously on 11/25/2003
     Assigned Aaa

  -- Cl. I-A-14, Downgraded to Aa2; previously on 11/25/2003
     Assigned Aaa

  -- Cl. I-A-15, Downgraded to Aa1; previously on 11/25/2003
     Assigned Aaa

  -- Cl. I-A-19, Downgraded to Aa2; previously on 11/25/2003
     Assigned Aaa

  -- Cl. I-A-23, Downgraded to Aa2; previously on 11/25/2003
     Assigned Aaa

  -- Cl. I-A-4, Downgraded to Aa2; previously on 11/25/2003
     Assigned Aaa

  -- Cl. I-P, Downgraded to Aa2; previously on 11/25/2003 Assigned
     Aaa

  -- Cl. I-X, Downgraded to Aa2; previously on 11/25/2003 Assigned
     Aaa

  -- Cl. II-A-1, Downgraded to Aa2; previously on 11/25/2003
     Assigned Aaa

  -- Cl. II-P, Downgraded to Aa2; previously on 11/25/2003
     Assigned Aaa

  -- Cl. II-X, Downgraded to Aa2; previously on 11/25/2003
     Assigned Aaa

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-21

  -- Cl. D-B-1, Downgraded to A1; previously on 12/1/2006 Upgraded
     to Aa1

  -- Cl. D-B-2, Downgraded to Ba1; previously on 12/1/2006
     Upgraded to Aa3

  -- Cl. D-B-3, Downgraded to Caa3; previously on 3/1/2004
     Assigned Baa1

  -- Cl. D-B-4, Downgraded to C; previously on 3/1/2004 Assigned
     Ba2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-27

  -- Cl. C-B-3, Downgraded to Ba1; previously on 2/16/2004
     Assigned Baa3

  -- Cl. C-B-4, Downgraded to B1; previously on 2/16/2004 Assigned
     Ba2


  -- Cl. D-B-3, Downgraded to B1; previously on 12/1/2006 Upgraded
     to A3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-8

  -- Cl. D-B-2, Downgraded to Baa1; previously on 12/1/2006
     Upgraded to Aa2

  -- Cl. D-B-3, Downgraded to Caa3; previously on 12/1/2006
     Upgraded to Baa1

  -- Cl. D-B-4, Downgraded to C; previously on 4/29/2003 Assigned
     Ba3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR12

  -- Cl. I-A-1, Downgraded to Aa2; previously on 5/27/2003
     Assigned Aaa

  -- Cl. I-A-2, Downgraded to Aa2; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. II-A-1, Downgraded to Aa2; previously on 5/27/2003
     Assigned Aaa

  -- Cl. II-A-2, Downgraded to Aa2; previously on 5/27/2003
     Assigned Aaa

  -- Cl. II-A-3, Downgraded to Aa2; previously on 5/27/2003
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to Aa2; previously on 5/27/2003
     Assigned Aaa

  -- Cl. III-X-A-1, Downgraded to Aa2; previously on 5/27/2003
     Assigned Aaa

  -- Cl. C-B-1, Downgraded to A3; previously on 9/27/2006 Upgraded
     to Aaa

  -- Cl. C-B-2, Downgraded to Ba1; previously on 9/27/2006
     Upgraded to Aa3

  -- Cl. C-B-3, Downgraded to B3; previously on 9/27/2006 Upgraded
     to A3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR18

  -- Cl. C-B-1, Downgraded to Aa1; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. C-B-2, Downgraded to A3; previously on 9/27/2006 Upgraded
     to Aa3

  -- Cl. C-B-3, Downgraded to Ba2; previously on 9/27/2006
     Upgraded to A3

  -- Cl. C-B-4, Downgraded to Ca; previously on 9/27/2006 Upgraded
     to Baa3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR2

  -- Cl. V-A-1, Downgraded to A3; previously on 2/24/2003 Assigned
     Aaa

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR20

  -- Cl. C-B-1, Downgraded to Aa1; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. C-B-2, Downgraded to A2; previously on 9/27/2006 Upgraded
     to Aa3

  -- Cl. C-B-3, Downgraded to Baa3; previously on 9/27/2006
     Upgraded to A3

  -- Cl. C-B-4, Downgraded to B2; previously on 9/27/2006 Upgraded
     to Baa3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR22

  -- Cl. C-B-1, Downgraded to Aa2; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. C-B-2, Downgraded to A3; previously on 9/27/2006 Upgraded
     to A1

  -- Cl. C-B-3, Downgraded to B1; previously on 12/29/2003
     Assigned Baa2

  -- Cl. C-B-4, Downgraded to Ca; previously on 12/29/2003
     Assigned Ba2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR24

  -- Cl. I-A-1, Downgraded to Aa1; previously on 11/25/2003
     Assigned Aaa

  -- Cl. II-A-4, Downgraded to Aa1; previously on 11/25/2003
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to Aa1; previously on 11/25/2003
     Assigned Aaa

  -- Cl. IV-A-1, Downgraded to Aa1; previously on 11/25/2003
     Assigned Aaa

  -- Cl. V-A-1, Downgraded to Aa1; previously on 11/25/2003
     Assigned Aaa

  -- Cl. C-B-1, Downgraded to A3; previously on 9/27/2006 Upgraded
     to Aaa

  -- Cl. C-B-2, Downgraded to Ba1; previously on 9/27/2006
     Upgraded to Aa3

  -- Cl. C-B-3, Downgraded to Caa1; previously on 9/27/2006
     Upgraded to A3

  -- Cl. C-B-4, Downgraded to Ca; previously on 9/27/2006 Upgraded
     to Baa3

  -- Cl. C-B-5, Downgraded to Ca; previously on 11/25/2003
     Assigned B2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR28

  -- Cl. I-A-1, Downgraded to Aa3; previously on 3/22/2004
     Assigned Aaa

  -- Cl. II-A-1, Downgraded to A1; previously on 3/22/2004
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to A1; previously on 3/22/2004
     Assigned Aaa

  -- Cl. IV-A-1, Downgraded to A1; previously on 3/22/2004
     Assigned Aaa

  -- Cl. V-A-1, Downgraded to A1; previously on 3/22/2004 Assigned
     Aaa

  -- Cl. VI-M-3, Downgraded to Baa1; previously on 3/22/2004
     Assigned A3

  -- Cl. C-B-1, Downgraded to Baa3; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. C-B-2, Downgraded to B3; previously on 9/27/2006 Upgraded
     to Aa3

  -- Cl. C-B-3, Downgraded to Ca; previously on 3/22/2004 Assigned
     Baa1

  -- Cl. C-B-4, Downgraded to Ca; previously on 3/22/2004 Assigned
     Ba1

  -- Cl. C-B-5, Downgraded to Ca; previously on 3/22/2004 Assigned
     B3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2003-AR30

  -- Cl. VI-M-2, Downgraded to Ba1; previously on 9/27/2006
     Downgraded to A3

  -- Cl. C-B-1, Downgraded to Aa3; previously on 9/27/2006
     Upgraded to Aaa

  -- Cl. C-B-2, Downgraded to Baa1; previously on 9/27/2006
     Upgraded to Aa3

  -- Cl. C-B-3, Downgraded to Ba3; previously on 9/27/2006
     Upgraded to A2

  -- Cl. C-B-4, Downgraded to Ca; previously on 9/27/2006 Upgraded
     to Baa3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-1

  -- Cl. I-A-1, Downgraded to Aa1; previously on 3/31/2004
     Assigned Aaa

  -- Cl. I-A-2, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. I-A-3, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. I-P, Downgraded to Aa2; previously on 3/31/2004 Assigned
     Aaa

  -- Cl. I-X, Downgraded to Aa1; previously on 3/31/2004 Assigned
     Aaa

  -- Cl. II-A-1, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. II-A-2, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. IV-A-1, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. V-A-1, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. D-P-1, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. D-P-2, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. D-X-1, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. D-X-2, Downgraded to Aa2; previously on 3/31/2004
     Assigned Aaa

  -- Cl. D-B-2, Downgraded to Baa3; previously on 3/31/2004
     Assigned A3

  -- Cl. D-B-3, Downgraded to B3; previously on 3/31/2004 Assigned
     Baa3

CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-4

  -- Cl. I-A-3, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-4, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-5, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-6, Downgraded to Aa1; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-7, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-8, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-9, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-10, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-11, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-12, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-13, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-14, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-A-15, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. I-X, Downgraded to Aa1; previously on 9/28/2004 Assigned
     Aaa

  -- Cl. IV-A-1, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. V-A-1, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. V-A-2, Downgraded to Aa3; previously on 9/28/2004
     Assigned Aaa

  -- Cl. V-A-3, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. V-A-4, Downgraded to Aa2; previously on 9/28/2004
     Assigned Aaa

  -- Cl. A-P, Downgraded to Aa2; previously on 9/28/2004 Assigned
     Aaa

  -- Cl. D-X, Downgraded to Aa2; previously on 9/28/2004 Assigned
     Aaa

  -- Cl. D-B-2, Downgraded to Baa3; previously on 9/28/2004
     Assigned A3

  -- Cl. D-B-3, Downgraded to Ba1; previously on 9/28/2004
     Assigned Baa1

  -- Cl. D-B-4, Downgraded to B2; previously on 9/28/2004 Assigned
     Baa3

  -- Cl. D-B-5, Downgraded to Caa2; previously on 9/28/2004
     Assigned Ba2

CSFB Mortgage-Backed Pass-Through Certificates, Series 2004-AR2

  -- Cl. I-A-1, Downgraded to Aa3; previously on 3/31/2004
     Assigned Aaa

  -- Cl. II-A-1, Downgraded to Aa3; previously on 3/31/2004
     Assigned Aaa

  -- Cl. III-A-1, Downgraded to Aa3; previously on 3/31/2004
     Assigned Aaa

  -- Cl. IV-A-1, Downgraded to Aa3; previously on 3/31/2004
     Assigned Aaa

  -- Cl. V-A-1, Downgraded to Aa3; previously on 3/31/2004
     Assigned Aaa

  -- Cl. VI-M-2, Downgraded to Baa3; previously on 3/31/2004
     Assigned A1

  -- Cl. VI-M-3, Downgraded to Ca; previously on 12/27/2007
     Downgraded to Ba1

  -- Cl. C-B-1, Downgraded to Baa2; previously on 3/31/2004
     Assigned Aa2

  -- Cl. C-B-2, Downgraded to Caa1; previously on 3/31/2004
     Assigned A2

  -- Cl. C-B-3, Downgraded to Ca; previously on 3/31/2004 Assigned
     Baa2

  -- Cl. C-B-4, Downgraded to C; previously on 3/31/2004 Assigned
     Ba2


CREDIT SUISSE: Moody's Takes Rating Actions on 2005-C2 Certs.
-------------------------------------------------------------
Moody's Investors Service confirmed the ratings of two classes,
affirmed eight classes, and downgraded 14 classes of Credit Suisse
First Boston Mortgage Securities Corporation, Commercial Mortgage
Pass-Through Certificates, Series 2005-C2.  The downgrades are due
to higher expected losses for the pool resulting from increased
credit quality dispersion, realized and anticipated losses from
loans in special servicing.  On May 26, 2009, the pool's third
largest loan, Washington Mutual Irvine Campus, was transferred to
special servicing.  On June 16, 2009, Moody's placed 16 classes on
review for possible downgrade.  This action concludes the review.
The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the July 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 4% to
$1.54 billion from $1.61 billion at securitization.  The
Certificates are collateralized by 168 mortgage loans ranging in
size from less than 1% to 9% of the pool, with the top 10 non-
defeased loans representing 45% of the pool.  Sixteen loans,
representing 10% of the pool, have defeased and are collateralized
by U.S. government securities.

Forty-one loans, representing 26% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

One loan has been liquidated from the trust resulting in a loss of
$4.0 million.  Seven loans, representing 12% of the pool, are
currently in special servicing.  The largest specially serviced
loan is Washington Mutual Irvine Campus Loan ($106.0 million --
6.9%), which is secured by a 415,000 square foot office complex
located in Irvine, California.  The loan was transferred to
special servicing for imminent default.  At securitization the
property was 100% leased to Washington Mutual through November
2014.  Upon acquiring Washington Mutual in September 2008,
JPMorgan Chase reached an agreement with regulators to reject two
leases representing 58% of the net rentable area.  The property is
currently 42% leased, including a short term lease with JPMorgan
for 29% of the NRA through November 2009, with a one-year renewal
option.  The loan sponsors, Macquarie and Maguire Properties LP,
have indicated that they are not prepared to invest additional
capital and will pursue a cooperative sale of the property with
the special servicer.  Moody's is estimating a loss of
approximately $45 million (42% severity) for this loan.  The
remaining five specially serviced loans are either 90+ days
delinquent or in foreclosure.  Moody's estimates an aggregate loss
of $40 million (49% severity on average) for these loans.

Moody's was provided with full year 2008 and partial year 2009
operating results for 99% and 65% of the pool, respectively,
excluding the defeased loans.  Moody's loan to value ratio,
excluding the specially serviced loans, is 102% compared to 100%
at Moody's last full review in July 2007.  In addition to the
increase in overall LTV, credit quality dispersion has increased
since last review.  Based on Moody's analysis, 10% of the pool has
an LTV in excess of 120% compared to 1.5% at last review.

Moody's stressed debt service coverage ratio for the conduit
component is 1.00X compared to 0.99X at last review.  Moody's
stressed DSCR is based on Moody's net cash flow and a 9.25%
stressed rate applied to the loan balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral herf
score is 40.  The pool, excluding defeased loans, has a Herf score
of 28 compared to 36 at last review.

The top three performing loans represent 22% of the pool.  The
largest loan is the Tri-County Mall Loan ($144.7 million -- 9.4%),
which is secured by the borrower's interest in a 1.1 million
square foot regional mall (595,600 square feet of collateral)
located in Cincinnati, Ohio.  There is also a junior non-pooled
loan of $8.7 million included in the trust and $12.0 million of
mezzanine debt held outside the trust.  Total mall occupancy as of
March 2009 was 92% compared to 90% at last review.  In-line
occupancy as of March 2009 was 81%.  Comparable in-line sales for
the 12-month period ending June 2009 were $290 per square foot,
down 5% from the prior period.  Moody's analysis of the loan
incorporates a higher capitalization rate to reflect current
market conditions.  Moody's LTV and stressed DSCR are 117% and
0.83X, respectively, compared to 110% and 0.84X at last review.

The second largest loan is the 390 Park Avenue Loan
($108.1 million -- 7.1%), which is secured by a 234,000 square
foot office building located in New York City.  The property was
100% occupied as of February 2009 compared to 96% at last review.
Property performance has improved due to the lease-up of vacant
space as well as increased rental revenues.  Moody's LTV and
stressed DSCR are 107% and 0.86X, respectively, compared to 115%
and 0.79X at last review.

The third largest loan is the Spectrum Office Portfolio Loan
($84.2 million -- 5.5%), which is secured by six office properties
located in the North Rivers submarket of Chicago.  The portfolio
was 85% occupied as of March 2009, the same as at last review.
Portfolio performance has been stable.  Moody's LTV and stressed
DSCR are 104% and 0.99X, respectively, compared to 105% and 0.95X
at last review.

Moody's rating action is:

  -- Class A-1, $9,116,522, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A-2, $75,897,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A-3, $107,275,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A-4, $365,026,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A-AB, $74,464,000, affirmed at Aaa; previously affirmed
     at Aaa on 7/23/2007

  -- Class A-1-A, $424,249,343, affirmed at Aaa; previously
     affirmed at Aaa on 7/23/2007

  -- Class A-X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 7/23/2007

  -- Class A-SP, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 7/23/2007

  -- Class A-MFL, $80,000,000, confirmed at Aaa; previously placed
     on review for possible downgrade on 6/16/2009

  -- Class A-MFX, $80,508,000, confirmed at Aaa; previously placed
     on review for possible downgrade on 6/16/2009

  -- Class A-J, $110,350,000, downgraded to Aa3 from Aaa;
     previously placed on review for possible downgrade on
     6/16/2009

  -- Class B, $30,095,000, downgraded to A2 from Aa2; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class C, $16,051,000, downgraded to A3 from Aa3; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class D, $28,089,000, downgraded to Baa3 from A2; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class E, $18,057,000, downgraded to Ba1 from A3; previously
     placed on review for possible downgrade on 6/16/2009


  -- Class F, $20,064,000, downgraded to Ba3 from Baa1; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class G, $16,050,000, downgraded to B1 from Baa2; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class H, $20,064,000, downgraded to B2 from Baa3; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class J, $8,025,000, downgraded to Caa1 from Ba1; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class K, $8,026,000, downgraded to Caa2 from Ba2; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class L, $8,025,000, downgraded to Caa3 from Ba3; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class M, $2,007,000, downgraded to Ca from B1; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class N, $6,019,000, downgraded to Ca from B2; previously
     placed on review for possible downgrade on 6/16/2009

  -- Class O, $6,019,000, downgraded to Ca from B3; previously
     placed on review for possible downgrade on 6/16/2009


CREDIT SUISSE: Moody's Takes Rating Actions on 2005-C3 Certs.
-------------------------------------------------------------
Moody's Investors Service affirmed the ratings of 15 classes and
downgraded nine classes of Credit Suisse First Boston Commercial
Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2005-C3.  The downgrades are due to higher
expected losses for the pool resulting from increased leverage,
increased credit quality dispersion and realized and anticipated
losses from specially serviced loans.  On July 14, 2009, Moody's
placed nine classes on review for possible downgrade.  The action
concludes that review.  The action is the result of Moody's on-
going surveillance of commercial mortgage backed securities
transactions.

As of the July 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 4% to
$1.57 billion from $1.64 billion at securitization.  The
Certificates are collateralized by 198 mortgage loans ranging in
size from less than 1% to 9% of the pool, with the top 10 loans
representing 35% of the pool.  The pool includes 53 loans,
representing 12% of the outstanding loan balance, which are
secured by residential co-ops.  These loans have underlying
ratings of Aaa.  Nine loans, representing 5% of the pool, have
defeased and are collateralized by U.S. Government securities.

Twenty-seven loans, representing 13% of the pool, are on the
master servicer's watchlist.  The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

One loan has been liquidated from the pool, resulting in a
$3.6 million loss.  Seven loans, representing 9% of the pool, are
currently in special servicing.  The largest specially serviced
loan, Southland Center Mall ($108.4 million -- 7%), is secured by
a mall owned by an affiliate of General Growth Properties, Inc.
(GGP).  This loan was transferred to special servicing due to
GGP's bankruptcy filing on April 16, 2009.  The second largest
specially serviced loan is Longford Plaza ($18.1 million -- 1.1%),
which is secured by a 101,000 square foot office property building
located in Las Vegas, Nevada.  The loan was transferred to special
servicing in December 2008 due to monetary default.  The
property's performance has declined since securitization due to
increased vacancy caused by lease rollovers.  Moody's does not
anticipate a loss from the Southland Center Mall loan but
estimates a $19.3 million aggregate loss (51% loss severity on
average) from the remaining specially serviced loans.

Moody's was provided with partial or full-year 2008 operating
results for 71% of the pool, excluding defeased loans and loans
secured by residential co-ops.  Moody's weighted average loan to
value ratio, excluding the specially serviced loans with
anticipated losses, is 105% compared to 98% at Moody's prior
review in June 2007.  In addition to the higher overall LTV, the
pool has experienced increased credit quality dispersion.  Based
on Moody's analysis, 63% of the conduit pool has an LTV in excess
of 100% compared to 50% at last review.  Approximately 10% of the
conduit pool has an LTV in excess of 120% compared to 0.0% at last
review.

Moody's stressed debt service coverage ratio for the conduit
component is 1.29X compared to 1.38X at last review.  Moody's
stressed DSCR is based on Moody's net cash flow and a 9.25%
stressed rate applied to the loan balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral Herf
score is 40.  The pool, excluding defeased loans and loans with
underlying ratings, has a Herf of 32 compared to 38 at last
review.

At securitization, one loan, 635 Madison Avenue ($8.3 million --
0.5%), had an underlying rating.  The loan has defeased and is
collateralized by U.S. Government Securities.

The three largest conduit loans represent 17.6% of the outstanding
pool balance.  The largest conduit loan is the San Diego Office
Park Loan ($133.0 million -- 8.5%), which is secured by an 11-
building Class A office complex totaling 645,000 square feet
located in San Diego, California.  The loan is interest only for
the entire term.  The largest tenant is Sony Computer
Entertainment which occupies 40% of net rentable area through
December 2014.  The property was 97% occupied as of December 2008,
the same as at last review.  Moody's LTV and stressed DSCR are
117% and 0.81X, respectively, compared to 116% and 0.74X at last
review.

The second largest conduit loan is the 80-90 Maiden Lane Loan
($92.9 million -- 5.7%), which is secured by two Class B office
buildings totaling 545,000 square feet.  The properties are
located in the Insurance submarket in New York City.  The
properties were 99% occupied as of September 2008 compared to 97%
at last review.  Performance has improved due to increased rental
revenues.  Moody's LTV and stressed DSCR are 104% and 0.94X,
respectively, compared to 112% and 0.84X at last review.

The third largest conduit loan is the Och Ziff Portfolio
($52.9 million -- 3.4%), which is secured by eight limited-service
hotels located in Columbus, Ohio and Covington, Kentucky.
Performance has declined since last review due to lower revenues
and increased expenses.  Moody's LTV and stressed DSCR are 117%
and 0.97X, respectively, compared to 81% and 1.43X at last review.

Moody's rating action is:

  -- Class A-1, $7,245,373, affirmed at Aaa; previously affirmed
     at Aaa on 6/14/2007

  -- Class A-2, $176,757,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/14/2007

  -- Class A-3, $79,635,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/14/2007

  -- Class A-AB, $61,470,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/14/2007

  -- Class A-4, $372,531,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/14/2007

  -- Class A-1-A, $385,036,000, affirmed at Aaa; previously
     affirmed at Aaa on 6/14/2007

  -- Class A-J, $135,048,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/14/2007

  -- Class A-M, $163,695,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/14/2007

  -- Class A-X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/14/2007

  -- Class A-Y, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/14/2007

  -- Class A-SP, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/14/2007

  -- Class B, $34,785,000, affirmed at Aa2; previously affirmed at
     Aa2 on 6/14/2007

  -- Class C, $16,370,000, affirmed at A1; previously affirmed at
     A1 on 6/14/2007

  -- Class D, $14,323,000, affirmed at A2; previously affirmed at
     A2 on 6/14/2007

  -- Class E, $16,370,000, affirmed at A3; previously affirmed at
     A3 on 6/14/2007

  -- Class F, $20,462,000, downgraded to Baa2 from Baa1;
     previously Baa1, placed on review for possible downgrade on
     7/14/2009

  -- Class G, $16,369,000, downgraded to Baa3 from Baa2;
     previously Baa2, placed on review for possible downgrade on
     7/14/2009

  -- Class H, $18,416,000, downgraded to Ba2 from Baa3; previously
     Baa3, placed on review for possible downgrade on 7/14/2009

  -- Class J, $6,138,000, downgraded to B1 from Ba1; previously
     Ba1, placed on review for possible downgrade on 7/14/2009

  -- Class K, $8,185,000, downgraded to B2 from Ba2; previously
     Ba2, placed on review for possible downgrade on 7/14/2009

  -- Class L, $6,139,000, downgraded to B3 from Ba3; previously
     Ba3, placed on review for possible downgrade on 7/14/2009

  -- Class M, $4,092,000, downgraded to Caa1 from B1; previously
     B1, placed on review for possible downgrade on 7/14/2009

  -- Class N, $4,092,000, downgraded to Caa2 from B2; previously
     B2, placed on review for possible downgrade on 7/14/2009

  -- Class O, $6,139,000, downgraded to Caa3 from B3; previously
     B3, placed on review for possible downgrade on 7/14/2009


CSAM FUNDING: Moody's Downgrades Ratings on Eight Classes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by CSAM Funding I:

  -- US$10,500,000 Class A-1 Notes, Downgraded Aa3; previously on
     March 29, 2001 Assigned Aaa;

  -- US$563,500,000 Class A-2 Notes, Downgraded Aa3; previously on
     March 29, 2001 Assigned Aaa;

  -- US$22,500,000 Class B-1 Notes, Downgraded to Ba1; previously
     on March 20, 2009 Downgraded to Baa3 and Placed Under Review
     for Possible Downgrade;

  -- US$40,000,000 Class B-2 Notes, Downgraded to Ba1; previously
     on March 20, 2009 Downgraded to Baa3 and Placed Under Review
     for Possible Downgrade;

  -- US$18,000,000 Class C-1 Notes, Downgraded to B3; previously
     on March 20, 2009 Downgraded to B1 and Placed Under Review
     for Possible Downgrade;

  -- US$11,700,000 Class C-2 Notes, Downgraded to B3; previously
     on March 20, 2009 Downgraded to B1 and Placed Under Review
     for Possible Downgrade;

  -- US$11,800,000 Class D-1 Notes, Downgraded to Ca; previously
     on March 20, 2009 Downgraded to Caa2 and Placed Under Review
     for Possible Downgrade;

  -- US$12,000,000 Class D-2 Notes, Downgraded to Ca; previously
     on March 20, 2009 Downgraded to Caa2 and Placed Under Review
     for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," 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.  The weighted average rating
factor has steadily increased over the last year and is currently
2944 versus a test level of 2719 as of the last trustee report,
dated Jun 23, 2009.  Based on the same report, defaulted
securities total about $75.13 million, accounting for roughly
11.78% of the collateral balance, and securities rated Caa1 or
lower make up approximately 17.7% 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.

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.

CSAM Funding I, issued in March 29, 2001, 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.


CSAM FUNDING: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by CSAM Funding IV:

  -- US$319,000,000 Class A-1 Floating Rate Notes Due 2016,
     Downgraded to Aa3; previously on June 14, 2004 Assigned Aaa;

  -- US$100,000 Class A-1V Floating Rate Notes Due 2016,
     Downgraded to Aa3; previously on June 14, 2004 Assigned Aaa;

  -- US$129,900,000 Class A-1NV Floating Rate Notes Due 2016,
     Downgraded to Aa3; previously on June 14, 2004 Assigned Aaa;

  -- US$32,500,000 Class A-2 Floating Rate Notes Due 2016,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$19,000,000 Class B-1 Deferrable Floating Rate Notes Due
     2016, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$14,000,000 Class B-2 Deferrable Floating Rate Notes Due
     2016, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$16,500,000 Class C-1 Floating Rate Notes Due 2016,
     Downgraded to Caa1; previously on March 18, 2009 Downgraded
     to B2 and Placed Under Review for Possible Downgrade;

  -- US$7,500,000 Class C-2 Fixed Rate Notes Due 2016, Downgraded
     to Caa1; previously on March 18, 2009 Downgraded to B2 and
     Placed Under Review for Possible Downgrade;

  -- US$6,750,000 Class D-1 Floating Rate Notes Due 2016,
     Downgraded to Ca; previously on March 18, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade;

  -- US$4,250,000 Class D-2 Fixed Rate Notes Due 2016, Downgraded
     to Ca; previously on March 18, 2009 Downgraded to Caa2 and
     Placed Under Review for Possible Downgrade.

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, an increase in the proportion of securities
from issuers rated Caa1 and below, and failure of the Class D Par
Value Test.  The weighted average rating factor has steadily
increased over the last year and is currently 2806 versus a test
level of 2340 as of the last trustee report, dated July 3, 2009.
Based on the same report, defaulted securities total about
$43.5 million, accounting for roughly 7.3% of the collateral
balance, and securities rated Caa1 or lower make up approximately
11.3% 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.

CSAM Funding IV, issued in 2004, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


CWABS ASSET-BACKED: Moody's Downgrades Ratings on 36 Securities
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of thirty-six
securities from seven transactions issued by CWABS Asset-Backed
Certificates Trust.  Additionally, Moody's has confirmed the
ratings of six tranches issued from six CWABS transactions.  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.

The rating confirmations on bonds issued in 2005 and 2006 comes
after a review of the recent balance between principal payments to
the bondholders relative to erosion of credit support

Moody's approach to analyzing more seasoned pools (prior to the
2nd half of 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 annualized roll rates 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 to arrive at projected losses.  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:

CWABS Asset-Backed Certificates Trust 2004-12

  -- Cl. MV-5, Downgraded to Baa2; previously on 4/30/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to Ba2; previously on 4/30/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to B3; previously on 4/30/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to Caa2; previously on 4/30/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. BV, Downgraded to Ca; previously on 4/30/2009 B2 Placed
     Under Review for Possible Downgrade

CWABS Asset-Backed Certificates Trust 2004-13

  -- Cl. MV-6, Downgraded to Baa3; previously on 4/30/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to Ba3; previously on 4/30/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to Caa1; previously on 4/30/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. BV, Downgraded to Ca; previously on 4/30/2009 Ba3 Placed
     Under Review for Possible Downgrade

CWABS Asset-Backed Certificates Trust 2004-15

  -- Cl. MV-4, Downgraded to A2; previously on 1/31/2005 Assigned
     A1

  -- Cl. MV-5, Downgraded to Baa2; previously on 4/30/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to Ba1; previously on 4/30/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to B3; previously on 4/30/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to Caa2; previously on 4/30/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. BV, Downgraded to Ca; previously on 4/30/2009 Baa3 Placed
     Under Review for Possible Downgrade

CWABS Asset-Backed Certificates Trust 2005-12

  -- Cl. 2-A-3, Confirmed at Aaa; previously on 2/26/2009 Aaa
     Placed Under Review for Possible Downgrade

CWABS Asset-Backed Certificates Trust 2005-15

  -- Cl. 1-AF-2, Confirmed at Aaa; previously on 9/17/2008 Aaa
     Placed Under Review for Possible Downgrade

CWABS Asset-Backed Certificates Trust 2006-14

  -- Cl. 2-A-1, Confirmed at Aaa; previously on 9/17/2008 Aaa
     Placed Under Review for Possible Downgrade

CWABS Asset-Backed Certificates Trust 2006-16

  -- Cl. 2-A-1, Confirmed at Aaa; previously on 9/17/2008 Aaa
     Placed Under Review for Possible Downgrade

CWABS Asset-Backed Certificates Trust 2006-19

  -- Cl. 2-A-1, Confirmed at Aaa; previously on 9/17/2008 Aaa
     Placed Under Review for Possible Downgrade

CWABS, Inc. Asset-Backed Certificates, 2003-5

  -- Cl. MV-2, Downgraded to Baa1; previously on 4/30/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to Ba2; previously on 4/30/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to B1; previously on 4/30/2009 Baa1
     Placed Under Review for Possible Downgrade

CWABS, Inc. Asset-Backed Ctfs, Series 2004-10

  -- Cl. MV-4, Downgraded to Baa2; previously on 4/30/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to Baa3; previously on 4/30/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to Ba1; previously on 4/30/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to B1; previously on 4/30/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to Caa1; previously on 4/30/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. BV, Downgraded to Ca; previously on 4/30/2009 Ba2 Placed
     Under Review for Possible Downgrade

CWABS, Inc. Asset-Backed Ctfs, Series 2004-7

  -- Cl. MV-5, Downgraded to Baa1; previously on 4/30/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to Ba2; previously on 4/30/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to B3; previously on 4/30/2009 Baa1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to Caa2; previously on 4/30/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. BV, Downgraded to Ca; previously on 4/30/2009 Ba3 Placed
     Under Review for Possible Downgrade

CWABS, Inc. Asset-Backed Ctfs, Series 2004-9

  -- Cl. MV-2, Confirmed at Aa2; previously on 4/30/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-3, Downgraded to A2; previously on 4/30/2009 Aa3
     Placed Under Review for Possible Downgrade

  -- Cl. MV-4, Downgraded to Baa3; previously on 4/30/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-5, Downgraded to Ba3; previously on 4/30/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-6, Downgraded to Caa2; previously on 4/30/2009 Baa2
     Placed Under Review for Possible Downgrade

  -- Cl. MV-7, Downgraded to Ca; previously on 4/30/2009 Ba1
     Placed Under Review for Possible Downgrade

  -- Cl. MV-8, Downgraded to C; previously on 4/30/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. BV, Downgraded to C; previously on 4/30/2009 B2 Placed
     Under Review for Possible Downgrade


DFR MIDDLE: Moody's Downgrades Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by DFR Middle Market CLO Ltd.:

  -- US$41,000,000 Class A-1B Floating Rate Notes Due 2019,
     Downgraded to Aa1; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$38,000,000 Class B Deferrable Mezzanine Floating Rate
     Notes Due 2019, Downgraded to A2; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade.

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

  -- US$28,000,000 Class C Deferrable Mezzanine Floating Rate
     Notes Due 2019, Confirmed at Baa3; previously on March 23,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$19,000,000 Class D Deferrable Mezzanine Floating Rate
     Notes Due 2019, Confirmed at Ba3; previously on March 23,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade.

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor and calculated by Moody's), an increase in
the dollar amount of defaulted securities, and an increase in the
proportion of securities from issuers rated Caa1 and below.  Based
on the trustee report dated June 20, 2009, charged-off and
delinquent obligations total about $21.7 million, accounting for
roughly 6.8% of the collateral balance, and securities rated Caa1
or lower make up approximately 7% of the underlying portfolio.
Moody's also assessed the collateral pool's 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
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.

DFR Middle Market CLO Ltd., 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 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.


DRUMMOND COMPANY: Moody's Gives Stable Outlook; Keeps 'Ba3' Rating
------------------------------------------------------------------
Moody's Investors Service changed the rating outlook for Drummond
Company, Inc., to stable from negative.  At the same time, Moody's
affirmed the company's Ba3 Corporate Family Rating, Ba2 senior
secured rating and B2 senior unsecured rating.

The stabilization of the outlook reflects Drummond's advancement
of the El Descanso mine, the expectation that capital expenditures
will decline in 2010 with the completion of El Descanso, and
improved operating performance.  The completion of El Descanso
will result in a relatively modest increase in debt, but
Drummond's overall leverage will remain favorable for the rating
category, and Drummond may be able to reduce debt next year from
free cash flow as overall production increases.  Drummond will
remain challenged by the geologic, geographic and operating issues
deriving from its concentration in open pit mining in Colombia,
but has been able to manage these challenges over time and is
comfortably positioned within the Ba3 CFR.

Drummond's Ba3 CFR considers the concentration of revenue and cash
flow in one mining district in Colombia, with its attendant
geological, weather related and workforce challenges.  The rating
also considers the private, family controlled nature of Drummond,
its complex corporate structure and the minority interest of
approximately 20% that is held by related parties in most of the
significant operating subsidiaries of the rated entity.  The
rating is supported by Drummond's large reserve base of high Btu,
low sulfur coal, its relatively moderate leverage for the rating
category, and the ability to shift exports of Colombian coal to
more attractively priced coal markets.

Outlook Actions:

Issuer: Drummond Company, Inc.

  -- Outlook, Changed To Stable From Negative

Moody's last rating action on Drummond was the lowering of its
outlook to negative in June 2007.

Drummond, based in Birmingham, Alabama, is predominantly engaged
in the mining, purchasing, processing, and marketing of coal and
coal products and had revenues in 2008 of $2.9 billion.


E*TRADE ABS: Moody's Downgrades Ratings on Two Classes of Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded ratings
of two classes of notes issued by E*Trade ABS CDO III, Limited.
The notes affected by the rating action are:

  -- US$201,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2025, Downgraded to Ba1; previously
     on February 2, 2009 Baa2

  -- US$37,750,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2040, Downgraded to Caa2; previously
     on February 2, 2009 B2

E*Trade ABS CDO III, Limited is a collateralized debt obligation
backed primarily by a portfolio of structured finance securities,
the majority of which are subprime RMBS originated in 2004.

Moody's notes that the transaction experienced an Event of
Default, as reported by the Trustee, on July 3, 2009, when the Net
Outstanding Portfolio Collateral Balance failed to be at least
equal to the Aggregate Outstanding Amount of the Class A Notes as
described in Section 5.1(i) of the Indenture.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio.  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 coverage tests, among other
measures.  More than 55% of its assets have been downgraded since
Moody's last review of the transaction in February 2009.  The
Trustee reported WARF of the portfolio is 2676 as of July 3, 2009.
Also, the Trustee reports $48.5 million.  Securities rated Caa1 or
lower make up approximately 22% of the underlying portfolio.  In
addition, the Trustee reports that the transaction is currently
failing one or more coverage tests, including the Class A/B
Overcollateralization Ratio Test.

As provided in Article V of the Indenture during the occurrence
and continuance of an Event of Default, certain parties to the
transaction may direct the Trustee to take particular actions with
respect to the Collateral Debt Securities and the Notes.  The
actions also take into consideration the risk that liquidation of
the Collateral may be selected as the post-Event of Default
remedy.  The liquidation of the CDO collateral may result in a
probability of repayment and a severity of loss that are
inconsistent with an investment-grade rating.

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.


EMPORIA PREFERRED: Moody's Downgrades Ratings on Two Classes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Emporia Preferred Funding I,
Ltd.:

  -- US$36,615,000 Class B-1 Second Priority Senior Floating Rate
     Notes Due 2018, Downgraded to Aa3; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$5,000,000 Class B-1 Second Priority Senior Fixed Rate
     Notes Due 2018, Downgraded to Aa3; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade

Moody's also upgraded the ratings of these notes:

  -- US$24,360,000 Class C Third Priority Subordinated Deferrable
     Floating Rate Notes Due 2018, Upgraded to Baa3; previously on
     March 23, 2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade;

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

  -- US$24,360,000 Class D Fourth Priority Subordinated Deferrable
     Floating Rate Notes Due 2018, Confirmed at B1; previously on
     March 23, 2009 Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$8,000,000 Class E-1 Fifth Priority Subordinated Deferrable
     Floating Rate Notes Due 2018, Confirmed at Caa2; previously
     on March 23, 2009 Downgraded to Caa2 and Placed Under Review
     for Possible Downgrade;

  -- US$5,195,000 Class E-2 Fifth Priority Subordinated Deferrable
     Floating Rate Notes Due 2018, Confirmed at Caa2; previously
     on March 23, 2009 Downgraded to Caa2 and Placed Under Review
     for Possible Downgrade

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

Credit deterioration of the collateral pool is observed through a
decline in 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, the failure of the Class D and
E Principal Coverage Test.  The weighted average rating factor has
steadily increased over the last year and is currently 3259 versus
a test level of 3340 as of the last trustee report, dated July 7,
2009.  Based on the same report, defaulted securities total about
$16 million, accounting for roughly 4% of the collateral balance,
and securities rated Caa1 or lower make up approximately 16% of
the underlying portfolio.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  Moody's analysis
reflects the application of certain stresses with respect to the
default probabilities associated with CEs.  These additional
stresses reflect the rapid pace of recent changes in credit market
conditions and the default rate expectations in the current
economic cycle that are higher than the historical averages.
Specifically, the default probability stresses include (1) a 1.5
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.

In addition, the rating actions on the Class C notes are the
result of a comprehensive deal-level analysis including an in-
depth assessment of results from Moody's quantitative CLO rating
model along with an evaluation of deal-specific qualitative
factors.  By way of comparison, rating actions taken by Moody's in
its Stage I CLO surveillance sweep were largely based on a
parameter-based approach.

Emporia Preferred Funding I, Ltd., issued in October 2005, is a
small and middle market collateralized loan obligation, backed
primarily by a portfolio of senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


FIRST NATIONAL: Fitch Assigns 'BB' Rating on Class D Notes
----------------------------------------------------------
On July 17, 2009, Fitch Ratings assigned ratings and Rating
Outlooks to these First National Master Note Trust Restructured
series 2008-3 variable funding notes:

  -- $8,224,000 LIBOR class C (2008-3) 'BBB'; Outlook Stable;
  -- $4,605,000 LIBOR class D (2008-3) 'BB'; Outlook Stable.

The ratings above are based on the quality of the underlying
receivables pool, the available credit enhancement, and the legal
and cash flow structure.

The notes are issued by First National Master Note Trust, a
Delaware statutory trust, and are secured by a beneficial interest
in a pool of receivables originated under First National Bank of
Omaha's VISA and MasterCard revolving credit card program.  Fitch
deems the underlying receivable pool to be of satisfactory quality
given its favorable FICO distribution, account seasoning and
overall performance to date.

Credit enhancement for the class C notes includes the
subordination of the class D notes and the spread account.  Credit
enhancement for the class D notes is the subordination of the
spread account, which will be funded with a 1% initial deposit on
the closing date.

Fitch also factors other features embedded in the transaction into
the ratings such as 'fixed allocation of finance charge
collections' and other amortization triggers.


FIRST UNION: Moody's Confirms Ratings on Six 2001-C1 Certificates
-----------------------------------------------------------------
Moody's Investors Service confirmed the ratings on six classes,
affirmed the ratings on six classes, and downgraded the ratings on
six classes of First Union National Bank - Bank of America, N.A.
Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2001-C1.  The downgrades are due to higher
expected losses for the pool resulting from increased credit
quality dispersion and realized and anticipated losses from
specially serviced loans.  On June 17, 2009, Moody's placed the
ratings of twelve classes on review for possible downgrade.  The
action concludes that review.  The action is the result of Moody's
on-going surveillance of commercial mortgage backed securities
transactions.

As of the June 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 23%
to $1.0 billion from $1.31 billion at securitization.  The
Certificates are collateralized by 154 mortgage loans ranging in
size from less than 1% to 8% of the pool, with the top 10 loans
non-defeased loans representing 24% of the pool.  Fifty-nine
loans, representing 37% of the pool, have defeased and are
collateralized by U.S. Government securities.

Thrirty-three loans, representing 16% of the pool, are on the
master servicer's watchlist.  The watchlist includes loans which
meet certain portfolio review guidelines established as part of
the Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Thirteen loans have been liquidated from the pool, resulting in a
$30.2 million loss.  Seven loans, representing 9% of the pool, are
currently in special servicing.  The largest loan in special
servicing is EmeryTech ($37.0 million -- 3.6%), which is secured
by a 224,000 square foot office building located in Emeryville,
California.  The loan was transferred to special servicing in June
2009 due to imminent default resulting from a decline in
occupancy.  The property was only 67% occupied as of March 2009
due to several large tenants vacating the building, including
Washington Mutual (18% net rentable area) and LV Sensor (6%).  The
Borrower has indicated that he has a potential tenant for some of
Washington Mutual's former space, however, the prospective tenant
would not move in until next year.  The second largest specially
serviced loan is Midway Mall ($21.8 million -- 2.2%), which is
secured by a 471,000 square foot retail center located in Sherman,
Texas.  The loan was transferred to special servicing in July
2008. The property has suffered from the loss of several major
tenants. Moody's estimates a $45.6 million aggregate loss (50%
loss severity on average) from the specially serviced loans.

Moody's was provided with partial or full-year 2008 operating
results for 80% of the pool, excluding the defeased loans.
Moody's weighted average loan to value ratio, excluding the
specially serviced loans with anticipated losses, is 79% compared
to 83% at Moody's prior review.

Moody's stressed debt service coverage ratio is 1.46X compared to
1.36X at last review.  Moody's stressed DSCR is based on Moody's
net cash flow and a 9.25% stressed rate applied to the loan
balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral Herf
score is 40.  The pool, excluding defeased loans and loans with
underlying ratings, has a Herf of 42 compared to 49 at last
review.

The three largest performing loans represent 9.3% of the
outstanding pool balance.  The largest loan is the Crystal Square
Four Loan ($45.7 million -- 4.5%), which is secured by a 354,000
square foot office building located in Arlington, Virginia.  The
property is largely occupied by government agencies and was 97%
occupied as of February 2009, similar to last review.  The
property's performance has been stable, however, Moody's stressed
the cash flow due to concerns about near-term lease rollover risk
in the current environment.  Moody's LTV and stressed DSCR are 89%
and 1.25X, respectively, compared to 75% and 1.45X at last review.

The second largest loan is the Sierra III Office Building Loan
($24.9 million -- 2.5%), which is secured by a 248,000 square foot
office building located in Irving, Texas.  The property was 100%
leased to Temerlin McClain, a subsidiary of True North
Communications, through January 2010. However, the tenant vacated
in 2007 and a new tenant, TXU Energy Retail Company, LLC, only
occupies 73% of the total net rentable area.  The decline in
occupancy has negatively impacted performance.  Moody's LTV and
stressed DSCR are 105% and 1.03X, respectively, compared to 74%
and 1.43X at last review.

The third largest loan is Brown & Williamson Tower Loan
($23.3 million -- 2.3%) which is secured by an office tower
located in Louisville, Kentucky.  The property is part of the
Galleria mixed-use complex and is connected to the Hyatt Regency
Hotel.  The property was 100% occupied as of January 2009 to two
major tenants -- R.J. Reynolds Tobacco Company and Fifth Third
Bank of Kentucky.  Performance has been stable.  Moody's LTV and
stressed DSCR are 84% and 1.35X, respectively, compared to 84% and
1.36X at last review.

Moody's rating action is:

  -- Class A-2, $700,546,233, affirmed at Aaa; previously affirmed
     at Aaa on 8/13/2007

  -- Class A-2F, $52,989,190, affirmed at Aaa; previously affirmed
     at Aaa on 8/13/2007

  -- Class IO-I, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 8/13/2007

  -- Class IO-II, Notional, affirmed at Aaa; previously affirmed
     at Aaa on 8/13/2007

  -- Class IO-III, Notional, affirmed at Aaa; previously affirmed
     at Aaa on 8/13/2007

  -- Class B, $52,331,000, affirmed at Aaa; previously affirmed at
     Aaa on 8/13/2007

  -- Class C, $26,166,000, confirmed at Aaa; previously Aaa,
     placed on review for possible downgrade on 6/17/2009

  -- Class D, $26,165,000, confirmed at Aa1; previously Aa1,
     placed on review for possible downgrade on 6/17/2009

  -- Class E, $16,354,000, confirmed at Aa3; previously Aa3,
     placed on review for possible downgrade on 6/17/2009

  -- Class F, $13,082,000, confirmed at A1; previously A1, placed
     on review for possible downgrade on 6/17/2009

  -- Class G, $26,166,000, confirmed at Baa1; previously Baa1,
     placed on review for possible downgrade on 6/17/2009

  -- Class H, $16,354,000, confirmed at Baa3; previously Baa3,
     placed on review for possible downgrade on 6/17/2009

  -- Class J, $19,624,000, downgraded to Ba3 from Ba1; previously
     Ba1, placed on review for possible downgrade on 6/17/2009

  -- Class L, $13,083,000, downgraded to Caa1 from Ba3; previously
     Ba3, placed on review for possible downgrade on 6/17/2009

  -- Class M, $6,541,000, downgraded to Caa2 from B1; previously
     B1, placed on review for possible downgrade on 6/17/2009

  -- Class N, $9,812,000, downgraded to Ca from B3; previously B3,
     placed on review for possible downgrade on 6/17/2009

  -- Class O, $13,083,000, downgraded to Ca from Caa3; previously
     Caa3, placed on review for possible downgrade on 6/17/2009

  -- Class P, $2,480,935, downgraded to C from Ca; previously Ca,
     placed on review for possible downgrade on 6/17/2009


FM LEVERAGED: Moody's Downgrades Ratings on Two Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by FM Leveraged Capital Fund II:

  -- Class B Second Priority Senior Floating Rate Notes due 2020,
     Downgraded to A1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- Class E Fifth Priority Deferrable Floating Rate Notes due
     2020, Downgraded to Ca; previously on March 17, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

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

  -- Class A-2 First Priority Senior Floating Rate Notes due 2020,
     Confirmed at Aa1; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- Class C Third Priority Deferrable Floating Rate Notes due
     2020, Confirmed at Ba1; previously on March 20, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- Class D Fourth Priority Deferrable Floating Rate Notes due
     2020, Confirmed at B1; previously on March 20, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," 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 Class E
Principal Coverage Ratio.  The weighted average rating factor has
steadily increased over the last year and is currently 3162 versus
a test level of 3100 as of the last trustee report, dated June 19,
2009.  Based on the same report, defaulted securities total about
$35.6 million, accounting for roughly 9%of the collateral balance,
and securities rated Caa1 or lower make up approximately 12.6% of
the underlying portfolio.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  Moody's analysis
reflects the application of certain stresses with respect to the
default probabilities associated with CEs.  These additional
stresses reflect the rapid pace of recent changes in credit market
conditions and the default rate expectations in the current
economic cycle that are higher than the historical averages.
Specifically, the default probability stresses include (1) a 1.5
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.

FM Leveraged Capital Fund II, issued in November 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.


FOUR CORNERS: Moody's Downgrades Ratings on Various 2005-1 Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Four Corners CLO 2005-1 Ltd.:

  -- US$70,000,000 Class A-1 Senior Floating Rate Notes Due 2017,
     Downgraded to Aa3; previously on February 24, 2005 Assigned
     Aaa;

  -- US$70,000,000 Class A-2 Senior Floating Rate Notes Due 2017,
     Downgraded to Aa3; previously on February 24, 2005 Assigned
     Aaa;

  -- US$88,750,000 Class A-3 Senior Floating Rate Notes Due 2017,
     Downgraded to Aa3; previously on February 24, 2005 Assigned
     Aaa;

  -- US$16,250,000 Class B Senior Floating Rate Notes Due 2017,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$17,250,000 Class C Deferrable Mezzanine Floating Rate
     Notes Due 2017, Downgraded to Ba2; previously on March 18,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$15,750,000 Class D Deferrable Mezzanine Floating Rate
     Notes Due 2017, Downgraded to Caa3; previously on March 18,
     2009 Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$20,000,000 Class Z-1 Combination Notes Due 2017,
     Downgraded to Caa3; previously on March 4, 2009 Baa2 Placed
     Under Review for Possible Downgrade.

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, and an increase in the proportion of
securities from issuers rated Caa1 and below.  The weighted
average rating factor has steadily increased over the last year
and is currently 2,637 versus a test level of 2,357 as of the last
trustee report, dated June 16, 2009.  Based on the same report,
defaulted securities total about $15.1 million, accounting for
roughly 5.2% of the collateral balance, and securities rated Caa1
or lower make up approximately 7.5% 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.

Four Corners CLO 2005-1 Ltd., issued in February 2005, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


FRANKLIN CLO: Moody's Downgrades Ratings on Three Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Franklin CLO V, Limited:

  -- US$49,000,000 Class B Senior Floating Rate Notes due 2018,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$21,500,000 Class D Deferrable Mezzanine Floating Rate
     Notes due 2018, Downgraded to B3; previously on March 17,
     2009 Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$13,000,000 Class E Deferrable Mezzanine Floating Rate
     Notes due 2018, Downgraded to Ca; previously on March 17,
     2009 Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

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

  -- US$23,500,000 Class C Deferrable Mezzanine Floating Rate
     Notes due 2018, Confirmed at Ba1; previously on March 17,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade.

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

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 Mezzanine
Overcollateralization Test.  The weighted average rating factor
has increased over the last year and is currently 2450 versus a
test level of 2673 as of the last trustee report, dated July 16,
2009.  Based on the same report, defaulted securities total about
$ 22.9 million, accounting for roughly 5% of the collateral
balance, and securities rated Caa1 or lower make up approximately
5.3% of the underlying portfolio.  Additionally, interest payments
on the Class E Notes are presently being deferred as a result of
the failure of the Mezzanine 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.

Franklin CLO V, 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.


FRANKLIN CLO: Moody's Junks Ratings on Class D Notes From 'B2'
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of these notes issued by Franklin CLO I, Limited:

  -- US$16,000,000 Class D floating Rate Notes due 2012,
     Downgraded to Caa1; previously on March 4, 2009, B2 Placed
     Under Review for Possible Downgrade.

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

  -- US$23,000,000 Class C floating Rate Notes due 2012, Confirmed
     at Aa2; previously on March 4, 2009, Aa2 Placed Under Review
     for Possible Downgrade.

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

Credit deterioration of the collateral pool is observed 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, and an increase in the proportion of
securities from issuers rated Caa1 and below.  The weighted
average rating factor has increased over the last year and is
currently 2225 versus a test level of 2370 as of the last trustee
report, dated June 30, 2009.  Based on the same report, defaulted
securities total about $2 million, accounting for roughly 4%of the
collateral balance, and securities rated Caa1 or lower make up
approximately 8% 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.

Franklin CLO I, Limited, issued on June 29, 2000, 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.


FREMONT HOME: Moody's Downgrades Ratings on Class SL-A to 'C'
-------------------------------------------------------------
Moody's Investors Service has downgraded the rating of one tranche
issued in Fremont Home Loan Trust 2006-B transaction due to higher
expected losses in relation to available credit enhancement.
Underlying securities' collateral consists primarily of closed-end
second lien residential mortgage loans (CES).

The ratings on the securities were monitored by evaluating factors
Moody's determined to be essential in the analysis of securities
backed by such loans.  The salient factors include: i) Moody's
review of the nature, sufficiency, and quality of historical loan
performance information, ii) analysis of the collateral
composition and pool credit performance including prepayment, loan
delinquency and loss data, iii) consideration of the transaction's
capital structure and related allocations of collateral cash flows
and losses, and iv) a comparison of current credit enhancement
levels to updated Moody's pool loss projections based on present
collateral credit performance.

When analyzing underlying ratings for CES and HELOC transactions,
Moody's projects cumulative losses for each deal based on a
collateral analysis of the deal's Constant Prepayment Rate and
Constant Default Rate.

CPR is based on the average of the last six months 1-month CPR.

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.
Moody's assumes that the CDR will not decline for the next two
years and will decline subsequently for the life of the deal under
a schedule, typically reducing by 50% in year 3 and remaining
constant thereafter.

Based on calculated CPR and CDR, Moody's calculates projected
deal-specific cumulative losses and the weighted average life of
the deal.  The credit enhancement calculation can also include
credit for excess spread, i.e. the aggregate, positive difference
in the weighted average loan coupon and the all-inclusive
securities' interest and deal fees, including servicing. Excess
spread benefit is calculated by multiplying the stressed
annualized excess spread by the weighted average life of the deal.

Aggregate credit enhancement which combines subordination benefit
(including over-collateralization and/or reserve accounts) and
excess spread benefit is compared with projected cumulative losses
for the deal to derive coverage multiples and associated ratings
by deal tranche.  Moody's will analyze tranche coverage multiples
after consideration of timing of tranche repayment and allocation
of losses (if any).

Issuer: Fremont Home Loan Trust 2006-B

  -- Cl. SL-A, Downgraded to C; previously on 2/26/2009 Caa2
     Placed Under Review for Possible Downgrade


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

  -- Class A--1 Senior Term Notes Due 2018, Downgraded to Aa2;
     previously on May 23, 2006 Assigned Aaa;

  -- Class A--2 Senior Revolving Notes Due 2018, Downgraded to
     Aa2; previously on May 23, 2006 Assigned Aaa;

  -- Class B Senior Floating Rate Notes Due 2018, Downgraded to
     Baa1; previously on March 4, 2009 Placed Under Review for
     Possible Downgrade;

  -- Class D Deferrable Mezzanine Floating Notes Due 2018,
     Downgraded to B2; previously on March 17, 2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade;

  -- Class Z Combination Notes Due 2018, Downgraded to Ba1;
     previously on March 4, 2009 Placed Under Review for Possible
     Downgrade.

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

  -- Class C-1 Deferrable Mezzanine Floating Rate Notes Due 2018,
     Confirmed at Ba1; previously on March 17, 2009 Downgraded to
     Ba1 and Placed Under Review for Possible Downgrade;

  -- Class C-2 Deferrable Mezzanine Fixed Rate Notes Due 2018,
     Confirmed at Ba1; previously on March 17, 2009 Downgraded to
     Ba1 and Placed Under Review for Possible Downgrade.

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

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 Overcollateralization Ratio Test.  The weighted average
rating factor has steadily increased over the last year and it is
currently at 3021 versus a test level of 2726 as of the last
trustee report, dated June 3, 2009.  Based on the same report,
defaulted securities total about $24 million, accounting for
roughly 5.0% of the collateral balance, and securities rated Caa1
or lower make up approximately 8.5% 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 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.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


GRAYSTON CLO: Moody's Downgrades Ratings on Three Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Grayston CLO II 2004-1 Ltd.:

  -- US$283,750,000 Class A-1L Floating Rate Notes Due August
     2016, Downgraded to Aa2; previously on June 30, 2004 Assigned
     Aaa;

  -- US$20,000,000 Class A-2L Floating Rate Notes Due August 2016,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$16,750,000 Class B-1LA Floating Rate Notes Due August
     2016, Downgraded to B3; previously on March 18, 2009
     Downgraded B1 and Placed under Review for Possible Downgrade.

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

  -- US$24,500,000 Class A-3L Floating Rate Notes Due August 2016,
     Confirmed at Ba1; previously on March 18, 2009 Downgraded to
     Ba1 and Placed under Review for Possible Downgrade.

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

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 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 is currently 2935 versus a test level of 2065 as of the last
trustee report, dated July 2, 2009.  Based on the same report,
defaulted securities total about $14.5 million, accounting for
roughly 4% of the collateral balance, and securities rated Caa1 or
lower make up approximately 8% 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.

Grayston CLO II 2004-1 Ltd., issued in June 2004, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


GREENWICH CAPITAL: S&P Downgrades Ratings on Six 2004-FL2 Certs.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of commercial mortgage pass-through certificates from
Greenwich Capital Commercial Funding Corp.'s series 2004-FL2.
Concurrently, S&P affirmed its 'AAA' ratings on five other classes
from this transaction.  In addition, S&P removed all 11 ratings
from CreditWatch with negative implications, where they were
placed April 7, 2009.

S&P lowered its ratings based on its revised valuations of the
remaining two loans in the pool, Southfield Town Center and
Aviation Mall, which have fallen 10% and 14%, respectively, since
S&P's last review, dated December 18, 2007.

The Southfield Town Center loan is the larger of the two remaining
loans in the pool.  This loan has a whole-loan balance of
$235.0 million that consists of a $165.0 million senior note and a
$70.0 million nontrust junior subordinate note.  The senior note
is further divided into a $157.0 million senior pooled trust
component (85% of the pool balance as of the July 7, 2009, trustee
remittance report) and an $8.0 million junior nonpooled trust
component that provides support for the class "N-SO" raked
certificates.  In addition, the borrower's equity interests in the
collateral property secure a $25.0 million mezzanine loan.  This
loan, secured by a five-building, class A office complex totaling
2.15 million sq. ft. in Southfield, Mich., was transferred to the
special servicer, Wachovia Bank N.A., on May 7, 2009, due to
imminent default.  According to Wachovia, this loan, which is
current, has been modified.  The modification terms include, among
other items, extending the loan's final maturity date to July 1,
2011, from July 1, 2009, with one 12-month extension option and
converting the interest-only loan to an amortizing loan.  The
master servicer, also Wachovia, reported a debt service coverage
(DSC) of 3.05x for the 12 months ended December 31, 2008, and 78%
occupancy as of April 2009.  S&P based its cash flow analysis on a
review of the borrower's operating statements for the trailing 12
months ended March 31, 2009.  The decline in S&P's adjusted
valuation is mainly attributable to lower revenue.

The other remaining loan in the pool, the Aviation Mall loan, has
a whole-loan balance of $37.7 million that consists of a
$28.2 million senior participation interest that makes up 15% of
the pooled trust balance and a $9.5 million junior participation
interest that is held outside the trust.  This loan, secured by
514,900 sq. ft. of a 640,900-sq.-ft. retail center in Queensbury,
N.Y., was transferred to Wachovia on May 6, 2009, due to imminent
default.  Wachovia has indicated that this loan, which is current,
has been modified.  The loan's final maturity date was extended to
July 1, 2011, from July 1, 2009.  Wachovia reported a DSC of 1.33x
for the 12 months ended December 31, 2008, and an occupancy of 88%
as of June 2009.  S&P based its cash flow analysis on a review of
the borrower's operating statements for the trailing 12 months
ended April 30, 2009.  The decline in S&P's adjusted valuation is
due primarily to higher operating expenses.

      Ratings Lowered And Removed From Creditwatch Negative

            Greenwich Capital Commercial Funding Corp.
   Commercial mortgage pass-through certificates series 2004-FL2

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    G        AA        AA+/Watch Neg                      34.34
    H        A-        A/Watch Neg                        26.51
    J        BB+       A-/Watch Neg                       14.04
    K        BB        BBB/Watch Neg                       8.46
    L        B-        BB+/Watch Neg                        N/A
    N-SO     BB-       BB/Watch Neg                         N/A

      Ratings Affirmed And Removed From Creditwatch Negative

            Greenwich Capital Commercial Funding Corp.
  Commercial mortgage pass-through certificates series 2004-FL2

                Rating
                ------
    Class    To        From              Credit enhancement (%)
    -----    --        ----              ----------------------
    B        AAA       AAA/Watch Neg                      90.36
    C        AAA       AAA/Watch Neg                      76.13
    D        AAA       AAA/Watch Neg                      63.85
    E        AAA       AAA/Watch Neg                      57.18
    F        AAA       AAA/Watch Neg                      44.87

                       N/A - Not applicable.


GULF STREAM-COMPASS: Moody's Downgrades Ratings on 2002-I Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Gulf Stream-Compass CLO 2002-I,
Ltd.:

  -- US$232,500,000 Class A Floating Rate Senior Notes Due August
     2014, Downgraded to Aa3; previously on January 10, 2003
     Assigned Aaa;

  -- US$12,700,000 Class B Floating Rate Senior Subordinated Notes
     Due August 2014, Downgraded to Baa1; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$10,950,000 Class C Floating Rate Senior Subordinated Notes
     Due August 2014, Downgraded to Ba2; previously on March 20,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$11,850,000 Class D Floating Rate Senior Subordinated Notes
     Due August 2014, Downgraded to Caa1; previously on March 20,
     2009 Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$8,000,000 Class E Floating Rate Subordinated Notes Due
     August 2014, Downgraded to Ca; previously on March 20, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook", and the
calculation of the Diversity Score.  The revised assumptions that
have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."
Moody's analysis also reflects the expectation that recoveries for
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 Class D
Overcollateralization Test and Class E Overcollateralization Test.
The weighted average rating factor has steadily increased over the
last year and is currently 2848 versus a test level of 2600 as of
the last trustee report, dated June 11, 2009.  Based on the same
report, defaulted securities total about $24.9 million, accounting
for roughly 9.11% of the collateral balance, and securities rated
Caa1 or lower make up approximately 11.43% 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.  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.  Finally, Moody's noted that the portfolio includes a
number of investments in securities that mature after the maturity
date of the notes.  These investments potentially expose the notes
to market risk in the event of liquidation at the time of the
notes' maturity.

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.

Gulf Stream-Compass CLO 2002-I, Ltd., issued in December 19, 2002,
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.


HIGHLAND CREDIT: Moody's Upgrades Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
ratings on two classes of notes and confirmed its rating on one
class of notes issued by Highland Credit Opportunities CDO Ltd.:

  -- US$225,000,000 Class A-1 First Priority Floating Rate
     Revolving Notes Due 2013, Upgraded to B1; previously on
     November 19, 2008 downgraded to B3 under review for possible
     downgrade;

  -- US$613,000,000 Class A-2 First Priority Floating Rate Term
     Notes Due 2013, Upgraded to B1; previously on November 19,
     2008 downgraded to B3 under review for possible downgrade;

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

  -- US$44,000,000 Class B Second Priority Floating Rate Term
     Notes Due 2013, Confirmed at Caa3; previously on November 19,
     2008 downgraded to Caa3 under review for possible downgrade;

According to Moody's, the rating actions taken on the above
classes of notes are a result of increased credit enhancement to
the notes due to an additional capital injection made by the
issuer's equity holders and the execution of a forbearance
agreement between the issuer and the majority of the controlling
class.  Pursuant to the forbearance agreement, the controlling
class of the transaction has agreed that, until December 31, 2011,
(a) it will not direct an acceleration or a liquidation of the
transaction based solely on the occurrence of an event of default
resulting from the violation of any overcollateralization test;
(b) it waives any such event of default.  In addition, the manager
of the transaction, has agreed not to pay any dividends to the
holders of the preferred shares if the advance amount of the class
A notes is less than the greater of (i) 110% of the outstanding
principal amount of the class A notes and (ii) the sum of (1) the
advance amount of the class A notes as of December 14, 2008, and
(2) 10% of the principal amount of the class A notes on
December 14, 2008.

Highland Credit Opportunities CDO Ltd., issued in November 16
2006, is a market value collateralized loan obligation backed
primarily by bank 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.


HOME RE: Moody's Downgrades Ratings on Five 2006-1 Tranches
-----------------------------------------------------------
Moody's Investors Service has downgraded the ratings of five
tranches issued by the Home Re 2006-1 Limited transaction due to
higher expected losses in relation to remaining tranche-specific
credit protection.

The Home Re 2006-1 transaction is a synthetic securitization
backed by mortgage insurance exposure on a reference portfolio of
approximately $576 million of subprime and Alt-A mortgage loans.
The mortgage insurance is provided by Mortgage Guaranty Insurance
Corporation.  Noteholders are exposed to the risk of future claims
under the mortgage insurance policies.  The riskiness of the notes
is a function of the credit performance of the underlying
reference portfolio of mortgage loans and the amount of risk
assumed. Credit enhancement for the notes is provided primarily
through subordination.

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

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

General loss estimation methodology for the reference portfolios
is outlined below.

For recent vintages (2005 and later), Moody's calculates estimated
losses for residential mortgage pools in a two-step process.
First, serious delinquencies are projected through late 2009,
primarily based upon recent performance.  These projected
delinquencies are converted into projected losses using lifetime
roll rates (the probability of transition to default) averaging
85% for 60-day delinquencies, 90% for 90-day or longer
delinquencies, 100% for loans in foreclosure and REO, and 100%
severity assumption for the mortgage insurance exposure
securitized in this transaction.  Severity takes into account
accrued interest during the liquidation period, rescission rates
as well as the effect of modifications on underlying mortgages.

The second step is to determine losses beyond 2009.  Depending on
a deal's performance, as well as collateral credit
characteristics, such as loan type, loan-to-value ratios and
geographic concentrations of remaining current loans, Moody's
assumes varying degrees of slowing in the loss rate (which is
measured by loss-to-liquidation) for the remaining life of the
deal.  Typical degrees of slowing in loss rate after late 2009
range from 15% to 25%.

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

Complete rating actions are:

Issuer: Home Re 2006-1 Limited

  -- Cl. M-2, Downgraded to C; previously on 7/9/2009 Baa2 Placed
     Under Review for Possible Downgrade

  -- Cl. M-3, Downgraded to C; previously on 7/9/2009 Baa3 Placed
     Under Review for Possible Downgrade

  -- Cl. B-1, Downgraded to C; previously on 7/9/2009 Ba1 Placed
     Under Review for Possible Downgrade

  -- Cl. B-2, Downgraded to C; previously on 7/9/2009 Ba2 Placed
     Under Review for Possible Downgrade

  -- Cl. B-3, Downgraded to C; previously on 7/9/2009 Ba3 Placed
     Under Review for Possible Downgrade


HUNTINGTON CDO: Fitch Downgrades Ratings on Six Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded six classes of notes issued by
Huntington CDO Ltd./Inc., and assigned Loss Severity ratings.

These rating actions are the result of continued credit
deterioration experienced since Fitch's rating action in July
2008.  Approximately 58.1% of the portfolio carries a Fitch
derived rating below investment grade, with 42.9% rated 'CCC' or
lower.  This is up from 25.1% rated below investment grade and
10.3% rated 'CCC' and lower at the last review.

As of the June 30, 2009 trustee report, the class A/B
overcollateralization (OC) ratio was at 86.6% and is failing the
covenant of 103.7%.  Consequently, interest proceeds that would
otherwise pay classes C-1 and C-2 (class C) interest are being
diverted to pay down the class A-1 notes.  Class A-1 has paid down
approximately 20% since closing.  At the last payment date in May
2009, approximately $1.5 million in excess spread was diverted
from class C in the interest waterfall to pay down class A-1
principal in an attempt to cure the failing OC test.
Additionally, all principal proceeds are being exhausted to pay
down the class A-1 notes also due to the failing OC test.

Fitch expects the class A-1 notes to continue to receive interest
and full principal repayment.  The class A-2 notes have been
downgraded to 'CCC' as they continue to receive interest payments
but minimal principal recovery is expected.  The class B notes
have been downgraded to 'CC' as they continue to receive interest
payments, but Fitch does not expect any principal recovery.  The
class C notes are receiving interest paid in kind (PIK) whereby
the principal amount of the notes is written up by the amount of
interest due.  The class C notes have been downgraded to 'C' as
Fitch does not expect this class to receive any future payments.

The classes A-1A and A-1B notes were assigned a Stable Outlook
reflecting Fitch's expectation that the rating will remain stable
over the next one to two years.  The classes A-1A and A-1B notes
were also assigned a Loss Severity Rating of LS3.  An LS3 Rating
indicates that a tranche has a medium risk of severe loss severity
given default, as evidenced by the ratio of tranche size to the
base case loss expectation for the collateral in the range of 1.1
to 4.  The LS rating should always be considered in conjunction
with probability of default indicated by a class's long-term
credit rating.  Fitch does not assign Rating Outlooks and LS
ratings to classes rated 'CCC' and lower.

Huntington is a cash flow collateralized debt obligation (CDO)
that closed on March 29, 2005, and is managed by Western Asset
Management Company.  The reinvestment period ended in May 2008.
The reference portfolio is composed of 87.3% residential mortgage
backed securities, 8.3% asset backed securities (ABS), 3.3%
commercial mortgage backed securities, and 1.1% CDOs.

Fitch will continue to monitor and review this transaction for
future rating adjustments.

Fitch has downgraded and assigned LS ratings:

  -- $369,494,614 class A-1A to 'B/LS3' from 'AAA'; Outlook
     Stable;

  -- $200,051 class A-1B to 'B/LS3' from 'AAA'; Outlook Stable;

  -- $112,000,000 class A-2 to 'CCC' from 'BB+';

  -- $70,000,000 class B notes to 'CC' from 'BB-';

  -- $16,289,390 class C-1 notes to 'C' from 'B-';

  -- $5,273,568 class C-2 notes to 'C' from 'B-'.


JP MORGAN: Fitch Downgrades Ratings on Two 2005-CIBC12 Notes
------------------------------------------------------------
Fitch Ratings has downgraded and revised Rating Outlooks on J.P.
Morgan Chase Commercial Mortgage Securities Corp., Series 2005-
CIBC12:

  -- $32.5 million class D to 'BBB' from 'A-'; Outlook to Negative
     from Stable;

  -- $27.1 million class E to 'BBB-' from 'BBB'; Outlook to
     Negative from Stable.

Fitch has downgraded and maintained the Rating Outlooks:

  -- $29.8 million class H to 'B-' from 'B'; Outlook Negative.

Fitch has downgraded and revised the Recovery Rating (RR):

  -- $8.1 million class J to 'CC/RR3' from 'CCC/DR1';
  -- $8.1 million class K to 'C/RR6' from 'CC/DR3'.

Fitch has affirmed and maintained Rating Outlooks:

  -- $140.1 million class A-2 at 'AAA'; Outlook Stable;
  -- $163.6 million class A-3A1 at 'AAA'; Outlook Stable;
  -- $122.9 million class A-3A2 at 'AAA'; Outlook Stable;
  -- $200 million class A-3B at 'AAA'; Outlook Stable;
  -- $649.3 million class A-4 at 'AAA'; Outlook Stable;
  -- $137.4 million class A-SB at 'AAA'; Outlook Stable;
  -- $216.7 million class A-M at 'AAA'; Outlook Stable;
  -- $162.5 million class A-J at 'AAA'; Outlook Stable;
  -- Interest only class X-1 at 'AAA'; Outlook Stable;
  -- Interest only class X-2 at 'AAA'; Outlook Stable;
  -- $24.4 million class F at 'BBB-'; Outlook Negative;
  -- $24.4 million class G at 'BB'; Outlook Negative;
  -- $50 million class UHP at 'B-'; Outlook Stable.

Fitch has affirmed and revised Rating Outlooks:

  -- $43.3 million class B at 'AA-'; Outlook to Negative from
     Stable;

  -- $19 million class C at 'A'; Outlook to Negative from Stable;

Fitch has also affirmed and revised the RR:

  -- $8.1 million class L to 'C/RR6' from 'C/DR6';
  -- $5.4 million class M to 'C/RR6' from 'C/DR6';
  -- $8.1 million class N to 'C/RR6' from 'C/DR6';
  -- $5.4 million class P to 'C/RR6' from 'C/DR6'.

The $27.1 million Class NR is not rated by Fitch. Class A-1 has
paid in full.

The downgrades and the assignment of the Recovery ratings reflect
the loss expectations on the 11 specially serviced loans (5.3%).
Three loans (1.3%) have transferred to special servicing since
Fitch's last rating action in March 2009.  The Rating Outlooks
reflect the likely direction of any rating changes over the next
one to two years.

Currently, Fitch has identified 28 Loans of Concern (10.1%),
including the 11 specially serviced assets.

The largest specially serviced asset (0.9%) is a 124,894 square
foot retail property in Pomona, California.  The loan transferred
to special servicing in March 2009.  Losses are expected.

The second largest specially serviced asset (0.7%) is a 34,938 sf
retail property in St. Thomas, Virgin Islands.  The asset has been
real estate owned since August 2008.  The property has suffered
from a deteriorating retail environment stemming from a reduction
in vacation travel.  The most recent appraisal value indicates
significant losses upon disposition.

The third largest specially serviced loan (0.7%) is secured by a
129,689 sf office building located in Scottsdale, Arizona.  The
loan transferred to special servicing in November 2008 when its
sole tenant notified the borrower that it intended to vacate at
the end of its lease in December 2008.  The property is currently
100% vacant.  The property is in foreclosure.

The fourth largest specially serviced loan (0.6%) is
collateralized by a 575,276 sf industrial building in South
Plainfield, New Jersey, that transferred in May 2009.  The
borrower and New Jersey Department of Environmental Protection are
currently working on an environmental remediation plan.

Two loans, 4250 North Fairfax Drive (2.2%), and 450 Roxbury Drive
(1.2%) maintain investment grade shadow-ratings.  Watertower Place
at Celebration has paid in full.

The largest shadow rated loan, 4250 North Fairfax Drive, is an
office property located in Arlington, Virginia, that reported
year-end 2008 occupancy of 97%, in line with issuance occupancy of
98.6% and a decrease in net operating income of 5% since issuance.
The second loan, 450 Roxbury Drive, is a medical office property
in Los Angeles, California.  Occupancy as of year-end 2008 was
100%, an increase from the issuance occupancy of 88.4% and an
increase in NOI of 28% since issuance.

As of the June 2009 distribution date, the transaction has paid
down 4.7% to $2.1 billion from $2.2 billion at issuance.  Four
loans, 2.8% of the pool, have defeased.

None of the non-defeased loans in the pool are scheduled to mature
in 2009 and 10 non-defeased loans (8.3%) are scheduled to mature
in 2010.


JP MORGAN: Fitch Downgrades Ratings on 2002-CIBC4 Certificates
--------------------------------------------------------------
Fitch Ratings downgrades and assigns Outlooks to JP Morgan Chase
Commercial Mortgage Securities Corporation's commercial mortgage
pass-through certificates, series 2002-CIBC4:

  -- $24 million class E to 'A' from 'AA'; Outlook Stable;
  -- $12 million class F to 'BBB from 'A'; Outlook Stable;
  -- $14 million class G at 'BB' from 'BBB+'; Outlook Negative.

In addition, Fitch downgrades and assigns recovery ratings to
these classes:

  -- $12.0 million class H to 'CCC/RR1' from 'BB+';
  -- $4.0 million class J to 'C/RR2' from 'BB';
  -- $6.0 million class K to 'C/RR6' from 'B+';
  -- $8.0 million class L to 'C/RR6' from 'B';
  -- $4.0 million class M to 'C/RR6' from 'B-'.

Also, Fitch affirms these classes:

  -- $61.8 million class A-2 at 'AAA'; Outlook Stable;
  -- $403.2 million class A-3 at 'AAA'; Outlook Stable;
  -- Interest-only class X-1 at 'AAA'; Outlook Stable;
  -- Interest-only class X-2 at 'AAA'; Outlook Stable;
  -- $32.0 million class B at 'AAA'; Outlook Stable;
  -- $34.0 million class C at 'AAA'; Outlook Stable;
  -- $10 million class D at 'AAA'; Outlook Stable.

Fitch does not rate the $5.8 million class NR. Class A-1 has been
paid in full.

The downgrades and Negative Outlook assignments are due to
expected losses on the three loans currently in special servicing,
as well as an increased concentration of Fitch Loans of Concern.
The affirmations reflect sufficient credit enhancement to the
senior classes.  The Rating Outlooks reflect the likely direction
of any rating changes over the next one to two years.  As of the
July 2009 distribution date, the pool has been reduced 21.6% to
$626.5 million from $798.9 million at issuance.  Twenty-seven
loans, 30.8% of the pool, have defeased.

There are currently three loans (11.4%) in special servicing and
losses are expected.  The largest loan in special servicing
(10.3%), the Highland Mall loan, is collateralized by 487,170
square feet (sf) of a 1,120,347 sf Regional Mall located in
Austin, Texas.  The mall is anchored by Dillard's Women's, Macy's
and Dillard's Men's and Home.  Dillard's Women and Macys own their
own stores and underlying land.  Dillard's Women's has an expired
operating covenant and have the right to close their store at this
location.  The borrower is currently in discussions with Dillard's
for a possible renewal but this is not finalized.  There are co-
tenancy clauses with nine in-line tenants if Dillard's Women's
closes, which include Gap, Foot Locker, RadioShack, Aeropostale.
As of March 31, 2009 the rent roll indicates that in-line
occupancy is 68%, and overall occupancy, which includes the 80,000
Dillard's Men's and Home space, is 74%.  Assuming the Dillard's
Women's space and the tenants with co-tenancy clauses are not
renewed, Fitch stressed debt service coverage ratio and occupancy
would fall to 0.58 times (x) and 68%, respectively.  Fitch expects
that losses could materialize upon the possible liquidation of
this asset.

The second largest specially serviced asset (0.6%) is real estate
owned and is a multi-family building located in Austell, Georgia.
The third specially serviced loan (0.6%) is secured by a multi-
family building located in Greenville, North Carolina and is in
foreclosure.  Losses are expected on both loans, however, the
class NR is currently able to absorb these losses.

Exclusive of the three specially serviced loans, an additional
eight loans (6.4%) have been identified as Fitch Loans of Concern.
The largest non-specially serviced loan of concern (1.3%) is
secured by a retail property in Hickory, North Carolina.  The most
recent servicer reported DSCR is 1.67x, however, this number does
not reflect a drop in occupancy following the loss of a major
tenant.


JPMORGAN CHASE: S&P Affirms Ratings on 13 2004-FL1 Certificates
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 13
classes of commercial mortgage pass-through certificates from
JPMorgan Chase Commercial Mortgage Securities Corp.'s series 2004-
FL1 and removed them from CreditWatch with negative implications,
where they were placed on April 7, 2009.

The larger of the two remaining loans in the pool is the Shops at
Sunset Place loan.  This loan has a whole-loan balance of
$81.8 million that consists of a $73.6 million senior
participation interest that makes up 97% of the pooled trust
balance (as of the July 16, 2009, trustee remittance report) and
an $8.2 million junior participation interest that is held outside
the trust.  This loan, secured by a 519,100-sq.-ft. urban
lifestyle retail center in South Miami, Fla., was transferred to
the special servicer on March 2, 2009, due to imminent default.
The borrower failed to pay off the loan at its May 9, 2009, final
maturity date.

According to the special servicer, Midland Loan Services Inc.
(Midland), this loan, which is current, has been modified.  The
modification terms include, among other items, extending the
loan's maturity to May 9, 2010, increasing the interest rate
spread on the whole-loan balance, and amortizing the senior
participation portion of the loan with available monthly net cash
flow.  The master servicer, also Midland, reported a debt service
coverage of 1.59x for the 12 months ended December 31, 2008, and
88% occupancy as of March 2009.  S&P based its cash flow analysis
on a review of the borrower's operating statements for the first
four months of 2009, the 12 months ended December 31, 2008, and
its 2009 budget.  S&P's adjusted valuation is comparable to the
levels in S&P's last review, dated February 12, 2008.  A May 2009
appraisal values the property on an "as is" basis at a level that
exceeds the outstanding debt on the trust balance.

The smaller remaining loan in the pool, the Oasis Apartments loan,
has a whole-loan balance of $3.2 million that consists of a
$1.9 million senior participation interest that makes up 3% of the
pooled trust balance and a $1.3 million nontrust junior
participation interest.  This loan, secured by a 128-unit garden-
style apartment complex in Las Vegas, was transferred to the
special servicer on August 7, 2008, due to imminent default.  The
borrower was unable to pay off the loan on its August 10, 2008,
final maturity date.

The special servicer, CT Investment Co. LLC, has indicated that
this loan, which is current, has been extended to October 10,
2009.  The master servicer reported a 1.78x DSC for the 12 months
ended December 31, 2008, and 77% occupancy as of May 2009.  S&P
based its cash flow analysis on a review of the borrower's
operating statements for the first five months of 2009 and the 12
months ended December 31, 2008.  Although S&P's adjusted valuation
has declined 30% since S&P's last review due to decreased
occupancy, the loan-to-value ratio on the trust balance is 40%.
The decline in valuation is offset by de-leveraging of the loan,
as the borrower is making monthly principal payments of $15,000.
A February 2009 appraisal values the property on an "as is" basis
at a level that exceeds the outstanding debt on the trust balance.

      Ratings Affirmed And Removed From Creditwatch Negative

       JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2004-FL1

                  Rating
                  ------
    Class       To       From            Credit enhancement (%)
    -----       --       ----            ----------------------
    A-2         AAA      AAA/Watch Neg                    98.66
    B           AAA      AAA/Watch Neg                    83.73
    C           AAA      AAA/Watch Neg                    71.55
    D           AAA      AAA/Watch Neg                    61.77
    E           AAA      AAA/Watch Neg                    51.55
    F           AAA      AAA/Watch Neg                    42.66
    G           AAA      AAA/Watch Neg                    34.66
    H           AA+      AA+/Watch Neg                    26.66
    J           A        A/Watch Neg                      19.55
    K           BBB+     BBB+/Watch Neg                   12.00
    L           BB       BB/Watch Neg                       N/A
    X-1B        AAA      AAA/Watch Neg                      N/A
    X-FL        AAA      AAA/Watch Neg                      N/A

                       N/A - Not applicable.


LANDMARK III: Moody's Downgrades Ratings on Various Notes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Landmark III CDO Ltd:

  -- US$82,000,000 Class A-1L Floating Rate Notes Due January
     2016, Downgraded to Aa2; previously on December 17, 2003
     Assigned Aaa;

  -- US$31,000,000 Class A-1LB Floating Rate Notes Due January
     2016, Downgraded to Aa3; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$16,500,000 Class A-2L Floating Rate Notes Due January
     2016, Downgraded to Baa1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$19,700,000 Class A-3L Floating Rate Notes Due January
     2016, Downgraded to Ba2; previously on March 20, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$14,150,000 Class B-1L Floating Rate Notes Due January
     2016, Downgraded to Caa2; previously on March 20, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$7,750,000 Class B-2L Floating Rate Notes Due January 2016,
     Downgraded to Ca; previously on March 20, 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 Class B-1L and
Class B-2L overcollateralization tests.  The weighted average
rating factor has steadily increased over the last year and is
currently 2959 versus a test level of 2250 as of the last trustee
report, dated July 7, 2009.  Based on the same report, defaulted
securities total about $29.3 million, accounting for roughly 9.4%
of the collateral balance, and securities rated Caa1 or lower make
up approximately 14.4% of the underlying portfolio.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  Moody's analysis
reflects the application of certain stresses with respect to the
default probabilities associated with CEs.  These additional
stresses reflect the rapid pace of recent changes in credit market
conditions and the default rate expectations in the current
economic cycle that are higher than the historical averages.
Specifically, the default probability stresses include (1) a 1.5
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.

Landmark III CDO LTD, issued in December of 2003, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


LEHMAN BROS: S&P Downgrades Ratings on Four Securities to 'CCC-'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on four
Lehman Bros. Holdings Inc.-related repackaged securities to 'CCC-'
from 'CCC'.  S&P then withdrew all four ratings.

The rating actions reflect the bankruptcy of the swap guarantor,
Lehman Bros. Holdings Inc.  The swap guarantor in these
transactions provided material support and was the primary basis
for the ratings.

                          Rating Actions

                     Banyan Tree 2004-1 Ltd.
                        $200 million notes

                                    Rating
                                    ------
              Class          To     Interim    From
              -----          --     -------    ----
              Note           NR     CCC-       CCC

      Restructured Asset Certificates with Enhanced Returns
                     Series 2002-10-TR Trust
                    $14 million certificates

                                    Rating
                                    ------
              Class          To     Interim    From
              -----          --     -------    ----
              Certificates   NR     CCC-       CCC

                   Variable Funding Trust 2007-1
    $500 million variable rate senior secured revolving notes

                                    Rating
                                    ------
              Class          To     Interim    From
              -----          --     -------    ----
              Notes          NR     CCC-       CCC

                   Variable Funding Trust 2008-1
    $500 million variable rate senior secured revolving notes

                                    Rating
                                    ------
              Class          To     Interim    From
              -----          --     -------    ----
              Notes          NR     CCC-       CCC


MADISON PARK: Moody's Downgrades Ratings on Three Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Madison Park Funding II, Ltd.:

  -- US$509,750,000 Class A-1 Floating Rate Notes Due 2020,
     Downgraded to Aa2; previously on February 16, 2009 Assigned
     Aaa;

  -- US$11,250,000 Class A-2b Floating Rate Notes Due 2020,
     Downgraded to Aa3; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$38,000,000 Class A-3 Floating Rate Notes Due 2020,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade.

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

  -- US$25,000,000 Class B-1 Deferrable Floating Rate Notes Due
     2020, Confirmed at Ba1; previously on March 17, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$25, 000,000 Class B-2 Deferrable Fixed Rate Notes Due
     2020, Confirmed at Ba1; previously on March 17, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$25,000,000 Class C-1 Deferrable Floating Rate Notes Due
     2020, Confirmed at B1; previously on March 17, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$5,000,000 Class C-2 Deferrable Fixed Rate Notes Due 2020,
     Confirmed at B1; previously on March 17, 2009 Downgraded to
     B1 and Placed Under Review for Possible Downgrade;

  -- US$22,500,000 Class D Deferrable Floating Rate Notes Due
     2020, Confirmed at Caa2; previously on March 17, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured by the weighted
average rating factor), an increase in the dollar amount of
defaulted securities, an increase in the proportion of securities
from issuers rated Caa1 and below, and failure of the Class D Par
Value Test.  The weighted average rating factor has steadily
increased over the last year and is currently 2929 versus a test
level of 2650 as of the last trustee report, dated June 18, 2009.
Based on the same report, defaulted securities total about
$77 million, accounting for roughly 9.4% of the collateral
balance, and securities rated Caa1 or lower make up approximately
9.5% 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.

Madison Park Funding II, Ltd., issued in February of 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


MADISON PARK: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Madison Park Funding I, Ltd.:

  -- US$305,000,000 Class A Variable Funding Floating Rate Notes
     Due 2019, Downgraded to Aa2; previously on April 21, 2005
     Assigned Aaa;

  -- US$150,000,000 Class A Term Floating Rate Notes Due 2019,
     Downgraded to Aa2; previously on April 21, 2005 Assigned Aaa;

  -- US$35,000,000 Class B Floating Rate Notes Due 2019,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$19,000,000 Class E Deferrable Floating Rate Notes Due
     2019, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

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

  -- US$33,000,000 Class C Deferrable Floating Rate Notes Due
     2019, Confirmed at Ba1; previously on March 18, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$22,000,000 Class D Deferrable Floating Rate Notes Due
     2019, Confirmed at B1; previously on March 18, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  The
actions also reflect Moody's revised assumptions with respect to
default probability, the treatment of ratings on "Review for
Possible Downgrade" or with a "Negative Outlook," 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), and 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 is currently 2834 versus a test level of 2540 as of the last
trustee report, dated June 12, 2009.  Based on the same report,
defaulted securities total about $44.7 million, accounting for
roughly 7.1% of the collateral balance, and securities rated Caa1
or lower make up approximately 10.3% of the underlying portfolio.

Moody's also notes that a material proportion of the collateral
pool includes debt obligations whose credit quality has been
assessed through Moody's Credit Estimates.  Moody's analysis
reflects the application of certain stresses with respect to the
default probabilities associated with CEs.  These additional
stresses reflect the rapid pace of recent changes in credit market
conditions and the default rate expectations in the current
economic cycle that are higher than the historical averages.
Specifically, the default probability stresses include (1) a 1.5
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.

Madison Park Funding I, Ltd., issued in April of 2005, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


MARATHON STRUCTURED: Moody's Downgrades Ratings on Four Classes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of four classes of notes issued by Marathon Structured
Finance CDO I, Ltd.:

  -- US$128,000,000 Class A-1 Floating Rate Term Notes Due 2046,
     Downgraded to Ca; previously on 3/10/2009 Downgraded to Baa3
     and remains on Review for Possible Downgrade;

  -- US$30,000,000 Class A-1 Floating Rate Delayed Draw Notes Due
     2046, Downgraded to Ca; previously on 3/10/2009 Downgraded to
     Baa3 and remains on Review for Possible Downgrade;

  -- US$18,000,000 A-2 Floating Rate Notes Due 2046, Downgraded to
     C; previously on 3/10/2009 Downgraded to Ba3 and remains on
     Review for Possible Downgrade;

  -- US$63,000,000 Class B Floating Rate Notes Due 2046,
     Downgraded to C; previously on 3/10/2009 Downgraded to B3 and
     remains on Review for Possible Downgrade;

Marathon Structured Finance CDO I, Ltd., is a collateralized debt
obligation backed primarily by a portfolio of CLOs.

The transaction experienced, as reported by the Trustee on
June 16, 2009, an event of default caused by a failure to maintain
the Overcollateralization Percentage for the Class A Notes and
Class B Notes to be greater than 100%, as described in Section
5.1(h) of the Indenture dated July 26, 2006.  This event of
default is still continuing.

As provided in Article V of the Indenture during the occurrence
and continuance of an Event of Default, certain parties to the
transaction may be entitled to direct the Trustee to take
particular actions with respect to the Collateral Debt Securities
and the Notes.  In this regard the Trustee reports that a majority
of the Controlling Class directed the Trustee to declare the
principal of and accrued and unpaid interest on all the Notes to
be immediately due and payable.  Furthermore, according to the
Trustee, a majority of the Controlling Class directed the Trustee
to commence the process of the sale and liquidation of the
Collateral in accordance with relevant provisions of the
transaction documents.

The transaction is exposed to a significant concentration of
mezzanine and junior CLO tranches in the underlying portfolio.
The majority of these CLO tranches are currently assigned low
speculative-grade ratings and carry depressed market valuations
that may herald poor recovery prospects in the sale and
liquidation of the Collateral.  The actions take into
consideration the probability of repayment and a severity of loss
from the liquidation of the Collateral.


MARQUETTE PARK: Moody's Downgrades Ratings on Four Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Marquette Park CLO, Ltd.:

  -- US$240,000,000 Class A Senior Secured Floating Rate Notes Due
     July 2020, Downgraded to Aa3; previously on December 19, 2005
     Assigned Aaa;

  -- US$26,000,000 Class B Second Priority Deferrable Floating
     Rate Notes Due July 2020, Downgraded to Ba1; previously on
     March 18, 2009 Downgraded to Baa3 and Placed Under Review for
     Possible Downgrade;

  -- US$9,250,000 Class C Third Priority Deferrable Floating Rate
     Notes Due July 2020, Downgraded to B1; previously on March
     18, 2009 Downgraded to Ba3 and Placed Under Review for
     Possible Downgrade; and

  -- US$8,750,000 Class D Fourth Priority Deferrable Floating Rate
     Notes Due July 2020, Downgraded to Caa3; previously on March
     18, 2009 Downgraded to B3 and Placed Under Review for
     Possible Downgrade.

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

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured 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 B
Overcollateralization Test, the Class C Overcollateralization
Test, and the Class D Overcollateralization Test.  The weighted
average rating factor has steadily increased over the last year
and is currently 2608 versus a test level of 2500 as of the last
trustee report, dated June 1, 2009.  Based on the same report,
defaulted securities total about $23 million, accounting for
roughly 7.6% of the collateral balance, and securities rated Caa1
or lower make up approximately 12.4% 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.  Moody's also assessed the collateral
pool's elevated concentration risk in 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 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.

Marquette Park CLO, Ltd., issued in December 2005, is a
collateralized loan obligation, backed primarily by a portfolio of
senior secured loans.

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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.


MAX FUNDING: Moody's Downgrades Ratings on Class B Notes to 'B1'
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded ratings
of one class of notes issued by Max Funding I, Limited.  The notes
affected by the rating action are:

  -- Class B Floating Rate Second Priority Senior Secured Term
     Notes due January 22, 2013, Downgraded to B1; previously on
     2/26/2009 Downgraded to Baa2 and Placed Under Review for
     Possible Downgrade

Max Funding I, Limited is a collateralized debt obligation backed
by a portfolio of collateralized loan obligations and ABS CDOs.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio.  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 proportion of securities rated Ca and below,
among other measures.  The trustee is currently reporting a WARF
of 6876 and approximately 70% of the portfolio is currently rated
Ca or C by Moody's.

Moody's also observes that the transaction is exposed to mezzanine
and junior CLO tranches in the underlying portfolio.  Since the
last review of this transaction in February 2009, Moody's has
completed the first stage of its two-stage review of U.S. and EMEA
CLOs.  Some of the underlying securities in the portfolio
experienced more severe rating action than was anticipated at the
time of last review.  Moody's is currently in Stage II of its CLO
review and performing comprehensive analysis by modeling each CLO
individually.  Additional rating actions will be taken as
necessary for all rated liabilities.

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.


MERRILL LYNCH: Moody's Affirms Ratings on Four 1998-C1-CTL Certs.
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of four classes and
downgraded the ratings of three classes of Merrill Lynch Mortgage
Investors, Inc., Mortgage Pass-Through Certificates, Series 1998-
C1-CTL.  The downgrades are due to higher expected losses for the
pool resulting from an overall decline in the pool's credit
quality and anticipated losses from loans in special servicing.
The action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the July 16, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 38%
to $389.7 million from $630.4 million at securitization.  The
Certificates are collateralized by 95 mortgage loans ranging in
size from less than 1% to 15% of the pool, with the top 10 non-
defeased loans representing 34% of the pool.  Eighty four of the
loans are credit tenant lease loans secured by properties leased
to 12 corporate credits.  Eleven loans, representing 25% of the
pool, have defeased and are collateralized with U.S. Government
securities.

Forty eight loans, representing 24% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  Forty-seven of the loans on the watchlist are secured by
properties leased to Rite Aid.  These loans are performing but are
on the watchlist due to Rite Aid's low credit rating.

Twelve loans have been liquidated from the pool, resulting in an
aggregate realized loss of approximately $10.8 million.  Eight
loans, representing 8% of the pool, are currently in special
servicing.  All of the specially serviced loans are secured by
retail properties previously occupied by Circuit City, which
declared bankruptcy in late 2008 and subsequently closed all its
stores.  Moody's estimates an aggregate loss of $16.4 million (40%
loss severity on average) for the specially serviced loans.

The pool's largest exposures are Rite Aid Corporation
($93.2 million -- 24%; Moody's senior unsecured rating Caa3/Ca --
stable outlook), Georgia Power Company ($59.1 million -- 15%;
Moody's senior unsecured rating A2 -- stable outlook), Circuit
City ($41.1 million -- 15%) and Kroger Co. ($31.3 million -- 8%;
Moody's senior unsecured rating Baa2 -- stable outlook).
Approximately 69% of the pool, excluding defeased loans, has a
published Moody's rating.  All of the ratings have remained stable
since last review except for Rite Aid Corporation, which had a
senior unsecured rating of Caa2/Caa3 at last review, one notch
higher than its current rating.

Moody's rating action is:

  -- Class A-3, $205,528,295, affirmed at Aaa; previously affirmed
     at Aaa on 12/16/2008

  -- Class A-PO, $1,144,751, affirmed at Aaa; previously affirmed
     at Aaa on 12/16/2008

  -- Class IO, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 12/16/2008

  -- Class B, $38,765,000, affirmed at Aa1; previously affirmed at
     Aa1 on 12/16/2008

  -- Class C, $32,304,000, downgraded to A3 from A2; previously
     affirmed at A2 on 12/16/2008

  -- Class D, $38,765,000, downgraded to Ba2 from Ba1; previously
     affirmed at Ba1 on 12/16/2008

  -- Class E, $9,691,000, downgraded to B3 from B2; previously
     downgraded to B2 from B1 on 12/16/2008

Moody's prior full review is summarized in a press release dated
December 16, 2008.

In rating this transaction, Moody's used its credit-tenant lease
financing rating methodology for single tenants.  Under Moody's
CTL approach, the rating of a transaction's certificates is
primarily based on the senior unsecured debt rating (or the
corporate family rating) of the tenant, usually an investment
grade rated company, leasing the real estate collateral supporting
the bonds.  This tenant's credit rating is the key factor in
determining the probability of default on the underlying lease.
The lease generally is "bondable", which means it is an absolute
net lease, yielding fixed rent paid to the trust through a lock-
box, sufficient under all circumstances to pay in full all
interest and principal of the loan.  The leased property should be
owned by a bankruptcy-remote, special purpose borrower, which
grants a first lien mortgage and assignment of rents to the
securitization trust.  The dark value of the collateral, which
assumes the property is vacant or "dark", is then examined to
determine a recovery rate upon a loan's default.  Moody's also
considers the overall structure and legal integrity of the
transaction.

For deals that consist of a pool of credit tenant loans, Moody's
currently uses a Gaussian copula model, incorporated in its public
CDO rating model CDOROMv2.5 to generate a portfolio loss
distribution to assess the ratings.


MORGAN STANLEY: DBRS DOWNGRADES FOUR CLASS TO "C"
-------------------------------------------------
DBRS has downgraded the ratings of five classes of Morgan Stanley
Capital I Trust, Series 2007-TOP25 as follows:

  -- Class K to CCC -- Interest in Arrears from B (low)
  -- Class L to C -- Interest in Arrears from CCC
  -- Class M to C -- Interest in Arrears from CCC
  -- Class N to C -- Interest in Arrears from CCC
  -- Class O to C -- Interest in Arrears from CCC

Classes K, L, M, N, and O will continue to carry Negative trends.

The changes primarily reflect the $26.3 million appraisal
reduction taken on the fourth largest loan, Village Square (3.9%
of the pool). This reduction is resulting in interest shortfalls
for the five-rated classes being downgraded.  To the extent that
the resolution of this loan results in losses less than those
anticipated by the appraisal reduction, the interest shortfalls
may be recoverable.

                        *     *     *

As reported in the Troubled Company Reporter on December 3, 2008,
Dominion Bond Rating Service changed the trend of Classes L
through O of the Morgan Stanley Capital I Trust, Series 2007-TOP25
transaction to Negative from Stable.  The remaining classes have
been confirmed.


MORGAN STANLEY: S&P Affirms Ratings on Two Senior Notes
-------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on two
series of notes issued by Morgan Stanley Capital Services Inc. and
removed them from CreditWatch with negative implications, where
they were placed on June 15, 2009.

Both transactions are total return swaps that are directly linked
to the rating on the junior super-senior class of notes from
Morgan Stanley Managed Aces SPC's series 2006-6.  Standard &
Poor's affirmed its rating on the junior super-senior notes and
removed it from CreditWatch negative on July 20, 2009.

      Ratings Affirmed And Removed From Creditwatch Negative

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

                                  Rating
                                  ------
    Class                 To                 From
    -----                 --                 ----
    Notes                 CCC+srp            CCC+srp/Watch Neg

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

                                  Rating
                                  ------
    Class                 To                 From
    -----                 --                 ----
    Notes                 CCC+srp            CCC+srp/Watch Neg


MORGAN STANLEY: S&P Withdraws 'CCC-' Rating on Class IA Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'CCC-' rating on
the class IA notes issued by Morgan Stanley Managed ACES SPC
series 2007-15, a synthetic collateralized debt obligation of
investment-grade corporate transaction.

The rating withdrawal follows the optional redemption of the notes
pursuant to the notice dated May 8, 2009.

                         Rating Withdrawn

                  Morgan Stanley Managed ACES SPC
                          Series 2007-15

                   Rating             Balance (mil. $)
                   ------             ----------------
        Class    To      From       Current      Previous
        -----    --      ----       -------      --------
        IA       NR      CCC-         0.000        10.000

                     Other Rating Outstanding

                  Morgan Stanley Managed ACES SPC
                          Series 2007-15

                                       Balance (mil. $)
                                       ----------------
         Class   Rating              Current    Original
         -----   ------              -------    --------
         IIIA    CCC-/Watch Neg        5.000      10.000

                         NR - Not rated.


NEWCASTLE MORTGAGE: Moody's Cuts Ratings on Seven 2004-1 Tranches
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 7 tranches
from Newcastle Mortgage Securities Trust 2004-1.  The collateral
backing these transactions consists primarily of first-lien,
adjustable-rate, Alt-A residential mortgage loans.

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

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

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

For securities insured by a financial guarantor, the rating on the
securities is equal to the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty.

List of actions:

Newcastle Mortgage Securities Trust 2004-1

  -- Cl. A, Downgraded to Aa3; previously on 10/8/2004 Assigned
     Aaa

  -- Cl. X, Downgraded to Caa3; previously on 10/8/2004 Assigned
     Baa3

  -- Cl. M-1, Downgraded to Baa1; previously on 10/8/2004 Assigned
     Aa2

  -- Cl. M-2, Downgraded to Ba2; previously on 10/8/2004 Assigned
     A2

  -- Cl. M-3, Downgraded to Caa3; previously on 10/8/2004 Assigned
     Baa2

  -- Cl. B-1, Downgraded to Ca; previously on 10/8/2004 Assigned
     Ba2

  -- Cl. B-2, Downgraded to C; previously on 10/8/2004 Assigned B2


ORCHARD PARK: Fitch Junks Ratings on Three Classes of Notes
-----------------------------------------------------------
Fitch Ratings has downgraded three classes of notes issued by
Orchard Park Ltd.:

  -- $37,732,531 class A-1 notes (Series 1) downgraded to 'CCC'
     from 'A+';

  -- $36,966,887 class A-1 notes (Series 2) downgraded to 'CCC'
     from 'A+';

  -- $51,800,000 class A-2 notes downgraded to 'CC' from 'CCC'.

These rating actions are a result of the continued credit
deterioration within the portfolio with 80% of the portfolio
downgraded a weighted average of 11.2 notches since the last
rating action.  This negative credit migration has left 68.4% of
the portfolio now rated below investment grade, of which 54.3% is
rated 'CCC' or lower.  Additionally, 38%, or $51.4 million, of the
current portfolio is now considered defaulted per the
transaction's governing documents, as detailed in the June 2009
trustee report.

The extensive collateral deterioration has caused the class A
overcollateralization ratio to decreased to 54.8% from 102.5% at
the last rating action and is failing its trigger of 100.7%.  The
failure of the class A OC test began in November 2007, and is
redirecting interest proceeds from the equity holders and instead
applies them towards the reduction of the class A-1 notes
principal, pro rata.  To date, the class A-1 (Series 1) and A-1
(Series 2) notes (together, the class A-1 notes) have been paid
down by approximately $165.3 million, representing 68.9% of the
original class A-1 note balance.

Similarly, the transaction is failing its class A interest
coverage test with an IC ratio of 82.3% versus a trigger of
101.5%.  On the July 6, 2009 distribution date, approximately
$136,227 of principal proceeds were used towards the payment of
the class A-2 interest.  Principal proceeds comprised
approximately 52.6% of the class A-2 interest payment.

Fitch expects the class A-1 notes and the class A-2 notes to
continue to receive their timely interest payments for the
foreseeable future.  While the class A-1 notes are expected to
receive principal payments going forward, they will likely
experience some impairment of principal over the remaining life of
the transaction given the continued deterioration and performance
expectation of the portfolio.  Fitch projects no future principal
repayment for the class A-2 notes.

Orchard Park is a cash flow collateralized debt obligation which
closed on Dec. 20, 2000.  The transaction has a portfolio
comprised of diversified structured finance assets, of which 68.2%
consists of structured finance CDOs, 26.4% of residential
mortgage-backed securities, 2.4% of middle market CDOs, 2.3% of
commercial asset-backed securities, and 0.7% of commercial
mortgage-backed securities.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


RIVERSIDE PARK: Moody's Does Not Take Rating Action on Notes
------------------------------------------------------------
Moody's Investors Service announced that it has not withdrawn,
reduced, or taken any other adverse action with respect to its
current ratings on these notes issued by Riverside Park CLO Ltd.
as a result of the issuance of additional Subordinated Notes in
the aggregate amount of $37,396,093, at a purchase price of 36.5%
of par:

  -- US$380,250,000 Class A Floating Rate Notes due 2018, Aaa,
     previously on April 29, 2008 Assigned Aaa;

  -- US$32,500,000 Class B Floating Rate Deferrable Notes due
     2018, Baa3 Placed Under Review for Possible Downgrade;
     previously on April 29, 2008 Assigned A2;

  -- US$13,000,000 Class C Floating Rate Deferrable Notes due
     2018, Ba3 Placed Under Review for Possible Downgrade;
     previously on April 29, 2008 Assigned Baa2;

  -- US$13,000,000 Class D Floating Rate Deferrable Notes due
     2018, B3 Placed Under Review for Possible Downgrade;
     previously on April 29, 2008 Assigned Ba2.

The issuance of the New Notes are being carried out pursuant to
Section 2.11 of the Indenture.  In reviewing the additional
issuance, Moody's has determined that the ratings of the notes
issued will not be negatively affected solely on the account of
the issuance of the New Notes.

Many CDO documents (to which Moody's is never a party) specify
that, in order to issue additional notes, the issuer must obtain
an opinion from the rating agencies that doing so would not in and
of itself result in the related ratings being downgraded or
withdrawn at the time of the issuance.  This type of provision is
typically referred to in the CDO indenture as a "rating agency
confirmation" or "RAC".  Moody's is never obligated to provide a
RAC, and the decision whether or not to issue a RAC lies entirely
within Moody's sole discretion.

Before providing a RAC, the proposal will be reviewed by a Moody's
credit committee which will consider, among other things, the
performance of the specific CDO and portfolio manager, if
applicable, and the specifics of the additional issuance and the
particular structure of the CDO.  A RAC is purely an opinion, as
of the point in time at which the RAC is provided, that the
issuance in isolation does not introduce sufficient additional
credit risk so as to negatively impact the related ratings.  In
other words, it does not consider the impact of other factors on
the ratings, such as collateral deterioration.  Also, the RAC does
not address any other, non-credit related impact that the issuance
might have.  Moody's further emphasizes that a RAC is not a
substitute for noteholder consent or for independent analyses by
noteholders of the impact on them of any issuance of additional
notes.


RESTRUCTURED ASSET: S&P Corrects Rating on 2003-7-A Certs. to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on
Restructured Asset Certificates with Enhanced Returns Series 2003-
7-A Trust's $17 million certificates by lowering it to 'D' from
'CCC'.  S&P subsequently withdrew S&P's rating on the
certificates.

The downgrade reflects a payment default that occurred on the
November 2008 payment date.  The downgrade did not occur
contemporaneously with the payment default on the certificates
because S&P wasn't notified of the default on a timely basis.


RAFFLES PLACE: S&P Downgrades Ratings on Five Classes to 'D'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
five classes of notes from Raffles Place Funding Ltd., a cash flow
collateralized debt obligation transaction, and on six classes
from Tower Hill CDO Ltd., a hybrid CDO transaction,
following the liquidation of the collateral in their portfolios.

The affected tranches have a combined issuance amount of
$1.38 billion.  S&P lowered its ratings on Raffles Place Funding
Ltd. to 'D' because the proceeds from the liquidation have not
been sufficient to make par payments to the rated notes.  S&P
lowered its ratings on Tower Hill CDO Ltd. to 'D' because the
transaction did not have proceeds to pay back par payments to the
noteholders after making the termination payment on the credit
default swap contract.

Tower Hill CDO Ltd. was backed predominantly by mezzanine
residential mortgage-backed securities, and Raffles Place Funding
Ltd. was backed predominantly by high-grade RMBS securities.  Both
deals triggered events of default, after which the controlling
noteholders voted to accelerate the maturity of the notes and
liquidate the collateral assets.

The rating actions follow notice from the trustees that the
liquidation of the portfolio assets is complete and that the
available proceeds have been distributed to the noteholders.

                          Rating Actions

                                                Rating
                                                ------
Transaction                 Class      To    Interim       From
-----------                 -----      --    -------       ----
Tower Hill CDO Ltd.         A-1        NR    D             B-/Watch Neg
Tower Hill CDO Ltd.         A-2        NR    D             CCC-
Tower Hill CDO Ltd.         B          NR    D             CC
Tower Hill CDO Ltd.         C          NR    D             CC
Tower Hill CDO Ltd.         D          NR    D             CC
Tower Hill CDO Ltd.         Sub notes  NR    D             CC
Raffles Place Funding Ltd.  CP notes   NR    D/NR          CCC/C
Raffles Place Funding Ltd.  A-1a       NR    D             CC
Raffles Place Funding Ltd.  A-1b       NR    D             CC
Raffles Place Funding Ltd.  A-2        NR    D             CC
Raffles Place Funding Ltd.  B          NR    D             CC

                          NR - Not rated.


RFSC SERIES: Moody's Downgrades Ratings on Four 2002-RM1 Certs.
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of four
certificates issued by RFSC Series 2002-RM1 due to higher expected
pool losses in relation to remaining tranche-specific credit
protection.

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

First, gross defaults are determined by applying assumed lifetime
roll-rates (probabilities of transition to default) to the
transactions' current delinquency buckets and a pipeline
multiplier.  The pipeline multiplier accounts for further possible
defaults that might arise from borrowers that are current.  The
pipeline multiplier differs for each deal based on the number of
loans remaining in the pool -- greater the number of loans
remaining the higher the multiplier.  The estimated defaults are
subject to a floor -- a minimum default.  The minimum default also
differs based on the number 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: RFSC Series 2002-RM1 Trust (Loans Remaining: 35)

  -- Cl. M-II-2, Current Balance: $469,689, Downgraded to A1;
     previously on 9/1/2004 Upgraded to Aa2

  -- Cl. M-II-3, Current Balance: $361,723, Downgraded to Baa1;
     previously on 9/1/2004 Upgraded to A2

  -- Cl. B-II-1, Current Balance: $181,052, Downgraded to Ba2;
     previously on 9/1/2004 Upgraded to Baa2

  -- Cl. B-II-2, Current Balance: $108,602, Downgraded to B2;
     previously on 9/1/2004 Upgraded to Ba2


RMF FOUR: S&P Withdraws Ratings on All Outstanding Tranches
-----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on all of
the outstanding tranches from RMF Four Seasons CFO Ltd., a
collateralized fund obligation transaction, following the complete
repayment of the rated notes.  This CFO transaction was backed by
a diversified pool of equity investments in hedge funds.  The
rating withdrawals follow the July 2, 2009, redemption of the
notes from this transaction.

Standard & Poor's also reviewed Antarctica CFO I Ltd., Amathea
Funding Public Ltd. Co., and Zoo HF 3 PLC and S&P's ratings on
these transactions are either affirmed or unchanged.

                         Ratings Withdrawn


                     RMF Four Seasons CFO Ltd.

                Rating                       (Bal. mil. $)
                ------                       -------------
      Class    To    From                Current    Original
      -----    --    ----                -------    --------
      S        NR    AA/Watch Neg            0.0       23.50
      M1       NR    AA/Watch Neg            0.0       18.80
      M2       NR    BBB/Watch Neg           0.0       11.75
      M3       NR    B+/Watch Neg            0.0       16.45

                         Ratings Affirmed

                       Antarctica CFO I Ltd.

                     Class             Rating
                     -----             ------
                     D                 CCC
                     E                 CCC-

                  Amathea Funding Public Ltd. Co.

                     Class             Rating
                     -----             ------
                     Oct 08-1SN        AA
                     Dec 081SN         AA
                     Dec 081VFN        AA
                     Oct 08-1LF        AA
                     Oct 081VFN        AA
                     Oct 083VFN        AA

            Ratings Remaining On Creditwatch Negative

                           Zoo HF 3 PLC

                Class             Rating
                -----             ------
                A                 AA/Watch Neg
                B                 AA/Watch Neg
                C                 BBB+/Watch Neg
                D                 CCC/Watch Neg
                E                 CCC-/Watch Neg

                      Antarctica CFO I Ltd.

                Class             Rating
                -----             ------
                A                 AA/Watch Neg
                B                 A-/Watch Neg
                C                 BB-/Watch Neg


SANKATY HIGH: Moody's Upgrades Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
ratings of these notes and loans of Sankaty High Yield Partners
III, L.P.:

  -- US$14,000,000 Class A-2 Second Senior Secured Floating Rate
     Notes due 2011, upgraded to Baa3; previously on October 24,
     2008 downgraded to B3, remaining on review for possible
     downgrade; and

  -- US$22,500,000 Second Senior Loans due 2011, upgraded to Baa3;
     previously on October 24, 2008 downgraded to B3, remaining on
     review for possible downgrade.

According to Moody's, the Sankaty High Yield Partners III loans
and notes have been accelerated following the occurrence of an
event of default caused by the failure of the transaction to
comply with certain over-collateralization tests.  The rating
actions taken on the above notes and loans are a result of the
holders of the Class A-2 notes and Second Senior Loans becoming
the controlling class of the transaction following a redemption in
full of the first senior class of notes.  Moody's considered in
its analysis that, under the transaction's governing documents,
the controlling class has control over the timing of the
liquidation of the transaction's collateral and consequently has
the option to delay the liquidation of the assets and manage the
transaction as if it were a cash-flow CLO.  Moody's also
considered the fact that in acceleration mode, all proceeds from
the underlying assets are used to pay the notes in full in order
of seniority.

Sankaty High Yield Partners III, L.P., is a market value
collateralized loan obligation backed primarily by bank loans and
high yield bonds.

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.


SATURNS TRUST: Moody's Downgrades Ratings on 2003-15 Units
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of the units issued by SATURNS Trust No. 2003-15

The rating actions are:

Class Description: $25,000,000 of 7.00% Class A Callable Units due
June 1, 2012

  -- Current Rating: B3
  -- Prior Rating: B2
  -- Prior Rating Date: 1/17/2006

Class Description: US$25,000,000 Notional Amount of Interest-Only
0.581% Class B Callable Units Due June 1, 2012

  -- Current Rating: B3
  -- Prior Rating: B2
  -- Prior Rating Date: 1/17/2006

The transaction is a structured note whose ratings change with the
rating of the Underlying securities.  The rating actions are a
result of the change of the rating 7.625% debentures due June 1,
2012, issued by The Hertz Corporation, which were downgraded to B3
by Moody's on July 14, 2009.


SATURNS TRUST: Moody's Downgrades Ratings on 2003-8 Units
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
ratings of the units issued by SATURNS Trust No. 2003-8.

The rating actions are:

Class Description: US$25,000,000 of 7.00% Class A Callable Units
due June 1, 2012

  -- Current Rating: B3
  -- Prior Rating: B2
  -- Prior Rating Date: 01/17/2006

Class Description: US$25,000,000 Notional Amount of Interest-Only
0.581% Class B Callable Units Due June 1, 2012

  -- Current Rating: B3
  -- Prior Rating: B2
  -- Prior Rating Date: 01/17/2006

The transaction is a structured note whose ratings change with the
rating of the Underlying securities.  The rating actions are a
result of the change of the rating 7.625% debentures due June 1,
2012, issued by The Hertz Corporation, which were downgraded to B3
by Moody's on July 14, 2009.


SEQUOIA MORTGAGE: Moody's Downgrades Ratings on 121 Tranches
------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of 121
tranches from 19 RMBS transactions, backed by prime Jumbo loans,
issued by Sequoia.

The collateral backing these transactions consists primarily of
first-lien, 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 (REO)
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:

Sequoia Mortgage Trust 10

  -- Cl. X-B, Downgraded to Aa3; previously on 9/30/2002 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Aa3; previously on 9/30/2002 Assigned
     Aa2

  -- Cl. B-2, Downgraded to A3; previously on 9/30/2002 Assigned
     A2

  -- Cl. B-3, Downgraded to Ba1; previously on 9/30/2002 Assigned
     Baa2

  -- Cl. B-4, Downgraded to B2; previously on 9/30/2002 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Caa3; previously on 9/30/2002 Assigned
     B2

Sequoia Mortgage Trust 11

  -- Cl. X-B, Downgraded to A1; previously on 11/5/2002 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A1; previously on 11/5/2002 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Ba3; previously on 2/23/2009
     Downgraded to Baa1

Sequoia Mortgage Trust 2003-1

  -- Cl. X-B, Downgraded to Aa2; previously on 3/18/2003 Assigned
     Aaa

  -- Cl. B-3, Downgraded to Ba1; previously on 3/18/2003 Assigned
     Baa2

  -- Cl. B-4, Downgraded to B3; previously on 3/18/2003 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Caa3; previously on 3/18/2003 Assigned
     B2

Sequoia Mortgage Trust 2003-3

  -- Cl. A-1, Downgraded to Aa3; previously on 7/16/2003 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa3; previously on 7/16/2003 Assigned
     Aaa

  -- Cl. X-1A, Downgraded to Aa3; previously on 7/16/2003 Assigned
     Aaa

  -- Cl. X-1B, Downgraded to Aa3; previously on 7/16/2003 Assigned
     Aaa


  -- Cl. X-2, Downgraded to Aa3; previously on 7/16/2003 Assigned
     Aaa

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

  -- Cl. B-1, Downgraded to Baa2; previously on 7/16/2003 Assigned
     Aa2

  -- Cl. B-2, Downgraded to B1; previously on 7/16/2003 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa2; previously on 7/16/2003 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa3; previously on 7/16/2003 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Ca; previously on 7/16/2003 Assigned
     B2

Sequoia Mortgage Trust 2003-4

  -- Cl. 1-X-B, Downgraded to Aa2; previously on 8/18/2003
     Assigned Aaa

  -- Cl. 2-X-B, Downgraded to Aa2; previously on 8/18/2003
     Assigned Aaa

Sequoia Mortgage Trust 2003-5

  -- Cl. X-B, Downgraded to Aa2; previously on 10/1/2003 Assigned
     Aaa

  -- Cl. B-3, Downgraded to Ba2; previously on 10/1/2003 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa1; previously on 10/1/2003 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Caa3; previously on 10/1/2003 Assigned
     B2

Sequoia Mortgage Trust 2003-8

  -- Cl. A-1, Downgraded to Aa2; previously on 1/23/2004 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa2; previously on 1/23/2004 Assigned
     Aaa

  -- Cl. X-2, Downgraded to Aa2; previously on 1/23/2004 Assigned
     Aaa

  -- Cl. X-B, Downgraded to A2; previously on 1/23/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 1/23/2004 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Ba1; previously on 1/23/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa1; previously on 1/23/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa3; previously on 1/23/2004 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Ca; previously on 1/23/2004 Assigned
     B2

Sequoia Mortgage Trust 2004-1

  -- Cl. A1, Downgraded to A2; previously on 2/26/2004 Assigned
     Aaa

  -- Cl. X-2, Downgraded to A2; previously on 2/26/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Ba1; previously on 2/26/2004 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Caa1; previously on 2/26/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa3; previously on 2/26/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Ca; previously on 2/26/2004 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Ca; previously on 2/26/2004 Assigned
     B2

Sequoia Mortgage Trust 2004-10

  -- Cl. A-1B, Downgraded to Aa1; previously on 11/29/2004
     Assigned Aaa

  -- Cl. A-3B, Downgraded to Aa1; previously on 11/29/2004
     Assigned Aaa

  -- Cl. X-B, Downgraded to A2; previously on 11/29/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 12/3/2007 Upgraded
     to Aa1

  -- Cl. B-2, Downgraded to Baa3; previously on 11/29/2004
     Assigned A2

  -- Cl. B-3, Downgraded to B3; previously on 11/29/2004 Assigned
     Baa2

Sequoia Mortgage Trust 2004-11

  -- Cl. A-1, Downgraded to Aa3; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. A-2, Downgraded to Aa3; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. A-3, Downgraded to Aa3; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. X-A1, Downgraded to Aa3; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. X-A2, Downgraded to Aa3; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. X-B, Downgraded to Baa1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Baa1; previously on 1/10/2005 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Ba3; previously on 1/10/2005 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa3; previously on 1/10/2005 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Ca; previously on 1/10/2005 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Ca; previously on 1/10/2005 Assigned
     B2

Sequoia Mortgage Trust 2004-12

  -- Cl. A-1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. A-2, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. A-3, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. X-A1, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. X-A2, Downgraded to A1; previously on 1/10/2005 Assigned
     Aaa

  -- Cl. X-B, Downgraded to Baa1; previously on 1/10/2005 Assigned
     Aa2

  -- Cl. B-1, Downgraded to Baa1; previously on 1/10/2005 Assigned
     Aa2

  -- Cl. B-2, Downgraded to B1; previously on 1/10/2005 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa3; previously on 1/10/2005 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Ca; previously on 1/10/2005 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Ca; previously on 1/10/2005 Assigned
     B2

Sequoia Mortgage Trust 2004-4

  -- Cl. X-B, Downgraded to A2; previously on 5/21/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 12/3/2007 Upgraded
     to Aa1

  -- Cl. B-2, Downgraded to Ba2; previously on 5/21/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa1; previously on 5/21/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa3; previously on 5/21/2004 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Ca; previously on 5/21/2004 Assigned
     B2

Sequoia Mortgage Trust 2004-5

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

  -- Cl. B-1, Downgraded to Aa3; previously on 12/3/2007 Upgraded
     to Aa1

  -- Cl. B-2, Downgraded to Baa1; previously on 7/30/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Ba3; previously on 7/30/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa1; previously on 7/30/2004 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Caa3; previously on 7/30/2004 Assigned
     B2

Sequoia Mortgage Trust 2004-6

  -- Cl. X-B, Downgraded to A1; previously on 7/30/2004 Assigned
     Aaa

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

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

  -- Cl. B-3, Downgraded to B3; previously on 7/30/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to Caa2; previously on 7/30/2004 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Caa3; previously on 7/30/2004 Assigned
     B2

Sequoia Mortgage Trust 2004-7

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

  -- Cl. B-1, Downgraded to Aa3; previously on 9/3/2004 Assigned
     Aa2

  -- Cl. B-2, Downgraded to A3; previously on 9/3/2004 Assigned A2

  -- Cl. B-3, Downgraded to Ba2; previously on 9/3/2004 Assigned
     Baa2

  -- Cl. B-4, Downgraded to B3; previously on 9/3/2004 Assigned
     Ba2

  -- Cl. B-5, Downgraded to Caa3; previously on 9/3/2004 Assigned
     B2

Sequoia Mortgage Trust 2004-8

  -- Cl. X-B, Downgraded to A2; previously on 10/26/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A2; previously on 10/26/2004 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Ba2; previously on 10/26/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa1; previously on 10/26/2004
     Assigned Baa2

  -- Cl. B-4, Downgraded to Caa3; previously on 10/26/2004
     Assigned Ba2

  -- Cl. B-5, Downgraded to Ca; previously on 10/26/2004 Assigned
     B2

Sequoia Mortgage Trust 2004-9

  -- Cl. A-1, Downgraded to Aa2; previously on 12/15/2004 Assigned
     Aaa

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

  -- Cl. X-A, Downgraded to Aa2; previously on 12/15/2004 Assigned
     Aaa

  -- Cl. X-B, Downgraded to A3; previously on 12/15/2004 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A3; previously on 12/15/2004 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Ba2; previously on 12/15/2004 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa1; previously on 12/15/2004
     Assigned Baa2

  -- Cl. B-4, Downgraded to Caa2; previously on 12/15/2004
     Assigned Ba2

  -- Cl. B-5, Downgraded to Caa3; previously on 12/15/2004
     Assigned B2

Sequoia Mortgage Trust 5

  -- Cl. A, Downgraded to Aa3; previously on 10/31/2001 Assigned
     Aaa

  -- Cl. B-1, Downgraded to A3; previously on 10/31/2001 Assigned
     Aa2

  -- Cl. B-2, Downgraded to Ba2; previously on 10/31/2001 Assigned
     A2

  -- Cl. B-3, Downgraded to Caa1; previously on 10/31/2001
     Assigned Baa2

Sequoia Mortgage Trust 9

  -- Cl. X-B, Downgraded to Aa3; previously on 9/5/2002 Assigned
     Aaa

  -- Cl. B-1, Downgraded to Aa3; previously on 9/5/2002 Assigned
     Aa2

  -- Cl. B-2, Downgraded to A3; previously on 9/5/2002 Assigned A2

  -- Cl. B-3, Downgraded to Ba2; previously on 9/5/2002 Assigned
     Baa2


SEQUOIA MORTGAGE: Moody's Downgrades Ratings on Class B Tranche
---------------------------------------------------------------
Moody's Investors Service has downgraded the rating of the Class B
tranche from the Sequoia Mortgage Trust 2000-4.  The collateral
backing this transaction consists primarily of first-lien,
adjustable-rate, Alt-A residential mortgage loans.

This action is a result of updated loss expectations on the
underlying collateral relative to available credit enhancement.

Moody's methodology for rating securities for more seasoned Alt-A
pools, takes into account the annualized loss rate from last 12
months and the projected loss rate over next 12 months, and then
translates these measures into lifetime losses based on a deal's
expected remaining life.  Recent Losses are calculated by
assessing cumulative losses incurred over the past 12-months as a
percentage of the average pool factor in the last year.  For
Pipeline Losses, Moody's uses an annualized roll rate of 15%, 30%,
65% and 90% for loans that are delinquent 60-days, 90+ days, are
in foreclosure, and REO respectively.  Moody's then applies deal-
specific severity assumptions ranging from 35% to 45%.  The
results of these two calculations -- Recent Losses and Pipeline
Losses -- are weighted to arrive at the lifetime cumulative loss
projection.

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

List of actions:

Issuer: Sequoia Mortgage Trust 4

  -- Cl. B, Downgraded to B3; previously on 3/21/2000 Assigned Ba2


SOLSTICE ABS: Moody's Downgrades Ratings on Three Classes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of three classes of notes issued by Solstice ABS III,
Ltd., and left on review for possible further downgrade the
ratings of one of these classes.  The notes affected by the rating
action are:

  -- US$346,500,000 Class A-1 Senior Secured Floating Rate Notes
     due 2033, Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on 2/18/2009 Confirmed at Aaa

  -- US$107,500,000 Class A-2 Senior Secured Floating Rate Notes
     due 2033, Downgraded to Ca; previously on 2/18/2009
     Downgraded to Ba2

  -- US$47,500,000 Class B Senior Secured Floating Rate Notes due
     2039, Downgraded to C; previously on 2/18/2009 Downgraded to
     Ca

Solstice ABS III, Ltd. is a collateralized debt obligation backed
primarily by a portfolio of RMBS assets and CLOs.  RMBS assets
comprise approximately 47% of the portfolio and the majority of
these securities are 2003 vintage.  The CLOs constitute
approximately 30% of the portfolio.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio, as well as the occurrence, as
reported by the Trustee on July 20, 2009, of an event of default
under Indenture Section 5.1(j) because on a Measurement Date the
ratio expressed by dividing (a) the Net Outstanding Portfolio
Collateral Balance on the Measurement Date by (b) the Aggregate
Outstanding Amount of the Class A Notes on such Measurement Date
was less than 100%.

Deterioration in the credit quality of the underlying portfolio is
observed through numerous factors including but not limited to a
decline in the average credit rating (as measured by an increase
in the weighted average rating factor or WARF), an increase in the
proportion of securities rated Caa1 and below, an increase in
dollar amount of defaulted assets and failure of the coverage
tests.  Several key indicators of declining credit quality of the
portfolio have become evident since Moody's last review of the
transaction in February 2009.  The Trustee reports a WARF of 1830
as of June 28, 2009 in contrast to a reported WARF of 870 as of
March 2009.  More than 51% of the underlying assets have been
downgraded since Moody's last review of the transaction in
February 2009.  Securities rated Caa1or lower now make up
approximately 30% of the underlying portfolio whereas such assets
were 23% of the portfolio at the time of Moody's most recent
review.  The Trustee currently reports that $54 million in assets
have defaulted.  In addition, the Trustee reports that the
transaction is currently failing one or more coverage tests,
including the Class A/B Overcollateralization Test.

As provided in Article V of the Indenture during the occurrence
and continuance of an Event of Default, certain parties to the
transaction may be entitled to direct the Trustee to take
particular actions with respect to the Collateral Debt Securities
and the Notes, including liquidation.  Moody's notes that he
transaction is exposed to a significant concentration of RMBS
assets, the majority of which are currently in default or have low
speculative-grade ratings.  It is also exposed to mezzanine and
junior CLO tranches with low speculative-grade ratings.  Both
types of assets have shown depressed market valuations recently
and thus may herald poor recovery prospects in a sale and
liquidation of the Collateral.

The actions take into consideration the risk that a liquidation of
the Collateral may result in a probability of Note principal
repayment and a severity of loss that in Moody's view are
inconsistent with an investment-grade rating.

The severity of losses of certain tranches may be different,
however, depending on the timing and choice of remedy to be
pursued following the event of default.  Because of this
uncertainty, the ratings assigned to the Class A-1 Notes remain on
review for possible further action.


SOUTH COAST: Moody's Does Not Take Rating Actions on Notes
----------------------------------------------------------
Moody's Investors Service announced that it has not withdrawn,
reduced or taken any other adverse action with respect to its
current ratings on these notes issued by South Coast Funding VIII
Ltd. as the "Issuer" as a result of the entry into and execution
of a novation agreement among Issuer, AIG Financial Products Corp.
as "Transferor" and Barclays Bank PLC as "Transferee" on July 16,
2009 as the "Novation Transaction", evidencing Transferor's wish
to transfer by novation its rights and responsibilities under a
cash flow swap transaction to Transferee:

  -- US$250,000 Class A-1V First Priority Senior Secured Voting
     Floating Rate Notes Due 2043, Currently Rated C; previously
     on 4/22/09 Downgraded to C

  -- US$344,750,000 Class A-1NV First Priority Senior Secured Non-
     Voting Floating Rate Notes Due 2043, Currently Rated C;
     previously on 4/22/09 Downgraded to C

  -- US$57,250,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2043, Currently Rated C; previously
     on 4/22/09 Downgraded to C

  -- US$44,000,000 Class B Third Priority Senior Secured Floating
     Rate Notes Due 2043, Currently Rated C; previously on 4/22/09
     Downgraded to C

  -- US$12,000,000 Class C Fourth Priority Deferrable Mezzanine
     Secured Floating Rate Notes Due 2043, Currently Rated C;
     previously on 6/2/08 Downgraded to C

  -- US$23,750,000 Class D Fifth Priority Deferrable Mezzanine
     Secured Floating Rate Notes Due 2043, Currently Rated C;
     previously on 6/2/08 Downgraded to C

  -- US$5,000,000 Class E Sixth Priority Deferrable Mezzanine
     Secured Floating Rate Notes Due 2043, Currently Rated C;
     previously on 6/2/08 Downgraded to C

  -- US$10,000,000 Class P Combination Securities Due 2043,
     Currently Rated Aaa; previously on 1/25/06 Rated Aaa

Moody's analysis relied on review of the related swap and novation
documentation as well as an examination of the cash flows in the
transaction.

Many CDO documents (to which Moody's is never a party) specify
that, in order to amend the documents, the issuer must obtain an
opinion from the rating agencies that the proposed amendment would
not in and of itself result in the related ratings being
downgraded or withdrawn at the time of the amendment.  This type
of provision is typically referred to in the CDO indenture as a
"rating agency confirmation" or "RAC".  Moody's is never obligated
to provide a RAC, and the decision whether or not to issue a RAC
lies entirely within Moody's sole discretion.

Before providing a RAC for an amendment, the proposal will be
reviewed by a Moody's credit committee which will consider, among
other things, the performance of the specific CDO and collateral
manager and the specifics of the proposed amendment and the
particular structure of the CDO.  A RAC is purely an opinion, as
of the point in time at which the RAC is provided, that the
proposed amendment in isolation does not introduce sufficient
additional credit risk so as to negatively impact the related
ratings.  In other words, it does not consider the impact of other
factors on the ratings, such as collateral deterioration.  Also,
the RAC does not address any other, non-credit related impact that
the amendment might have.  Moody's further emphasizes that a RAC
is not a substitute for noteholder consent or for independent
analyses by noteholders of the impact on them of any proposed
amendment.


TABERNA PREFERRED: Fitch Puts Ratings on Notes on Negative Watch
----------------------------------------------------------------
Fitch Ratings has placed $1.6 billion from 13 rated notes across
four collateralized debt obligations on Rating Watch Negative.
These notes are backed primarily by trust preferred securities,
senior and subordinated debt issued by real estate investment
trusts, homebuilders and financial institutions specializing in
mortgage lending.  Rating actions include:

Taberna Preferred Funding III, Ltd/Inc

  -- $369,878,200 class A-1A notes 'BB'; placed on Rating Watch
     Negative;

  -- $9,281,762 class A-1C notes 'BB'; placed on Rating Watch
     Negative;

  -- $38,500,000 class A-2A notes 'B'; placed on Rating Watch
     Negative;

  -- $15,000,000 class A-2B notes 'B'; placed on Rating Watch
     Negative.

Taberna Preferred Funding IV, Ltd/Inc

  -- $292,363,212 class A-1 notes 'BBB'; placed on Rating Watch
     Negative;

  -- $50,000,000 class A-2 notes 'BB'; placed on Rating Watch
     Negative;

  -- $20,000,000 class A-3 notes 'B'; placed on Rating Watch
     Negative.

Taberna Preferred Funding VI, Ltd/Inc

  -- $42,365,702 class A-1A notes 'BBB'; placed on Rating Watch
     Negative;

  -- $258,430,784 class A-1B notes 'BBB'; placed on Rating Watch
     Negative;

  -- $90,000,000 class A-2 notes 'B'; placed on Rating Watch
     Negative;

  -- $18,000,000 class B notes 'B'; placed on Rating Watch
     Negative.

Taberna Preferred Funding VII, Ltd/Inc

  -- $260,347,792 class A-1LA notes 'BBB'; placed on Rating Watch
     Negative;

  -- $120,000,000 class A-1LB notes 'B'; placed on Rating Watch
     Negative.

These notes have been placed on Watch Negative due to a
combination of observed credit deterioration since January 2009 in
the form of additional defaults as well as debt exchanges which
lowered weighted average spreads and coupons in the portfolios.
Deteriorating interest proceeds have resulted in these
transactions' senior interest coverage ratios falling below 100%
indicating a heightened risk that transactions may experience
interest payment defaults to notes originally structured without
features allowing for deferral of interest payments.  These
payment defaults could occur as soon as their next payment dates
scheduled for August 2009.


TOWER HILL: Moody's Downgrades Ratings on 13 Classes of Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded ratings
of thirteen classes of notes issued by Tower Hill CDO II, Ltd.,
and left on review for possible further downgrade the ratings of
eight of these classes.  The notes affected by the rating action
are:

  -- US$300,000,000 Class A-1 Senior Secured Unfunded Notes Due
     2023, Downgraded to B3 and Under Review for Possible
     Downgrade; previously on February 18, 2009 Baa2 Under Review
     for Possible Downgrade

  -- US$0 Class A-1 Senior Secured Funded Notes Due 2023,
     Downgraded to B3 and Under Review for Possible Downgrade;
     previously on February 18, 2009 Baa2 Under Review for
     Possible Downgrade

  -- US$9,415,000 A-X Notes Due 2023, Downgraded to Ba3 and Under
     Review for Possible Downgrade; previously on February 18,
     2009 Aa2 Under Review for Possible Downgrade

  -- US$45,000,000 Class A-2 Senior Secured Unfunded Notes Due
     2023, Downgraded to Caa2 and Under Review for Possible
     Downgrade; previously on February 18, 2009 Ba1 Under Review
     for Possible Downgrade

  -- US$0 Class A-2 Senior Secured Funded Notes Due 2023,
     Downgraded to Caa2 and Under Review for Possible Downgrade;
     previously on February 18, 2009 Ba1 Under Review for Possible
     Downgrade

  -- US$11,000,000 Class B Type 1 Senior Secured Funded Notes Due
     2023, Downgraded to Caa2 and Under Review for Possible
     Downgrade; previously on February 18, 2009 Ba2 Under Review
     for Possible Downgrade

  -- US$20,000,000 Class B Type 2 Senior Secured Unfunded Notes
     Due 2023, Downgraded to Caa2 and Under Review for Possible
     Downgrade; previously on February 18, 2009 Ba2 Under Review
     for Possible Downgrade

  -- US$0 Class B Type 2 Senior Secured Funded Notes Due 2023,
     Downgraded to Caa2 and Under Review for Possible Downgrade;
     previously on February 18, 2009 Ba2 Under Review for Possible
     Downgrade

  -- US$50,000,000 Class C Type 1 Secured Funded Notes Due 2023,
     Downgraded to Ca; previously on February 18, 2009 B3 Under
     Review for Possible Downgrade

  -- US$25,000,000 Class C Type 2 Secured Unfunded Notes Due 2023,
     Downgraded to Ca; previously on February 18, 2009 B3 Under
     Review for Possible Downgrade

  -- US$0 Class C Type 2 Secured Funded Notes Due 2023, Downgraded
     to Ca; previously on February 18, 2009 B3 Under Review for
     Possible Downgrade

  -- US$53,000,000 Class D Secured Floating Rate Deferrable Notes
     Due 2023, Downgraded to Ca; previously on February 18, 2009
     Caa2 Under Review for Possible Downgrade

  -- US$53,000,000 Class E Secured Floating Rate Deferrable Notes
     Due 2023, Downgraded to C; previously on February 18, 2009
     Caa3 Under Review for Possible Downgrade

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio.  Moody's also noted that the
transaction experienced an Event of Default, as reported by the
Trustee on June 23, 2009.  The Trustee reports that there occurred
a failure to satisfy the A/B Overcollateralization Test (excluding
class A-X) on the most recent Measurement Date.  Also, Moody's was
notified that the Trustee has declared the principal of all the
Notes to be immediately due and payable, at the direction of a
Majority of the Controlling Class.

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 coverage
tests, among other measures.  More than 90% of its assets have
been downgraded since Moody's last review of the transaction in
February 2009.  The trustee reported the WARF of the portfolio is
4453 as of May 29, 2009.  The Trustee currently reports defaulted
assets in the amount of $142.1 million.  Securities rated Caa1 or
lower make up approximately 32% of the underlying portfolio.  In
addition, the Trustee reports that the transaction is currently
failing one or more coverage tests, including the Class A/B
Overcollateralization Test.

Moody's observes that the transaction is exposed to a significant
concentration of mezzanine and junior CLO tranches in the
underlying portfolio.  Since the last review of this transaction
in February 2009, Moody's has completed the first stage of its
two-stage review of U.S. and EMEA CLOs.  Some of the underlying
securities in the portfolio experienced more severe rating action
than was anticipated at the time of last review.  Moody's is
currently in Stage II of its CLO review and performing
comprehensive analysis by modeling each CLO individually.
Additional rating actions will be taken as necessary for all rated
liabilities.

As provided in Article V of the Indenture during the occurrence
and continuance of an Event of Default, holders of certain Notes
may be entitled to direct the Trustee to take particular actions
with respect to the Collateral Debt Securities and the Notes.

The rating downgrades taken reflect the increased expected loss
associated with each tranche.  Losses are attributed to the
diminished credit quality on the underlying portfolio.  The
severity of losses of certain tranches may be different, however,
depending on the timing and choice of remedy to be pursued
following the event of default.  Because of this uncertainty, the
ratings assigned to the Class A Notes and Class B Notes remain on
review for possible further action.

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.


TRICADIA CDO: Moody's Downgrades Ratings on Four 2005-3 Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of four classes of notes issued by Tricadia CDO 2005-3,
Ltd., and left on review for possible further downgrade the
ratings of two of these classes.  The notes affected by the rating
action are:

  -- Class X Notes Due June 2010, Downgraded to Ba1 and remains on
     Review for Possible Downgrade; previously on 2/26/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Class A-1L Floating Rate Notes Due June 2041, Downgraded to
     Caa1 and remains on Review for Possible Downgrade; previously
     on 2/26/2009 Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade

  -- Class A-2L Floating Rate Notes Due June 2041, Downgraded to
     Ca; previously on 2/26/2009 Downgraded to B3 and Placed Under
     Review for Possible Downgrade

  -- Class A-3L Floating Rate Notes Due June 2041, Downgraded to
     Ca; previously on 2/26/2009 Downgraded to Caa1 and Placed
     Under Review for Possible Downgrade

Tricadia CDO 2005-3, Ltd. is a collateralized debt obligation
backed primarily by a portfolio of CLOs.  CLOs consist
approximately 75% of the portfolio.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio, as well as the occurrence, as
reported by the Trustee on June 29, 2009, of an event of default
because the A-1L and A-2 L Overcollateralization ratio was less
than 100%.

Deterioration in the credit quality of the underlying portfolio is
observed through a decline in the average credit rating (as
measured by the weighted average rating factor, an increase in the
proportion of securities from issuers rated Caa1 and below and
failure of the coverage tests, among other measures.  The Trustee
reports a WARF of 2525 as of June 17, 2009.  More than 70% of its
assets have been downgraded since Moody's last review of the
transaction in February 2009.  Securities rated Caa1 or lower make
up approximately 19% of the underlying portfolio.  In addition,
the Trustee reports that the transaction is currently failing one
or more coverage tests, including the Class A
Overcollateralization Ratio Test.

As provided in Article V of the Indenture during the occurrence
and continuance of an Event of Default, certain parties to the
transaction may be entitled to direct the Trustee to take
particular actions with respect to the Collateral Debt Securities
and the Notes, including liquidation.

The transaction is exposed to a significant concentration of
mezzanine and junior CLO tranches in the underlying portfolio.
The majority of these CLO tranches are currently assigned low
speculative-grade ratings and carry depressed market valuations
that may herald poor recovery prospects in the sale and
liquidation of the Collateral.

The actions also take into consideration the risk that liquidation
of the Collateral may be selected as the post-Event of Default
remedy and may cause the change of payment priority of certain
classes.  According to Section 11.1(d) of the Indenture, if
liquidation and final distribution occur before the scheduled
maturity of the Class X Notes, the payment of interest and
principal to Class X and Class A-1L will proceed on a pro rata
basis which essentially lower Class X's payment priority in the
capital structure.  The liquidation of the CDO collateral may
result in a probability of repayment and a severity of loss that
are inconsistent with an investment-grade rating on Class X Notes.


TRICADIA CDO: Moody's Downgrades Ratings on Six 2003-1 Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded and
left on review for downgrade ratings of six classes of notes
issued by Tricadia CDO 2003-1, Ltd.  The notes affected by the
rating action are:

  -- Class A-1LA Floating Rate Notes Due February 2016, Downgraded
     to Baa3 and remains on Review for Possible Downgrade;
     previously on 3/12/2009 Downgraded to A1 and Placed Under
     Review for Possible Downgrade

  -- Class A-1LB Floating Rate Notes Due February 2016, Downgraded
     to Ba3 and remains on Review for Possible Downgrade;
     previously on 3/12/2009 Downgraded to Baa2 and Placed Under
     Review for Possible Downgrade

  -- Class A-2L Floating Rate Notes Due February 2016, Downgraded
     to Ba1 and remains on Review for Possible Downgrade;
     previously on 3/12/2009 Downgraded to A2 and Placed Under
     Review for Possible Downgrade

  -- Class A-3L Floating Rate Notes Due February 2016, Downgraded
     to B3 and remains on Review for Possible Downgrade;
     previously on 3/12/2009 Downgraded to Ba1 and Placed Under
     Review for Possible Downgrade

  -- Class A-4L Floating Rate Notes Due February 2016, Downgraded
     to Caa2 and remains on Review for Possible Downgrade;
     previously on 3/12/2009 Downgraded to B1 and Placed Under
     Review for Possible Downgrade

  -- Class B-1 Floating Rate Notes Due February 2016, Downgraded
     to Caa3 and remains on Review for Possible Downgrade;
     previously on 3/12/2009 Downgraded to Caa1 and Placed Under
     Review for Possible Downgrade.

Tricadia CDO 2003-1, Ltd., is a collateralized debt obligation
backed primarily by a portfolio of collateralized loan
obligations.  CLOs consist approximately of 97% of the portfolio,
of which a majority are from the 2003 vintage.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio.  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 coverage tests, among other
measures.  More than 75% of its assets have been downgraded since
Moody's last review of the transaction in March 2009.  The trustee
reported WARF of the portfolio is 3632 as of June 27, 2009.  The
Trustee currently reports defaulted assets in the amount of
$16 million.  Securities rated Caa1 or lower make up approximately
17% of the underlying portfolio.  In addition, the Trustee reports
that the transaction is currently failing one or more coverage
tests, including the Class B Overcollateralization Ratio Test.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  Since the last review of this
transaction in March 2009, Moody's has completed the first stage
of its two-stage review of U.S. and EMEA CLOs.  Some of the
underlying securities in the portfolio experienced more severe
rating action than was anticipated at the time of last review.
Moody's is currently in Stage II of its CLO review and performing
comprehensive analysis by modeling each CLO individually.
Additional rating actions will be taken as necessary for all rated
liabilities.  As a result, the ratings assigned to Class A1-LA,
Class A1-LB, Class A2-L, Class A-3L, Class A-4L, and Class B1-L
will remain on watch for possible downgrade.

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.


VITESSE CLO: Moody's Upgrades Ratings on Various Notes
------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Vitesse CLO Ltd.:

  -- US$41,000,000 Class A-3L Floating Rate Notes Due August 17,
     2020, Upgraded to Baa3; previously on March 17, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$25,000,000 Class B-1L Floating Rate Notes Due August 17,
     2020, Upgraded to Ba3; previously on March 17, 2009
     Downgraded to B2 and Placed Under Review for Possible
     Downgrade;

  -- US$17,000,000 Class B-2L Floating Rate Notes Due August 17,
     2020, Upgraded to Caa1; previously on March 17, 2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade

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

  -- US$28,000,000 Class A-2L Floating Rate Notes Due August 17,
     2020, Downgraded to Aa3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

According to Moody's, the rating actions on the Class A-3L, Class
B-1L and Class B-2L notes are the result of a comprehensive deal-
level analysis including an in-depth assessment of results from
Moody's quantitative CLO rating model along with an evaluation of
deal-specific qualitative factors.  By way of comparison, rating
actions previously taken by Moody's in its Stage I CLO
surveillance sweep were largely based on a parameter-based
approach.

Moody's also notes that the rating actions taken on the Class A-2L
notes are a result of credit deterioration of the underlying
portfolio.  The actions also reflect Moody's revised assumptions
with respect to default probability, the treatment of ratings on
"Review for Possible Downgrade" or with a "Negative Outlook," and
the calculation of the Diversity Score.  The revised assumptions
that have been applied to all corporate credits in the underlying
portfolio are described in the press release dated February 4,
2009, titled "Moody's updates key assumptions for rating CLOs."

Credit deterioration of the collateral pool is observed through a
decline in the average credit rating (as measured 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 B-2L
Overcollateralization Test.  The weighted average rating factor
has steadily increased over the last year and is currently 2947
versus a test level of 2750 as of the last trustee report, dated
June 9, 2009.  Based on the same report, defaulted securities
total about $27 million, accounting for roughly 4.6% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 17% 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.

Vitesse CLO Ltd, 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.


WASHINGTON MUTUAL: Fitch Affirms Primary Servicer Ratings
---------------------------------------------------------
Fitch Ratings affirms and removes Washington Mutual Bank's CMBS
servicer ratings from Rating Watch Evolving:

  -- Primary servicer rating of 'CPS3+';
  -- Master servicer rating of 'CMS3';
  -- Special servicer rating of 'CSS3'.

Fitch subsequently withdraws the ratings.

Subsequent to its purchase of Washington Mutual, JP Morgan Chase
sold Washington Mutual's entire CMBS servicing portfolio to
KeyBank.  The sale and transfer of the servicing rights closed at
the end of April 2009.  As a result, Washington Mutual is no
longer participating as a CMBS servicer.  Therefore, Fitch has
decided to withdraw its CMBS servicer ratings.


* Moody's Cuts Ratings on Seven Certs. From Four Resecuritizations
------------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on 7
certificates issued in 4 resecuritized transactions.  Ratings on
19 tranches from 1 resecuritized deal were confirmed.

The certificates in the resecuritizations are backed by one or
more securities, which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
performance and/or Moody's ratings on the underlying residential
mortgage-backed securities (underlying securities).  The ratings
on the certificates in the resecuritization are based on:

   (i) The updated expected loss of the pool of loans backing the
       underlying securities portfolio and the updated ratings on
       the underlying securities portfolio

  (ii) The available credit enhancement on the underlying
       securities, and

(iii) The structure of the resecuritization transaction.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

For underlying securities which were originally not-rated by
Moody's, Moody's obtained updated performance information on the
deals and compared the same against similarly performing deals
from the same shelf/vintage/originator to first estimate expected
losses on the deals.  Ratings on the securities were then derived
by comparing tranche-specific credit enhancement to expected loss
on the deal.

The ratings on the underlying securities are then used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations. Weights are
assigned to each Rating Factor based on the contribution (by
outstanding pledged balance) of the underlying security to the
resecuritized transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings on the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are determined after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued, the weighted average portfolio rating (as
    determined in step 1 above) is the rating assigned to the
    tranche.  Where multiple securities are issued, the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e. the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as the probability of default for the
lowest rated underlying certificate.  However, Moody's anticipates
a higher loss severity on the junior-most class due to its
subordinate position (both in terms of principal distribution and
loss allocation) and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating on the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the ratings on the underlying certificates and their
mortgage pool performance, any rating action on the underlying
certificates may trigger a further review of the ratings on the
certificates in the resecuritization.  The ratings on the
certificates in the resecuritization address the ultimate payment
of promised interest and principal and do not address any other
amounts that may be payable on the certificates.

For securities insured by a financial guarantor, the rating on the
securities is equal to the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty.

Complete Rating Actions are:

Fannie Mae Grantor Trust 2004-T5

  -- Cl. A-1, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AB-1, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2A, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-2B, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3B, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-3C, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-4, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-7, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-9A, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-9B, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-9C, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-11, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-12, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. A-13, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AB-2, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AB-3, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AB-4, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AB-7, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. AB-9, Confirmed at Aaa; previously on 11/23/2008 Aaa
     Placed Under Review for Possible Downgrade

Housing Securities Inc 1995-LIS1

  -- A-1, Downgraded to Aa3 and remains on Review for Possible
     Downgrade; previously on 7/21/2008 Aaa Placed Under Review
     for Possible Downgrade

J.P. Morgan Mortgage Trust, Series 2008-R3

  -- Cl. 1-A-1, Downgraded to B1; previously on 12/3/2008 Assigned
     Aaa

  -- Cl. 1-A-2, Downgraded to Ca; previously on 12/3/2008 Assigned
     B1

MESA 2002-1 Global Issuance Company

  -- Cl. B-1, Downgraded to Caa3; previously on 5/9/2005
     Downgraded to Ba1

  -- Cl. B-2, Downgraded to C; previously on 5/9/2005 Downgraded
     to B3

Ryland Mtg Sec 1993-A1

  -- A, Downgraded to B3; previously on 11/16/2008 A2 Placed Under
     Review for Direction Uncertain

  -- R, Downgraded to B3; previously on 11/16/2008 A2 Placed Under
     Review for Direction Uncertain


* Moody's Cuts Ratings on Two Certs. From Two Resecuritizations
---------------------------------------------------------------
Moody's Investors Service has downgraded the ratings on two
certificates issued in two resecuritized transactions.  The
certificates in the resecuritizations are backed by one or more
securities, which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
performance and/or Moody's ratings on the underlying residential
mortgage-backed securities (underlying securities).  The ratings
on the certificates in the resecuritization are based on:

  (i) The updated expected loss of the pool of loans backing the
      underlying securities portfolio and the updated ratings on
      the underlying securities portfolio

(ii) The available credit enhancement on the underlying
      securities, and

(iii) The structure of the resecuritization transaction.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

For underlying securities which were originally not-rated by
Moody's, Moody's obtained updated performance information on the
deals and compared the same against similarly performing deals
from the same shelf/vintage/originator to first estimate expected
losses on the deals.  Ratings on the securities were then derived
by comparing tranche-specific credit enhancement to expected loss
on the deal.

The ratings on the underlying securities are then used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
outstanding pledged balance) of the underlying security to the
resecuritized transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings on the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are determined after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued, the weighted average portfolio rating (as
    determined in step 1 above) is the rating assigned to the
    tranche.  Where multiple securities are issued, the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e. the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as the probability of default for the
lowest rated underlying certificate.  However, Moody's anticipates
a higher loss severity on the junior-most class due to its
subordinate position (both in terms of principal distribution and
loss allocation) and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating on the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the ratings on the underlying certificates and their
mortgage pool performance, any rating action on the underlying
certificates may trigger a further review of the ratings on the
certificates in the resecuritization.  The ratings on the
certificates in the resecuritization address the ultimate payment
of promised interest and principal and do not address any other
amounts that may be payable on the certificates.

For securities insured by a financial guarantor, the rating on the
securities is equal to the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty and is as described above.

Complete Rating Actions are:

Issuer: Residential Mortgage Securities Funding 2008-1, Ltd.

  -- Notes, Downgraded to B3; previously on 3/27/2008 Assigned Aaa

Issuer: Residential Mortgage Securities Funding 2008-4, Ltd

  -- Cl. A, Downgraded to B3; previously on 4/30/2008 Assigned Aaa


* Moody's Downgrades Ratings on 182 Tranches From Three Issuers
---------------------------------------------------------------
Moody's Investors Service has downgraded 182 tranches and
confirmed 9 tranches from 10 deals issued by Banc of America, CHL
Mortgage Pass-Through Trust, and J.P. Morgan Mortgage Trust.

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

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

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

Complete rating actions are:

Banc of America Funding 2006-3 Trust

  -- Cl. 1-A-1, Downgraded to Ba3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-2, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to Ba1; previously on 3/19/2009 Aaa
     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 Ba3; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 4-A-1, Confirmed at A1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. 4-A-2, Confirmed at A1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. 4-A-3, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-4, Confirmed at A1; previously on 3/19/2009 A1 Placed
     Under Review for Possible Downgrade

  -- Cl. 4-A-5, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-6, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-7, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-8, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-9, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-10, Confirmed at A1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-11, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-12, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-13, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-14, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-15, Downgraded to Baa3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-16, Downgraded to Ba3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-17, Downgraded to Aa3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-18, Downgraded to Baa1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-19, Confirmed at A1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-20, Downgraded to A2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to B1; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-4, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-5, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-6, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-7, Downgraded to Baa2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-8, Downgraded to Ba1; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-9, Downgraded to Ba3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Confirmed at Aa3; previously on 3/19/2009 Aa3
     Placed Under Review for Possible Downgrade

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

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

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

Banc of America Funding 2006-I Trust

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

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

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

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

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

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

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

  -- Cl. S-B-4, Downgraded to Ca; previously on 3/19/2009 Baa2
     Placed Under Review for Possible Downgrade

Banc of America Funding 2007-3 Trust

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

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

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

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

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

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

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

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

Banc of America Funding 2007-4 Trust

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

  -- Cl. 4-A-2, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-2, Downgraded to B2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 5-A-3, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 6-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 7-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 8-A-1, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

Banc of America Funding 2007-C Trust

  -- 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 B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

  -- Cl. 4-A-2, Downgraded to B3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

Banc of America Mortgage 2008-A Trust

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

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

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

  -- Cl. 1-A-4, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-6, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 2-A-4, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-6, Downgraded to Caa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-7, Downgraded to Ba1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

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

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

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

  -- Cl. 3-A-6, Downgraded to Caa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

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

Banc of America Mortgage Securities,Inc Mortgage Pass-Through
Certificates, Series 2005-9

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

  -- Cl. 1-A-2, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 1-A-4, Downgraded to A2; 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 Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-7, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-8, Downgraded to Baa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-9, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-10, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-11, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-12, Downgraded to Baa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to A1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. 3-A-2, Downgraded to Aa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

  -- Cl. 4-A-2, Downgraded to Aa2; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

  -- Cl. 15-IO, Confirmed at Aaa; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 15-PO, Downgraded to Aa1; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 30-IO, Downgraded to Aa2; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

  -- Cl. 30-PO, Downgraded to Baa1; 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

CHL Mortgage Pass-Through Trust 2005-J4

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

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

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

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

  -- Cl. A-6, Downgraded to Ba3; previously on 3/19/2009 Aaa
     Placed Under Review for Possible Downgrade

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

  -- Cl. X, Downgraded to A3; 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

CHL Mortgage Pass-Through Trust 2007-10

  -- Cl. A-19, Downgraded to B3; previously on 3/19/2009 Ba2
     Placed Under Review for Possible Downgrade

  -- Cl. A-20, Downgraded to Caa3; previously on 3/19/2009 B2
     Placed Under Review for Possible Downgrade

J.P. Morgan Mortgage Trust 2006-A6

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

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

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

  -- Cl. 1-A-2, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

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

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

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

  -- Cl. 1-A-4, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4F, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4L, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4M, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-4S, Downgraded to B3; previously on 3/19/2009 A3
     Placed Under Review for Possible Downgrade

  -- Cl. 1-A-5, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1M, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-1S, Downgraded to B2; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-2, Downgraded to Ba1; previously on 3/19/2009 Aa1
     Placed Under Review for Possible Downgrade

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

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

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

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

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

  -- Cl. 2-A-4, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4F, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4L, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4M, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-4S, Downgraded to B3; previously on 3/19/2009 A1
     Placed Under Review for Possible Downgrade

  -- Cl. 2-A-5, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1M, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-1S, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2M, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-2S, Downgraded to B2; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

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

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

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

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

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

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

  -- Cl. 3-A-5, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6F, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6L, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6M, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-6S, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7F, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7L, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7M, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-7S, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-8, Downgraded to Ca; previously on 3/19/2009 Ba3
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-L1, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 3-A-L2, Downgraded to B3; previously on 3/19/2009 A2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-1, Downgraded to B3; previously on 3/19/2009 Aa2
     Placed Under Review for Possible Downgrade

  -- Cl. 4-A-2, Downgraded to Ca; previously on 3/19/2009 Ba2
     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 Withdraws Ratings on 426 Classes of Notes by 60 SF CDOs
-----------------------------------------------------------------
Moody's Investors Service announced that it has withdrawn the
ratings of 426 classes of notes issued by 60 SF CDOs.  The
tranches affected by the actions are from CDOs that have
experienced an Event of Default and in each case the Trustee has
been directed to liquidate the collateral as a post-event-of-
default remedy, and in one case to terminate the transaction.
Moody's has been notified by the respective Trustee in each of
these cases that a final distribution of liquidation proceeds has
taken place (except for retention of a small amount of residual
funds in certain cases).

6th Avenue Funding 2006-1, Ltd.

  -- US$10,000,000 Class X Senior Secured Notes Due 2046,
     Withdrawn; previously on 3/27/2008 Downgraded to C

  -- US$81,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 3/27/2008 Downgraded to C

  -- US$102,000,000 Class B Senior Secured Floating Rate Notes Due
     2046, Withdrawn; previously on 3/27/2008 Downgraded to C

  -- US$15,000,000 Class C Secured Floating Rate Deferrable Notes
     Due 2046, Withdrawn; previously on 3/27/2008 Downgraded to C

  -- US$16,000,000 Class D Floating Rate Deferrable Notes Due
     2046, Withdrawn; previously on 3/27/2008 Downgraded to C

ACA Aquarius 2006-1, Ltd.

  -- US$255,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 6/20/2008 Downgraded to C

  -- US$1,266,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes Due 2046, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$177,000,000 Class A2 Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 6/20/2008 Downgraded to C

  -- US$80,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2046, Withdrawn; previously on 6/20/2008
     Downgraded to C

  -- US$17,500,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     6/20/2008 Downgraded to C

  -- US$74,500,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     6/20/2008 Downgraded to C

  -- US$20,000,000 Class B3 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     11/5/2007 Downgraded to C

Armitage ABS CDO, Ltd.

  -- US$1,950,000,000 Class A-1M Floating Rate Senior Secured
     Notes Due 2047, Withdrawn; previously on 7/14/2009 Downgraded
     to C

  -- US$450,000,000 Class A-1Q Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$245,000,000 Class A-2 Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 6/5/2008 Downgraded to C

  -- US$200,000,000 Class A-3 Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 6/5/2008 Downgraded to C

  -- US$72,000,000 Class A-4 Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 6/5/2008 Downgraded to C

  -- US$30,000,000 Class B Floating Rate Subordinate Secured
     Deferrable Notes Due 2047, Withdrawn; previously on 6/5/2008
     Downgraded to C

  -- US$27,000,000 Class C Floating Rate Junior Subordinate
     Secured Deferrable Notes Due 2047, Withdrawn; previously on
     6/5/2008 Downgraded to C

Auriga CDO Ltd.

  -- US$975,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes due January 2047, Withdrawn; previously
     on 7/14/2009 Downgraded to C

  -- US$97,500,000 Class A-2A Second Priority Senior Secured
     Floating Rate Notes due January 2047, Withdrawn; previously
     on 9/23/2008 Downgraded to C

  -- US$48,000,000 Class A-2B Third Priority Senior Secured
     Floating Rate Notes due January 2047, Withdrawn; previously
     on 9/23/2008 Downgraded to C

  -- US$64,500,000 Class B Fourth Priority Senior Secured Floating
     Rate Notes due January 2047, Withdrawn; previously on
     9/23/2008 Downgraded to C

  -- US$63,000,000 Class C Fifth Priority Senior Secured Floating
     Rate Notes due January 2047, Withdrawn; previously on
     2/28/2008 Downgraded to C

  -- US$48,000,000 Class D Sixth Priority Mezzanine Secured
     Deferrable Floating Rate Notes due January 2047, Withdrawn;
     previously on 2/28/2008 Downgraded to C

  -- US$42,000,000 Class E Seventh Priority Mezzanine Secured
     Deferrable Floating Rate Notes due January 2047, Withdrawn;
     previously on 2/28/2008 Downgraded to C

  -- US$51,000,000 Class F Eighth Priority Mezzanine Secured
     Deferrable Floating Rate Notes due January 2047, Withdrawn;
     previously on 2/28/2008 Downgraded to C

  -- US$28,500,000 Class G Ninth Priority Mezzanine Secured
     Deferrable Floating Rate Notes due January 2047, Withdrawn;
     previously on 2/28/2008 Downgraded to C

  -- US$43,500,000 Class H Ninth Priority Junior Secured
     Deferrable Floating Rate Notes due January 2047, Withdrawn;
     previously on 10/31/2007 Downgraded to C

  -- US$22,500,000 Class I Ninth Priority Junior Secured
     Deferrable Floating Rate Notes due January 2047, Withdrawn;
     previously on 10/31/2007 Downgraded to C

Aventine Hill CDO I, Ltd.

  -- US$111,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$414,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$96,750,000 Class A2 Senior Secured Floating Rate Notes Due
     2047, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$39,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2047, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$28,500,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$19,500,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$12,375,000 Class I Subordinated Notes Due 2047, Withdrawn;
     previously on 8/20/2008 Downgraded to C

  -- US$38,600,000 Class X Senior Secured Fixed Rate Notes Due
     2014, Withdrawn; previously on 8/20/2008 Downgraded to Ca

Bayberry Funding, Ltd.

  -- Class II Senior Floating Rate Notes, Withdrawn; previously on
     12/16/2008 Downgraded to C

  -- Class III Senior Floating Rate Notes, Withdrawn; previously
     on 12/16/2008 Downgraded to C

  -- Class IV Mezzanine Floating Rate Notes, Withdrawn; previously
     on 9/25/2008 Downgraded to C

  -- Class V Mezzanine Floating Rate Notes, Withdrawn; previously
     on 9/25/2008 Downgraded to C

Brooklyn Structured Finance CDO, Ltd.

  -- US$40,000,000 Class A1J Senior Floating Rate Notes Due 2047,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$890,000,000 Class A1S Senior Floating Rate Notes Due 2047,
     Withdrawn; previously on 8/20/2008 Downgraded to Ca

  -- US$35,000,000 Class A2 Senior Floating Rate Notes Due 2047,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$14,000,000 Class A3 Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 6/9/2008 Downgraded to C

  -- US$11,000,000 Class B Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 6/9/2008 Downgraded to C

  -- US$3,500,000 Class C Deferrable Floating Rate Notes Due 2047,
     Withdrawn; previously on 6/9/2008 Downgraded to C

Cairn Mezz ABS CDO I PLC

  -- US$55,000,000 Class II Senior Floating Rate Notes Due 2046,
     Withdrawn; previously on 11/21/2008 Downgraded to C

  -- US$49,000,000 Class III Senior Floating Rate Notes Due 2046,
     Withdrawn; previously on 11/21/2008 Downgraded to C

  -- US$11,000,000 Class IV Senior Floating Rate Notes Due 2046,
     Withdrawn; previously on 11/21/2008 Downgraded to C

  -- US$13,000,000 Class V Mezzanine Floating Rate Deferrable
     Notes Due 2046, Withdrawn; previously on 11/21/2008
     Downgraded to C

  -- US$20,500,000 Class VI Mezzanine Floating Rate Deferrable
     Notes Due 2046, Withdrawn; previously on 5/29/2008 Downgraded
     to C

  -- US$6,500,000 Class VII Mezzanine Floating Rate Deferrable
     Notes Due 2046, Withdrawn; previously on 5/29/2008 Downgraded
     to C

  -- US$19,000,000 Class P Combination Notes Due 2046, Withdrawn;
     previously on 11/21/2008 Downgraded to C

CAMBER 6 plc

  -- Class A-1, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- Class A-2, Withdrawn; previously on 8/20/2008 Downgraded to
     Ca

  -- Class B, Withdrawn; previously on 3/14/2008 Downgraded to C

  -- Class C, Withdrawn; previously on 3/14/2008 Downgraded to C

  -- Class D, Withdrawn; previously on 3/14/2008 Downgraded to C

  -- Class E, Withdrawn; previously on 3/14/2008 Downgraded to C

  -- Class F, Withdrawn; previously on 3/14/2008 Downgraded to C

Cherry Creek CDO I, Ltd.

  -- US$34,000,000 Class A1J Senior Floating Rate Notes Due May
     2046, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$195,000,000 Class A1S Senior Floating Rate Notes Due May
     2046, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$25,000,000 Class A2 Senior Floating Rate Notes Due May
     2046, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$16,000,000 Class A3 Deferrable Floating Rate Notes Due May
     2046, Withdrawn; previously on 4/28/2008 Downgraded to C

  -- US$16,000,000 Class B Deferrable Floating Rate Notes Due May
     2046, Withdrawn; previously on 4/28/2008 Downgraded to C

Citius II Funding, Ltd.

  -- US$95,000,000 Class A Secured Floating Rate Notes Due 2047,
     Withdrawn; previously on 4/24/2009 Downgraded to C

  -- US$50,000,000 Class B Secured Floating Rate Notes Due 2047,
     Withdrawn; previously on 4/24/2009 Downgraded to C

  -- US$20,000,000 Class C Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 4/11/2008 Downgraded to C

  -- US$19,000,000 Class D Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 4/11/2008 Downgraded to C

  -- Up to US$1,800,000,000 aggregate Principal Component of
     commercial paper notes/Class A ST Notes Due 2047, Withdrawn;
     previously on 4/24/2009 Downgraded to C

Costa Bella CDO Ltd.

  -- Class A-1 Swap, Withdrawn; previously on 7/14/2009 Downgraded
     to C

  -- US$250,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2046, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$40,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2046, Withdrawn; previously on
     9/23/2008 Downgraded to C

  -- US$30,000,000 Class B Third Priority Senior Secured Floating
     Rate Notes Due 2046, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$5,000,000 Class C Fourth Priority Senior Secured Floating
     Rate Notes Due 2046, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$23,000,000 Class D Fifth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2046, Withdrawn;
     previously on 9/23/2008 Downgraded to C

  -- US$18,500,000 Class E Sixth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2046, Withdrawn;
     previously on 9/23/2008 Downgraded to C

  -- US$10,500,000 Class F Seventh Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2046, Withdrawn;
     previously on 9/23/2008 Downgraded to C

  -- US$7,500,000 Class G Eighth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2046, Withdrawn;
     previously on 9/23/2008 Downgraded to C

DAVENPORT CDO I, LTD.

  -- Up to US$400,000,000 Super Senior A-1 Notes Due 2056,
     Withdrawn; previously on 5/18/2008 Downgraded to Caa3

  -- Up to US$500,000,000 Super Senior A-2 Notes Due 2056,
     Withdrawn; previously on 5/18/2008 Downgraded to Caa3

  -- Up to US$500,000,000 Super Senior A-3 Notes Due 2056,
     Withdrawn; previously on 5/18/2008 Downgraded to Caa3

Duke Funding XII, Ltd.

  -- US$260,000,000 Class A1 Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 8/4/2008 Downgraded to C

  -- US$192,000,000 Class A2 Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 8/4/2008 Downgraded to C

  -- US$157,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2046, Withdrawn; previously on 4/25/2008
     Downgraded to C

  -- US$1,388,000,000 Class A-S1VFA Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$75,000,000 Class A-S1VFB Secured Floating Rate Notes Due
     2046, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$14,000,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     4/25/2008 Downgraded to C

  -- US$54,000,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     4/25/2008 Downgraded to C

  -- US$20,000,000 Class B3 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     4/25/2008 Downgraded to C

Duke Funding XIII, Ltd.

  -- US$321,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 6/19/2008 Downgraded to C

  -- US$944,000,000 Class A1SVF Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$55,000,000 Class A2J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 6/19/2008 Downgraded to C

  -- US$185,000,000 Class A2S Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 6/19/2008 Downgraded to C

  -- US$125,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2047, Withdrawn; previously on 6/19/2008
     Downgraded to C

  -- US$50,000,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     6/19/2008 Downgraded to C

  -- US$55,000,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     6/19/2008 Downgraded to C

  -- US$50,400,000 Class X Senior Secured Fixed Rate Notes Due
     2015, Withdrawn; previously on 8/20/2008 Downgraded to Ca

Fort Denison Funding, Ltd.

  -- US$225,000,000 Class A-1 Floating Rate Notes Due 2047,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$60,000,000 Class A-2a Floating Rate Notes Due 2047,
     Withdrawn; previously on 4/25/2008 Downgraded to C

  -- US$80,000,000 Class A-2b Floating Rate Notes Due 2047,
     Withdrawn; previously on 4/25/2008 Downgraded to C

  -- US$41,000,000 Class B Floating Rate Notes Due 2047,
     Withdrawn; previously on 4/25/2008 Downgraded to C

Fort Duquesne CDO 2006-1 Ltd.

  -- US$450,000,000 Class A-1A Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 4/22/2009 Downgraded to Ca

  -- US$400,000,000 Class A-1B Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$100,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 2/10/2009 Downgraded to C

  -- US$26,500,000 Class B Senior Secured Floating Rate Notes Due
     2046, Withdrawn; previously on 2/10/2009 Downgraded to C

  -- US$11,500,000 Class C Secured Floating Rate Deferrable Notes
     Due 2046, Withdrawn; previously on 6/17/2008 Downgraded to C

  -- US$5,500,000 Class D Floating Rate Deferrable Notes Due 2046,
     Withdrawn; previously on 6/17/2008 Downgraded to C

  -- US$11,000,000 Class X Senior Secured Notes Due 2046,
     Withdrawn; previously on 4/22/2009 Downgraded to C

Furlong Synthetic ABS CDO 2006-1, Ltd.

  -- US$52,000,000 Class A1 Senior Secured Floating Rate Notes Due
     October 2046, Withdrawn; previously on 6/23/2008 Downgraded
     to C

  -- US$50,000,000 Class A2 Senior Secured Floating Rate Notes Due
     October 2046, Withdrawn; previously on 6/23/2008 Downgraded
     to C

  -- US$21,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due October 2046, Withdrawn; previously on
     5/9/2008 Downgraded to C

  -- US$19,500,000 Class B Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due October 2046, Withdrawn; previously
     on 5/9/2008 Downgraded to C

  -- US$335,000,000 Class A-S1VF Senior Secured Floating Rate
     Notes Due October 2046, Withdrawn; previously on 6/23/2008
     Downgraded to C

GSC ABS Funding 2006-3g, Ltd.

  -- US$35,000,000 Class A-1-a Floating Rate Notes Due June 2042,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$192,000,000 Class A-1-b Floating Rate Notes Due June 2042,
     Withdrawn; previously on 7/17/2008 Downgraded to C

  -- US$104,000,000 Class A-2 Floating Rate Notes Due June 2042,
     Withdrawn; previously on 7/17/2008 Downgraded to C

  -- US$96,000,000 Class B Floating Rate Notes Due June 2042,
     Withdrawn; previously on 7/17/2008 Downgraded to C

  -- US$49,600,000 Class C Deferrable Floating Rate Notes Due June
     2042, Withdrawn; previously on 3/5/2008 Downgraded to C

  -- US$22,400,000 Class D Deferrable Floating Rate Notes Due June
     2042, Withdrawn; previously on 3/5/2008 Downgraded to C

  -- Up to US1,085,000,000 Commercial Paper Notes/Class A-ILT
     Floating Rate Notes Due June 2042, Withdrawn; previously on
     7/14/2009 Downgraded to C

Gulf Stream-Atlantic CDO 2007-1, Ltd.

  -- US$300,000,000 CLASS A1-VF Senior Floating Rate Notes Due
     2047, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$93,000,000 Class A-2 Senior Floating Rate Notes Due 2047,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$35,000,000 Class B Senior Floating Rate Notes Due 2047,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$25,000,000 Class C Mezzanine Floating Rate Deferrable
     Notes Due 2047, Withdrawn; previously on 2/25/2008 Downgraded
     to C

  -- US$11,000,000 Class D Mezzanine Floating Rate Deferrable
     Notes Due 2047, Withdrawn; previously on 2/25/2008 Downgraded
     to C

  -- US$9,000,000 Class E Mezzanine Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 2/25/2008 Downgraded to C

  -- US$7,500,000 Class F Mezzanine Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 2/25/2008 Downgraded to C

  -- US$5,000,000 Class G Mezzanine Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 2/25/2008 Downgraded to C

Halcyon Securitized Prod Inv ABS CDO II Ltd.

  -- Up to US225,000,000 Class A-1(a) Senior Secured Floating Rate
     Notes Due 2046, Withdrawn; previously on 4/22/2009 Downgraded
     to C

  -- US$75,000,000 Class A-1(b) Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$82,500,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$36,000,000 Class B Senior Secured Floating Rate Notes Due
     2046, Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$27,500,000 Class C Senior Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     4/22/2009 Downgraded to C

  -- US$21,500,000 Class D-1 Senior Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     4/22/2009 Downgraded to C

  -- US$6,000,000 Class D-2 Senior Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     4/22/2009 Downgraded to C

  -- US$4,000,000 Class E Senior Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     5/9/2008 Downgraded to C

High Grade Structured Credit CDO 2007-1

  -- Up to US3,240,000,000 Class A-1B Notes, Withdrawn; previously
     on 7/14/2009 Downgraded to C

  -- US$200,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2052, Withdrawn; previously on 9/3/2008 Downgraded to C

  -- US$300,000,000 Class A-3 Senior Secured Floating Rate Notes
     Due 2052, Withdrawn; previously on 9/3/2008 Downgraded to C

  -- US$115,000,000 Class B Senior Secured Floating Rate Notes Due
     2052, Withdrawn; previously on 9/3/2008 Downgraded to C

  -- US$65,000,000 Class C Secured Floating Rate Deferrable Notes
     Due 2052, Withdrawn; previously on 3/5/2008 Downgraded to C

  -- US$40,000,000 Class D Secured Floating Rate Deferrable Notes
     Due 2052, Withdrawn; previously on 3/5/2008 Downgraded to C

  -- US$27,900,000 Class X Senior Secured Notes Due 2017,
     Withdrawn; previously on 7/14/2009 Downgraded to C

Hudson High Grade Funding 2006-1, Ltd.

  -- US$1,275,000,000 Class A-1 Floating Rate Notes Due 2042,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$123,750,000 Class A-2 Floating Rate Notes Due 2042,
     Withdrawn; previously on 8/8/2008 Downgraded to C

  -- US$60,750,000 Class B Floating Rate Notes Due 2042,
     Withdrawn; previously on 8/8/2008 Downgraded to C

  -- US$20,250,000 Class C Deferrable Floating Rate Notes Due
     2042, Withdrawn; previously on 5/16/2008 Downgraded to C

  -- US$12,750,000 Class D Deferrable Floating Rate Notes Due
     2042, Withdrawn; previously on 5/16/2008 Downgraded to C

  -- US$7,500,000 Income Notes Due 2042, Withdrawn; previously on
     5/16/2008 Downgraded to C

Hudson Mezzanine Funding 2006-1, Ltd.

  -- US$120,000,000 Class A-b Floating Rate Notes Due 2042,
     Withdrawn; previously on 8/8/2008 Downgraded to C

  -- US$110,000,000 Class A-f Floating Rate Notes Due 2042,
     Withdrawn; previously on 8/8/2008 Downgraded to C

  -- US$230,000,000 Class B Floating Rate Notes Due 2042,
     Withdrawn; previously on 8/8/2008 Downgraded to C

  -- US$170,000,000 Class C Deferrable Floating Rate Notes Due
     2042, Withdrawn; previously on 4/24/2008 Downgraded to C

  -- US$84,000,000 Class D Deferrable Floating Rate Notes Due
     2042, Withdrawn; previously on 4/24/2008 Downgraded to C

  -- US$26,000,000 Class E Deferrable Floating Rate Notes Due
     2042, Withdrawn; previously on 4/24/2008 Downgraded to C

  -- US$37,000,000 Class S Floating Rate Notes Due 2012,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$1,200,000,000 Senior Swap, Withdrawn; previously on
     7/14/2009 Downgraded to C

Ischus Mezzanine CDO IV, Ltd.

  -- US$100,000,000 Class A-1 Second Priority Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     4/22/2009 Downgraded to C

  -- US$80,000,000 Class A-2 Third Priority Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     10/20/2008 Downgraded to C

  -- US$50,000,000 Class A-3 Fourth Priority Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     10/20/2008 Downgraded to C

  -- US$54,000,000 Class B Fifth Priority Senior Secured Floating
     Rate Notes Due 2047, Withdrawn; previously on 10/20/2008
     Downgraded to C

  -- US$16,000,000 Class C Sixth Priority Senior Secured
     Deferrable Floating Rate Notes Due 2047, Withdrawn;
     previously on 4/22/2008 Downgraded to C

  -- US$21,500,000 Class D Mezzanine Secured Deferrable Floating
     Rate Notes Due 2047, Withdrawn; previously on 4/22/2008
     Downgraded to C

  -- US$17,500,000 Class X First Priority Senior Secured
     Amortizing Notes Due 2013, Withdrawn; previously on 4/22/2009
     Downgraded to C

  -- US$150,000,000 Super Senior Swap dated as of June 27, 2007,
     Withdrawn; previously on 4/22/2009 Downgraded to C

IXIS ABS CDO 3 Ltd.

  -- Class A-1LA Investor Swap, Withdrawn; previously on 7/14/2009
     Downgraded to C

  -- US$76,000,000 Class A-1LB Floating Rate Notes Due December
     2046, Withdrawn; previously on 4/24/2009 Downgraded to C

  -- US$28,000,000 Class A-2L Floating Rate Notes Due December
     2046, Withdrawn; previously on 4/24/2009 Downgraded to C

  -- US$30,000,000 Class A-3L Floating Rate Notes Due December
     2046, Withdrawn; previously on 4/24/2009 Downgraded to C

  -- US$22,000,000 Class B-1L Floating Rate Notes Due December
     2046, Withdrawn; previously on 4/24/2009 Downgraded to C

  -- US$8,000,000 Class B-2L Floating Rate Notes Due December
     2046, Withdrawn; previously on 4/24/2009 Downgraded to C

  -- US$16,000,000 Class X Notes Due December 2013, Withdrawn;
     previously on 4/24/2009 Downgraded to C

Jupiter High Grade CDO VII, Ltd.

  -- US$1,050,000,000 Class A-1 Floating Rate Notes due November
     2047, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$150,000,000 Class A-2 Floating Rate Notes due November
     2047, Withdrawn; previously on 6/4/2008 Downgraded to C

  -- US$150,000,000 Class A-3 Floating Rate Notes due November
     2047, Withdrawn; previously on 6/4/2008 Downgraded to C

  -- US$80,000,000 Class A-4 Floating Rate Notes due November
     2047, Withdrawn; previously on 3/5/2008 Downgraded to C

  -- US$20,000,000 Class A-5 Floating Rate Notes due November
     2047, Withdrawn; previously on 3/5/2008 Downgraded to C

  -- US$20,000,000 Class B Deferrable Floating Rate Notes due
     November 2047, Withdrawn; previously on 3/5/2008 Downgraded
     to C

  -- US$10,000,000 Class C Deferrable Floating Rate Notes due
     November 2047, Withdrawn; previously on 3/5/2008 Downgraded
     to C

Kleros Real Estate CDO III, Ltd.

  -- US$815,000,000 Class A-1A First Priority Senior Secured
     Floating Rate Delayed Draw Notes due 2046, Withdrawn;
     previously on 7/14/2009 Downgraded to C

  -- US$60,000,000 Class A-1B Second Priority Senior Secured
     Floating Rate Notes due 2046, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$70,000,000 Class A-2 Third Priority Senior Secured
     Floating Rate Notes due 2046, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$15,000,000 Class A-3 Fourth Priority B Senior Secured
     Deferrable Floating Rate Notes due 2046, Withdrawn;
     previously on 2/14/2008 Downgraded to C

  -- US$10,000,000 Class A-4 Fifth Priority Secured Deferrable
     Floating Rate Notes due 2046, Withdrawn; previously on
     2/14/2008 Downgraded to C

  -- US$11,000,000 Class B Sixth Priority Mezzanine Deferrable
     Floating Rate Notes due 2046, Withdrawn; previously on
     2/14/2008 Downgraded to C

  -- US$5,000,000 Class C Seventh Priority Mezzanine Deferrable
     Floating Rate Notes due 2046, Withdrawn; previously on
     2/14/2008 Downgraded to C

Libertas Preferred Funding III, Ltd.

  -- US$633,000,000 Class I Supersenior Swap, Withdrawn;
     previously on 7/22/2008 Downgraded to Ca

  -- US$27,000,000 Class I-J Senior Floating Rate Notes Due April
     2047, Withdrawn; previously on 7/22/2008 Downgraded to C

  -- US$108,000,000 Class II Senior Floating Rate Notes Due April
     2047, Withdrawn; previously on 7/22/2008 Downgraded to C

  -- US$120,000,000 Class III Senior Floating Rate Notes Due April
     2047, Withdrawn; previously on 7/22/2008 Downgraded to C

  -- US$118,000,000 Class IV Senior Floating Rate Notes Due April
     2047, Withdrawn; previously on 7/22/2008 Downgraded to C

  -- US$10,000,000 Class V Mezzanine Floating Rate Deferrable
     Notes Due April 2047, Withdrawn; previously on 7/22/2008
     Downgraded to C

  -- US$45,000,000 Class VI Mezzanine Floating Rate Deferrable
     Notes Due April 2047, Withdrawn; previously on 7/22/2008
     Downgraded to C

  -- US$55,000,000 Class VII Mezzanine Floating Rate Deferrable
     Notes Due April 2047, Withdrawn; previously on 7/22/2008
     Downgraded to C

  -- US$24,000,000 Class VIII Mezzanine Floating Rate Deferrable
     Notes Due April 2047, Withdrawn; previously on 7/22/2008
     Downgraded to C

Libertas Preferred Funding IV, Ltd.

  -- US$200,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$100,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$50,000,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$27,500,000 Class A-4 Fourth Priority Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$34,000,000 Class B Fifth Priority Senior Secured Floating
     Rate Notes Due 2047, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$33,500,000 Class C Sixth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2047, Withdrawn;
     previously on 8/20/2008 Downgraded to C

  -- US$22,500,000 Class D Seventh Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2047, Withdrawn;
     previously on 8/20/2008 Downgraded to C

  -- US$13,500,000 Class E Eighth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2047, Withdrawn;
     previously on 8/20/2008 Downgraded to C

Longport Funding III, Ltd.

  -- US$450,000,000 Class A1-VF Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 7/24/2008 Downgraded to C

  -- US$63,750,000 Class A2A Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 5/9/2008 Downgraded to C

  -- US$45,000,000 Class A2B Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 5/9/2008 Downgraded to C

  -- US$97,500,000 Class B Senior Secured Floating Rate Notes Due
     2051, Withdrawn; previously on 5/9/2008 Downgraded to C

  -- US$26,250,000 Class C Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2051, Withdrawn; previously on
     2/27/2008 Downgraded to C

  -- US$26,250,000 Class D Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2051, Withdrawn; previously on
     2/27/2008 Downgraded to C

  -- US$12,000,000 Class E Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2051, Withdrawn; previously on
     2/27/2008 Downgraded to C

  -- US$1,000,000 Series P1 Combination Notes Due 2015, Withdrawn;
     previously on 5/29/2007 Assigned Aaa

Longridge ABS CDO I, Ltd.

  -- US$160,000,000 Class A-1 Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$175,000,000 Class A-1 Swap Transaction, Withdrawn;
     previously on 9/23/2008 Downgraded to Ca

  -- US$55,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 9/23/2008 Downgraded to C

  -- US$37,000,000 Class B Senior Secured Floating Rate Notes Due
     2047, Withdrawn; previously on 9/23/2008 Downgraded to C

  -- US$22,000,000 Class C Mezzanine Deferrable Secured Floating
     Rate Notes Due 2047, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$15,000,000 Class D Mezzanine Deferrable Secured Floating
     Rate Notes Due 2047, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$12,000,000 Class E Mezzanine Deferrable Secured Floating
     Rate Notes Due 2047, Withdrawn; previously on 11/8/2007
     Downgraded to C

  -- US$8,000,000 Class F Mezzanine Deferrable Secured Floating
     Rate Notes Due 2047, Withdrawn; previously on 11/8/2007
     Downgraded to C

Longridge ABS CDO II, Ltd.

  -- US$85,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$275,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$16,500,000 Class A2J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$45,000,000 Class A2S Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$10,000,000 Class A3J Secured Deferrable Interest Floating
     Rate Notes Due 2047, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$15,000,000 Class A3S Secured Deferrable Interest Floating
     Rate Notes Due 2047, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$6,000,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$12,500,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$10,000,000 Class B3 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$5,000,000 Class C Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     8/20/2008 Downgraded to C

Mars CDO I, Ltd.

  -- US$180,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2052, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$240,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2052, Withdrawn; previously on
     5/29/2008 Downgraded to C

  -- US$78,000,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes Due 2052, Withdrawn; previously on
     5/29/2008 Downgraded to C

  -- US$39,000,000 Class B Fourth Priority Senior Secured Floating
     Rate Notes Due 2052, Withdrawn; previously on 5/29/2008
     Downgraded to C

  -- US$10,000,000 Class C Fifth Priority Senior Secured Floating
     Rate Notes Due 2052, Withdrawn; previously on 5/29/2008
     Downgraded to C

  -- US$15,000,000 Class D Sixth Priority Senior Secured Floating
     Rate Notes Due 2052, Withdrawn; previously on 5/29/2008
     Downgraded to C

  -- US$18,500,000 Class E Seventh Priority Senior Secured
     Floating Rate Notes Due 2052, Withdrawn; previously on
     5/29/2008 Downgraded to C

  -- US$13,000,000 Class F Eighth Priority Secured Floating Rate
     Notes Due 2052, Withdrawn; previously on 5/29/2008 Downgraded
     to C

Mayflower CDO I Ltd.

  -- US$609,000,000 Class A-1LA Investor Swap, Withdrawn;
     previously on 4/22/2009 Downgraded to C

  -- US$157,000,000 Class A-1LB Floating Rate Notes Due June 2046,
     Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$75,000,000 Class A-2L Floating Rate Notes Due June 2046,
     Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$46,000,000 Class A-3L Floating Rate Notes Due June 2046,
     Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$50,000,000 Class B-1L Floating Rate Notes Due June 2046,
     Withdrawn; previously on 4/22/2009 Downgraded to C

  -- US$20,000,000 Class X Notes Due September 2012, Withdrawn;
     previously on 4/22/2009 Downgraded to C

Midori CDO, Ltd.

  -- US$122,500,000 Class A-1 Secured Funded Notes Due 2047,
     Withdrawn; previously on 11/14/2008 Downgraded to C

  -- US$202,500,000 Class A-1 Secured Unfunded Notes Due 2047,
     Withdrawn; previously on 11/14/2008 Downgraded to C

  -- US$81,500,000 Class A-2 Secured Floating Rate Notes Due 2047,
     Withdrawn; previously on 11/14/2008 Downgraded to C

  -- US$6,500,000 Class A-X Secured Notes Due 2047, Withdrawn;
     previously on 7/14/2009 Downgraded to C

  -- US$28,000,000 Class B Secured Floating Rate Notes Due 2047,
     Withdrawn; previously on 10/1/2008 Downgraded to C

  -- US$26,000,000 Class C Secured Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 5/9/2008 Downgraded to C

  -- US$14,000,000 Class D Secured Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 5/9/2008 Downgraded to C

  -- US$5,500,000 Class E Secured Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 5/9/2008 Downgraded to C

Neptune CDO IV, Ltd.

  -- Class A-1 Swap, Withdrawn; previously on 7/14/2009 Downgraded
     to C

  -- Class A-2 Senior Floating Rate Notes due October 2046,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- Class B Senior Floating Rate Notes due October 2046,
     Withdrawn; previously on 5/18/2008 Downgraded to C

  -- Class C Senior Floating Rate Notes due October 2046,
     Withdrawn; previously on 5/18/2008 Downgraded to C

  -- Class D Floating Rate Deferrable Notes due October 2046,
     Withdrawn; previously on 5/18/2008 Downgraded to C

  -- Class E Floating Rate Deferrable Notes due October 2046,
     Withdrawn; previously on 5/18/2008 Downgraded to C

  -- Class X Senior Amortizing Floating Rate Notes due April 2015,
     Withdrawn; previously on 7/14/2009 Downgraded to C

Nordic Valley 2007-1 CDO, LTD.

  -- US$0 Class A-1 Senior Secured Funded Notes due 2047,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$600,000,000 Class A-1 Unfunded Notes due 2047, Withdrawn;
     previously on 7/14/2009 Downgraded to C

  -- US$100,000,000 Class A-2a Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 8/26/2008 Downgraded to C

  -- US$93,000,000 Class A-2b Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 8/26/2008 Downgraded to C

  -- US$31,500,000 Class A-X Senior Secured Notes Due 2047,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$50,000,000 Class B Senior Secured Floating Rate Notes Due
     2047, Withdrawn; previously on 8/26/2008 Downgraded to C

  -- US$66,000,000 Class C Secured Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 8/26/2008 Downgraded to C

  -- US$30,000,000 Class D Secured Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 8/26/2008 Downgraded to C

  -- US$18,000,000 Class E Secured Floating Rate Deferrable Notes
     Due 2047, Withdrawn; previously on 8/26/2008 Downgraded to C

Norma CDO I Ltd.

  -- US$975,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes Due 2049, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$150,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2049, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$86,000,000 Class B Third Priority Senior Secured Floating
     Rate Notes Due 2049, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$50,000,000 Class C Fourth Priority Senior Secured Floating
     Rate Notes Due 2049, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$74,000,000 Class D Fifth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2049, Withdrawn;
     previously on 8/20/2008 Downgraded to C

  -- US$65,000,000 Class E Sixth Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2049, Withdrawn;
     previously on 8/20/2008 Downgraded to C

  -- US$12,000,000 Class F Seventh Priority Mezzanine Secured
     Deferrable Floating Rate Notes Due 2049, Withdrawn;
     previously on 8/20/2008 Downgraded to C

  -- US$15,000,000 Class G Eighth Priority Junior Secured
     Deferrable Floating Rate Notes Due 2049, Withdrawn;
     previously on 3/21/2008 Downgraded to C

  -- US$23,000,000 Class H Ninth Priority Junior Secured
     Deferrable Floating Rate Notes Due 2049, Withdrawn;
     previously on 3/21/2008 Downgraded to C

Octans II CDO Ltd.

  -- US$945,000,000 Class A-1 Swap, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$41,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$100,000,000 Class A-3A Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$54,000,000 Class A-3B Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$108,000,000 Class B Senior Secured Floating Rate Notes Due
     2051, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$78,000,000 Class C-1 Deferrable Secured Floating Rate
     Notes Due 2051, Withdrawn; previously on 8/20/2008 Downgraded
     to C

  -- US$31,500,000 Class C-2 Deferrable Secured Floating Rate
     Notes Due 2051, Withdrawn; previously on 8/20/2008 Downgraded
     to C

  -- US$51,000,000 Class D Deferrable Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$45,000,000 Class X-1 Deferrable Secured Fixed Rate Notes
     Due 2051, Withdrawn; previously on 8/20/2008 Downgraded to C

Octonion I CDO, Ltd.

  -- US$600,000,000 Class A1 Floating Rate Notes Due 2047,
     Withdrawn; previously on 8/26/2008 Downgraded to Ca

  -- US$150,000,000 Class A2 Floating Rate Notes Due 2047,
     Withdrawn; previously on 2/29/2008 Downgraded to C

  -- US$88,000,000 Class A3 Floating Rate Notes Due 2047,
     Withdrawn; previously on 2/29/2008 Downgraded to C

  -- US$70,000,000 Class B Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 2/29/2008 Downgraded to C

  -- US$40,000,000 Class C Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 2/29/2008 Downgraded to C

  -- US$10,000,000 Class D Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 2/29/2008 Downgraded to C

  -- US$10,000,000 Class E Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 2/29/2008 Downgraded to C

  -- US$22,250,000 Class S Floating Rate Notes Due 2047,
     Withdrawn; previously on 7/14/2009 Downgraded to C

Pinnacle Peak CDO I, Ltd.

  -- US$750,000,000 Class A1M Floating Rate Notes Due 2047,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$265,000,000 Class A1Q Floating Rate Notes Due 2047,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$260,000,000 Class A2 term loan made pursuant to the Class
     A2 Loan Agreement, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$140,000,000 Class A3 Floating Rate Notes Due 2047,
     Withdrawn; previously on 5/30/2008 Downgraded to C

  -- US$35,000,000 Class A4 Floating Rate Notes Due 2047,
     Withdrawn; previously on 2/27/2008 Downgraded to C

  -- US$15,000,000 Class B Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 2/27/2008 Downgraded to C

  -- US$15,000,000 Class C Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 2/27/2008 Downgraded to C

Plettenberg Bay CDO Limited

  -- US$96,000,000 Class A-1 Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 8/26/2008 Downgraded to C

  -- US$40,000,000 Class A-2 Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 8/26/2008 Downgraded to C

  -- US$24,000,000 Class B Floating Rate Subordinate Secured
     Deferrable Notes Due 2047, Withdrawn; previously on 6/9/2008
     Downgraded to C

  -- US$13,000,000 Class C Floating Rate Junior Subordinate
     Secured Deferrable Notes Due 2047, Withdrawn; previously on
     4/9/2008 Downgraded to C

  -- US$10,250,000 Class D Floating Rate Junior Subordinate
     Secured Deferrable Notes Due 2047, Withdrawn; previously on
     4/9/2008 Downgraded to C

  -- US$300,000,000 Class S Floating Rate Senior Notes Due 2047,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$19,500,000 Income Notes Due 2047, Withdrawn; previously on
     4/9/2008 Downgraded to C

Preston CDO I, Ltd.

  -- US$51,500,000 Class A1J Senior Secured Floating Rate Notes
     Due 2037, Withdrawn; previously on 6/10/2008 Downgraded to C

  -- US$213,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes Due 2037, Withdrawn; previously on
     8/20/2008 Downgraded to C

  -- US$22,000,000 Class A2 Senior Secured Floating Rate Notes Due
     2037, Withdrawn; previously on 6/10/2008 Downgraded to C

  -- US$18,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2037, Withdrawn; previously on 6/10/2008
     Downgraded to C

  -- US$8,000,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2037, Withdrawn; previously on
     6/10/2008 Downgraded to C

  -- US$20,000,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2037, Withdrawn; previously on
     2/29/2008 Downgraded to C

  -- US$5,400,000 Class X Senior Secured Fixed Rate Notes Due
     2013, Withdrawn; previously on 7/14/2009 Downgraded to C

Pyxis ABS CDO 2007-1 Ltd.

  -- US$102,750,000 Class C Secured Deferrable Floating Rate Notes
     Due 2047, Withdrawn; previously on 3/13/2008 Downgraded to C

  -- US$73,000,000 Class D-1 Secured Deferrable Floating Rate
     Notes Due 2047, Withdrawn; previously on 3/13/2008 Downgraded
     to C

  -- US$10,250,000 Class D-2 Secured Deferrable Floating Rate
     Notes Due 2047, Withdrawn; previously on 3/13/2008 Downgraded
     to C

  -- US$18,000,000 Class E Deferrable Notes Due 2047, Withdrawn;
     previously on 3/13/2008 Downgraded to C

  -- US$18,000,000 Class F Deferrable Notes Due 2047, Withdrawn;
     previously on 3/13/2008 Downgraded to C

Raffles Place Funding, Ltd.

  -- Class A-1a, Withdrawn; previously on 3/26/2009 Downgraded to
     C

  -- Class A-1b Notes, Withdrawn; previously on 3/26/2009
     Downgraded to C

  -- Class A-2, Withdrawn; previously on 3/26/2009 Downgraded to C

  -- Class B Notes, Withdrawn; previously on 7/11/2008 Downgraded
     to C

  -- Class C Notes, Withdrawn; previously on 7/11/2008 Downgraded
     to C

  -- Funding Notes/CP Notes-1, Withdrawn; previously on 7/14/2009
     Downgraded to C

Rockbound CDO I, Ltd.

  -- US$115,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 5/29/2008 Downgraded to C

  -- Up to US205,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     7/1/2008 Downgraded to C

  -- US$103,000,000 Class A2 Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 5/29/2008 Downgraded to C

  -- US$42,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2047, Withdrawn; previously on 5/29/2008
     Downgraded to C

  -- US$23,000,000 Class B Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     5/29/2008 Downgraded to C

Sagittarius CDO I Ltd.

  -- US$133,000,000 Class A Senior Secured Floating Rate Notes Due
     2051, Withdrawn; previously on 9/23/2008 Downgraded to C

  -- US$82,500,000 Class B Senior Secured Floating Rate Notes Due
     2051, Withdrawn; previously on 9/23/2008 Downgraded to C

  -- US$45,000,000 Class C Secured Floating Rate Deferrable
     Interest Notes Due 2051, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$14,500,000 Class D-1 Secured Floating Rate Deferrable
     Interest Notes Due 2051, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$27,500,000 Class D-2 Secured Floating Rate Deferrable
     Interest Notes Due 2051, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$12,500,000 Class D-3 Secured Floating Rate Deferrable
     Interest Notes Due 2051, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$10,000,000 Class E Secured Floating Rate Deferrable
     Interest Notes Due 2051, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$15,000,000 Class S Senior Secured Floating Rate Notes Due
     2012, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$15,000,000 Class X Secured Floating Rate Deferrable
     Interest Notes Due 2051, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$630,000,000 Super Senior Swap, Withdrawn; previously on
     7/14/2009 Downgraded to C

Singa Funding, Ltd.

  -- US$600,000,000 Class A1M Floating Rate Notes Due 2046,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$260,000,000 Class A1Q Floating Rate Notes Due 2046,
     Withdrawn; previously on 9/23/2008 Downgraded to C

  -- US$40,000,000 Class A2 Floating Rate Notes Due 2046,
     Withdrawn; previously on 8/6/2008 Downgraded to C

  -- US$48,000,000 Class A3 Floating Rate Notes Due 2046,
     Withdrawn; previously on 8/6/2008 Downgraded to C

  -- US$30,000,000 Class A4 Floating Rate Notes Due 2046,
     Withdrawn; previously on 8/6/2008 Downgraded to C

  -- US$10,000,000 Class B Deferrable Floating Rate Notes Due
     2046, Withdrawn; previously on 4/2/2008 Downgraded to C

  -- US$9,000,000 Class C Deferrable Floating Rate Notes Due 2046,
     Withdrawn; previously on 4/2/2008 Downgraded to C

  -- US$2,000,000 Class D Deferrable Fixed Rate Notes Due 2046,
     Withdrawn; previously on 4/2/2008 Downgraded to C

  -- US$5,000,000 Class Q Notes Due 2046, Withdrawn; previously on
     4/2/2008 Downgraded to C

Sorin CDO V Ltd.

  -- US$66,000,000 Class A-1J Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$402,000,000 Class A-1S Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$60,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$27,000,000 Class A-3 Deferrable Secured Floating Rate
     Notes Due 2051, Withdrawn; previously on 6/19/2008 Downgraded
     to C

  -- US$18,000,000 Class B Deferrable Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 6/4/2008 Downgraded to C

  -- US$6,500,000 Class C Deferrable Secured Floating Rate Notes
     Due 2051, Withdrawn; previously on 6/4/2008 Downgraded to C

Springdale CDO 2006-1 Ltd.

  -- US$80,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due March 2051, Withdrawn; previously on 7/14/2009 Downgraded
     to C

  -- US$60,000,000 Class B Senior Secured Floating Rate Notes Due
     March 2051, Withdrawn; previously on 7/14/2009 Downgraded to
     C

  -- US$26,300,000 Class C Secured Floating Rate Deferrable
     Interest Notes Due March 2051, Withdrawn; previously on
     5/29/2008 Downgraded to C

  -- US$25,000,000 Class D Secured Floating Rate Deferrable
     Interest Notes Due March 2051, Withdrawn; previously on
     5/29/2008 Downgraded to C

  -- US$10,000,000 Class E Secured Floating Rate Deferrable
     Interest Notes Due March 2051, Withdrawn; previously on
     5/29/2008 Downgraded to C

TABS 2006-6, Ltd.

  -- US$175,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 6/18/2008 Downgraded to C

  -- US$950,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes Due 2047, Withdrawn; previously on
     6/18/2008 Downgraded to C

  -- US$140,000,000 Class A2 Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 6/18/2008 Downgraded to C

  -- US$60,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2047, Withdrawn; previously on 6/18/2008
     Downgraded to C

  -- US$30,000,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     6/18/2008 Downgraded to C

  -- US$40,000,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     6/18/2008 Downgraded to C

  -- US$22,500,000 Class B3 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2047, Withdrawn; previously on
     6/18/2008 Downgraded to C

  -- US$22,500,000 Class C Mezzanine Secured Deferrable Interest
     Floating Rate Notes due 2047, Withdrawn; previously on
     6/18/2008 Downgraded to C

Tallships Funding, Ltd.

  -- US$30,000,000 Class D Floating Rate Junior Subordinate
     Secured Deferrable Notes Due 2047, Withdrawn; previously on
     4/16/2008 Downgraded to C

  -- US$360,000,000 Class A-1 Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 10/6/2008 Downgraded to C

  -- US$65,000,000 Class A-2 Floating Rate Senior Secured Notes
     Due 2047, Withdrawn; previously on 10/6/2008 Downgraded to C

  -- US$50,000,000 Class B Floating Rate Subordinate Secured
     Deferrable Notes Due 2047, Withdrawn; previously on 4/16/2008
     Downgraded to C

  -- US$37,500,000 Class C Floating Rate Junior Subordinate
     Secured Deferrable Notes Due 2047, Withdrawn; previously on
     4/16/2008 Downgraded to C

  -- Advance Swap, Withdrawn; previously on 7/14/2009 Downgraded
     to C

  -- Revolving Credit Agreement, Withdrawn; previously on
     7/14/2009 Downgraded to C

Tasman CDO, Ltd.

  -- US$30,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$164,000,000 Class A1S Senior Secured Floating Rate Notes
     Due 2047, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$58,000,000 Class A2 Senior Secured Floating Rate Notes Due
     2047, Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$20,000,000 Class A3 Secured Deferrable Floating Rate Notes
     Due 2047, Withdrawn; previously on 3/26/2008 Downgraded to C

  -- US$12,000,000 Class B Mezzanine Secured Deferrable Floating
     Rate Notes Due 2047, Withdrawn; previously on 3/26/2008
     Downgraded to C

  -- US$4,000,000 Class C Mezzanine Secured Deferrable Floating
     Rate Notes Due 2047, Withdrawn; previously on 3/26/2008
     Downgraded to C

Tenorite CDO I Ltd.

  -- Up to US550,000,000 Class A Notes, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$200,000,000 Class B Senior Floating Rate Notes Due 2057,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$90,000,000 Class C Senior Floating Rate Notes Due 2057,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$60,000,000 Class D Senior Floating Rate Notes Due 2057,
     Withdrawn; previously on 8/20/2008 Downgraded to C

  -- US$32,000,000 Class E Floating Rate Deferrable Notes Due

     2057, Withdrawn; previously on 2/26/2008 Downgraded to C

  -- US$32,000,000 Class F Floating Rate Deferrable Notes Due
     2057, Withdrawn; previously on 2/26/2008 Downgraded to C

  -- US$27,000,000 Class F2 Floating Rate Deferrable Notes Due
     2045, Withdrawn; previously on 2/26/2008 Downgraded to C

Timberwolf I, Ltd.

  -- US$100,000,000 Class A-1a Floating Rate Notes Due 2039,
     Withdrawn; previously on 7/31/2008 Downgraded to C

  -- US$200,000,000 Class A-1b Floating Rate Notes Due 2039,
     Withdrawn; previously on 5/6/2008 Downgraded to C

  -- US$100,000,000 Class A-1c Floating Rate Notes Due 2044,
     Withdrawn; previously on 5/6/2008 Downgraded to C

  -- US$100,000,000 Class A-1d Floating Rate Notes Due 2044,
     Withdrawn; previously on 5/6/2008 Downgraded to C

  -- US$305,000,000 Class A-2 Floating Rate Notes Due 2047,
     Withdrawn; previously on 3/31/2008 Downgraded to C

  -- US$107,000,000 Class B Floating Rate Notes Due 2047,
     Withdrawn; previously on 3/31/2008 Downgraded to C

  -- US$36,000,000 Class C Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 3/31/2008 Downgraded to C

  -- US$30,000,000 Class D Deferrable Floating Rate Notes Due
     2047, Withdrawn; previously on 3/31/2008 Downgraded to C

  -- US$9,000,000 Class S-1 Floating Rate Notes Due 2011,
     Withdrawn; previously on 7/14/2009 Downgraded to C

  -- US$8,300,000 Class S-2 Floating Rate Notes Due 2011,
     Withdrawn; previously on 3/31/2008 Downgraded to C

Tourmaline CDO II Ltd

  -- US$700,000,000 Class A-1 Senior Variable Funding Floating
     Rate Notes, Due 2046, Withdrawn; previously on 7/14/2009
     Downgraded to C

  -- US$700,000,000 Class A-2 Senior Floating Rate Notes, Due
     2046, Withdrawn; previously on 11/21/2008 Downgraded to Ca

  -- US$700,000,000 Class A-3 Senior Floating Rate Notes, Due
     2046, Withdrawn; previously on 11/21/2008 Downgraded to Ca

  -- US$100,000,000 Class B Senior Floating Rate Notes, Due 2046,
     Withdrawn; previously on 11/21/2008 Downgraded to C

  -- US$90,000,000 Class C Senior Floating Rate Notes, Due 2046,
     Withdrawn; previously on 11/21/2008 Downgraded to C

  -- US$32,000,000 Class D Mezzanine Floating Rate Deferrable
     Notes, Due 2046, Withdrawn; previously on 7/30/2008
     Downgraded to C

  -- US$38,000,000 Class E Mezzanine Floating Rate Deferrable
     Notes, Due 2046, Withdrawn; previously on 4/9/2008 Downgraded
     to C

Vertical ABS CDO 2007-2, Ltd.

  -- US$360,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes due August 12, 2047, Withdrawn;
     previously on 8/20/2008 Downgraded to C

  -- US$22,000,000 Class X Senior Secured Fixed Rate Notes due
     2014, Withdrawn; previously on 7/14/2009 Downgraded to C

Vertical Virgo 2006-1, Ltd.

  -- US$255,000,000 Class A1J Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 9/23/2008 Downgraded to C

  -- US$1,266,000,000 Class A1S Variable Funding Senior Secured
     Floating Rate Notes Due 2046, Withdrawn; previously on
     7/14/2009 Downgraded to C

  -- US$177,000,000 Class A2 Senior Secured Floating Rate Notes
     Due 2046, Withdrawn; previously on 9/23/2008 Downgraded to C

  -- US$80,000,000 Class A3 Secured Deferrable Interest Floating
     Rate Notes Due 2046, Withdrawn; previously on 9/23/2008
     Downgraded to C

  -- US$17,500,000 Class B1 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     9/23/2008 Downgraded to C

  -- US$74,500,000 Class B2 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     9/23/2008 Downgraded to C

  -- US$20,000,000 Class B3 Mezzanine Secured Deferrable Interest
     Floating Rate Notes Due 2046, Withdrawn; previously on
     9/23/2008 Downgraded to C

  -- US$40,000,000 Class I Subordinated Notes Due 2046, Withdrawn;
     previously on 9/23/2008 Downgraded to C

Western Springs CDO Ltd.

  -- US$200,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes, Withdrawn; previously on 7/14/2009
     Downgraded to C

  -- US$125,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$64,000,000 Class A-3 Third Priority Senior Secured
     Floating Rate Notes, Withdrawn; previously on 8/20/2008
     Downgraded to C

  -- US$20,000,000 Class B Fourth Priority Senior Secured Floating
     Rate Notes, Withdrawn; previously on 8/20/2008 Downgraded to
     C

  -- US$9,500,000 Class C Fifth Priority Senior Secured Floating
     Rate Notes, Withdrawn; previously on 8/20/2008 Downgraded to
     C

  -- US$28,000,000 Class D Sixth Priority Mezzanine Secured
     Deferrable Floating Rate Notes, Withdrawn; previously on
     2/29/2008 Downgraded to C

  -- US$14,500,000 Class E Seventh Priority Mezzanine Secured
     Deferrable Floating Rate Notes, Withdrawn; previously on
     2/29/2008 Downgraded to C

  -- US$16,250,000 Class F Eighth Priority Mezzanine Secured
     Deferrable Floating Rate Notes, Withdrawn; previously on
     2/29/2008 Downgraded to C


* S&P Downgrades Ratings on 19 Tranches From Six CLO Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 19
tranches from six U.S. cash flow collateralized loan obligation
transactions.  At the same time, S&P removed 14 of the lowered
ratings from CreditWatch with negative implications.

The ratings on four of the downgraded tranches are on CreditWatch
with negative implications, indicating a significant likelihood of
further downgrades.

The 19 downgraded U.S. cash flow CLO tranches have a total
issuance amount of $1.485 billion.  The CLO downgrades reflect a
number of factors, including an increase in the amount of
defaulted assets in the transactions' collateral pools and
deterioration in the overall credit quality of the performing
assets within the respective CLO collateral pools.  An increase in
downgrades of speculative-grade U.S. companies has resulted in an
increase in the proportion of 'CCC' and 'CC' rated assets in the
underlying portfolios held within the CLO collateral pools.

Standard & Poor's will continue to monitor the CLO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                               Rating
                                                 ------
  Transaction                       Class  To             From
  -----------                       -----  --             ----
  Bernard Global Loan Investors     A-2    AA+            AAA/Watch Neg
  Bernard Global Loan Investors     A-3c   AA+            AAA/Watch Neg
  Bernard National Loan Investors   A-1    A              AAA/Watch Neg
  Bernard National Loan Investors   A-2    A              AAA/Watch Neg
  Bernard National Loan Investors   B      B              BBB-/Watch Neg
  Bernard National Loan Investors   A-3a   AA+            AAA/Watch Neg
  Bernard National Loan Investors   A-3b   AA-            AAA/Watch Neg
  Bernard National Loan Investors   A-3c   A              AAA/Watch Neg
  Hudson Canyon Funding II Ltd.     C      BB+/Watch Neg  BBB/Watch Neg
  Longhorn CDO III Ltd.             C      BB+            A-
  Longhorn CDO III Ltd.             D-1    B-             BBB/Watch Neg
  Longhorn CDO III Ltd.             D-2    B-             BBB/Watch Neg
  Longhorn CDO III Ltd.             E      CCC-           BB/Watch Neg
  Marathon CLO II Ltd.              B      BBB+           A/Watch Neg
  Marathon CLO II Ltd.              C      BB             BBB-/Watch Neg
  Marathon CLO II Ltd.              D      CCC+           B+/Watch Neg
  Red River CLO Ltd.                C      A-/Watch Neg   A/Watch Neg
  Red River CLO Ltd.                D      BB-/Watch Neg  BBB-/Watch Neg
  Red River CLO Ltd.                E      CCC/Watch Neg  B+/Watch Neg

                      Other Ratings Reviewed

       Transaction                   Class  Rating
       -----------                   -----  ------
       Hudson Canyon Funding II Ltd. A-1    AAA
       Hudson Canyon Funding II Ltd. A-2    AAA/Watch Neg
       Hudson Canyon Funding II Ltd. B      A/Watch Neg
       Longhorn CDO III Ltd.         A-1    AAA
       Longhorn CDO III Ltd.         B      AA
       Longhorn CDO III Ltd.         A-2    AAA
       Marathon CLO II Ltd.          A-1A   AAA
       Marathon CLO II Ltd.          A-1B   AAA
       Marathon CLO II Ltd.          A-2    AA
       Red River CLO Ltd.            A      AAA
       Red River CLO Ltd.            B      AA/Watch Neg


* S&P Downgrades Ratings on 22 Tranches From Seven CDO Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 22
tranches from seven U.S. cash flow collateralized debt obligation
transactions.  The ratings on 17 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 an
increase in the amount of defaulted assets in the transactions'
collateral pools and deterioration in the overall credit quality
of the performing assets within the respective collateral pools.
An increase in downgrades of speculative-grade U.S. companies has
resulted in an increase in the proportion of 'CCC' and 'CC' rated
assets in the underlying portfolios held within the collateral
pools.

The 22 downgraded U.S. cash flow CDO tranches have a total
issuance amount of $2.448 billion.  Five of the seven affected
transactions are cash flow collateralized loan obligation (CLO)
transactions, while one is a cash flow collateralized bond
obligation transaction.  The other transaction is a CDO of CDOs
that was collateralized at origination primarily by notes from CLO
transactions.

In addition, Standard & Poor's reviewed the ratings assigned to
Armstrong Loan Funding Ltd., Nob Hill CLO II Ltd., and Marathon
CLO I 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 transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                                Rating
                                                ------
Transaction                         Class To             From
-----------                         ----- --             ----
Baker Street Funding CLO 2005-1     C     BBB+/Watch Neg A/Watch Neg
Baker Street Funding CLO 2005-1     D     BB+/Watch Neg  BBB/Watch Neg
Baker Street Funding CLO 2005-1     E     B-/Watch Neg   BB/Watch Neg
Connecticut Valley Structured       A-1   BBB+/Watch Neg AAA
    Credit CDO III Ltd.
Connecticut Valley Structured       A-2   BBB/Watch Neg  AAA/Watch Neg
    Credit CDO III Ltd.
Connecticut Valley Structured       A-3A  BB+/Watch Neg  AA/Watch Neg
    Credit CDO III Ltd.
Connecticut Valley Structured       A-3B  BB+/Watch Neg  AA/Watch Neg
    Credit CDO III Ltd.
Connecticut Valley Structured       C-1   B+/Watch Neg   BBB-/Watch Neg
    Credit CDO III Ltd.
Connecticut Valley Structured       C-2   B+/Watch Neg   BBB-/Watch Neg
    Credit CDO III Ltd.
FriedbergMilstein Private Capital   C-1   BBB+/Watch Neg A/Watch Neg
   Fund I
FriedbergMilstein Private Capital   C-2   BBB+/Watch Neg A/Watch Neg
   Fund I
FriedbergMilstein Private Capital   D-1   BB+/Watch Neg  BBB/Watch Neg
   Fund I
FriedbergMilstein Private Capital   D-2   BB+/Watch Neg  BBB/Watch Neg
   Fund I
Halcyon Structured Asset Management C     BB+/Watch Neg  BBB/Watch Neg
  Long Secured/Short Unsecured 2007-2
Landmark VI CDO Ltd.                D     BB+/Watch Neg  BBB/Watch Neg
Landmark VI CDO Ltd.                E     B/Watch Neg    BB/Watch Neg
Millennium Park CDO I Ltd.          A-1   BBB+           AAA
Millennium Park CDO I Ltd.          A-2   B+             AAA
Millennium Park CDO I Ltd.          B     CCC+           AA
Millennium Park CDO I Ltd.          C     CCC-           A
Millennium Park CDO I Ltd.          D     CCC-           BBB-
Premium Loan Trust I Ltd.           C     CCC/Watch Neg  B-/Watch Neg

                      Other Ratings Reviewed

  Transaction                               Class  Rating
  -----------                               -----  ------
  Armstrong Loan Funding Ltd.               A      AAA
  Armstrong Loan Funding Ltd.               B      AAA
  Armstrong Loan Funding Ltd.               C      AA/Watch Neg
  Armstrong Loan Funding Ltd.               D      A/Watch Neg
  Armstrong Loan Funding Ltd.               E      BBB/Watch Neg
  Armstrong Loan Funding Ltd.               F      BB/Watch Neg
  Baker Street Funding CLO 2005-1           A-1    AAA
  Baker Street Funding CLO 2005-1           A-2    AAA
  Baker Street Funding CLO 2005-1           B      AA
  FriedbergMilstein Private Capital Fund I  A      AAA
  FriedbergMilstein Private Capital Fund I  B-1    AA/Watch Neg
  FriedbergMilstein Private Capital Fund I  B-2    AA/Watch Neg
  Halcyon Structured Asset Management Long  A-1a   AAA
    Secured/Short Unsecured 2007-2 Ltd.
  Halcyon Structured Asset Management Long  A-1b   AAA
    Secured/Short Unsecured 2007-2
  Halcyon Structured Asset Management Long  A-2    AA/Watch Neg
    Secured/Short Unsecured 2007-2
  Halcyon Structured Asset Management Long  B      A/Watch Neg
    Secured/Short Unsecured 2007-2 Ltd.
  Landmark VI CDO Ltd.                      A      AAA
  Landmark VI CDO Ltd.                      B      AA/Watch Neg
  Landmark VI CDO Ltd.                      C      A/Watch Neg
  Marathon CLO I Ltd.                       A-1    AAA
  Marathon CLO I Ltd.                       A-2    AAA
  Marathon CLO I Ltd.                       B      AA
  Marathon CLO I Ltd.                       C      A/Watch Neg
  Marathon CLO I Ltd.                       D      BBB/Watch Neg
  Marathon CLO I Ltd.                       E      BB/Watch Neg
  Nob Hill CLO II Ltd.                      A-1    AAA
  Nob Hill CLO II Ltd.                      A-2    AAA
  Nob Hill CLO II Ltd.                      B      AA/Watch Neg
  Nob Hill CLO II Ltd.                      C      A/Watch Neg
  Nob Hill CLO II Ltd.                      D      BBB-/Watch Neg
  Nob Hill CLO II Ltd.                      E      B+/Watch Neg
  Premium Loan Trust I Ltd.                 A      AAA/Watch Neg
  Premium Loan Trust I Ltd.                 X      BB+/Watch Neg
  Premium Loan Trust I Ltd.                 B      BB/Watch Neg
  Premium Loan Trust I Ltd.                 D      CCC-/Watch Neg


* S&P Downgrades Ratings on 44 Tranches From 15 CDO Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 44
tranches from 15 U.S. cash flow and hybrid collateralized debt
obligation transactions.  At the same time, S&P removed 13 of the
lowered ratings from CreditWatch with negative implications.  The
ratings on 30 of the downgraded tranches are on CreditWatch with
negative implications, indicating a significant likelihood of
further downgrades.  At the same time, S&P lowered its rating on
one tranche from Tribune Ltd. Series 48 and removed it from
CreditWatch with negative implications.  This U.S. synthetic CDO
tranche rating has a direct link to the rating on its respective
reference obligation, which is being lowered as part of the CDO of
ABS rating actions.  The downgraded tranche has a total issuance
amount of $80 million.

The CDO downgrades reflect a number of factors, including credit
deterioration and recent negative rating actions on U.S. subprime
residential mortgage-backed securities.  The CreditWatch
placements primarily affect transactions for which a significant
portion of the collateral assets currently have ratings on
CreditWatch with negative implications or have significant
exposure to assets rated in the 'CCC' category.

In addition, Standard & Poor's reviewed the ratings assigned to
Kent Funding II Ltd. and, based on the current credit support
available to the tranches, has left the ratings at their current
levels.

The 44 downgraded U.S. cash flow and hybrid tranches have a total
issuance amount of $5.257 billion.  Eight of the 15 affected
transactions are mezzanine structured finance (SF) CDOs of asset-
backed securities (ABS), which are collateralized in large part by
mezzanine tranches of RMBS and other SF securities.  Two of the 15
transactions are high-grade SF CDOs of ABS that were
collateralized at origination primarily by 'AAA' through 'A' rated
tranches of RMBS and other SF securities.  The other five
transactions are CDOs of CDOs that were collateralized at
origination primarily by notes from other CDOs, as well as by
tranches from RMBS and other SF transactions.

Standard & Poor's will continue to monitor the CDO transactions it
rates and take rating actions, including CreditWatch placements,
when appropriate.

                          Rating Actions

                                                  Rating
                                                  ------
  Transaction                       Class    To             From
  -----------                       -----    --             ----
ABCDS 2006-1 Ltd.                 SupSrSwp CCsrb          CCC-rb/WatchNeg
Connecticut Valley CLO Fndng IV   A-1      AA-/Watch Neg  AAA/Watch Neg
Connecticut Valley CLO Fndng IV   A-2      A-/Watch Neg   AAA/Watch Neg
Connecticut Valley CLO Fndng IV   A-3      BBB-/Watch Neg AA/Watch Neg
Connecticut Valley CLO Fndng IV   B        BB-/Watch Neg  A-/Watch Neg
Connecticut Valley CLO Fndng IV   C        B-/Watch Neg   BBB-/WatchNeg
Duke Funding VI Ltd.              A1S      CC             B-/Watch Neg
E*Trade ABS CDO III Ltd.          A2       BBB/Watch Neg  AA
Euler ABS CDO I Ltd.              A-1      CC             B-/Watch Neg
Euler ABS CDO I Ltd.              A-2      CC             CCC-/WatchNeg
Galleria IV Ltd.                  A-1      CCC-           BB/Watch Neg
Galleria IV Ltd.                  A-2      CCC-           BB/Watch Neg
Galleria IV Ltd.                  B        CC             CCC-
Ischus Synthetic ABS CDO 2006-2   A-1LA    CCsrp          B-srp/WatchNeg
Ischus Synthetic ABS CDO 2006-2   X        CC             CCC/Watch Neg
Jupiter High Grade VI Ltd.        A-1      CC             BB-/Watch Neg
Lochsong Ltd.                     S        CCC/Watch Neg  BB+/Watch Neg
Robeco High Grade CDO I Ltd.      A-1      CC             B-/Watch Neg
South Coast Funding II Ltd.       A-1      CC             B+/Watch Neg
South Coast Funding II Ltd.       A-2      CC             CCC-/WatchNeg
Tower Hill CO II Ltd.             A-1Fund   AA/Watch Neg  AAA
Tower Hill CO II Ltd.             A-1Unfund AA/Watch Neg  AAA
Tower Hill CO II Ltd.             A-2Fund   A/Watch Neg   AAA
Tower Hill CO II Ltd.             A-2Unfund A/Watch Neg   AAA
Tower Hill CO II Ltd.             BType1Fun BBB/WatchNeg  AA/Watch Neg
Tower Hill CO II Ltd.             BType2Fun BBB/WatchNeg  AA/Watch Neg
Tower Hill CO II Ltd.             BType2Unf BBB/WatchNeg  AA/Watch Neg
Tower Hill CO II Ltd.             CType1Fun BB/Watch Neg  A/Watch Neg
Tower Hill CO II Ltd.             CType2Fun BB/Watch Neg  A/Watch Neg
Tower Hill CO II Ltd.             CType2Unf BB/Watch Neg  A/Watch Neg
Tower Hill CO II Ltd.             D        B/Watch Neg    BBB/Watch Neg
Tower Hill CO II Ltd.             E        CCC/WatchNeg   BB-/Watch Neg
Tribune Ltd. Series 48            CLN      CC             CCC-/WatchNeg
Tricadia CDO 2003-1 Ltd.          A-1LA    AA/Watch Neg   AAA
Tricadia CDO 2003-1 Ltd.          A-1LB    A-/Watch Neg   AAA
Tricadia CDO 2003-1 Ltd.          A-2L     A-/Watch Neg   AAA
Tricadia CDO 2003-1 Ltd.          A-3L     BBB-/Watch Neg AA/Watch Neg
Tricadia CDO 2003-1 Ltd.          A-4L     BB-/Watch Neg  A-/Watch Neg
Vertical CDO 2003-1 Ltd.          A        B-/Watch Neg   BBB/Watch Neg
Vertical CDO 2003-1 Ltd.          B        CC             BB-/Watch Neg
Zais Investment Grade Ltd. VI     A-1      AAA/Watch Neg  AAA
Zais Investment Grade Ltd. VI     A-2a     AA/Watch Neg   AAA
Zais Investment Grade Ltd. VI     A-2b     AA/Watch Neg   AAA
Zais Investment Grade Ltd. VI     A-3      A+/Watch Neg   AA
Zais Investment Grade Ltd. VI     B-1      BB+/Watch Neg  A-/Watch Neg
Zais Investment Grade Ltd. VI     B-2      BB+/Watch Neg  A-/Watch Neg

                      Other Ratings Reviewed

  Transaction                            Class      Rating
  -----------                            -----      ------
  ABCDS 2006-1 Ltd.                      A-2        CC
  ABCDS 2006-1 Ltd.                      A-3        CC
  ABCDS 2006-1 Ltd.                      B          CC
  ABCDS 2006-1 Ltd.                      C          CC
  ABCDS 2006-1 Ltd.                      D          CC
  ABCDS 2006-1 Ltd.                      E          CC
  ABCDS 2006-1 Ltd.                      Series B-1 CC
  ABCDS 2006-1 Ltd.                      Series P-1 AAA
  ABCDS 2006-1 Ltd.                      Series P-2 AAA
  ABCDS 2006-1 Ltd.                      Series P-3 AAA
  Duke Funding VI Ltd.                   A1J        CC
  Duke Funding VI Ltd.                   A2         CC
  Duke Funding VI Ltd.                   A3         CC
  Duke Funding VI Ltd.                   BF         CC
  Duke Funding VI Ltd.                   BV         CC
  Duke Funding VI Ltd.                   Comp I Sec CC
  E*Trade ABS CDO III Ltd.               A1         AAA
  E*Trade ABS CDO III Ltd.               B          CCC/Watch Neg
  E*Trade ABS CDO III Ltd.               C          CC
  E*Trade ABS CDO III Ltd.               Pref Shrs  CC
  E*Trade ABS CDO III Ltd.               Series I   CC
  Euler ABS CDO I Ltd.                   A-3        CC
  Euler ABS CDO I Ltd.                   B          CC
  Euler ABS CDO I Ltd.                   C          CC
  Euler ABS CDO I Ltd.                   D          CC
  Euler ABS CDO I Ltd.                   E          CC
  Euler ABS CDO I Ltd.                   F          CC
  Euler ABS CDO I Ltd.                   G          CC
  Euler ABS CDO I Ltd.                   H          CC
  Galleria IV Ltd.                       C-1        CC
  Galleria IV Ltd.                       C-2        CC
  Ischus Synthetic ABS CDO 2006-2 Ltd.   A-1LB      CC
  Ischus Synthetic ABS CDO 2006-2 Ltd.   A-2L       CC
  Ischus Synthetic ABS CDO 2006-2 Ltd.   A-3L       CC
  Ischus Synthetic ABS CDO 2006-2 Ltd.   B-1L       CC
  Ischus Synthetic ABS CDO 2006-2 Ltd.   B-2L       CC
  Jupiter High Grade VI Ltd.             A-2        CC
  Jupiter High Grade VI Ltd.             A-3        CC
  Jupiter High Grade VI Ltd.             A-4        CC
  Jupiter High Grade VI Ltd.             B          CC
  Jupiter High Grade VI Ltd.             C          CC
  Jupiter High Grade VI Ltd.             D          CC
  Jupiter High Grade VI Ltd.             E          CC
  Kent Funding II Ltd.                   A-1A       CC
  Kent Funding II Ltd.                   A-1B       CC
  Kent Funding II Ltd.                   A-2        CC
  Kent Funding II Ltd.                   B          CC
  Kent Funding II Ltd.                   C          CC
  Kent Funding II Ltd.                   D          CC
  Kent Funding II Ltd.                   E          CC
  Kent Funding II Ltd.                   X          AA/Watch Neg
  Lochsong Ltd.                          A          CC
  Lochsong Ltd.                          B          CC
  Lochsong Ltd.                          C          CC
  Lochsong Ltd.                          D          CC
  Lochsong Ltd.                          E          CC
  Lochsong Ltd.                          Super Sr   CCsrp
  Robeco High Grade CDO I Ltd.           A-2        CC
  Robeco High Grade CDO I Ltd.           A-3        CC
  Robeco High Grade CDO I Ltd.           A-4        CC
  Robeco High Grade CDO I Ltd.           B          CC
  Robeco High Grade CDO I Ltd.           C          CC
  Robeco High Grade CDO I Ltd.           D          CC
  South Coast Funding II Ltd.            A-3        CC
  Tower Hill CO II Ltd.                  A-X        AAA


* S&P Downgrades Ratings on 47 Classes From Seven RMBS Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 47
classes from seven residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2004 and 2005.  S&P removed 45 of the lowered ratings
from CreditWatch with negative implications.  S&P also affirmed
its ratings on 15 classes from four of these transactions and
removed 14 of the affirmed ratings from CreditWatch with negative
implications.  S&P downgraded the 1-A-1 and 1-A-2 classes from
Impac CMB Trust's series 2005-6 to 'BBB', and the ratings on these
classes remain on CreditWatch with negative implications due
to financial guarantees provided by Ambac Assurance Corp.
('BBB/Watch Neg' financial strength rating).

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults.  S&P also incorporated cumulative
losses to date in S&P's analysis when assessing rating outcomes.

S&P derived its loss assumptions using the criteria listed in the
"Related Research" section below.  As part of its analysis, S&P
considered the characteristics of the underlying mortgage
collateral as well as macroeconomic influences.  For example, the
risk profile of the underlying mortgage pools influences S&P's
default projections, while S&P's outlook for housing price
declines and the health of the housing market influence S&P's loss
severity assumptions.  Furthermore, S&P adjusted its loss
expectations for each deal based on upward trends in
delinquencies.

Standard & Poor's has established loss projections for each Alt-A
transaction rated in 2005 based on a forward-looking default
curve.

To maintain a 'AAA' rating, S&P considers whether a bond is able
to withstand approximately 150% of S&P's base-case loss
assumptions, subject to individual caps and qualitative factors
assumed on specific transactions.  For a class for which we've
affirmed a 'B' rating, S&P considers whether a bond is able to
withstand S&P's base-case loss assumptions.  Other rating
categories are dispersed, approximately equally, between these two
loss assumptions.  For example, to maintain a 'BB' rating on one
class, S&P may consider whether the class is able to withstand
approximately 110% of S&P's base-case loss assumptions, while, in
connection with a different class, S&P may consider whether it is
able to withstand approximately 120% of S&P's base-case loss
assumptions to maintain a 'BBB' rating.

The affirmations reflect S&P's belief that there is sufficient
credit enhancement to support the ratings at their current levels.

The subordination of more junior classes within each structure
provides credit support for the affected transactions.  The
collateral backing these deals originally consisted predominantly
of Alt-A, first-lien, fixed- or adjustable-rate, or negative-
amortization residential mortgage loans secured by one- to four-
family properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, in S&P's view,
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P think
appropriate.

                          Rating Actions

                   Impac CMB Trust Series 2005-6
                           Series 2005-6

                                     Rating
                                     ------
    Class      CUSIP         To                  From
    -----      -----         --                  ----
    1-A-1      45254NQG5     BBB/Watch Neg       AAA/Watch Neg
    1-A-2      45254NQW0     BBB/Watch Neg       AAA/Watch Neg
    1-M-1      45254NQK6     CC                  AA/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2005-AR10
                         Series 2005-AR10

                                     Rating
                                     ------
    Class      CUSIP         To                  From
    -----      -----         --                  ----
    A-1        45660LKW8     A-                  AAA/Watch Neg
    A-2        45660LKX6     CCC                 AAA/Watch Neg
    A-3        45660LKY4     CCC                 AAA/Watch Neg
    A-X        45660LKZ1     A-                  AAA/Watch Neg
    B-1        45660LLB3     CCC                 AA+/Watch Neg
    B-2        45660LLC1     CCC                 AA/Watch Neg
    B-3        45660LLD9     CCC                 AA-/Watch Neg
    B-4        45660LLE7     CC                  A/Watch Neg
    B-5        45660LLF4     CC                  BBB+/Watch Neg

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                          Series 2004-AR4

                                     Rating
                                     ------
    Class      CUSIP         To                  From
    -----      -----         --                  ----
    I-A-1      65535VGK8     AAA                 AAA/Watch Neg
    I-A-2      65535VGL6     AAA                 AAA/Watch Neg
    II-A-1     65535VGM4     AAA                 AAA/Watch Neg
    II-A-2     65535VGN2     AAA                 AAA/Watch Neg
    II-A-3     65535VGP7     AAA                 AAA/Watch Neg
    II-A-4     65535VGQ5     AAA                 AAA/Watch Neg
    II-A-5     65535VGR3     AAA                 AAA/Watch Neg
    II-A-6     65535VGS1     AAA                 AAA/Watch Neg
    III-A-1    65535VGT9     AAA                 AAA/Watch Neg
    III-A-2    65535VGU6     AAA                 AAA/Watch Neg
    M-1        65535VGV4     AA                  AA/Watch Neg
    M-2        65535VGW2     CCC                 A+/Watch Neg
    M-3        65535VGX0     CC                  A-/Watch Neg

                    RALI Series 2005-QA5 Trust
                          Series 2005-QA5

                                     Rating
                                     ------
    Class      CUSIP         To                  From
    -----      -----         --                  ----
    A-1        76110H4Z9     AAA                 AAA/Watch Neg
    A-II       76110H5A3     A+                  AAA/Watch Neg
    M-1        76110H5C9     CCC                 AA/Watch Neg

                    RALI Series 2005-QA8 Trust
                          Series 2005-QA8

                                     Rating
                                     ------
    Class      CUSIP         To                  From
    -----      -----         --                  ----
    CB-I-1     761118BP2     CCC                 AAA/Watch Neg
    CB-I-2     761118BQ0     CCC                 AAA/Watch Neg
    NB-I       761118BR8     CCC                 AAA/Watch Neg
    CB-II-1    761118BS6     B-                  AAA/Watch Neg
    CB-III     761118BV9     B+                  AAA/Watch Neg
    NB-II      761118BU1     B+                  AAA/Watch Neg
    NB-III     761118BW7     B+                  AAA/Watch Neg
    M-1        761118BY3     CC                  AA/Watch Neg
    CB-II-2    761118BT4     B-                  AAA/Watch Neg

                    RALI Series 2005-QO1 Trust
                          Series 2005-QO1

                                     Rating
                                     ------
    Class      CUSIP         To                  From
    -----      -----         --                  ----
    A-1        761118EN4     AA                  AAA/Watch Neg
    A-2        761118EP9     AA                  AAA/Watch Neg
    A-3        761118EQ7     BBB+                AAA/Watch Neg
    A-4        761118ER5     CCC                 AAA/Watch Neg
    X          761118ET1     AA                  AAA/Watch Neg
    M-1        761118EX2     CCC                 AA+/Watch Neg
    M-2        761118EY0     CC                  AA/Watch Neg
    M-3        761118EZ7     CC                  AA-/Watch Neg
    M-4        761118ES3     CC                  A+/Watch Neg
    M-5        761118EW4     CC                  A/Watch Neg
    M-6        761118FT0     CC                  A-/Watch Neg

     Structured Asset Mortgage Investments II Trust 2005-AR3
                         Series 2005-AR3

                                     Rating
                                     ------
    Class      CUSIP         To                  From
    -----      -----         --                  ----
    I-A-1      86359LJZ3     AAA                 AAA/Watch Neg
    I-A-2      86359LKA6     BB                  AAA/Watch Neg
    I-A-3      86359LKB4     CCC                 AAA/Watch Neg
    I-X        86359LKC2     AAA                 AAA/Watch Neg
    II-A-1     86359LKD0     CCC                 AAA/Watch Neg
    M-X        86359LKE8     CCC                 AA+/Watch Neg
    M-1        86359LKJ7     CCC                 AA+/Watch Neg
    M-2        86359LKK4     CCC                 AA+/Watch Neg
    M-3        86359LKL2     CC                  AA/Watch Neg
    M-4        86359LKM0     CC                  AA/Watch Neg
    M-5        86359LKN8     CC                  AA-/Watch Neg
    M-6        86359LKP3     CC                  A+/Watch Neg
    B-1        86359LKQ1     CC                  A/Watch Neg

                         Rating Affirmed

                  Impac CMB Trust Series 2005-6
                          Series 2005-6

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1      45254NQQ3     AAA


* S&P Downgrades Ratings on 81 Classes From Four RMBS Deals
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 81
classes from four residential mortgage-backed securities
transactions backed by U.S. prime jumbo, Alternative-A, and
subprime mortgage loan collateral issued between 2005 and 2007.
S&P removed 74 of the lowered ratings from CreditWatch with
negative implications and placed one of the lowered ratings on
CreditWatch with negative implications.

The downgrades and CreditWatch resolutions incorporate S&P's
assessment of current losses as well as projected losses based on
S&P's methodology and assumptions.  The lowered ratings reflect
S&P's belief that the amount of credit enhancement available for
the downgraded classes is not sufficient to cover losses at the
previous rating levels.  Although cumulative losses were generally
low compared with S&P's projected lifetime losses for the
transactions reviewed, S&P is projecting an increase in losses due
to increases in delinquencies and the current negative condition
of the U.S. housing market.

To maintain a 'AAA' rating for classes in Alt-A and subprime RMBS
transactions, S&P consider whether a bond is able to withstand
approximately 150% of S&P's base-case loss assumptions, subject to
individual caps and qualitative factors assumed on specific
transactions.  For a class for which we've affirmed a 'B' rating,
S&P consider whether a bond is able to withstand S&P's base-case
loss assumptions.  Other rating categories are dispersed,
approximately equally, between these two loss assumptions.  For
example, to maintain a 'BB' rating on one class, S&P may consider
whether the class is able to withstand approximately 110% of S&P's
base-case loss assumptions, while, in connection with a different
class, S&P may consider whether it is able to withstand
approximately 120% of S&P's base-case loss assumptions to maintain
a 'BBB' rating.

For a class in a prime jumbo RMBS transaction to maintain a rating
higher than 'B', S&P assessed whether, in S&P's view, a bond could
absorb losses in excess of the base-case loss assumptions S&P
assumed in its analysis.  For example, S&P assessed whether one
class could, in S&P's view, withstand approximately 130% of S&P's
base-case loss assumptions in order to maintain a 'BB' rating,
while S&P assessed whether a different class could withstand 155%
of S&P's base-case loss assumption to maintain a 'BBB' rating.
Each class that has an affirmed 'AAA' rating can, in S&P's view,
withstand approximately 235% of S&P's base-case loss assumptions
under S&P's analysis.

The subordination of more-junior classes within each applicable
structure, as well as excess interest for some structures,
provides credit support for the affected transactions.  In
addition, some of the reviewed transactions may be collateralized
by loans that are generally insured by third parties that cover a
certain amount, up to a maximum, based on the insurer's
regulations.  The collateral backing these transactions originally
consisted predominantly of fixed- or adjustable-rate, Alt-A, prime
jumbo, or subprime residential mortgage loans secured by one- to
four-family properties.

S&P monitors these transactions to incorporate updated performance
information to assess whether, in S&P's view, the applicable
credit enhancement is sufficient to support the current ratings.
S&P will continue to monitor these transactions and take
additional rating actions as S&P thinks appropriate.

                          Rating Actions

                Citigroup Mortgage Loan Trust Inc.
                        Series      2005-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   2-A-1A     17307GB64     AA                   AAA/Watch Neg
   2-A-1B     17307GD62     BB                   AAA/Watch Neg
   2-A-2A     17307GB72     AA                   AAA/Watch Neg
   2-A-2B     17307GD70     BB                   AAA/Watch Neg
   2-A-3A     17307GB80     AA                   AAA/Watch Neg
   2-A-3B     17307GD88     BB                   AAA/Watch Neg
   2-A4       17307GB98     BB                   AAA/Watch Neg
   2-A-5A     17307GC22     AA                   AAA/Watch Neg
   2-A-5B     17307GD96     BB                   AAA/Watch Neg
   2-B1       17307GC30     CCC                  AA/Watch Neg
   2-B2       17307GC55     CC                   A/Watch Neg
   2-B3       17307GC63     CC                   BBB/Watch Neg
   2-B4       17307GD39     CC                   BB/Watch Neg

            GreenPoint Mortgage Funding Trust 2006-AR3
                       Series      2006-AR3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A        39538WGZ5     CC                   A/Watch Neg
   II-A-1     39538WHA9     A                    AAA
   II-A-2     39538WHB7     BBB/Watch Neg        A
   III-A-1    39538WHC5     CCC                  AAA/Watch Neg
   III-A-2    39538WHD3     CC                   A/Watch Neg
   III-A-3    39538WHE1     CC                   A/Watch Neg
   IV-A-1     39538WHF8     AA                   AAA
   IV-A-2     39538WHG6     CCC                  AAA/Watch Neg
   IV-A-3     39538WHH4     CC                   A/Watch Neg
   IV-X       39538WHJ0     AA                   AAA
   B-1        39538WHK7     CC                   B/Watch Neg

           Morgan Stanley Mortgage Loan Trust 2007-14AR
                      Series      2007-14AR

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      61756VAA7     CCC                  AAA/Watch Neg
   1-A-2      61756VAB5     CCC                  AAA/Watch Neg
   1-A-3      61756VAC3     CCC                  AAA/Watch Neg
   1-A-4      61756VAD1     CCC                  AAA/Watch Neg
   2-A-1      61756VAE9     CCC                  AAA/Watch Neg
   2-A-2      61756VAF6     CCC                  AAA/Watch Neg
   2-A-3      61756VAG4     CCC                  AAA/Watch Neg
   2-A-4      61756VAH2     CCC                  AAA/Watch Neg
   2-A-5      61756VAJ8     CCC                  AAA/Watch Neg
   2-A-6      61756VAK5     CCC                  AAA/Watch Neg
   2-A-7      61756VAL3     CCC                  AAA/Watch Neg
   2-A-8      61756VAM1     CCC                  AAA/Watch Neg
   2-A-9      61756VAN9     CCC                  AAA/Watch Neg
   2-A-10     61756VAP4     CCC                  AAA/Watch Neg
   2-A-11     61756VAQ2     CCC                  AAA/Watch Neg
   2-A-12     61756VAR0     CCC                  AAA/Watch Neg
   3-A-1      61756VAS8     CCC                  AAA/Watch Neg
   3-A-2      61756VAT6     CCC                  AAA/Watch Neg
   3-A-3      61756VAU3     CCC                  AAA/Watch Neg
   3-A-4      61756VAV1     CCC                  AAA/Watch Neg
   4-A-1      61756VAW9     CCC                  AAA/Watch Neg
   4-A-2      61756VAX7     CCC                  AAA/Watch Neg
   4-A-3      61756VAY5     CCC                  AAA/Watch Neg
   4-A-4      61756VAZ2     CCC                  AAA/Watch Neg
   I-B-1      61756VBU2     CC                   AA/Watch Neg
   I-B-2      61756VBV0     CC                   A/Watch Neg
   I-B-3      61756VBW8     CC                   BBB/Watch Neg
   5-A-1      61756VBA6     CCC                  AAA/Watch Neg
   5-A-2      61756VBB4     CCC                  AAA/Watch Neg
   5-A-3      61756VBC2     CCC                  AAA/Watch Neg
   5-A-4      61756VBD0     CCC                  AAA/Watch Neg
   6-A-1      61756VBE8     CCC                  AAA/Watch Neg
   6-A-2      61756VBF5     CCC                  AAA/Watch Neg
   6-A-3      61756VBG3     CCC                  AAA/Watch Neg
   6-A-4      61756VBH1     CCC                  AAA/Watch Neg
   6-A-5      61756VBJ7     CCC                  AAA/Watch Neg
   6-A-6      61756VBK4     CCC                  AAA/Watch Neg
   7-A-1      61756VBL2     CCC                  AAA/Watch Neg
   7-A-2      61756VBM0     CCC                  AAA/Watch Neg
   7-A-3      61756VBN8     CCC                  AAA/Watch Neg
   7-A-4      61756VBP3     CCC                  AAA/Watch Neg
   8-A-1      61756VBQ1     CCC                  AAA/Watch Neg
   8-A-2      61756VBR9     CCC                  AAA/Watch Neg
   8-A-3      61756VBS7     CCC                  AAA/Watch Neg
   8-A-4      61756VBT5     CCC                  AAA/Watch Neg
   II-B-1     61756VBX6     CC                   AA/Watch Neg
   II-B-2     61756VBY4     CC                   A/Watch Neg
   II-B-3     61756VBZ1     CC                   BBB/Watch Neg
   II-B-4     61756VCE7     CC                   BB/Watch Neg

Nomura Home Equity Loan Inc. Home Equity Loan Trust Series 2007-3
                        Series      2007-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      65537NAA2     CC                   B/Watch Neg
   II-A-1     65537NAB0     CC                   BBB/Watch Neg
   II-A-2     65537NAC8     CC                   BB/Watch Neg
   II-A-3     65537NAD6     CC                   B/Watch Neg
   II-A-4     65537NAE4     CC                   B/Watch Neg
   M-1        65537NAF1     CC                   CCC
   M-2        65537NAG9     CC                   CCC
   M-3        65537NAH7     CC                   CCC


* S&P Downgrades Ratings on 320 Classes From 23 Prime Jumbo RMBS
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 320
classes from 23 U.S. prime jumbo residential mortgage-backed
securities transactions issued from 2005 to 2007 and removed 188
of the ratings from CreditWatch with negative implications.  At
the same time, S&P affirmed its ratings on 72 classes from 19 of
these transactions, as well as two additional transactions, and
removed 40 of the ratings from CreditWatch negative.

The downgrades reflect S&P's opinion that the projected credit
support for the affected classes is insufficient to maintain the
previous ratings, given S&P's current projected losses.

To assess the creditworthiness of each class, S&P reviews the
respective transaction's ability to withstand additional credit
deterioration, and the impact that projected losses will have on
each class.  In order to maintain a 'B' rating on a class, S&P
assesses whether the class can withstand the base-case loss
assumptions S&P uses in its analysis.  To maintain an 'AAA'
rating, S&P assesses whether the class can withstand approximately
235% of S&P's base-case loss assumptions, subject to individual
caps and qualitative factors applied to specific transactions.  To
maintain a rating in categories between 'B' (the base case) and
'AAA', S&P assesses whether the class can withstand losses
exceeding the base-case assumption at a percentage specific to
each rating category, up to 235% for a 'AAA' rating.  For example,
S&P would assess whether one class could withstand approximately
130% of S&P's base-case loss assumptions to maintain a 'BB'
rating, while S&P would assess whether a different class could
withstand approximately 155% of S&P's base-case loss assumptions
to maintain a 'BBB' rating.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with these rating levels.

Subordination provides credit support for the affected
transactions.  The underlying pool of loans backing these
transactions consists of fixed- and adjustable-rate, first-lien,
prime jumbo mortgage loans.

                          Rating Actions

               Banc of America Funding 2006-C Trust
                         Series    2006-C

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      058930AA6     B-                   AAA/Watch Neg
    1-A-2      058930AB4     CCC                  BBB+/Watch Neg
    2-A-1      058930AD0     B-                   AAA/Watch Neg
    2-A-2      058930AE8     CCC                  BBB+/Watch Neg
    3-A-1      058930AF5     BBB                  AAA/Watch Neg
    3-A-2      058930AG3     CCC                  BBB+/Watch Neg
    4-A-1      058930AH1     BB+                  AAA/Watch Neg
    4-A-2      058930AJ7     BB+                  AAA/Watch Neg
    4-A-3      058930AK4     BB+                  AAA/Watch Neg
    4-A-4      058930AL2     CCC                  BBB+/Watch Neg

              Banc of America Mortgage 2005-I Trust
                         Series    2005-I

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      05949CHM1     B                    AAA/Watch Neg
    1-A-2      05949CHN9     B-                   AAA/Watch Neg
    2-A-1      05949CHQ2     BBB+                 AAA/Watch Neg
    2-A-2      05949CHR0     B-                   AAA/Watch Neg
    2-A-3      05949CHS8     BBB+                 AAA/Watch Neg
    2-A-4      05949CHT6     BBB+                 AAA/Watch Neg
    2-A-5      05949CHU3     BBB+                 AAA/Watch Neg
    3-A-1      05949CHV1     AAA                  AAA/Watch Neg
    3-A-2      05949CHW9     BBB                  AAA/Watch Neg
    4-A-1      05949CHX7     A+                   AAA/Watch Neg
    4-A-2      05949CHY5     BB+                  AAA/Watch Neg
    B-5        05949CJD9     CC                   B/Watch Neg

              Banc of America Mortgage 2005-K Trust
                         Series    2005-K

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      05949CMP8     CCC                  AAA/Watch Neg
    I-A-2      05949CMQ6     CCC                  AAA/Watch Neg
    2-A-1      05949CMS2     CCC                  AAA/Watch Neg
    2-A-2      05949CMT0     CCC                  AAA/Watch Neg
    3-A-1      05949CMU7     BB-                  AAA/Watch Neg
    4-A-1      05949CMV5     AA+                  AAA/Watch Neg
    4-A-2      05949CMW3     BB+                  AAA/Watch Neg

              Banc of America Mortgage 2006-A Trust
                         Series    2006-A

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      05949CRP3     BB                   AAA/Watch Neg
    1-A-2      05949CRQ1     BB-                  AAA/Watch Neg
    2-A-1      05949CRS7     A-                   AAA/Watch Neg
    2-A-2      05949CRT5     BB-                  AAA/Watch Neg
    3-A-1      05949CRU2     AAA                  AAA/Watch Neg
    3-A-2      05949CRV0     AA+                  AAA/Watch Neg
    4-A-1      05949CRW8     AAA                  AAA/Watch Neg
    4-A-2      05949CRX6     AAA                  AAA/Watch Neg

               Banc of America Mortgage 2007-1 Trust
                         Series    2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      05952HAA7     BB-                  AAA/Watch Neg
    1-A-2      05952HAB5     CCC                  AAA/Watch Neg
    1-A-3      05952HAC3     BB-                  AAA/Watch Neg
    1-A-4      05952HAD1     CCC                  AAA/Watch Neg
    1-A-5      05952HAE9     CCC                  AAA/Watch Neg
    1-A-7      05952HAG4     BB+                  AAA/Watch Neg
    1-A-8      05952HAH2     BB+                  AAA/Watch Neg
    1-A-9      05952HAJ8     BB-                  AAA/Watch Neg
    1-A-10     05952HAK5     CCC                  AAA/Watch Neg
    1-A-11     05952HAL3     BB+                  AAA/Watch Neg
    1-A-12     05952HAM1     BB-                  AAA/Watch Neg
    1-A-13     05952HAN9     CCC                  AAA/Watch Neg
    1-A-14     05952HAP4     BB-                  AAA/Watch Neg
    1-A-16     05952HAR0     CCC                  AAA/Watch Neg
    1-A-17     05952HAS8     CCC                  AAA/Watch Neg
    1-A-18     05952HAT6     BBB-                 AAA/Watch Neg
    1-A-19     05952HAU3     CCC                  AAA/Watch Neg
    1-A-20     05952HAV1     BBB-                 AAA/Watch Neg
    1-A-21     05952HAW9     CCC                  AAA/Watch Neg
    1-A-23     05952HAY5     CCC                  AAA/Watch Neg
    1-A-24     05952HAZ2     CCC                  AAA/Watch Neg
    1-A-25     05952HBA6     CCC                  AAA/Watch Neg
    1-A-26     05952HBB4     CCC                  AAA/Watch Neg
    1-A-27     05952HBC2     CCC                  AAA/Watch Neg
    1-A-28     05952HBD0     BB-                  AAA/Watch Neg
    1-A-29     05952HBE8     CCC                  AAA/Watch Neg
    1-A-30     05952HBF5     CCC                  AAA/Watch Neg
    1-A-31     05952HBG3     CCC                  AAA/Watch Neg
    1-A-32     05952HBH1     CCC                  AAA/Watch Neg
    1-IO       05952HBK4     BBB-                 AAA/Watch Neg
    1-PO       05952HBL2     CCC                  AAA/Watch Neg
    1-M        05952HCR8     CCC                  AA/Watch Neg
    2-A-1      05952HBM0     BBB+                 AAA/Watch Neg
    2-A-2      05952HBN8     B                    AAA/Watch Neg
    2-A-3      05952HBP3     BBB+                 AAA/Watch Neg
    2-A-4      05952HBQ1     BBB+                 AAA/Watch Neg
    2-A-5      05952HBR9     BBB+                 AAA/Watch Neg
    2-A-6      05952HBS7     B                    AAA/Watch Neg
    2-A-7      05952HBT5     BBB+                 AAA/Watch Neg
    2-A-8      05952HBU2     BBB+                 AAA/Watch Neg
    2-A-9      05952HBV0     B                    AAA/Watch Neg
    2-A-10     05952HBW8     BBB+                 AAA/Watch Neg
    2-A-11     05952HBX6     A                    AAA/Watch Neg
    2-A-12     05952HBY4     B                    AAA/Watch Neg
    2-A-13     05952HBZ1     A                    AAA/Watch Neg
    2-A-14     05952HCA5     B                    AAA/Watch Neg
    2-A-16     05952HCC1     B                    AAA/Watch Neg
    2-A-17     05952HCD9     BBB+                 AAA/Watch Neg
    2-A-18     05952HCE7     B                    AAA/Watch Neg
    2-A-19     05952HCF4     B                    AAA/Watch Neg
    2-A-20     05952HCG2     B                    AAA/Watch Neg
    2-A-21     05952HCH0     BBB+                 AAA/Watch Neg
    2-A-22     05952HCJ6     B                    AAA/Watch Neg
    2-A-23     05952HCK3     B                    AAA/Watch Neg
    2-A-24     05952HCL1     B                    AAA/Watch Neg
    2-A-25     05952HCM9     B                    AAA/Watch Neg
    2-A-26     05952HCN7     B                    AAA/Watch Neg
    2-IO       05952HCP2     BBB+                 AAA/Watch Neg
    2-PO       05952HCQ0     B                    AAA/Watch Neg
    2-M        05952HCV9     CCC                  A/Watch Neg

              Banc of America Mortgage 2007-4 Trust
                         Series    2007-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      059513CA7     CCC                  BBB-
        1-A-2      059513CB5     CCC                  B
        1-A-3      059513CC3     CCC                  BBB-
        1-A-4      059513CD1     CCC                  BBB-
        1-A-5      059513CE9     CCC                  AAA
        1-A-6      059513CF6     CCC                  AAA
        1-A-7      059513CG4     CCC                  AA
        1-A-8      059513CH2     CCC                  AA
        1-A-9      059513CJ8     CCC                  A
        1-A-10     059513CK5     CCC                  A
        1-A-11     059513CL3     CCC                  BBB-
        1-A-12     059513CM1     CCC                  BBB-
        1-A-13     059513CN9     CCC                  BBB-
        1-A-14     059513CP4     CCC                  BBB-
        1-A-15     059513CQ2     CCC                  B
        1-A-16     059513CR0     CCC                  B
        1-A-17     059513CS8     CCC                  AA
        1-A-18     059513CT6     CCC                  A
        1-A-19     059513CU3     CCC                  BBB-
        1-A-20     059513CV1     CCC                  A
        1-A-21     059513CW9     CCC                  BBB-
        1-A-22     059513CX7     CCC                  BBB-
        1-A-23     059513CY5     CCC                  BBB-
        1-A-24     059513CZ2     CCC                  B
        1-A-25     059513DA6     CCC                  BBB-
        1-A-26     059513DB4     CCC                  AA
        1-A-27     059513DC2     CCC                  A
        1-A-28     059513DD0     CCC                  BBB-
        1-A-29     059513DE8     CCC                  A
        1-A-30     059513DF5     CCC                  BBB-
        1-A-31     059513DG3     CCC                  BBB-
        1-A-32     059513DH1     CCC                  BBB-
        1-A-33     059513DJ7     CCC                  B
        1-A-34     059513DK4     CCC                  BBB-
        1-A-35     059513DL2     CCC                  BBB-
        1-A-36     059513DM0     CCC                  AAA
        1-A-37     059513DN8     CCC                  AA
        1-A-38     059513DP3     CCC                  A
        1-A-39     059513DQ1     CCC                  BBB-
        1-A-40     059513DR9     CCC                  BBB-
        1-A-41     059513DS7     CCC                  BBB-
        1-A-42     059513DT5     CCC                  A
        1-A-43     059513DU2     CCC                  BBB-
        1-A-44     059513DV0     CCC                  BBB-
        1-A-45     059513DW8     CCC                  BBB-
        1-A-46     059513DX6     CCC                  B
        1-IO       059513DZ1     CCC                  AAA
        1-PO       059513EA5     CCC                  B
        2-A-2      059513EC1     B+                   AAA
        2-A-3      059513ED9     CCC                  B
        2-A-4      059513EE7     B+                   AAA

             Banc of America Mortgage Securities Inc.
                          Series    2005-G

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      05949CEA0     BBB+                 AAA/Watch Neg
    1-A-2      05949CEB8     BBB+                 AAA/Watch Neg
    2-A-1      05949CED4     AA+                  AAA/Watch Neg
    2-A-2      05949CEE2     BBB+                 AAA/Watch Neg
    2-A-3      05949CEF9     BBB+                 AAA/Watch Neg
    2-A-4      05949CEG7     BBB+                 AAA/Watch Neg
    2-A-5      05949CEH5     BBB+                 AAA/Watch Neg
    3-A-1      05949CEJ1     AAA                  AAA/Watch Neg
    3-A-2      05949CEK8     AAA                  AAA/Watch Neg
    4-A-1      05949CEL6     AAA                  AAA/Watch Neg
    4-A-2      05949CEM4     AAA                  AAA/Watch Neg
    4-A-3      05949CEN2     AAA                  AAA/Watch Neg
    4-A-4      05949CEP7     AAA                  AAA/Watch Neg
    B-5        05949CEV4     D                    B/Watch Neg

    Bear Stearns ARM Trust 2005-5
    Series    2005-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        07387ACJ2     AAA                  AAA/Watch Neg
    A-2        07387ACK9     AAA                  AAA/Watch Neg
    M          07387ACL7     AA+                  AA+/Watch Neg

             CHL Mortgage Pass-Through Trust 2005-18
                        Series    2005-18

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        126694EH7     B-                   B
        A-2        126694EJ3     B-                   B
        A-3        126694EK0     A                    AA
        A-5        126694EM6     B-                   B
        A-6        126694EN4     B-                   B
        A-7        126694EP9     B-                   B
        A-8        126694FV5     B-                   B
        PO         126694EQ7     B-                   B

               Citigroup Mortgage Loan Trust 2005-6
                         Series    2005-6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        17307GXP8     AAA                  AAA/Watch Neg
    A-2        17307GXQ6     AAA                  AAA/Watch Neg
    A-3        17307GXR4     AAA                  AAA/Watch Neg
    M          17307GXB9     AA+                  AA+/Watch Neg
    B-1        17307GXC7     BB                   AA/Watch Neg
    B-2        17307GXD5     CCC                  A/Watch Neg
    B-3        17307GXE3     CCC                  BBB/Watch Neg
    B-4        17307GXF0     CC                   BB/Watch Neg
    B-5        17307GXG8     CC                   B/Watch Neg

                Citigroup Mortgage Loan Trust Inc.
                         Series    2005-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          17307GWE4     AAA                  AAA/Watch Neg
    B-1        17307GWF1     B+                   AA/Watch Neg
    B-2        17307GWG9     CCC                  A/Watch Neg
    B-3        17307GWH7     CCC                  BBB/Watch Neg
    B-4        17307GWJ3     CC                   BB/Watch Neg
    B-5        17307GWK0     CC                   B/Watch Neg

        First Horizon Mortgage Pass-Through Trust 2005-AR4
                        Series    2005-AR4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      32051GTV7     BB-                  AAA/Watch Neg
    I-A-2      32051GTW5     B                    AAA/Watch Neg
    II-A-1     32051GTX3     B                    AAA/Watch Neg
    III-A-1    32051GTZ8     B                    AAA/Watch Neg
    IV-A-1     32051GUA1     B                    AAA/Watch Neg
    IV-A-2     32051GUB9     A                    AAA/Watch Neg
    IV-A-3     32051GUC7     B                    AAA/Watch Neg
    B-1        32051GUD5     CCC                  AA/Watch Neg
    B-2        32051GUE3     CCC                  A/Watch Neg
    B-3        32051GUF0     CC                   BBB/Watch Neg
    B-4        32051GUG8     CC                   BB/Watch Neg

       First Horizon Mortgage Pass-Through Trust 2005-AR5
                        Series    2005-AR5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      32051GXN0     BB+                  AAA/Watch Neg
    I-A-2      32051GXP5     B                    AAA/Watch Neg
    II-A-1     32051GXQ3     BBB-                 AAA/Watch Neg
    II-A-2     32051GXR1     B                    AAA/Watch Neg
    III-A-1    32051GXT7     BBB-                 AAA/Watch Neg
    III-A-2    32051GXU4     B                    AAA/Watch Neg
    IV-A-1     32051GXV2     B                    AAA/Watch Neg
    B-1        32051GXW0     CCC                  AA/Watch Neg
    B-2        32051GXX8     CCC                  A/Watch Neg
    B-3        32051GXY6     CC                   BBB/Watch Neg
    B-4        32051GXZ3     CC                   BB/Watch Neg

       First Horizon Mortgage Pass-Through Trust 2006-AR2
                        Series    2006-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      32052KAA3     AAA                  AAA/Watch Neg
    II-A-1     32052KAB1     CCC                  AAA/Watch Neg
    III-A-1    32052KAD7     B-                   AAA/Watch Neg
    IV-A-1     32052KAE5     CCC                  AAA/Watch Neg
    A-M        32052KAF2     CCC                  A/Watch Neg

       First Horizon Mortgage Pass-Through Trust 2006-AR3
                        Series    2006-AR3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      32052EAA7     BBB                  AAA/Watch Neg
    I-A-2      32052EAB5     BB-                  AAA/Watch Neg
    I-A-IO     32052EAC3     BBB                  AAA/Watch Neg
    II-A-1     32052EAE9     AAA                  AAA/Watch Neg
    III-A-1    32052EAF6     AAA                  AAA/Watch Neg

           Freddie Mac Securities REMIC Trust 2005-S001
                        Series    2005-S001

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A1        35562QAA6     AAA                  AAA/Watch Neg
    1A2        35562QAB4     AAA                  AAA/Watch Neg
    1B1        35562QAF5     CCC                  AA/Watch Neg
    1B2        35562QAG3     CC                   A/Watch Neg
    1B3        35562QAH1     CC                   BBB/Watch Neg
    1B4        35562QAK4     CC                   BB/Watch Neg
    1B5        35562QAL2     D                    B/Watch Neg

                 GSR Mortgage Loan Trust 2006-AR1
                        Series    2006-AR1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1A1        3623413Y3     B-                   BBB
        2A1        3623414A4     BB                   BBB
        2A2        3623414B2     BB                   BBB
        2A3        3623414C0     BB                   BBB
        2A4        3623414D8     BB                   BBB

                  JPMorgan Mortgage Trust 2007-A6
                         Series    2007-A6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      46632DCC2     CCC                  AA
        1-A-2      46632DAA8     CCC                  BB
        1-A-3      46632DAR1     CCC                  AA
        1-A-4      46632DAS9     CCC                  AA
        1-A-5      46632DAT7     CCC                  AA
        1-A-6      46632DAU4     CCC                  AA
        2-A-1      46632DAB6     B-                   AA
        2-A-2      46632DAC4     CCC                  BB
        2-A-3      46632DAD2     B-                   AA
        3-A-1      46632DAX8     B                    AA
        3-A-2      46632DAJ9     CCC                  BB
        3-A-3      46632DAF7     B                    AAA
        3-A-4      46632DAG5     B                    AA
        3-A-5      46632DAH3     B                    AA
        3-A-6      46632DAY6     B                    AA
        3-A-7      46632DAZ3     B                    AAA
        3-A-8      46632DBA7     B                    AA
        3-A-9      46632DBB5     B                    AAA
        3-A-10     46632DBC3     B                    AA
        3-A-11     46632DBD1     B                    AAA
        3-A-12     46632DBE9     B                    AAA
        3-A-13     46632DBF6     B                    AAA
        3-A-14     46632DBG4     B                    AAA
        3-A-15     46632DBH2     B                    AAA
        3-A-16     46632DBJ8     B                    AA
        3-A-17     46632DBK5     B                    AA
        3-A-18     46632DBL3     B                    AA
        3-A-19     46632DBM1     B                    AA
        3-A-20     46632DBN9     B                    AA
        3-A-21     46632DBP4     B                    AA
        3-A-22     46632DBQ2     B                    AA
        3-A-23     46632DBR0     B                    AA
        4-A-1      46632DAK6     B+                   AA
        4-A-2      46632DAL4     CCC                  BB
        4-A-3      46632DAM2     B+                   AA
        B-3        46632DAQ3     CC                   CCC

             MASTR Asset Securitization Trust 2005-2
                         Series    2005-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      57643MLA0     BB                   AAA/Watch Neg
    1-A-2      57643MLB8     BB                   AAA/Watch Neg
    1-A-3      57643MLC6     AAA                  AAA/Watch Neg
    1-A-4      57643MLD4     BB                   AAA/Watch Neg
    1-A-5      57643MLE2     AAA                  AAA/Watch Neg
    1-A-6      57643MLF9     BB                   AAA/Watch Neg
    2-A-1      57643MLG7     BB                   AAA/Watch Neg
    2-A-2      57643MLH5     BB                   AAA
    3-A-1      57643MLJ1     BB                   AAA/Watch Neg
    4-A-1      57643MLK8     BB                   AAA/Watch Neg
    PO         57643MLN2     BB                   AAA/Watch Neg
    A-X        57643MLP7     BB                   AAA
    B-1        57643MLQ5     CCC                  AA/Watch Neg
    B-2        57643MLR3     CCC                  A/Watch Neg
    B-3        57643MLS1     CCC                  BBB/Watch Neg
    B-4        57643MLT9     CC                   BB/Watch Neg
    B-5        57643MLU6     CC                   CCC

             MASTR Asset Securitization Trust 2007-1
                         Series    2007-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      55292AAA6     CCC                  A
        1-A-2      55292AAB4     CCC                  A
        1-A-3      55292AAC2     CCC                  A
        1-A-4      55292AAD0     CCC                  A
        1-A-5      55292AAE8     CCC                  B
        1-A-6      55292AAF5     CCC                  A
        1-A-7      55292AAG3     CCC                  A
        1-A-8      55292AAH1     CCC                  A
        1-A-9      55292AAJ7     CCC                  A
        2-A-1      55292AAK4     CCC                  B
        2-A-2      55292AAL2     CCC                  B
        2-A-3      55292AAM0     CCC                  B
        2-A-5      55292AAP3     CCC                  B
        2-A-6      55292AAQ1     CCC                  A
        2-A-7      55292AAR9     CCC                  B
        2-A-9      55292AAT5     CCC                  B
        2-A-10     55292AAU2     CCC                  B
        2-A-11     55292AAV0     CCC                  B
        A-P        55292AAY4     CCC                  B
        B-2        55292ABB3     CC                   CCC
        B-3        55292ABC1     CC                   CCC
        B-4        55292ABD9     CC                   CCC
        B-5        55292ABE7     CC                   CCC

    Merrill Lynch Mortgage Investors Trust Series MLCC 2007-1
                         Series    2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      59023HAA9     AAA                  AAA/Watch Neg
    I-A-2      59023HAQ4     AAA                  AAA/Watch Neg
    II-A-1     59023HAB7     AAA                  AAA/Watch Neg
    II-A-2     59023HAC5     AAA                  AAA/Watch Neg
    III-A      59023HAD3     AAA                  AAA/Watch Neg
    IV-A-1     59023HAE1     AAA                  AAA/Watch Neg
    IV-A-2     59023HAF8     AAA                  AAA/Watch Neg
    IV-A-4     59023HAH4     AAA                  AAA/Watch Neg
    IV-A-X     59023HAR2     AAA                  AAA/Watch Neg
    M-1        59023HAJ0     AA                   AA/Watch Neg
    M-2        59023HAK7     A                    A/Watch Neg
    M-3        59023HAL5     BBB                  BBB/Watch Neg
    B-1        59023HAM3     B-                   BB/Watch Neg
    B-2        59023HAN1     CCC                  B/Watch Neg
    IV-A-3     59023HAG6     AAA                  AAA/Watch Neg

    RFMSI Series 2006-S12 Trust
    Series    2006-S12

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    II-A-1     74958EAB2     B                    AAA/Watch Neg
    II-A-2     74958EAC0     A-                   AAA/Watch Neg
    II-A-3     74958EAD8     BBB+                 AAA/Watch Neg
    II-A-4     74958EAE6     B                    AAA/Watch Neg
    II-A-5     74958EAF3     B                    AAA/Watch Neg
    II-A-6     74958EAG1     A-                   AAA/Watch Neg
    II-A-7     74958EAH9     B                    AAA/Watch Neg
    II-A-P     74958EAW6     B                    AAA/Watch Neg
    II-A-V     74958EAX4     A-                   AAA/Watch Neg
    III-A-1    74958EAJ5     BBB                  AAA/Watch Neg
    III-A-2    74958EAK2     BBB                  AAA/Watch Neg
    III-A-3    74958EAL0     BBB                  AAA/Watch Neg
    III-A-4    74958EAM8     BBB                  AAA/Watch Neg
    III-A-5    74958EAN6     CCC                  AAA/Watch Neg
    III-A-6    74958EAP1     CCC                  AAA/Watch Neg
    III-A-7    74958EAQ9     BB                   AAA/Watch Neg
    III-A-8    74958EAR7     CCC                  AAA/Watch Neg
    III-A-9    74958EAS5     BBB                  AAA/Watch Neg
    III-A-10   74958EAT3     CCC                  AAA/Watch Neg
    III-A-P    74958EAY2     CCC                  AAA/Watch Neg
    III-A-V    74958EAZ9     BBB                  AAA/Watch Neg

  Structured Adjustable Rate Mortgage Loan Trust Series 2005-15
                        Series    2005-15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A1       863579UL0     BB+                  A
        1-AX       863579UN6     BB+                  A
        1-PAX      863579UP1     BB+                  A
        2-A1       863579UQ9     A-                   A
        3-A1       863579US5     A                    AAA

            Thornburg Mortgage Securities Trust 2007-1
                         Series    2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        88522EAA1     BB-                  AAA/Watch Neg
    A-2A       88522EAB9     BB-                  AAA/Watch Neg
    A-2B       88522EAC7     AA                   AAA/Watch Neg
    A-2C       88522EAD5     BB-                  AAA/Watch Neg
    A-3A       88522EAE3     AAA                  AAA/Watch Neg
    A-3B       88522EAF0     BB-                  AAA/Watch Neg
    A-X        88522EAG8     AA                   AA/Watch Neg
    B-1        88522EAH6     CCC                  AA/Watch Neg
    B-2        88522EAJ2     CCC                  BBB/Watch Neg
    B-3        88522EAK9     CCC                  B/Watch Neg
    B-4        88522EAL7     CC                   CCC

                         Ratings Affirmed

                   Bear Stearns ARM Trust 2005-4
                         Series    2005-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      07387ABL8     BBB
                  II-A-1     07387ABM6     BBB
                  II-A-2     07387ABN4     BBB
                  II-A-3     07387ABP9     BBB
                  II-X-1     07387ABQ7     BBB
                  III-A-1    07387ABR5     BBB
                  IV-A-1     07387ABS3     BBB
                  B-1        07387ABW4     BBB-
                  B-2        07387ABX2     B
                  B-3        07387ABY0     CCC
                  B-4        07387ABZ7     CCC
                  B-5        07387ACA1     CCC
                  B-6        07387ACB9     CCC

               Citigroup Mortgage Loan Trust 2005-6
                         Series    2005-6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  X          17307GXS2     BBB-

            Freddie Mac Securities REMIC Trust 2005-S001
                       Series    2005-S001

                  Class      CUSIP         Rating
                  -----      -----         ------
                  X          35562QAE8     AAA

                 GSR Mortgage Loan Trust 2006-AR1
                        Series    2006-AR1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A2        3623413Z0     CCC
                  2A5        3623414E6     CCC
                  3A1        3623414F3     BBB
                  3A2        3623414G1     CCC

                  JPMorgan Mortgage Trust 2007-A6
                         Series    2007-A6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  P          46632DCB4     AAA
                  B-1        46632DAN0     CCC
                  B-2        46632DAP5     CCC

              MASTR Asset Securitization Trust 2007-1
                         Series    2007-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-4      55292AAN8     A
                  2-A-8      55292AAS7     A
                  A-X        55292AAZ1     A
                  B-1        55292ABA5     CCC

   Structured Adjustable Rate Mortgage Loan Trust Series 2005-15
                        Series    2005-15

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A2       863579UM8     B
                  2-A2       863579UR7     B
                  3-A2       863579UT3     B
                  4-A1       863579UU0     BB
                  4-A2       863579UV8     B
                  B-1        863579UW6     CCC


* S&P Downgrades Ratings on 864 Classes of Mortgage Certs. to 'D'
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
864 classes of mortgage pass-through certificates from 797 U.S.
residential mortgage-backed securities transactions from various
issuers.  S&P removed 90 of the lowered ratings from 85 of the
downgraded transactions from CreditWatch with negative
implications.  In addition, S&P placed 434 ratings from 60 of the
affected transactions on CreditWatch with negative implications.
The ratings on 673 additional classes from 85 of these
transactions remain on CreditWatch with negative implications.

Approximately 88.08% of the defaults affected Alternative-A or
subprime collateral.  The 864 classes that defaulted consisted of
451 classes from Alt-A transactions (52.20% of all defaults), 310
from subprime transactions (35.88% of all defaults), 61 from prime
jumbo transactions, 18 from closed-end second-lien transactions,
10 from reperforming transactions, seven from outside-the-
guidelines transactions, two from document-deficient transactions,
two from risk-transfer deals, one from a home equity line of
credit transaction, one from an RMBS "other" transaction, and one
from a re-REMIC (resecuritized real estate mortgage investment
conduit) transaction.

The downgrades reflect S&P's assessment of principal write-downs
on the affected classes during recent remittance periods.  The
CreditWatch placements reflect the fact that the affected classes
are within a group that includes a class that defaulted from a
'B-' rating or higher.  S&P lowered approximately 85.53% of the
ratings on the 864 defaulted classes from the 'CCC' or 'CC' rating
categories, and S&P lowered approximately 95.61% of the ratings
from a speculative-grade category.

S&P expects to resolve the CreditWatch placements affecting these
transactions after S&P completes its reviews of the underlying
credit enhancement.  Standard & Poor's will continue to monitor
its ratings on securities that experience principal write-downs
and adjust the ratings as S&P think appropriate.


* S&P Downgrades Ratings on Six Natural Peril Catastrophe Bonds
---------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its ratings on
six natural peril catastrophe bonds issued in 2007 and 2008.

S&P lowered its ratings by one notch to reflect the adjusted
probability of attachment for each bond that resulted from
applying S&P's criteria to the information S&P recently received
in the annual reset reports.

In addition, S&P placed its ratings on four catastrophe bonds, all
related to the Residential Reinsurance 2007 Ltd. issuance, on
CreditWatch with negative implications.  S&P is awaiting updated
occurrence and aggregate excedence probability curves from the
transaction modeling agent, AIR.

Because the notes will mature on June 7, 2010, and there are no
subsequent portfolio resets, the passage of time during the
remaining risk period has lowered the probability of attachment.
Given the information S&P has, if S&P does lower the ratings, it
likely would be by one notch for the class 2, 3, and 4 notes and
up to two notches for the class 5 notes.  S&P expects to receive
the updated curves shortly and will then resolve the CreditWatch.

The criteria article referenced below provides indicative stress
levels that S&P apply to each transaction's occurrence (or
aggregate) exceedence probability curve.  Applying these stress
levels, which per S&P's criteria can vary from the indicative
levels, to the applicable occurrence (or aggregate) exceedence
curves generated a probability of attachment greater than in the
annual reset reports presented to Standard & Poor's.  As a result,
the adjusted probability of attachment on each bond, when compared
with the default table used to rate natural peril catastrophe
bonds, indicates a rating different than the current rating.

The ratings on the remaining natural peril catastrophe bonds for
which S&P has received reset reports are not affected.

                           Ratings List

                         Ratings Lowered

                                            To               From
                                            --               ----
Caelus Re Ltd. Series 2008-1 Class A        BB               BB+
Carillon Ltd. Series 2 Class E              B-               B
East Lane Re II Ltd. Series 2008-1 Class C  CCC+             B-
East Lane Re Ltd. Series 2007-1 Class B     BB               BB+
Residential Reinsurance 2008 Ltd. Class 1   BB-              BB
Residential Reinsurance 2008 Ltd. Class 2   B-               B

              Ratings Placed On CreditWatch Negative

                                            To               From
                                            --               ----
Residential Reinsurance 2007 Ltd. Class 2   B+/Watch Neg     B+
Residential Reinsurance 2007 Ltd. Class 3   B/Watch Neg      B
Residential Reinsurance 2007 Ltd. Class 4   BB+/Watch Neg    BB+
Residential Reinsurance 2007 Ltd. Class 5   BB+/Watch Neg    BB+



                           *********

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.  Danilo Munnoz, Joseph Medel C. Martirez, Denise Marie
Varquez, Philline Reluya, 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.

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