TCR_Public/090913.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, September 13, 2009, Vol. 13, No. 254

                            Headlines



505 CLO: Moody's Takes Rating Actions on Four Classes of Notes
ACAS CLO: Moody's Downgrades Ratings on Four 2007-1 Notes
AIRLIE CLO: Moody's Downgrades Ratings on Various 2006-I Notes
ARCAP 2005-RR5: S&P Downgrades Ratings on Two Classes of Notes
BABSON CLO: Moody's Downgrades Ratings on Various 2003-I Notes

BABSON CLO: Moody's Downgrades Ratings on Various 2008-II Notes
BABSON LOAN: Moody's Downgrades Ratings on Three Classes of Notes
BEAR STEARNS: Moody's Downgrades Ratings on Two 2005-9 Tranches
BEAR STEARNS: S&P Downgrades Ratings on 20 2007-PWR17 Securities
BRIDGEPORT CLO: Moody's Downgrades Ratings on Two Classes

C-BASS CBO: Moody's Downgrades Ratings on Two Classes of Notes
CAPITAL AUTO: S&P Raises Ratings on Class D 2006-1 Notes
CAPMARK FINANCE: Fitch Changes Watch on CMBS Ratings to Evolving
CENTURION CDO: Moody's Downgrades Ratings on Four Classes of Notes
CITIGROUP COMMERCIAL: S&P Cuts Ratings on 21 2008-C7 Securities

CLYDESDALE CLO: Moody's Downgrades Ratings on Three Classes
CLYDESDALE CLO: Moody's Downgrades Ratings on Two Classes
CLYDESDALE CLO: Moody's Downgrades Ratings on Two Classes of Notes
CLYDESDALE STRATEGIC: Moody's Downgrades Ratings on Various Notes
COLTS 2005-2: Moody's Downgrades Rating on Class B Notes

COLUMBUSNOVA CLO: Moody's Downgrades Ratings on 2006-II Notes
CREDIT PROTECTION: Moody's Downgrades Ratings on Unfunded CDO Deal
DEAF SMITH: S&P Removes Rating on $600,000 2002 GO Bonds
DENALI CAPITAL: Moody's Upgrades Ratings on Two Classes of Notes
DEUTSCHE MORTGAGE: S&P Junks Rating on Class A3 2009-RS1 Notes

DUCHESS III: Moody's Downgrades Ratings on Various Classes
DIVERSIFIED GLOBAL: Moody's Downgrades Ratings on Various Classes
FORD CREDIT: S&P Raises Ratings on 41 Classes of Notes
JEFFERIES RESECURITIZATION: S&P Junks Rating on Class A From 'AAA'
JPMORGAN CHASE: S&P Downgrades Ratings on 19 2007-CIBC19 Notes

JP MORGAN: S&P Junks Rating on Class A2 Certificate From 'B'
KINGSLAND III: Moody's Downgrades Ratings on Various Classes
LIBERTY HARBOUR: Moody's Downgrades Rating on Pre-Paid Swap
ML-CFC COMMERCIAL: S&P Downgrades Ratings on 20 2007-7 Securities
MANTOLOKING CDO: Moody's Downgrades Ratings on Two 2006-1 Notes

MISTLETOE ORSO: Moody's Downgrades Rating on Various CDO Notes
MORGAN STANLEY: Fitch Takes Various Rating Actions on 11 Classes
MORGAN STANLEY: Moody's Downgrades Rating on Two Series of Notes
NANTUCKET CLO: Moody's Downgrades Ratings on Three Classes
OCEAN TRAILS: Moody's Downgrades Ratings on Three Classes of Notes

OCEANVIEW CBO: S&P Corrects Rating on $25 Mil. Custody Receipts
PLAQUEMINES PARISH: S&P Raises Rating on GO Debt From 'BB'
RBSSP RESECURITIZATION: S&P Downgrades Ratings on 2009-5 Certs.s
SEAWALL SPC: S&P Downgrades Ratings on Various Notes to 'B+'
TEXAS STATE: Moody's Withdraws Ratings on Various Revenue Bonds

TRICADIA CDO: Moody's Downgrades Ratings on Five 2006-6 Notes
VICTORIA FALLS: Moody's Downgrades Ratings on Various Classes
ZAIS INVESTMENT: Moody's Cuts Ratings on Six Classes of Notes
ZAIS INVESTMENT: Moody's Downgrades Rating on Six Classes of Notes
ZAIS INVESTMENT: Moody's Downgrades Ratings on Various Classes

* S&P Downgrades Ratings on 222 Classes From 45 RMBS Transactions



                            *********

505 CLO: Moody's Takes Rating Actions on Four Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
rating of these notes issued by 505 CLO II Ltd.:

  -- US$55,000.000 Class B Senior Secured Floating Rate Notes due
     November 2018, Confirmed at Aa2; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade.

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

  -- US$55,000,000 Class C Secured Deferrable Floating Rate Notes
     due November 2018, Upgraded to Baa1; previously on March 20,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$30,000,000 Class D Secured Deferrable Floating Rate Notes
     due November 2018, Upgraded to Ba1; previously on March 20,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$15,000.000 Class E Secured Deferrable Floating Rate Notes
     due November 2018, Upgraded to Ba3; previously on March 20,
     2009 Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

Moody's notes that the rating confirmation on the Class B Notes
and the upgrade actions on the Class C, Class D, and Class E Notes
consider updated analysis incorporating certain rating stresses
assumed by Moody's (discussed below) and credit deterioration, but
reflect Moody's conclusion that the impact of these factors on the
ratings of the notes is not as negative as previously assessed
during Stage I of the deal review in March.  The current
conclusions stem from comprehensive deal-level analysis completed
during Stage II of the ongoing CLO surveillance review, which
included an in-depth assessment of results from Moody's
quantitative CLO rating model along with an examination of deal-
specific qualitative factors.  By way of comparison, during Stage
I Moody's took rating actions that were largely the result of a
parameter-based approach.  In its analysis, Moody's also
considered the positive implications of the continued deleveraging
of the transaction as a result of the partial paydown of the Class
A-1 and Class A-2 Notes.  Over the course of the last two payment
dates, the principal balances of the Class A-1 and Class A-2 Notes
have both been reduced by about 17.6%.

Moody's rating analysis applies certain revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

505 CLO II Ltd., issued in December of 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.


ACAS CLO: Moody's Downgrades Ratings on Four 2007-1 Notes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by ACAS CLO 2007-1, Ltd.:

  -- US$110,750,000 Class A-1 Senior Secured Floating Rate Notes
     due 2021 Notes, Downgraded to Aa1; previously on April 30,
     2007 Assigned Aaa;

  -- US$33,750,000 Class A-1-J Senior Secured Floating Rate Notes
     due 2021 Notes, Downgraded to Aa2; previously on March 4,
     2009 Aa1 Placed Under Review for Possible Downgrade;

  -- US$25,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2021 Notes, Downgraded to A2; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade;

  -- US$15,500,000 Class D Secured Deferrable Floating Rate Notes
     due 2021 Notes, Downgraded to Caa3; previously on March 23,
     2009 Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$22,000,000 Class B Senior Secured Deferrable Floating Rate
     Notes due 2021 Notes, Confirmed at Baa3; previously on
     March 23, 2009 Downgraded to Baa3 and Placed Under Review for
     Possible Downgrade;

  -- US$21,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2021 Notes, 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
reflect revised assumptions with respect to default probability
and the calculation of the Diversity Score.  These revised
assumptions are described in the publication "Moody's Approach to
Rating Collateralized Loan Obligations," dated August 12, 2009.
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.
Other assumptions used in Moody's CLO monitoring are described in
the publication "CLO Ratings Surveillance Brief - Second Quarter
2009," dated July 17, 2009.  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, diversity
score, and weighted average recovery rate, may be different from
the trustee's reported numbers.

The rating actions also result from credit deterioration of the
underlying portfolio.  Such credit deterioration 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.  In particular, the
weighted average rating factor has increased over the last year
and is currently 2780 as of the last trustee report, dated July 8,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $14 million, accounting for
roughly 4% of the collateral balance, and securities rated Caa1 or
lower make up approximately 7% of the underlying portfolio.

ACAS CLO 2007-1, Ltd., issued on April 26, 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.


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

  -- US$287MM Class A-1 Notes (current balance of $280.9MM),
     Downgraded to Aa3; previously on May 31, 2006 Assigned Aaa;

  -- US$16MM Class A-2 Notes, Downgraded to A3; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$16.5MM Class B Notes, Downgraded to Ba1; previously on
     March 17, 2009 Downgraded to Baa3 and Placed Under Review for
     Possible Downgrade;

  -- US$31MM Class C Notes, Downgraded to Caa1; previously on
     March 17, 2009 Downgraded to Ba3 and Placed Under Review for
     Possible Downgrade;

  -- US$8MM Class D Notes (current balance of $8.2MM), Downgraded
     to Ca; previously on March 17, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade;

  -- US$4MM Composite Note Notes, Downgraded to Caa2; 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.  Such
credit deterioration is observed through a decline in the average
credit rating (as measured by the weighted average rating factor),
an increase in the dollar amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and failure of the Class C and Class D
Overcollateralization Ratio Tests.  In particular, the weighted
average rating factor has increased over the last year and is
currently 2774 as of the last trustee report, dated August 12,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $16.2 million, accounting for
roughly 4.6% of the collateral balance, and securities rated Caa1
or lower make up approximately 8.7% of the underlying portfolio.
Additionally, interest payments on the Class D Notes are presently
being deferred as a result of the failure of the Class C
overcollateralization test.

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.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Airlie CLO 2006-I, 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.


ARCAP 2005-RR5: S&P Downgrades Ratings on Two Classes of Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class H and J commercial mortgage-backed securities pass-through
certificates from ARCap 2005-RR5 Resecuritization Inc. to 'D' from
'CCC-'.  The ratings were on CreditWatch with negative
implications before the downgrades.

The downgrades reflect interest shortfalls to these classes, which
S&P believes are likely to be susceptible to liquidity
interruptions in the future.

As of the Aug. 24, 2009, trustee report, the most recent interest
shortfall to class H totaled $40,434, which brought the cumulative
interest shortfall amount to $158,356.  The most recent interest
shortfall to class J totaled $29,782, which brought the cumulative
interest shortfall amount to $189,116.  The interest shortfalls
resulted, in part, from interest shortfalls on the underlying CMBS
collateral, which S&P expects to continue.  The trust has incurred
$109.4 million in losses to date, which has caused principal
losses to the subordinate class L, M, N, and O certificates.


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

  -- $150,000,000 Class A-1 Floating Rate Senior Notes Due 2015
     (current balance of $135,364,780), Downgraded to Aa1;
     previously on November 25, 2003 Assigned Aaa;

  -- $17,000,000 Class A-2B Floating Rate Senior Notes Due 2015,
     Downgraded to Aa2; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- $20,000,000 Class B Floating Rate Senior Notes Due 2015,
     Downgraded to A2, previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- $7,000,000 Class E Floating Rate Junior Subordinate Notes Due
     2015 (current balance of $6,393,047), Downgraded to Ca,
     previously on March 20, 2009 Downgraded to B3 and Placed
     Under Review for Possible Downgrade.

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

  -- $18,500,000 Class C Floating Rate Deferrable Senior Notes Due
     2015, Confirmed at Baa3, previously on March 20, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- $17,700,000 Class D Floating Rate Senior Subordinate Notes
     Due 2015, Confirmed at Ba3, previously on March 20, 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.  Such
credit deterioration is observed through a decline in the average
credit rating (as measured by the weighted average rating factor),
an increase in the dollar amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and failure of the Class C/D Overcollateralization Test
and Class E/Senior Preference Shares Overcollateralization Test.
In particular, the weighted average rating factor has increased
over the last year and is currently 2880 versus a test level of
2520 as of the last trustee report, dated July 31, 2009.  Based on
the same report, defaulted securities currently held in the
portfolio total about $11 million, accounting for roughly 4% of
the collateral balance, and securities rated Caa1 or lower make up
approximately 16% of the underlying portfolio.  The Class C/D
Overcollateralization Test was reported at 104.06% versus a test
level of 104.60% and the Class E/Senior Preference Shares
Overcollateralization Test was reported at 100.28% versus a test
level of 102.10%.  Additionally, interest payments on the Class E
Notes are presently being deferred as a result of the failure of
the Class C/D Overcollateralization Test.

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.

The rating actions also reflect Moody's revised assumptions with
respect to default probability (including certain stresses
pertaining to credit estimates) and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Babson CLO Ltd. 2003-I, issued on November 25, 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.


BABSON CLO: Moody's Downgrades Ratings on Various 2008-II Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Babson CLO Ltd. 2008-II:

  -- US$307,000,000 Class A-1 Senior Notes due 2018 (current
     balance of $302,914,736), Downgraded to Aa3; previously on
     June 26, 2008 Assigned Aaa;

  -- US$10,000,000 Class A-2 Senior Notes due 2018, Downgraded to
     A3; previously on March 4, 2009 Aa1 Placed Under Review for
     Possible Downgrade;

  -- US$12,500,000 Class B Senior Notes due 2018, Downgraded to
     Baa1; previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- US$20,500,000 Class C Deferrable Mezzanine Notes due 2018,
     Downgraded to Ba1; previously on March 20, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$11,500,0000 Class D Deferrable Mezzanine Notes due 2018,
     Downgraded to B1; previously on March 20, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$12,500,000 Class E Deferrable Junior Notes due 2018
     (current balance of $12,777,818), Downgraded to Caa3;
     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.  Such
credit deterioration 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 overcollateralization test
and the Class E overcollateralization test.  In particular, the
weighted average rating factor has increased over the last year
and is currently 2893 as of the last trustee report, dated
August 5, 2009.  Based on the same report, defaulted securities
currently held in the portfolio total about $17.4 million,
accounting for 6% of the collateral balance, and securities rated
Caa1 or lower make up approximately 11% of the underlying
portfolio.  The Class D overcollateralization test was reported at
109.84% versus a test level of 111.0% and the Class E
overcollateralization test was reported at 106.13% versus a test
level of 108.1%.  Additionally, interest payments on the Class E
Notes are presently being deferred as a result of the failure of
the Class D overcollateralization test.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Babson CLO Ltd. 2008-II, issued in June of 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.


BABSON LOAN: 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 Babson Loan Opportunity CLO,
Ltd.:

  -- US$421,000,000 Class A Senior Notes Due 2018 (current balance
     of $416,828,225), Downgraded to Aa2; previously on Mar 19,
     2008 Assigned Aaa;

  -- US$24,500,000 Class B Senior Notes Due 2018, Downgraded to
     A2; previously on Mar 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade;

  -- US$16,500,000 Class E Deferrable Junior Notes Due 2018,
     Downgraded to Caa3; previously on Mar 20, 2009 Downgraded to
     Caa2 and Placed Under Review for Possible Downgrade.

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

  -- US$24,500,000 Class C Deferrable Mezzanine Notes Due 2018,
     Confirmed at Ba1; previously on Mar 20, 2009 Downgraded to
     Ba1 and Placed Under Review for Possible Downgrade;

  -- US$22,000,000 Class D Deferrable Mezzanine Notes Due 2018,
     Confirmed at B1; previously on Mar 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.  Such
credit deterioration is observed through a decline in the average
credit rating (as measured by the weighted average rating factor),
an increase in the dollar amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and failure of the Class E Overcollateralization Test.
In particular, the weighted average rating factor has increased
over the last year and is currently 2956 as of the last trustee
report, dated July 8, 2009.  Based on the same report, defaulted
securities total about $22 million, accounting for roughly 4% of
the collateral balance, and securities rated Caa1 or lower make up
approximately 11% of the underlying portfolio.  The Class E
overcollateralization test was reported at 109.69% versus a test
level of 110.5%.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Babson Loan Opportunity CLO, Ltd., issued in March of 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.


BEAR STEARNS: Moody's Downgrades Ratings on Two 2005-9 Tranches
---------------------------------------------------------------
Moody's Investors Service has downgraded 2 tranches from Bear
Stearns ARM Trust 2005-9.

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 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, time tranching, and other structural features within
the senior note waterfalls.

For details regarding Moody's approach towards calculating updated
expected losses on Alt-A pools backed by collateral originations
from 2006 and 2007, please refer to the methodology publication
"Alt-A RMBS Loss Projection Update: January 2009," available on
Moodys.com.  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.  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 2005-9

Pool Current Expected Cumulative Net Losses: 4% (as a percentage
of the original loan pool balance)

  -- Cl. A-1, Downgraded to Ba1; previously on Feb 11, 2009
     Downgraded to Aa3

  -- Cl. A-2, Downgraded to B3; previously on Feb 11, 2009
     Downgraded to Baa2

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

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

ii) collateral analysis,

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

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

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

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


BEAR STEARNS: S&P Downgrades Ratings on 20 2007-PWR17 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 20
classes of commercial mortgage-backed securities from Bear Stearns
Commercial Mortgage Securities Trust 2007-PWR17 and removed them
from CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on six classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
recently released U.S. conduit and fusion CMBS criteria, which was
the primary driver of the rating actions.  The downgrades of the
subordinate classes also reflect anticipated credit support
erosion upon the eventual resolution of the specially serviced
loans.  S&P's analysis included a review of the credit
characteristics of all of the loans in the pool.  Using servicer-
provided financial information, S&P calculated an adjusted debt
service coverage of 1.39x and a loan-to-value ratio of 112.1%.
S&P further stressed the loans' cash flows under S&P's 'AAA'
scenario to yield a weighted average DSC of 0.85x and an LTV of
156.9%.  The implied defaults and loss severity under the 'AAA'
scenario were 91.6% and 40.7%, respectively.  All of the DSC and
LTV calculations noted above exclude the six specially serviced
loans (6.3%).  S&P separately estimated losses for these loans,
which are included in S&P's 'AAA' scenario implied default and
loss figures.

S&P affirmed the ratings on the class X-1 and X-2 interest-only
(IO) certificates based on S&P's current criteria.  S&P published
a request for comment proposing changes to its IO criteria on
June 1, 2009.  After S&P finalize its criteria review, S&P may
revise its IO criteria, which may affect outstanding ratings,
including the ratings on the IO certificates that S&P affirmed.

                         Credit Concerns

Six loans ($203.7 million, 6.3%) in the pool are with the special
servicer, Centerline Servicing Inc. The payment statuses of the
loans are: four are more than 90 days delinquent ($19.5 million,
0.6%), one is 30 days delinquent ($182.4 million, 5.7%), and one
is less than 30 days delinquent ($1.7 million, 0.1%).  Four of the
specially serviced loans have appraisal reduction amounts in
effect totalling $5.9 million.  One of the specially serviced
loans is the third-largest loan in the pool and has a
balance that is greater than 5.0% of the total pool balance; the
loan is described in further detail below.  The remaining
specially serviced loans have balances that are less than 0.5% of
the total pool balance.

                       Transaction Summary

As of the August 2009 remittance report, the collateral pool
consisted of 263 loans with an aggregate trust balance of
$3.22 billion, which represents approximately 98.9% of the trust
balance at issuance.  One loan has been liquidated since issuance
at a loss of $3.02 million.  The master servicers for the
transaction, Prudential Asset Resources Inc. and Wells Fargo Bank
N.A., provided financial information for 99.7% of the pool; 95.9%
of the financial information was full-year 2008 data or interim
2009 data.  S&P calculated a weighted average DSC of 1.37x for the
pool based on the reported figures.  S&P's adjusted DSC and LTV
were 1.39x and 112.1%, respectively.  S&P's adjusted DSC and LTV
figures exclude the six specially serviced loans.  S&P estimated
losses separately for these six loans ($203.7 million, 6.3%).
Based on the servicer-reported DSC figures, S&P calculated a
weighted average DSC of 1.13x for these six loans, including three
loans that had DSCs below 1.0x.  Forty loans (12.9%) are on the
master servicers' watchlists, including two of the top 10 loans.
Forty-two loans ($415.9 million, 12.9%) have a reported DSC below
1.10x, and 24 of these loans ($208.2 million, 6.5%) have a
reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$1.19 billion (36.8%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.30x for the top 10 loans.
One of the top 10 loans ($182.4 million, 5.7%) is with the special
servicer, and two of the top 10 loans ($119.3 million, 3.7%)
appear on the master servicers' watchlists.  S&P's adjusted DSC
and LTV for the top 10 loans, excluding the one specially serviced
loan, are 1.32x and 113.3%, respectively.

The RRI Hotel Portfolio loan is the third-largest loan in the
pool, and the largest loan with the special servicer.  The loan is
30 days delinquent, has a trust balance of $182.4 million (5.7%),
and has a whole-loan balance of $456.1 million.  The asset is
secured by 79 Red Roof Inn hotels comprising 9,423 rooms across 24
states.  The asset was transferred to the special servicer in June
2009.  The special servicer is awaiting a formal workout proposal
from the borrower.  The year-end 2008 DSC was 1.17x.  At this
time, Standard & Poor's expects a moderate loss upon the
resolution of the loan.

The Logan Hotel Portfolio loan ($70.3 million, 2.2%) is the
seventh-largest loan in the pool and the largest loan on the
watchlist.  This loan is secured by three full-service hotel
properties (Radisson, Holiday Inn Select, and Doubletree)
comprising 985 rooms in Minnesota and Arkansas.  The year-end 2008
DSC was 1.01x, down from 1.49x at issuance.

The DRA Retail Portfolio loan ($49.0 million, 1.5%) is the eighth-
largest loan in the pool and the second-largest loan on the
watchlist.  This loan is secured by three retail properties in
South Carolina, California, and New York totalling 402,397 sq. ft.
The year-end 2008 DSC was 0.89x and occupancy was 75.5%.  Two new
leases totaling 55,970 sq. ft. or 13.9% of net rentable area have
been signed with leases commencing July 1, 2010.

Standard & Poor's stressed the loans in the pool according to
S&P's updated conduit/fusion criteria.  The resultant credit
enhancement levels support the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

   Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17
          Commercial mortgage pass-through certificates

                Rating
                ------
     Class     To     From            Credit enhancement (%)
     -----     --     ----            ----------------------
     A-4       A+     AAA/Watch Neg                    30.24
     A-1A      A+     AAA/Watch Neg                    30.24
     A-M       BBB+   AAA/Watch Neg                    20.13
     A-MFL     BBB+   AAA/Watch Neg                    20.13
     A-J       BB     AAA/Watch Neg                    11.78
     B         BB-    AA+/Watch Neg                    10.90
     C         B+     AA/Watch Neg                      9.51
     D         B+     AA-/Watch Neg                     8.75
     E         B+     A+/Watch Neg                      8.12
     F         B+     A/Watch Neg                       7.24
     G         B      A-/Watch Neg                      6.22
     H         B-     BBB+/Watch Neg                    5.09
     J         B-     BBB/Watch Neg                     4.08
     K         CCC+   BBB-/Watch Neg                    3.07
     L         CCC    BB+/Watch Neg                     2.69
     M         CCC-   BB/Watch Neg                      2.31
     N         CCC-   BB-/Watch Neg                     1.93
     O         CCC-   B+/Watch Neg                      1.68
     P         CCC-   B/Watch Neg                       1.55
     Q         CCC-   CCC+/Watch Neg                    1.30

                         Ratings Affirmed

   Bear Stearns Commercial Mortgage Securities Trust 2007-PWR17
          Commercial mortgage pass-through certificates

            Class     Rating    Credit enhancement (%)
            -----     ------    ----------------------
            A-1       AAA                        30.24
            A-2       AAA                        30.24
            A-3       AAA                        30.24
            A-AB      AAA                        30.24
            X-1       AAA                          N/A
            X-2       AAA                          N/A

                       N/A - Not applicable.


BRIDGEPORT CLO: Moody's Downgrades Ratings on Two Classes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Bridgeport CLO II Ltd.:

  -- US$390,000,000 Class A-1 Senior Floating Rate Notes Due 2021
     (current balance of $386,363,301), Downgraded to Aa1;
     previously on June 28, 2007 Assigned Aaa;

  -- US$21,000,000 Class A-2 Senior Floating Rate Notes Due 2021,
     Downgraded to A1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade.

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

  -- $26,000,000 Class B Deferrable Mezzanine Floating Rate Notes
     Due 2021, Confirmed at Baa3; previously on March 13, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$22,000,000 Class C Deferrable Mezzanine Floating Rate
     Notes Due 2021, Confirmed at Ba3; previously on March 13,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$19,000,000 Class D Deferrable Mezzanine Floating Rate
     Notes Due 2021 (current balance of $16,854,818), Confirmed at
     B3; previously on March 13, 2009 Downgraded to B3 and Placed
     Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  Such
credit deterioration 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 overcollateralization test and
class D overcollateralization test.  In particular, the weighted
average rating factor has increased over the last year and is
currently 2813 versus a test level of 2715 as of the last trustee
report, dated August 10, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$23 million, accounting for roughly 5% of the collateral balance,
and securities rated Caa1 or lower make up approximately 17% 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.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  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.  Other assumptions
used in Moody's CLO monitoring are described in the publication
"CLO Ratings Surveillance Brief - Second Quarter 2009," dated
July 17, 2009.  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, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

Bridgeport CLO II 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.


C-BASS CBO: Moody's Downgrades Ratings on Two Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of two classes of Notes issued by C-BASS CBO VII, Ltd.  The
Notes affected by the rating action are:

  -- US$20,000,000 Class C Third Priority Secured Floating Rate
     Deferrable Interest Notes Due 2038 Notes, Downgraded to Baa3;
     previously on Mar 12, 2009 Downgraded to A2

  -- US$27,000,000 Class D Fourth Priority Secured Floating Rate
     Deferrable Interest Notes Due 2038 Notes, Downgraded to B3;
     previously on Mar 12, 2009 Downgraded to Ba1

C-BASS CBO VII, Ltd., is a collateralized debt obligation backed
primarily by a portfolio of residential mortgage backed
securities, collateralized debt obligations, and other types of
assets backed securities.

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 an increase in the weighted average
rating factor).  Moody's notes that in the case of C-BASS CBO VII,
Ltd. more than 17% of its assets have been the subject of ratings
downgrade since Moody's last review of the transaction in March
2009.  The Trustee reports that WARF is 2059, as compared to a
WARF of 1765 reported in March 2009, as well as an increase in
defaults by more than $10 million since then.  More than 38% of
the collateral assets do not have a Moody's public rating.

The action also takes into consideration the risk of the
transaction experiencing an Event of Default.  An Event of Default
may occur due to a missed interest payment with respect to the
Class A or Class B Notes.  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 and the Notes, including the sale and liquidation of
the assets.  The severity of losses of certain tranches may be
different depending on the timing and outcome of a liquidation.

Moody's explained that in addition to the quantitative factors
that are explicitly modeled, qualitative factors are part of the
Moody's rating committee considerations.  These qualitative
factors include but are not limited to the structural protections
in the transaction, the recent performance of the transaction in
the current market environment, how legal risks and issues are
addressed in transaction documentation, 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.


CAPITAL AUTO: S&P Raises Ratings on Class D 2006-1 Notes
--------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on the class
D notes from Capital Auto Receivables Asset Trust's series 2006-1
and on the class B and C notes from CARAT's series 2006-2.  At the
same time, S&P affirmed its ratings on the remaining 58 classes
outstanding from the 14 CARAT series S&P reviewed.

The upgrades and affirmations reflect S&P's view that the total
credit enhancement available is adequate for each of the raised or
affirmed ratings when S&P factor in the remaining expected net
losses.  Based on the performance to date of each transaction, S&P
has lowered its net loss expectations for series 2005-1, 2006-1,
and 2006-2, and S&P has raised its loss expectations for series
2007-2 and 2007-3, 2007-A, 2007-B, 2007-4, 2008-1, 2008-CPA, 2008-
CPB, 2008-CPC, 2008-2 and 2008-A.  As of the July 2009 performance
month, delinquency rates and recovery rates for each series were
generally in line to slightly worse than those of prior
outstanding CARAT auto loan transactions at the same point since
issuance.

                             Table 1

                     Collateral Performance (%)
                  As of July 2009 performance month

                                                 Former      Revised
               Pool    60+ day  Current Current  lifetime    lifetime
Series   Mo.  factor  delinq.  CRR     CNL      CNL exp.    CNL exp.(i)
------   ---  ------  -------  ------- -------  --------    -----------
2005-1   51    2.70   1.04     58.28   1.03     2.30-2.50   1.05-1.10
2006-1   42    6.51   0.73     59.95   0.62     2.05-2.20   0.70-0.75
2006-2   32   14.69   0.80     53.85   0.85     1.90-2.00   1.00-1.10
2007-2   24   40.28   0.97     54.56   1.81     1.90-2.10   2.85-3.00
2007-3   23   44.22   0.97     54.55   1.82     1.90-2.10   3.10-3.25
2007-A   23   40.06   0.90     54.01   1.81     1.90-2.10   3.00-3.15
2007-B   22   45.86   1.03     54.81   1.97     1.90-2.10   3.25-3.40
2007-4   21   49.48   1.02     53.47   2.14     1.90-2.10   3.70-3.90
2008-CPA 19   57.83   0.86     53.31   1.81     2.10-2.20   3.75-3.95
2008-1   18   56.28   1.00     53.48   1.93     2.10-2.20   3.85-4.05
2008-CPB 17   64.14   0.69     56.03   1.52     2.40-2.60   3.75-3.95
2008-CPC 17   64.39   0.87     55.74   1.48     2.40-2.60   3.75-3.95
2008-2   15   64.27   0.81     54.24   1.24     2.20-2.30   3.50-3.70
2008-A   14   67.00   0.88     53.51   1.50     2.55-2.75   4.20-4.50

(i)Revised CNL expectations are based on current performance
    data.

  CRR -- cumulative recovery rate.
  CNL -- cumulative net loss.

The issuer initially structured each transaction with credit
enhancement consisting of subordination for the higher-rated
tranches, overcollateralization, a reserve account, and excess
spread, including the contribution of yield supplement
overcollateralization.  Each transaction was structured with a
non-amortizing reserve account and a non-amortizing
overcollateralization amount.  For series 2008-CPA, 2008-CPB and
2008-CPC, as provided by the transaction documents, the
overcollateralization amount can build to a non-amortizing target
that is greater than the initial overcollateralization amount by
1.25% of the initial adjusted pool balance.  As of the July 2009
performance month, the reserve account and overcollateralization
for all transactions were at their target amounts.

S&P's analysis of these transactions incorporated cash flows,
which accounted for current and historical performance to estimate
the future performance.  S&P's various cash flow scenarios and
sensitivity analyses included assumptions on recoveries, loss
timing, and voluntary absolute prepayment speeds that are
appropriate given each transaction's current performance, as well
as S&P's view of future loss timing, recovery rates, and voluntary
prepayments.  The results demonstrated that all of the classes
from the transactions that S&P reviewed had adequate remaining
loss coverage at their respective rating levels.  The results also
showed that the class D notes from series 2006-1 and the class B
and C notes from series 2006-2 had adequate remaining loss
coverage at their raised rating levels.

The upgrades and affirmations reflect the fact that the respective
transactions benefit from a sequential payment structure and/or
growth in credit support as a percent of their amortizing pool
balances.  Each transaction's ability to maintain its reserve
account and overcollateralization targets, as well as the
existence of YSOC, which has helped generate excess spread, are
all factors that have contributed to credit enhancement growth.
All classes were able to withstand stress scenarios at their
respective rating levels, even in situations where S&P raised its
lifetime loss expectations.

                              Table 2

                      Hard Credit Support (%)
               As of the July 2009 performance month

                                             Current
                             Total hard      total hard
                     Pool    credit support  credit support(i)
      Series   Class factor  at issuance(i)  (% of current)
      ------   ----- ------  --------------  -----------------
      2005-1   C      2.70   2.32            85.70
      2006-1   B      6.51   3.43            52.60
      2006-1   C      6.51   2.06            31.56
      2006-1   D      6.51   1.14            17.53
      2006-2   A     14.69   6.22            42.39
      2006-2   B     14.69   3.14            21.35
      2006-2   C     14.69   1.41             9.59
      2007-2   A     40.28   5.38            13.36
      2007-2   B     40.28   2.47             6.12
      2007-2   C     40.28   1.12             2.78
      2007-2   D     40.28   0.67             1.67
      2007-3   A     44.22   5.48            12.39
      2007-3   B     44.22   2.51             5.68
      2007-3   C     44.22   1.14             2.58
      2007-3   D     44.22   0.69             1.55
      2007-A   A     40.06   5.42            13.52
      2007-A   B     40.06   2.48             6.20
      2007-A   C     40.06   1.13             2.82
      2007-A   D     40.06   0.68             1.69
      2007-B   A     45.86   5.55            12.09
      2007-B   B     45.86   2.54             5.54
      2007-B   C     45.86   1.16             2.52
      2007-B   D     45.86   0.69             1.51
      2007-4   A     49.48   5.77            11.66
      2007-4   B     49.48   2.77             5.60
      2007-4   C     49.48   1.38             2.80
      2007-4   D     49.48   0.92             1.87
      2008-CPA A     57.83   3.01             7.07
      2008-1   A     56.28   5.70            10.12
      2008-1   B     56.28   2.73             4.86
      2008-1   C     56.28   1.37             2.43
      2008-1   D     56.28   0.91             1.62
      2008-CPB A     64.14   4.63             8.94
      2008-CPC A     64.39   4.63             8.90
      2008-2   A     64.27   5.53             8.61
      2008-2   B     64.27   2.66             4.13
      2008-2   C     64.27   1.33             2.07
      2008-2   D     64.27   0.89             1.38
      2008-A   A     67.00   6.65             9.93
      2008-A   B     67.00   3.33             4.96
      2008-A   C     67.00   2.00             2.98
      2008-A   D     67.00   1.55             2.32

(i)Percentages are in terms of the total principal balance.  Total
hard credit support consists of a reserve account,
overcollateralization and subordination, and excludes excess
spread, created by the YSOC amount, which also provides additional
enhancement.

Standard & Poor's will continue to monitor the performance of each
transaction to assess whether the credit enhancement remains
sufficient, in S&P's view, under various stress scenarios for each
of the rated classes.

                          Ratings Raised

               Capital Auto Receivables Asset Trust

                                      Rating
                                      ------
              Series    Class    To             From
              ------    -----    --             ----
              2006-1    D        AAA            AA
              2006-2    B        AAA            A
              2006-2    C        AAA            BBB

                          Ratings Affirmed

               Capital Auto Receivables Asset Trust

                    Series    Class    Rating
                    ------    -----    ------
                    2005-1    C        AAA
                    2006-1    B        AAA
                    2006-1    C        AAA
                    2006-2    A-3a     AAA
                    2006-2    A-3b     AAA
                    2007-2    A-PT     AAA
                    2007-2    A-3      AAA
                    2007-2    A-4a     AAA
                    2007-2    A-4b     AAA
                    2007-2    B        A
                    2007-2    C        BBB
                    2007-2    D        BB
                    2007-3    A-3a     AAA
                    2007-3    A-3b     AAA
                    2007-3    A-4      AAA
                    2007-3    B        A
                    2007-3    C        BBB
                    2007-3    D        BB
                    2007-A    A        AAA
                    2007-A    B        A
                    2007-A    C        BBB
                    2007-A    D        BB
                    2007-B    A        AAA
                    2007-B    B        A
                    2007-B    C        BBB
                    2007-B    D        BB
                    2007-4    A-2a     AAA
                    2007-4    A-2b     AAA
                    2007-4    A-3a     AAA
                    2007-4    A-3b     AAA
                    2007-4    A-4      AAA
                    2007-4    B        A
                    2007-4    C        BBB
                    2007-4    D        BB
                    2008-1    A-2-A     AAA
                    2008-1    A-2-B     AAA
                    2008-1    A-3-A     AAA
                    2008-1    A-3-B     AAA
                    2008-1    A-4-A     AAA
                    2008-1    A-4-B     AAA
                    2008-1    B        A
                    2008-1    C        BBB
                    2008-1    D        BB
                    2008-CPA  A-1      AAA
                    2008-CPB  A-1      AAA
                    2008-CPC  A-1      AAA
                    2008-2    A-2a     AAA
                    2008-2    A-2b     AAA
                    2008-2    A-3a     AAA
                    2008-2    A-3b     AAA
                    2008-2    A-4      AAA
                    2008-2    B        A
                    2008-2    C        BBB
                    2008-2    D        BB
                    2008-A    A        AAA
                    2008-A    B        A
                    2008-A    C        BBB
                    2008-A    D        BB


CAPMARK FINANCE: Fitch Changes Watch on CMBS Ratings to Evolving
----------------------------------------------------------------
Fitch Ratings has revised the Rating Watch of these commercial
mortgage-backed securities servicer ratings for Capmark Finance
Inc. to Rating Watch Evolving from Rating Watch Negative:

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

The servicer rating actions reflect the announcement that Capmark
has entered into a put option agreement to sell its servicing and
origination operations to Berkadia III, LLC, a partnership between
Berkshire Hathaway Inc. and Leucadia National Corporation.
Berkadia has indicated to Fitch that it expects to retain all of
Capmark's servicing management and staff.

On Sept. 8, 2009, Fitch downgraded Capmark Financial Group Inc.'s
Issuer Default Rating to 'C' from 'B-' in response to the release
of the company's second-quarter financials.  Capmark has provided
evidence of adequate liquidity to fulfill advancing obligations
over the short term and intends to maintain its servicing
management and staff through this transition.

The Rating Watch Evolving indicates that Fitch may downgrade,
affirm or upgrade Capmark's CMBS servicer ratings depending upon
whether the transaction is completed.  Fitch will continue to
monitor servicing quality at Capmark and will provide commentary
as conditions warrant.

As of June 30, 2009, Capmark's total servicing portfolio was
comprised of 35,507 loans with an unpaid principal balance of
$270.1 billion, of which 16,712 loans totaling $131.1 billion were
CMBS.  As of the same date, the company was named special servicer
on 8,618 loans in 113 CMBS transactions with an outstanding
balance of $47.5 billion.  Capmark was actively specially
servicing 280 CMBS loans totaling $2.4 billion, and managing 57
CMBS real estate owned properties valued at $342.9 million.


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

  -- US$308,000,000 Class A Floating Rate Notes, Due 2015 (current
     balance of $302,893,483), Downgraded to Aa1; previously on
     August 23, 2002 Assigned Aaa;

  -- US$4,000,000 Class D-1 Fixed Rate Notes, Due 2015, Downgraded
     to Caa1; previously on March 20, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade;

  -- US$2,000,000 Class D-2 Fixed Rate Notes, Due 2015, Downgraded
     to Caa1; previously on March 20, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade;

  -- US$4,000,000 Class D-3 Floating Rate Notes, Due 2015,
     Downgraded to Caa1; previously on March 20, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade.

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

  -- US$18,000,000 Class B-1 Fixed Rate Notes, Due 2015, Confirmed
     at Baa3; previously on March 20, 2009 Downgraded to Baa3 and
     Placed Under Review for Possible Downgrade;

  -- US$19,000,000 Class B-2 Floating Rate Notes, Due 2015,
     Confirmed at Baa3; previously on March 20, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$12,000,000 Class C Floating Rate Notes, Due 2015,
     Confirmed at Ba3; previously on March 20, 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.  Such
credit deterioration 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.  In particular, the weighted average rating factor has
increased over the last year and is currently 2821 versus a test
level of 2495 as of the last trustee report, dated July 31, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $23.3 million, accounting for roughly
6.6% of the collateral balance, and securities rated Caa1 or lower
make up approximately 11.2% of the underlying portfolio.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Centurion CDO VI, Ltd., issued in 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.


CITIGROUP COMMERCIAL: S&P Cuts Ratings on 21 2008-C7 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 21
classes of commercial mortgage-backed securities from Citigroup
Commercial Mortgage Trust 2008-C7 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on six other classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
recently released U.S. conduit and fusion CMBS criteria, which was
the primary driver of the rating actions.  S&P's analysis included
a review of the credit characteristics of all the loans in the
pool.  Using servicer-provided financial information, S&P
calculated an adjusted debt service coverage of 1.36x and a loan-
to-value ratio of 106.2%.  S&P further stressed the loans' cash
flows under S&P's 'AAA' scenario to yield a weighted average DSC
of 0.82x and an LTV of 153.5%.  The implied defaults and loss
severity under the 'AAA' scenario were 91.8% and 41.2%,
respectively.

The affirmed ratings on the principal and interest certificates
reflect credit enhancement levels that, in S&P's opinion, provide
adequate support through various stress scenarios.  S&P has
affirmed its rating on the class X interest-only certificates
based on its current criteria.  S&P published a request for
comment proposing changes to its IO criteria on June 1, 2009.
Once the criteria review is finalized, S&P may revise its current
IO criteria, which may affect outstanding ratings, including the
rating on the IO certificates S&P affirmed.

                         Credit Concerns

Eight assets ($199.5 million; 10.8%) in the pool are with the
special servicer, LNR Partners Inc.  One is real estate owned
(0.3%), one is in foreclosure (0.4%), one is 90-plus-days
delinquent (0.3%), one is 30-days delinquent (3.6%), and four are
late but still within their grace periods (6.2%).  Three of the
specially serviced assets have appraisal reduction amounts (ARAs)
in effect totaling $6.7 million.  Three of the top 10 loans (8.9%)
are with the special servicer and are discussed below.

                       Transaction Summary

As of the August 2009 remittance report, the aggregate trust
balance was $1.8 billion, which represents approximately 99.8% of
the trust balance at issuance.  There are 97 assets in the pool,
which is unchanged since issuance.  Capmark Finance Inc. and
Midland Loan Services Inc., the master servicers, reported
financial information for 88.2% of the pool; 95.6% of the
financial information was either full-year 2008 or interim-2009
data.  S&P used issuance data for the 11.8% of the pool that
lacked updated financial information.  This 11.8% of the pool
includes 10 loans, two of which are among the top 10 loans by
balance.  S&P calculated a weighted average DSC of 1.37x for the
pool based on the master servicers' reported figures.  S&P's
adjusted DSC and LTV were 1.36x and 106.2%, respectively.
Standard & Poor's adjusted DSC and LTV figures exclude two assets
($72.3 million, 3.9%) with the special servicer.  S&P estimated
losses for these assets separately.  The transaction has not
experienced any principal losses to date.  Thirteen loans are on
the servicers' watchlist ($148.5 million; 8.0%).  Four loans
($43.4 million, 2.4%) have reported DSC between 1.10x and 1.0x,
and four loans ($68.0 million, 3.7%) have reported DSC of less
than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$878.2 million (47.6%).  Using servicer-reported information, S&P
calculated a weighted average DSC of 1.25x for the top 10 loans.
Three of the top 10 loans ($164.0 million, 8.9%) are with the
special servicer and one of the top 10 loans ($51.4 million, 2.8%)
appears on the master servicers' watchlist.  S&P's adjusted DSC
and LTV for the top 10 loans were 1.24x and 112.0%, respectively.
The servicer-reported DSC figure, as well as S&P's adjusted DSC
and LTV figures, exclude the CGM RRI Hotel Portfolio loan
($67.5 million; 3.7%), which is with the special servicer.  S&P
estimated losses for this loan separately.

The CGM RRI Hotel Portfolio loan is the third-largest loan in the
pool and the largest loan in special servicing.  The loan is
secured by 52 Red Roof Inn hotels, containing a total of 6,030
rooms located in 21 states and Washington, D.C.  The properties
have an average age of 23 years.  The loan was transferred to the
special servicer on May 8, 2009, because the borrower requested a
restructure of the loan due to market conditions.  The loan is now
30 days delinquent.  The servicer reported a DSC of 1.16x for the
12 months ended Sept. 30, 2008.  S&P estimates a significant loss
for this asset upon resolution.

The Mall St. Vincent loan ($49.0 million; 2.7%) is the seventh-
largest loan in the pool and is secured by 184,801 sq. ft. of a
532,891-sq.-ft. regional mall in Shreveport, La.  The property was
built in 1976 and renovated in 1991 and 2005.  The loan was
reported as being within its grace period on the August 2009
remittance report and was transferred to the special servicer on
April 21, 2009, due to General Growth Properties' bankruptcy
filing.

S&P will continue to monitor developments relating to this loan
and will take rating actions on this transaction as necessary.

The Alexandria Mall loan ($47.5 million; 2.6%) is the eighth-
largest loan in the pool and is secured by a 559,438 sq. ft.
regional mall in Alexandria, La., approximately 60 miles northwest
of Baton Rouge.  The property was built in 1973 and renovated in
2005.  This loan was transferred to the special servicer on
June 12, 2009, due to sustained damage from Hurricane Gustav, most
of which has been repaired.  The borrower has since requested a
loan restructure, which is currently being evaluated.  The
servicer reported a DSC of 1.39x for year-end 2008.

The DLJ East Coast Portfolio loan ($51.4 million; 2.8%) is the
largest loan on the servicer's watchlist and the fifth-largest
loan in the pool.  The loan is secured by three limited-service
Marriott Courtyard properties located in three states and built
between 1999 and 2001.  The servicer-reported occupancy was 74% as
of year-end 2008 and the DSC was 1.01x for the three months ended
March 31, 2009.

Standard & Poor's stressed the loans with the special servicer and
the remaining loans in the pool according to S&P's updated
conduit/fusion criteria.  The resultant credit enhancement levels
support the lowered and affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

           Citigroup Commercial Mortgage Trust 2008-C7
          Commercial mortgage pass-through certificates

                 Rating
                 ------
    Class      To        From           Credit enhancement (%)
    -----      --        ----           ----------------------
    A-1A       A+        AAA/Watch Neg                   30.06
    A-4        A+        AAA/Watch Neg                   30.06
    A-M        BBB+      AAA/Watch Neg                   20.04
    A-MA       BBB+      AAA/Watch Neg                   20.04
    A-J        BB+       AAA/Watch Neg                   12.28
    A-JA       BB+       AAA/Watch Neg                   12.28
    B          BB        AA+/Watch Neg                   11.27
    C          BB-       AA/Watch Neg                    10.27
    D          B+        AA-/Watch Neg                    9.27
    E          B+        A+/Watch Neg                     8.77
    F          B+        A/Watch Neg                      7.89
    G          B+        A-/Watch Neg                     6.89
    H          B         BBB+/Watch Neg                   5.89
    J          B         BBB/Watch Neg                    5.01
    K          B-        BBB-/Watch Neg                   4.01
    L          B-        BB+/Watch Neg                    3.38
    M          B-        BB/Watch Neg                     3.01
    N          CCC+      BB-/Watch Neg                    2.63
    O          CCC       B+/Watch Neg                     2.25
    P          CCC-      B/Watch Neg                      1.88
    Q          CCC-      B-/Watch Neg                     1.63

                         Ratings Affirmed

           Citigroup Commercial Mortgage Trust 2008-C7
          Commercial mortgage pass-through certificates

             Class   Rating    Credit enhancement (%)
             -----   ------    ----------------------
             A-1     AAA                        30.06
             A-2A    AAA                        30.06
             A-2B    AAA                        30.06
             A-3     AAA                        30.06
             A-SB    AAA                        30.06
             X       AAA                          N/A

                       N/A - Not applicable.


CLYDESDALE CLO: Moody's Downgrades Ratings on Three Classes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Clydesdale CLO 2006, Ltd.:

  -- US$333,000,000 Class A-1 Floating Rate Notes Due 2018,
     Downgraded to Aa1; previously on December 19, 2006 Assigned
     Aaa;

  -- US$25,000,000 Class A-2 Floating Rate Notes Due 2018,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$15,000,000 Class D Floating Rate Notes Due 2018,
     Downgraded to Caa1; previously on March 17, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade.

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

  -- US$25,000,000 Class B Deferrable Floating Rate Notes Due
     2018, Confirmed at Baa3; previously on March 17, 2009
     Downgraded to Baa3 Placed Under Review for Possible
     Downgrade;

  -- US$18,000,000 Class C Floating Rate Notes Due 2018, Confirmed
     at Ba3; previously on March 17, 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.  Such
credit deterioration 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.  In particular, the weighted average rating factor has
increased over the last year and is currently 2778 versus a test
level of 2550 as of the last trustee report, dated August 6, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $28.5 million, accounting for roughly
6.4% of the collateral balance, and securities rated Caa1 or lower
make up approximately 7% of the underlying portfolio.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for will be below their
historical averages, consistent with Moody's research.  Other
assumptions used in Moody's CLO monitoring are described in the
publication "CLO Ratings Surveillance Brief - Second Quarter
2009," dated July 17, 2009.  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, diversity
score, and weighted average recovery rate, may be different from
the trustee's reported numbers.

Clydesdale CLO 2006, Ltd., issued in December 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.


CLYDESDALE CLO: Moody's Downgrades Ratings on Two Classes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Clydesdale CLO 2007, Ltd.:

  -- US$26,500,000 Class A-2 Floating Rate Notes Due 2019,
     Downgraded to Aa3; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$19,000,000 Class A-3 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$18,000,000 Class B Deferrable Floating Rate Notes Due
     2019, Confirmed at Baa3; previously on March 13, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$11,000,000 Class C Deferrable Floating Rate Notes Due
     2019, Confirmed at Ba3; previously on March 13, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$11,000,000 Class D Deferrable Floating Rate Notes Due
     2019, Confirmed at B3; previously on March 13, 2009
     Downgraded to B3 and Remained 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.  Such
credit deterioration 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.  In particular, the weighted average rating factor has
increased over the last year and is currently 2782 versus a test
level of 2635 as of the last trustee report, dated August 7, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $19.4 million, accounting for roughly
5.6% of the collateral balance, and securities rated Caa1 or lower
make up approximately 10.5% of the underlying portfolio.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries will be below their
historical averages, consistent with Moody's research.  Other
assumptions used in Moody's CLO monitoring are described in the
publication "CLO Ratings Surveillance Brief - Second Quarter
2009," dated July 17, 2009.  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, diversity
score, and weighted average recovery rate, may be different from
the trustee's reported numbers.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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 Two Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Clydesdale CLO 2007, Ltd.:

  -- US$26,500,000 Class A-2 Floating Rate Notes Due 2019,
     Downgraded to Aa3; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$19,000,000 Class A-3 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$18,000,000 Class B Deferrable Floating Rate Notes Due
     2019, Confirmed at Baa3; previously on March 13, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$11,000,000 Class C Deferrable Floating Rate Notes Due
     2019, Confirmed at Ba3; previously on March 13, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$11,000,000 Class D Deferrable Floating Rate Notes Due
     2019, Confirmed at B3; previously on March 13, 2009
     Downgraded to B3 and Remained 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.  Such
credit deterioration 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.  In particular, the weighted average rating factor has
increased over the last year and is currently 2782 versus a test
level of 2635 as of the last trustee report, dated August 7, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $19.4 million, accounting for roughly
5.6% of the collateral balance, and securities rated Caa1 or lower
make up approximately 10.5% of the underlying portfolio.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries will be below their
historical averages, consistent with Moody's research.  Other
assumptions used in Moody's CLO monitoring are described in the
publication "CLO Ratings Surveillance Brief - Second Quarter
2009," dated July 17, 2009.  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, diversity
score, and weighted average recovery rate, may be different from
the trustee's reported numbers.

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

In addition to the quantitative factors that are explicitly
modeled, qualitative factors are part of 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 STRATEGIC: Moody's Downgrades Ratings on Various Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Clydesdale Strategic CLO I Ltd.:

  -- US$221,000,000 Class A-1 Floating Rate Notes Due 2017,
     Downgraded to Aa2; previously on January 20, 2005 Assigned
     Aaa

  -- US$19,000,000 Class A-2 Floating Rate Notes Due 2017,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$15,500,000 Class B Deferrable Floating Rate Notes Due
     2017, Downgraded to Ba1; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$3,000,000 Class C-1 Floating Rate Notes Due 2017,
     Downgraded to B1; previously on March 18, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$8,000,000 Class C-2 Fixed Rate Notes Due 2017, Downgraded
     to B1; previously on March 18, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade;

  -- US$9,000,000 Class D Floating Rate Notes Due 2017, 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.  Such
credit deterioration 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.  In particular, the weighted average rating factor has
increased over the last year and is currently 2692 versus a test
level of 2510 as of the last trustee report, dated August 12,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $21.4 million, accounting for
roughly 7.2% of the collateral balance, and securities rated Caa1
or lower make up approximately 10% of the underlying portfolio.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for high-yield corporate
bonds will be below their historical averages, consistent with
Moody's research.  Other assumptions used in Moody's CLO
monitoring are described in the publication "CLO Ratings
Surveillance Brief - Second Quarter 2009," dated July 17, 2009.
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, diversity score, and weighted average recovery
rate, may be different from the trustee's reported numbers.

Clydesdale Strategic CLO I Ltd., issued in January 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.


COLTS 2005-2: Moody's Downgrades Rating on Class B Notes
--------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of these notes issued by CoLTS 2005-2 Ltd.:

  -- US$16,000,000 Class B Floating Rate Deferrable Interest Notes
     Due 2018, Downgraded to Aa3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade.

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

  -- US$34,000,000 Class C Floating Rate Deferrable Interest Notes
     Due 2018, Confirmed at Baa3; previously on March 23, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$20,000,000 Class D Floating Rate Deferrable Interest Notes
     Due 2018, Confirmed at Ba3; previously on March 23, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade.

The rating actions primarily reflect Moody's revised assumptions
with respect to default probability (including certain stresses
pertaining to credit estimates) and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

According to Moody's, the rating actions taken on the notes are
also a result of moderate credit deterioration of the underlying
portfolio.  Such credit deterioration is observed through an
increase in the dollar amount of defaulted securities and a
decline in the average credit rating (as measured by the weighted
average rating factor).  In particular, defaulted securities
currently held in the portfolio total about $43 million,
accounting for roughly 11% of the collateral balance, as of the
last trustee report dated June 5, 2009.  Based on the same report,
the weighted average rating factor has increased over the last
year and is currently 3450 versus a test level of 3430.  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.
Notwithstanding the above, Moody's noted that the deal is
currently in its amortization period and should continue to
benefit from the delevering of the Class A notes.

CoLTS 2005-2 Ltd., issued in January 2006, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans of middle-market issuers.

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.


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

  -- US$375,000,000 Class A Senior Notes (current balance of   --
    US$372,535,745), Downgraded to Aa1; previously on December
     20, 2006 Assigned Aaa;

  -- US$30,000,000 Class B Senior Notes, Downgraded to A1;
     previously on March 4, 2009 Aa2 Placed Under Review for
     Possible Downgrade.

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

  -- US$22,000,000 Class C Deferrable Mezzanine Notes, Confirmed
     at Baa3; previously on March 17, 2009 Downgraded to Baa3 and
     Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class D Deferrable Mezzanine Notes, Confirmed
     at Ba3; previously on March 17, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade;

  -- US$15,000,000 Class E Deferrable Junior Notes, Confirmed at
     B3; previously on March 17, 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.  Such
credit deterioration 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.  In particular, the weighted average rating factor has
increased over the last year and is currently 2848 as of the last
trustee report, dated August 3, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$19 million, accounting for roughly 4% of the collateral balance,
and securities rated Caa1 or lower make up approximately 12% 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.

The rating actions also incorporate Moody's revised assumptions
with respect to default probability (including certain stresses
pertaining to credit estimates) and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

ColumbusNova CLO Ltd. 2006-II, issued in December 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.


CREDIT PROTECTION: Moody's Downgrades Ratings on Unfunded CDO Deal
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating on Credit Protection Trust 259, an unfunded collateralized
debt obligation transaction referencing a static portfolio of
corporate entities.

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10 year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 1957 initially to 4077, equivalent to an average
rating of the current portfolio of B3/Caa1.  Since inception of
the transaction, the subordination of the rated tranche has been
reduced by 10% due to credit event on Abitibi-Consolidated Inc.,
Lear Corporation, Nortel Networks Corporation, Quebecor World,
Inc., R.H. Donnelley, Inc., Smurfit-Stone Container Enterprises,
Inc., Station Casinos, Inc., and Tribune Company.  The portfolio
has the highest industry concentration in High Tech Industries
(13.75%), Hotel, Gaming & Leisure (11.25%), and Media:
Broadcasting & Subscription (8.75%).

Moody's monitors this transaction using primarily the methodology
for Corporate Synthetic Obligations as described in Moody's
Special Report below:

-- Moody's Approach to Rating Corporate Collateralized Synthetic
    Obligations (April 2009)

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 strength of the legal
framework as well as specific documentation feature.  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.

The rating action is:

Transaction: Credit Protection Trust 259

  -- US$1,000,000,000 Super Senior Notes, Downgraded to Ba1;
     previously on Feb. 25, 2009 Downgraded to Baa2


DEAF SMITH: S&P Removes Rating on $600,000 2002 GO Bonds
--------------------------------------------------------
Standard & Poor's Ratings Services removed its rating on Deaf
Smith County Hospital District, Texas' $600,000 series 2002
general obligation bonds at the issuer's request.

On June 30, S&P lowered its long-term rating to 'CCC' from 'B-' on
the same bonds.  The deeply speculative-grade rating reflected the
districts' precipitously weak unrestricted liquidity, which
continues to deteriorate, with unrestricted cash equaling less
than two days' cash on hand and about 1% outstanding long-term
debt as of fiscal 2008 (audited financial results through
Sept. 30, 2008); weaker interim financial results in fiscal 2009
(unaudited six-month results through March 31, 2009); and an
expectation that the district would seek additional funding to
move forward with a long-planned hospital replacement project.


DENALI CAPITAL: Moody's Upgrades Ratings on Two Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Denali Capital CLO V, Ltd.:

  -- US$36,900,000 Class B Senior Secured Deferrable Interest
     Notes Due 2019, Upgraded to Baa2; previously on March 18,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$22,550,000 Class C Senior Secured Deferrable Interest
     Notes Due 2019, Upgraded to Ba3; previously on March 18, 2009
     Downgraded to B2 and Placed Under Review for Possible
     Downgrade.

Moody's notes that the upgrade actions on the Class B and Class C
Notes consider updated analysis incorporating certain rating
stresses assumed by Moody's and credit deterioration, but reflect
Moody's conclusion that the impact of these factors on the ratings
of the notes is not as negative as previously assessed during
Stage I of the deal review in March.  The current conclusions stem
from comprehensive deal-level analysis completed during Stage II
of the ongoing CLO surveillance review, which included an in-depth
assessment of results from Moody's quantitative CLO rating model
along with an examination of deal-specific qualitative factors.
By way of comparison, during Stage I Moody's took rating actions
that were largely the result of a parameter-based approach.

Moody's rating analysis applies certain revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

Denali Capital CLO V, Ltd., issued in September 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.


DEUTSCHE MORTGAGE: S&P Junks Rating on Class A3 2009-RS1 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on class A3
from Deutsche Mortgage Securities Inc. Mortgage Loan
Resecuritization Trust Series 2009-RS1 to 'CCC' from 'BBB'.  At
the same time, S&P affirmed its 'AAA' ratings on classes A1 and
A2.  The downgrade reflects significant deterioration in the
performance of the loans backing the underlying certificate.
Although this performance deterioration is severe, the credit
enhancement within DMR 2009-RS1 is sufficient to maintain the
ratings on classes A1 and A2.

DMR 2009-RS1, which closed in March 2009, is a resecuritized real
estate mortgage investment conduit residential mortgage-backed
securities transaction collateralized by one underlying class, A-
19 from CHL Mortgage Pass-Through Trust 2007-14.  The loans
securing the underlying class consist predominantly of fixed-rate
prime mortgage loans.

The A1, A2, and A3 classes from DMR 2009-RS1 are supported by
class A-19 from CHL Mortgage Pass-Through Trust 2007-14 (current
rating 'CCC').  The performance of the loans securing this trust
has declined precipitously in recent months.  This pool had
experienced losses amounting to 0.17% of the original pool balance
as of the August 2009 distribution and currently has approximately
7.6% of the current pool balance in delinquent loans.  Based on
the losses to date, the current pool factor of 0.820 (82.0%),
which represents the outstanding pool balance as a proportion of
the original balance, and the pipeline of delinquent loans, S&P's
current projected loss for this pool is 3.45%, which exceeds the
level of credit enhancement available to cover losses.

Over the past two years S&P has revised its RMBS default and loss
assumptions, and consequently S&P's projected losses, to reflect
the continuing decline in mortgage loan performance and the
housing market.  The performance deterioration of most U.S. RMBS
has continued to outpace the market's expectations.

                           Rating Action

         Deutsche Mortgage Securities Inc. Mortgage Loan
              Resecuritization Trust Series 2009-RS1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A3         251568AC5     CCC                  BBB

                         Ratings Affirmed

         Deutsche Mortgage Securities Inc. Mortgage Loan
              Resecuritization Trust Series 2009-RS1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1         251568AA9     AAA
                 A2         251568AB7     AAA


DUCHESS III: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Duchess III CDO S.A.:

  -- EUR75,000,000 First Priority Senior Secured Floating
     RateVariable Funding Notes Due 2018 (current balance of
     $65,428,559), Downgraded to Aa3; previously on July 30, 2004
     Assigned Aaa;

  -- EUR226,500,000 Class A First Priority Senior Secured Floating
     Rate Notes Due 2018 (current balance of $217,308,586),
     Downgraded to Aa3; previously on July 30, 2004 Assigned Aaa;

  -- EUR54,000,000 Class B Second Priority Secured Floating Rate
     Notes due 2018, Downgraded to Baa3; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- EUR10,750,000 Class C-1 Third Priority Secured Fixed Rate
     Notes due 2018, Downgraded to B1; previously on March 4, 2009
     Baa2 Placed Under Review for Possible Downgrade;

  -- EUR23,000,000 Class C-2 Third Priority Secured Floating Rate
     Notes due 2018, Downgraded to B1; previously on March 4, 2009
     Baa2 Placed Under Review for Possible Downgrade;

  -- EUR7,000,000 Class D-1 Fourth Priority Secured Fixed Rate
     Notes due 2018, Downgraded to Caa3; previously on March 4,
     2009 Ba3 Placed Under Review for Possible Downgrade;

  -- EUR8,750,000 Class D-2 Fourth Priority Secured Floating Rate
     Notes due 2018, Downgraded to Caa3; previously on March 4,
     2009 Ba3 Placed Under Review for Possible Downgrade;

  -- EUR10,000,000 Class F Combination Notes due 2018, Downgraded
     to Ba3; previously on July 30, 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," 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 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 0.25-0.5 notch-equivalent assumed
downgrade was applied to certain estimates.

The rating actions reflect the adverse impact of the
aforementioned stresses, as well as credit deterioration in the
underlying portfolio.  Such credit deterioration is observed
through a decline in the average credit rating (as measured by the
weighted average rating factor), an increase in the dollar amount
of defaulted securities, an increase in the proportion of
securities from issuers rated Caa1 and below, and failure of the
Class C Overcollateralisation Ratio Test and the Class D
Overcollateralisation Ratio Test.  In particular, the weighted
average rating factor has increased over the last year and is
currently 2738 versus a test level of 2300 as of the last trustee
report, dated July 22, 2009.  Based on the same report, defaulted
securities currently held in the portfolio total about EUR34.5
million, accounting for roughly 8.1% of the collateral balance,
and securities rated Caa1 or lower make up approximately 11.49% of
the underlying portfolio.  Additionally, interest payments on the
Class D-1 Notes and the Class D-2 Notes are presently being
deferred as a result of the failure of the Class C and Class D
overcollateralisation tests.  Due to the impact of all
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from the
trustee's reported numbers.

Additionally, Moody's notes that the Rated Balance of the Class F
Combination Notes has decreased to approximately EUR4.4 million
due to interest payments received from the Class C-1 Note
component along with distributions to the Class E Note (equity)
component over the past payment periods.  Similarly, the Rated
Balance of the Class H Combination Notes has decreased to
approximately EUR3.4 million due to interest and principal
payments received from the Class A Note component along with
distributions to the Class E Note (equity) component over the past
payment periods.

Duchess III CDO S.A., issued on July 29, 2004, is a multi-currency
collateralized loan obligation backed primarily by a portfolio of
senior secured loans denominated in euros and pounds sterling.

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.


DIVERSIFIED GLOBAL: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of three classes of notes issued by Diversified Global
Securities, Ltd.  The notes affected by the rating action are:

  -- US$22,250,000 Class A-3 Floating Rate Notes, Due 2014,
     Downgraded to Ca; previously on 3/20/2009 Downgraded to B2

  -- US$8,250,000 Class A-3 Fixed Rate Notes, Due 2014, Downgraded
     to Ca; previously on 3/20/2009 Downgraded to B2

  -- US$7,683,000 Class 1 Subordinated Combination Securities, Due
     2014, Downgraded to Ca; previously on 8/16/2006 Upgraded to
     Baa1

Diversified Global Securities, Ltd. is a collateralized debt
obligation backed primarily by a portfolio of collateralized loan
obligations.  CLOs consist approximately of 77% of the portfolio,
of which a majority are from 2001 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 93% 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 6841 as of July 10, 2009.  The
Trustee currently reports defaulted assets in the amount of
$3 million.  Securities rated Caa1 or lower make up approximately
42% of the underlying portfolio.

Moody's also observes that the transaction is exposed to a
significant concentration of mezzanine and junior CLO tranches in
the underlying portfolio.  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.

The action also takes into consideration the risk of the
transaction experiencing an Event of Default.  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 and the Notes, including the sale and
liquidation of the assets.  The severity of losses of certain
tranches may be different depending on the timing and outcome of a
liquidation.

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.


FORD CREDIT: S&P Raises Ratings on 41 Classes of Notes
------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on 41
classes and affirmed its ratings on 48 other classes of asset-
backed notes issued from 18 Ford Credit Auto Owner Trust
transactions.

The upgrades and affirmations reflect S&P's view that the total
credit enhancement available is adequate for each of the raised or
affirmed ratings when S&P factor in the remaining expected net
losses.  Efficient structures, which allow for credit enhancement
to grow as a percent of the amortizing pool balances, are the main
drivers behind the upgrades and affirmations.

Collateral performance for most of the securitizations has
deviated negatively from S&P's initial expectations.  In S&P's
opinion, increased default frequencies have led to net losses that
exceed S&P's original expectations.  As a result, S&P has revised
S&P's loss assumptions for most of these transactions.

                              Table 1

                   Ford Credit Auto Owner Trust
             Collateral Performance (%) for July 2009

                                              Initial      Revised
               Pool    Current   60-plus day  lifetime     lifetime
  Series  Mo.  factor  CNL       delinq.      CNL(i) exp.  CNL exp.
  ------  ---  ------  -------   -----------  -----------  --------
  2006-A  42   11.43   1.24      1.52         2.25-2.50    1.25-1.45
  2006-B  36   22.52   1.80      1.14         1.80-2.00    2.15-2.35
  2006-C  33   29.89   1.72      0.87         1.80-2.00    2.25-2.45
  2007-A  26   40.52   1.71      0.70         1.80-2.00    2.40-2.60
  2007-B  22   41.18   1.20      0.58         1.80-2.00    2.00-2.20
  2008-A  19   47.79   1.16      0.55         1.80-2.00    2.15-2.35
  2008-B  16   56.99   1.01      0.52         2.00-2.25    2.90-3.10
  2008-C  15   59.65   0.95      0.51         2.25-2.50    2.90-3.10
  2009-A  5    83.05   0.12      0.18         3.00-3.30    3.00-3.30
  2006-1  42   11.43   1.25      1.53         2.25-2.50    1.25-1.45
  2006-2  39   15.43   1.59      1.28         2.20-2.50    1.70-1.90
  2006-3  36   22.64   1.84      1.18         1.80-2.00    2.10-2.30
  2007-1  31   32.79   1.77      0.84         1.80-2.00    2.25-2.45
  2007-2  28   37.53   1.77      0.78         1.80-2.00    2.40-2.60
  2007-3  25   41.56   1.62      0.69         1.80-2.00    2.40-2.60
  2008-1  19   47.97   1.10      0.54         1.80-2.00    2.15-2.35
  2008-2  15   59.58   0.96      0.45         2.25-2.50    2.90-3.10
  2008-4  8    71.37   0.24      0.23         2.30-2.50    2.20-2.40

                   (i) CNL -- cumulative net loss.

The issuer initially structured each transaction with credit
enhancement consisting of subordination for the higher-rated
tranches, a reserve account, overcollateralization, and yield
supplement overcollateralization, which is initially used to cover
interest on lower-yielding bearing loans.

The target O/C in all but three of the outstanding Ford Credit
Auto Owner structures equals the YSOC plus the excess of 1.00% of
the current pool balance over 0.50% of the initial pool balance.
As each pool amortizes, this excess amount converges towards zero,
and the target O/C effectively becomes the YSOC amount.  In S&P's
view, S&P does not treat this YSOC component, which is sized off
of a schedule defined within the transaction documents, as true
hard credit support, as some of this may potentially be absorbed
by negative excess spread.  Nonetheless, the YSOC provides a
sizable portion of credit support, especially to the lower-rated
tranches.

Separately, Ford Credit Auto Owner Trust 2006-1, 2008-4, and 2009-
A also have a fixed O/C component that does not amortize down to
zero and, as a result, this O/C is considered hard credit support.

S&P's analysis of these transactions incorporated cash flows,
which took into account current and historical performance to
estimate the future performance.  S&P's various cash flow
scenarios included assumptions on recoveries, loss timing, and
voluntary absolute prepayment speeds that are appropriate given
each transaction's current performance, as well as S&P's view of
future loss timing, recovery rates, and voluntary prepayments.
The results demonstrated that the transactions had adequate
remaining loss coverage at their respective rating levels for all
of the classes that S&P reviewed.

Standard & Poor's expects the remaining credit support to be
sufficient to support the notes at the raised and affirmed rating
levels.

                     Long-Term Ratings Raised

                   Ford Credit Auto Owner Trust

                                      L-T rating
                                      ----------
              Series       Class    To          From
              ------       -----    --          ----
              2006-A       D        AAA         A-
              2006-B       B        AAA         A+
              2006-B       C        AAA         BBB+
              2006-B       D        A           BB
              2006-C       B        AAA         A+
              2006-C       C        AAA         BBB+
              2006-C       D        A           BB+
              2007-A       B        AAA         A+
              2007-A       C        AAA         BBB+
              2007-A       D        A+          BB+
              2007-B       B        AAA         A+
              2007-B       C        AAA         BBB+
              2007-B       D        A           BB
              2008-A       B        AAA         A+
              2008-A       C        AAA         BBB+
              2008-A       D        A           BB+
              2008-B       B        AA          A+
              2008-B       C        A-          BBB+
              2008-C       B        AA+         A+
              2008-C       C        A           BBB+
              2006-2       B        AAA         AA
              2006-2       C        AAA         BBB+
              2006-2       D        AAA         BB
              2006-3       B        AAA         AA+
              2006-3       C        AAA         BBB+
              2006-3       D        AA          BB
              2007-1       B        AAA         AA+
              2007-1       C        AAA         BBB+
              2007-1       D        AA          BB
              2007-2       B        AAA         AA+
              2007-2       C        AAA         BBB+
              2007-2       D        A+          BB
              2007-3       B        AAA         AA+
              2007-3       C        AAA         BBB+
              2007-3       D        A+          BB+
              2008-1       B        AAA         AA+
              2008-1       C        AAA         BBB+
              2008-1       D        A           BB+
              2008-2       B        AAA         AA+
              2008-2       C        A+          BBB+
              2008-2       D        BBB+        BB+

                    Long-Term Ratings Affirmed

                   Ford Credit Auto Owner Trust

                Series       Class       L-T rating
                ------       -----       ----------
                2006-A       A-4         AAA
                2006-A       B           AAA
                2006-A       C           AAA
                2006-B       A-3         AAA
                2006-B       A-4         AAA
                2006-C       A-3         AAA
                2006-C       A-4A        AAA
                2006-C       A-4B        AAA
                2007-A       A-3A        AAA
                2007-A       A-3B        AAA
                2007-A       A-4A        AAA
                2007-A       A-4B        AAA
                2007-B       A-3A        AAA
                2007-B       A-3B        AAA
                2007-B       A-4A        AAA
                2007-B       A-4B        AAA
                2008-A       A-2         AAA
                2008-A       A-3A        AAA
                2008-A       A-3B        AAA
                2008-A       A-4         AAA
                2008-B       A-2         AAA
                2008-B       A-3A        AAA
                2008-B       A-3B        AAA
                2008-B       A-4A        AAA
                2008-B       A-4B        AAA
                2008-B       D           BB+
                2008-C       A-2A        AAA
                2008-C       A-2B        AAA
                2008-C       A-3         AAA
                2008-C       A-4A        AAA
                2008-C       A-4B        AAA
                2008-C       D           BB+
                2009-A       A-2A        AAA
                2009-A       A-2B        AAA
                2009-A       A-3A        AAA
                2009-A       A-3B        AAA
                2009-A       A-4         AAA
                2006-1       A           AAA
                2006-1       B           AAA
                2006-2       A           AAA
                2006-3       A           AAA
                2007-1       A           AAA
                2007-2       A           AAA
                2007-3       A           AAA
                2008-1       A-2         AAA
                2008-2       A           AAA
                2008-4       A           AAA

                    Short-Term Rating Affirmed

                Ford Credit Auto Owner Trust
                Series       Class       S-T rating
                ------       -----       ----------
                2009-A       A-1         A-1+


JEFFERIES RESECURITIZATION: S&P Junks Rating on Class A From 'AAA'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A certificates from Jefferies Resecuritization Trust 2008-R1 to
'CCC' from 'AAA'.  The downgrade reflects significant
deterioration in the performance of the loans backing the
underlying certificate.

Jefferies 2008-R1, which closed in July 2008, is a resecuritized
real estate mortgage investment conduit residential mortgage-
backed securities transaction collateralized by two underlying
classes, 2A1 and X from Countrywide Home Loans Alternative Loan
Trust 2007-OA8.  The loans securing the underlying class consist
predominantly of adjustable-rate, negative amortization
Alternative-A mortgage loans.

The A class from Jefferies 2008-R1 is supported by the 2A1 and X
classes from Countrywide Home Loans Alternative Loan Trust 2007-
OA8 (current ratings for both classes 'CCC').  The performance of
the loans securing this trust has declined precipitously in recent
months.  This pool had experienced losses of 2.56% as of the
August 2009 distribution and currently has approximately 53.30% in
delinquent loans.  Based on the losses to date, the current pool
factor of 0.8239 (82.39%), which represents the outstanding pool
balance as a proportion of the original balance, and the pipeline
of delinquent loans, S&P's current projected loss for this pool is
38.03%, which exceeds the level of credit enhancement available to
cover losses.

Over the past two years, S&P has revised its RMBS default and loss
assumptions, and consequently S&P's projected losses, to reflect
the continuing decline in mortgage loan performance and the
housing market.  The performance deterioration of most U.S. RMBS
has continued to outpace the market's
expectations.

                          Rating Action

             Jefferies Resecuritization Trust 2008-R1

                                         Rating
                                         ------
        Class     CUSIP          To                    From
        -----     -----          --                    ----
        A         472320AA8      CCC                   AAA



JPMORGAN CHASE: S&P Downgrades Ratings on 19 2007-CIBC19 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 19
classes of commercial mortgage-backed securities from JPMorgan
Chase Commercial Mortgage Securities Trust 2007-CIBC19 and removed
them from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on four other classes from the same
transaction.

The downgrades follow S&P's analysis of the transaction using its
recently released U.S. conduit and fusion CMBS criteria, which was
the primary driver of the rating actions.  The downgrades of the
subordinate and mezzanine classes also reflect anticipated credit
support erosion upon the eventual resolution of the specially
serviced loans, as well as concerns with loans that S&P deems to
be credit impaired.  S&P's analysis included a review of the
credit characteristics of all the loans in the pool.  Using
servicer-provided financial information, S&P calculated an
adjusted debt service coverage of 1.25x and a loan-to-value ratio
of 118.9%.  S&P further stressed the loans' cash flows under S&P's
'AAA' scenario to yield a weighted average DSC of 0.77x and an LTV
of 168.0%.  The implied defaults and loss severity under the 'AAA'
scenario were 91.3% and 45.7%, respectively.

The affirmed ratings on the principal and interest certificates
reflect credit enhancement levels that, in S&P's opinion, provide
adequate support through various stress scenarios.  S&P has
affirmed its ratings on the interest-only certificates based on
S&P's current criteria.  S&P published a request for comment
proposing changes to S&P's IO criteria on June 1, 2009.  Once the
criteria review is finalized, S&P may revise its current IO
criteria, which may affect outstanding ratings, including the
ratings on the IO certificates S&P affirmed.

                         Credit Concerns

Fourteen assets ($197.7 million; 6.1%) in the pool are with the
special servicer, LNR Partners Inc.  Four of these loans are in
foreclosure (2.1%), five are 90-plus-days delinquent (2.2%), one
is 30 days delinquent (0.5%), two are late and still within their
grace periods (0.8%), one is current (0.3%), and one is real
estate owned (0.2%).  There are appraisal reduction amounts in
effect for eight loans totaling $91.2 million (2.8%).  None of the
top 10 loans are with the special servicer.  In addition to the
specially serviced loans, S&P deem two loans ($9.0 million; 0.3%)
to be credit impaired.  Both loans are on the servicer's watchlist
and, based on vacancy issues, S&P consider them to have heightened
default risk.  Both of these loans are current.

                       Transaction Summary

As of the Aug. 12, 2009 remittance report, the aggregate trust
balance was $3.25 billion, down slightly from $3.28 billion at
issuance.  At issuance, there were 241 loans compared with 240
loans and one REO asset as of the August 2009 remittance report.
Capmark Finance Inc. and Wells Fargo Bank, N.A., the master
servicers, reported financial information for 99.5% of the pool;
94.3% of the financial information was either full-year 2008 or
interim 2009 data.  S&P calculated a weighted average DSC of 1.34x
for the pool based on the reported figures.  S&P's adjusted DSC
and LTV were 1.25x and 118.9%, respectively, excluding five of the
14 loans with the special servicer, two credit-impaired loans, and
two loans not reporting financial results (3.3% in the aggregate).
S&P separately estimated losses for these loans, and these losses
are included in the 'AAA' scenario implied default and loss
figures.

The transaction has not experienced any principal losses to date.
Fifty-eight loans are on the servicer's watchlist ($793.3 million;
24.4%).  Nineteen loans ($202.2 million, 6.2%) have reported DSC
between 1.10x and 1.0x, and 21 loans ($346.3 million, 10.6%) have
reported DSCs of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$760.6 million (23.4%).  Using servicer-reported information, S&P
calculated a weighted average DSC of 1.29x for the top 10 loans.
None of the top 10 loans are with the special servicer.  Three of
the top 10 loans (8.4%) are on the servicer's watchlist and are
described below.  S&P's adjusted DSC and LTV for the top 10 loans
were 1.01x and 133.0%, respectively.

The River City Marketplace loan ($110.0 million; 3.4%) is the
second-largest loan in the pool and is the largest loan on the
servicer's watchlist.  The loan is secured by a 559,018-sq.-ft.
lifestyle center built in 2007 in Jacksonville, Fla.  The servicer
reported a DSC of 1.13x and an occupancy of 95% for year-end 2008
and a DSC of 1.20x and an occupancy of 95% for the six months
ended June 30, 2009.

The Crowne Plaza Metro Chicago loan ($50.2 million; 1.5%) is the
sixth-largest loan in the pool and is the second-largest on the
servicer's watchlist.  The loan is secured by a 398-room, full
service hotel in downtown Chicago, close to the financial district
and Michigan Avenue.  The property was originally constructed in
1968 as a Roadway Inn, and after a $28 million renovation, it was
converted to a Crowne Plaza in 2005.  The servicer reported a DSC
of 1.25x and an 67% occupancy for year-end 2008.  For the six
months ended June 30, 2009, the DSC and occupancy declined to
0.34x and 53%, respectively.

The Doubletree Guest Suites loan ($39.8 million; 1.2%) is the
ninth-largest loan in the pool and the third-largest on the
servicer's watchlist.  The loan is secured by a 253-room full
service hotel built in 1987 in Plymouth Meeting, Pa., fifteen
miles northwest of Philadelphia.  The servicer reported a DSC of
0.97x and a 66% occupancy for year-end 2008.

Standard & Poor's stressed the loans with the special servicer and
the remaining loans in the pool according to S&P's updated
conduit/fusion criteria.  The resultant credit enhancement levels
support the lowered and affirmed ratings.

       Ratings Lowered And Removed From Creditwatch Negative

J.P. Morgan Chase Commercial Mortgage Securities Trust 2007-CIBC19
           Commercial mortgage pass-through certificates

                   Rating
                   ------
     Class      To        From           Credit enhancement (%)
     -----      --        ----           ----------------------
     A-4        A+        AAA/Watch Neg                   30.21
     A-SB       A+        AAA/Watch Neg                   30.21
     A-1A       A+        AAA/Watch Neg                   30.21
     A-M        BBB       AAA/Watch Neg                   20.14
     A-J        BB        AAA/Watch Neg                   12.08
     B          BB-       AA+/Watch Neg                   11.33
     C          B+        AA/Watch Neg                    10.20
     D          B+        AA-/Watch Neg                    9.19
     E          B+        A/Watch Neg                      7.68
     F          B         A-/Watch Neg                     6.55
     G          B         BBB+/Watch Neg                   5.29
     H          B-        BBB-/Watch Neg                   4.28
     J          B-        BB/Watch Neg                     3.02
     K          CCC+      BB-/Watch Neg                    2.77
     L          CCC+      B+/Watch Neg                     2.52
     M          CCC       B/Watch Neg                      2.01
     N          CCC       B-/Watch Neg                     1.76
     P          CCC       CCC+/Watch Neg                   1.64
     Q          CCC-      CCC/Watch Neg                    1.26

                         Ratings Affirmed

  JPMorgan Chase Commercial Mortgage Securities Trust 2007-CIBC19
          Commercial mortgage pass-through certificates

             Class   Rating    Credit enhancement (%)
             -----   ------    ----------------------
             A-1     AAA                        30.21
             A-2     AAA                        30.21
             A-3     AAA                        30.21
             X       AAA                          N/A

                       N/A - Not applicable.


JP MORGAN: S&P Junks Rating on Class A2 Certificate From 'B'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on class A2
from J.P. Morgan Mortgage Trust Series 2008-R5 to 'CCC' from 'B'.
At the same time, S&P affirmed its 'AAA' rating on class A1.  The
downgrade reflects significant deterioration in the performance of
the loans backing the underlying certificate.  Although this
performance deterioration is severe, the credit enhancement within
JPMorgan 2008-R5 is sufficient to maintain the rating on class A1.

J.P. Morgan 2008-R5, which closed in December 2008, is a
resecuritized real estate mortgage investment conduit residential
mortgage-backed securities transaction collateralized by one
underlying class, 2A4 from JPMorgan Mortgage Trust 2007-S3.  The
loans securing the underlying class consist predominantly of
fixed-rate prime mortgage loans.

The A1 and A2 classes from J.P. Morgan 2008-R5 are supported by
class 2A4 from JP Morgan Mortgage Trust 2007-S3 (current rating
'CCC').  The performance of the loans securing this trust has
declined precipitously in recent months.  This pool had
experienced losses of 0.29% as of the August 2009 distribution and
currently has approximately 13.92% in delinquent loans.  Based on
the losses to date, the current pool factor of 0.817 (81.7%),
which represents the outstanding pool balance as a proportion of
the original balance, and the pipeline of delinquent loans, S&P's
current projected loss for this pool is 7.45%, which exceeds the
level of credit enhancement available to cover losses.

Over the past two years S&P has revised its RMBS default and loss
assumptions, and consequently S&P's projected losses, to reflect
the continuing decline in mortgage loan performance and the
housing market.  The performance deterioration of most U.S. RMBS
has continued to outpace the market's expectations.

                          Rating Lowered

             J.P. Morgan Mortgage Trust Series 2008-R5

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A2         46633BAB9     CCC                  B

                          Rating Affirmed

            J.P. Morgan Mortgage Trust Series 2008-R5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A1         46633BAA1     AAA


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

  -- US$75,575,000 Class A-2 Senior Secured Floating Rate Notes
     due 2021, Downgraded to Aa3; previously on March 4, 2009 Aa1
     Placed Under Review for Possible Downgrade;

  -- US$12,750,000 Class A-3 Senior Secured Floating Rate Notes
     due 2021, Downgraded to A2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$5,450,000 Class D-1 Secured Deferrable Floating Rate Notes
     due 2021, Downgraded to Caa3; previously on March 17, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$2,000,000 Class D-2 Secured Deferrable Fixed Rate Notes
     due 2021, Downgraded to Caa3; previously on March 17, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$23,000,000 Type I Composite Notes due 2021 (current rated
     balance of $16,825,460.80), Downgraded to B1; previously on
     March 4, 2009 Baa3 Placed Under Review for Possible
     Downgrade;

  -- US$42,000,000 Type II Composite Notes due 2021 (current rated
     balance of $33,270,661.20), Downgraded to Ba2; previously on
     March 4, 2009 Baa2 Placed Under Review for Possible
     Downgrade.

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

  -- US$29,750,000 Class B Senior Secured Deferrable Floating Rate
     Notes due 2021, Confirmed at Baa3; previously on March 17,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$11,550,000 Class C-1 Senior Secured Deferrable Floating
     Rate Notes due 2021, Confirmed at B1; previously on March 17,
     2009 Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$11,800,000 Class C-2 Senior Secured Deferrable Fixed Rate
     Notes due 2021, Confirmed at B1; previously on March 17, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade.

The rating actions primarily reflect Moody's revised assumptions
with respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  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.  Other assumptions
used in Moody's CLO monitoring are described in the publication
"CLO Ratings Surveillance Brief - Second Quarter 2009," dated
July 17, 2009.  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, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

According to Moody's, the rating actions taken on the notes also
reflect moderate credit deterioration in the underlying portfolio.
Based on the latest trustee report dated August 14, 2009, the
weighted average rating factor is currently 2633 versus a test
level of 2566.  In addition, securities rated Caa1 and below make
up approximately 11.2% of the underlying portfolio.  Moody's also
noted that defaulted securities held in the portfolio totaled
about $18.4 million, accounting for roughly 4.59% of collateral
balance.

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

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


LIBERTY HARBOUR: Moody's Downgrades Rating on Pre-Paid Swap
-----------------------------------------------------------
Moody's Investors Service announced it has downgraded its rating
of a pre-paid swap entered into by Liberty Harbour II CDO Ltd.:

  -- US$17,300,000 Pre-Paid Swap Due 2017, Downgraded to C;
     previously on 8/29/2008 Assigned Ba3

Moody's received notification from the Trustee that the Issuer
experienced an event of default and subsequently the Trustee was
directed to liquidate the collateral as a post-event-of-default
remedy.  Moody's was notified by the Trustee that a final
distribution of liquidation proceeds has taken place.  The rating
action taken reflects the final liquidation distribution and
changes in the severity of loss associated with the pre-paid swap.


ML-CFC COMMERCIAL: S&P Downgrades Ratings on 20 2007-7 Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 20
classes of commercial mortgage-backed securities from ML-CFC
Commercial Mortgage Trust 2007-7 and removed them from CreditWatch
negative.  In addition, S&P affirmed its ratings on six classes
from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
recently released U.S. conduit and fusion CMBS criteria, which was
the primary driver of the rating actions.  The downgrades of the
subordinate and mezzanine classes also reflect anticipated credit
support erosion upon the eventual resolution of the specially
serviced loans.  S&P's analysis included a review of the credit
characteristics of all of the loans in the pool.  Using servicer-
provided financial information, excluding loans that are stressed
as credit concerns, S&P calculated an adjusted debt service
coverage of 1.29x and a loan-to-value ratio of 120.6%.  S&P
further stressed the loans' cash flows under S&P's 'AAA' scenario
to yield a weighted average DSC of 0.82x and an LTV of 163.3%.
The implied defaults and loss severity under the 'AAA' scenario
were 89.3% and 45.5%, respectively.  The DSC and LTV calculations
excluded 26 specially serviced loans (8.3%).  S&P separately
estimated losses for these loans, and these losses are included in
the 'AAA' scenario implied default and loss figures.

S&P affirmed the rating on the interest-only certificates based on
its current criteria.  S&P published a request for comment
proposing changes to the IO criteria on June 1, 2009.  After S&P
finalize its criteria review, S&P may revise its current IO
criteria, which may affect outstanding ratings, including the
rating on the IO certificates S&P affirmed.

                          Credit Concerns

Twenty-nine assets ($249.2 million, 9.0%) in the pool, including
the fifth-largest exposure in the pool, are with the special
servicer, Midland Loan Services Inc.  The payment status of these
assets is: one ($7.4 million, 0.3%) is in foreclosure, 15
($116.2 million, 4.2%) are more than 90 days delinquent, three
($16.4 million, 0.6%) are 60 days delinquent, four ($33.1 million,
1.2%) are 30 days delinquent, and six ($76.0 million, 2.8%) are
less than 30 days delinquent or within their grace period.
Appraisal reduction amounts are currently in effect for 19 assets
($162.3 million, 5.9%).  For 21 of the 29 ($181.2 million, 6.8%)
specially serviced assets, S&P's loss estimates were based on
recent appraisals or brokers' opinions of value provided by the
special servicer.  In the aggregate, the value indicated for these
21 assets is 40% less than their current total loan balances.

The Mervyn's Corporate Headquarters loan ($42.7 million, 1.6%) is
the fifth-largest loan in the pool and is secured by a 336,000-
sq.-ft. office building in Hayward, Calif.  This loan was
transferred to Midland on Oct. 9, 2008, due to the bankruptcy of
Mervyn's, the property's sole tenant.  Mervyn's filed for
bankruptcy on July 29, 2008, closed all of its retail stores, and
rejected its lease on this property on Jan. 31, 2009.  Although
the loan payment status was reported as current, debt service
payments are being funded out of a reserve account, which
currently has a balance of $888,151.   Midland anticipates the
eventual sale of the property and a receiver has been appointed.
An appraisal dated July 16, 2009, values the property at
$14.0 million.

                       Transaction Summary

As of the August 2009 remittance report, the aggregate trust
balance was $2.76 billion, which represents 99.1% of the aggregate
trust balance at issuance.  There are 326 loans in the pool,
unchanged since issuance.  The master servicers for the
transaction are Midland and Wachovia Bank N.A.  The master
servicers provided financial information for 98.3% of the pool,
and 91.9% of the servicer-provided information was full-year 2008
or interim-2009 data.  S&P calculated a weighted average DSC of
1.29x for the pool based on the reported figures.  S&P's adjusted
DSC and LTV were 1.29x and 120.6%, respectively.  To date, the
transaction has not experienced any principal losses.  Sixty-nine
loans are on the master servicer's watchlist, including three of
the top 10 loans.  Fifty-four loans ($606.5 million, 22.0%) have a
reported DSC of less than 1.10x, and 34 of these loans
($383.9 million, 13.9%) have a reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$539.7 million (19.6%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.26x for the top 10 loans.
The fifth-largest loan in the pool ($42.7 million, 1.6%) is
with the special servicer and is discussed above.  The largest,
eighth-, and 10th-largest loans in the pool ($176.3 million, 6.4%)
appear on the master servicer's watchlist.  S&P's adjusted DSC and
LTV for the top 10 loans were 1.20x and 139.9%, respectively.

The One Pacific Plaza loan ($105.0 million, 3.8%) is the largest
loan in the pool and is secured by four office buildings in
Huntington Beach, California, with an aggregate of 428,244 sq.-ft.
It was placed on the watchlist due to a decline in occupancy.
This property was 73.0% occupied as of June 30, 2009, and had a
DSC of 0.92x as of Dec. 31, 2008.  The Scottsdale Center loan
($38.0 million, 1.4%) is the eighth-largest loan in the pool and
is secured by a 201,565-sq.-ft. anchored retail center in Rogers,
Ark.  It was placed on the watchlist because its DSC fell below
1.10x.  The reported DSC had fallen to 1.06x as of Dec. 31, 2008;
however, S&P expects that this figure will be materially lower
after adjusting for current occupancy, which was 78.0% as of July
26, 2009.  The Broadstone Vista Ridge loan ($33.3 million, 1.2%)
is the 10th-largest loan in the pool and is secured by a 372-unit
multifamily complex in Lewisville, Texas.  The loan was placed on
the watchlist due to a low DSC resulting from increased operating
expenses.  DSC for the property was 1.06x as of Dec. 31, 2008, and
occupancy was 91.0% as of March 31, 2009.

Standard & Poor's stressed the loans in the pool according to
S&P's updated conduit/fusion criteria.  The resultant credit
enhancement levels support the lowered and affirmed ratings.

      Ratings Lowered And Removed From Creditwatch Negative

             ML-CFC Commercial Mortgage Trust 2007-7
           Commercial mortgage pass-through certificates

                Rating
                ------
        Class  To    From            Credit enhancement (%)
        -----  --    ----            ----------------------
        A-4    A-    AAA/Watch Neg                    30.27
        A-4FL  A-    AAA/Watch Neg                    30.27
        A-1A   A-    AAA/Watch Neg                    30.27
        AM     BB+   AAA/Watch Neg                    20.18
        AM-FL  BB+   AAA/Watch Neg                    20.18
        AJ     B+    AAA/Watch Neg                    12.24
        AJ-FL  B+    AAA/Watch Neg                    12.24
        B      B     AA/Watch Neg                     10.22
        C      B     AA-/Watch Neg                     9.21
        D      B-    A/Watch Neg                       7.57
        E      B-    A-/Watch Neg                      6.56
        F      CCC+  BBB+/Watch Neg                    5.30
        G      CCC   BBB/Watch Neg                     4.29
        H      CCC   BBB-/Watch Neg                    3.41
        J      CCC-  BB+/Watch Neg                     3.03
        K      CCC-  BB/Watch Neg                      2.65
        L      CCC-  BB-/Watch Neg                     2.27
        M      CCC-  B+/Watch Neg                      2.02
        N      CCC-  B/Watch Neg                       1.77
        P      CCC-  B-/Watch Neg                      1.51

                         Ratings Affirmed

             ML-CFC Commercial Mortgage Trust 2007-7
          Commercial mortgage pass-through certificates

              Class  Rating   Credit enhancement (%)
              -----  ------   ----------------------
              A-1    AAA                       30.27
              A-2    AAA                       30.27
              A-2FL  AAA                       30.27
              A-SB   AAA                       30.27
              A-3FL  AAA                       30.27
              X      AAA                         N/A


MANTOLOKING CDO: Moody's Downgrades Ratings on Two 2006-1 Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of two classes of notes issued by Mantoloking CDO 2006-1,
Ltd., an ABS CDO.  The notes affected by the rating action are:

Issuer: Mantoloking CDO 2006-1, Ltd.

  -- US$375,000,000 Class A-1 First Priority Senior Secured
     Floating Rate Notes due 2046, Downgraded to C; previously on
     Dec 16, 2008 Downgraded to B2 and Remained On Review for
     Possible Downgrade

  -- US$166,250,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes due 2046, Downgraded to C; previously on
     Apr 22, 2009 Downgraded to Ca

Mantoloking CDO 2006-1, Ltd., is a collateralized debt obligation
issuance backed primarily by a portfolio of collateralized loan
obligations.

Moody's notes that the Trustee Report as of the August 24th, 2009
payment date discloses that all collateral assets held by the
Issuer have been sold.  The securities were designated as either
Credit Risk or Defaulted securities.  According to the Indenture
to which the Issuer is a party, Credit Risk criteria are satisfied
if the rating of the collateral security is downgraded or placed
on watchlist for downgrade.  The distribution of sale proceeds
resulted in, according to information provided to Moody's by the
Trustee, Class A-1 Noteholders receiving approximately $150M in
sale proceeds as compared to $375M of Class A-1 Notes outstanding.
The Trustee reports that there was no reduction of outstanding
principal balance of the Notes as a result of the collateral
disposition.  The rating actions taken reflects the distribution
to noteholders from the sale of collateral and the resulting
changes in the severity of loss associated with each class of
Notes.


MISTLETOE ORSO: Moody's Downgrades Rating on Various CDO Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating on notes issued by Mistletoe Orso Trust 2, a collateralized
debt obligation transaction referencing a static portfolio of
corporate entities.

Moody's explained that the rating action taken is the result of
the deterioration of the credit quality of the reference
portfolio.  The 10-year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 545 initially to 2,370, equivalent to an average
rating of the current portfolio of B1.  The reference portfolio
includes an exposure to CIT Group, Inc. which is now rated Ca.
Since inception of the transaction, the subordination of the rated
tranche has been reduced due to credit events on Abitidi-
Consolidated Inc., Bowater Inc., Delphi Corporation, Federal
National Mortgage Association, Federal Home Loan Mortgage
Corporation, General Motors Corporation, Lehman Brothers, Tembec
Industries and Washington Mutual.  These credit events lead to a
total decrease of approximately 5.5% of the subordination of the
tranche, of which 2.5% has occurred since the last rating action.
The industry sectors the most represented in the portfolio are
Finance (12%), Insurance (9%), Automotive (7%) and Real Estate
(6%).

Moody's monitors this transaction using primarily the methodology
for Corporate Synthetic Obligations as described in Moody's
Special Report below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

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 strength of the legal
framework as well as specific documentation features, and
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.

The rating action is:

* Issuer: Mistletoe Orso Trust 2 US$50M Trust 2 Certificates due
  March 20, 2012 Notes, Downgraded to Caa3; previously on Feb. 25,
  2009 Downgraded to B2


MORGAN STANLEY: Fitch Takes Various Rating Actions on 11 Classes
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on 11 classes of
Morgan Stanley Capital I Trust 2006-IQ11, commercial mortgage
pass-through certificates.  In addition, Fitch has assigned Rating
Outlooks, as applicable.  A detailed list of rating actions
follows at the end of this press release.

The downgrades are the result of Fitch's loss expectations on
specially serviced loans as well as prospective views regarding
commercial real estate market value and cash flow declines.  Fitch
forecasts potential losses of 5.1% for this transaction, should
market conditions not recover.  The rating actions are based on
losses of 3.4% including 100% of the losses associated with term
defaults and any losses associated with maturities within the next
five years.  Given the significant term to maturity, Fitch's
actions only account for 25% of the losses associated with
maturities beyond five years.  The bonds with Negative Outlooks
indicate classes that may be downgraded in the future should full
potential losses be realized.

Fitch analyzed the transaction and calculated expected losses by
assuming cash flows on each of the properties decline 15% from
year-end (YE) 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for loans
representing 50.9% of the pool and, in certain cases, revised
based on additional information and/or property characteristics.

Approximately 12.9% of the mortgages are scheduled to mature
within the next five years, with 10.3% maturing in 2011.  In 2015
and 2016, 79.1% of the pool is scheduled to mature.

Fitch identified 39 Loans of Concern (14.3%) within the pool, 10
of which (7.3%) are specially serviced.  Two of the specially
serviced loans (4.5%) are within the transaction's top 15 loans,
which comprises 41.2% of the total pool's unpaid principal
balance.

Nine of the top 15 loans (31.3% of the pool) are expected to
default during the term or at maturity, with loss severities
ranging from approximately 1% to 38%.  Of the top 15 loans, the
largest contributors (by loan balance) to maturity and term losses
are: Michigan Plaza (10.2% of the pool balance), Merritt Square
Mall (3.6%) and the Guttman Retail Portfolio (1%).

Michigan Plaza is secured by a 1.87 million square foot (sf)
office building located in the East Loop submarket of Chicago, IL.
Occupancy has remained low since issuance, with a reported
occupancy as of June 2009 of 75.7%, in-line with issuance.
Approximately 5.0% of the leases are scheduled to expire prior to
YE 2011.  There is also a $72 million pari passu note held in
another securitization.  Based on current and anticipated declines
in performance, losses are expected at the loan's maturity in
2011.

Merritt Square Mall is collateralized by 478,040 sf of an
approximately 820,000 sf anchored retail mall located in Merritt
Island, FL.  The sponsor is Thor Equities, LLC.  As of June 2009,
the property was 93.9% occupied compared to 91.5% at issuance.
Approximately 31.4% of the leases are scheduled to expire prior to
YE 2011.  Major tenants include JCPenney and Sears.  Macy's and
Dillard's are tenants but are not part of collateral.

The Guttman Retail Portfolio is a portfolio of two retail
properties, located in Michigan and New Jersey totaling 334,208
sf, and is specially serviced.  The portfolio transferred to
special servicing in June 2008 for monetary default and is in
foreclosure.  Based on current performance and anticipated
declines in performance, losses are expected prior to the loan's
maturity in 2015.

The largest specially serviced asset is LeNature's Headquarters
(3.6%), which is a 500,000 sf industrial facility in Phoenix, AZ,
which transferred to the special servicer when the single tenant,
LeNature, filed for bankruptcy and abandoned the space.  The loan
remains current under a forbearance agreement.  The property has
been re-tenanted by a large data warehousing firm and is 100%
occupied under their long-term lease.

Fitch downgrades, removes from Rating Watch Negative, and assigns
Loss Severity (LS) ratings and Negative Outlooks to these classes:

  -- $147.5 million class A-J to 'AA/LS-3' from 'AAA';
  -- $30.3 million class B to 'A/LS-4' from 'AA';
  -- $12.1 million class C to 'A/LS-5' from 'AA-';
  -- $22.2 million class D to 'BBB/LS-5' from 'A';
  -- $16.2 million class E to 'BB/LS-5' from 'A-';
  -- $14.1 million class F to 'BB/LS-5' from 'BBB+';
  -- $18.2 million class G to 'B/LS-5' from 'BBB-';
  -- $14.1 million class H to 'B-/LS-5' from 'BB+';
  -- $8.1 million class J to 'B-/LS-5' from 'B+';
  -- $4 million class K to 'B-/LS-5' from 'B'.

Fitch affirms this class, removes it from Rating Watch Negative,
and assigns an LS rating and Negative Outlook:

  -- $4 million class L at 'B-/LS-5'.

Additionally, Fitch affirms these classes, assigns LS ratings and
maintains Stable Outlooks:

  -- $15.1 million class A-1 at 'AAA/LS-1';
  -- $318.4 million class A-1A at 'AAA/LS-1';
  -- $162.9 million class A-2 at 'AAA/LS-1';
  -- $96.8 million class A-3 at 'AAA/LS-1';
  -- $490 million class A-4 at 'AAA/LS-1';
  -- $161.6 million class A-M at 'AAA/LS-3';
  -- Interest-only class X at 'AAA';
  -- Interest-only class X-Y at 'AAA'.

The $6.1 million class M, $6.1 million class N, $2 million class O
and $18.1 million class P are not rated by Fitch.


MORGAN STANLEY: Moody's Downgrades Rating on Two Series of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating on notes issued by Morgan Stanley Managed ACES SPC Series
2005-1 and Series 2006-4, collateralized debt obligation
transactions referencing a managed portfolio of corporate
entities.

Moody's explained that the rating actions taken are the result of
the deterioration of the credit quality of the reference
portfolio.  The 10-year weighted average rating factor of the
portfolio, not adjusted with forward looking measures, has
deteriorated from 637 initially to 2242, equivalent to an average
rating of the current portfolio of B1.  The reference portfolio
includes an exposure to Ambac Financial Group which has
experienced substantial credit migration in the past few months,
and is now rated Ca.  Since inception of the transactions, the
subordination of the rated tranches has been reduced due to credit
events on Lehman Brothers Inc., Washington Mutual, Federal Home
Loan Mortgage Corporation, Federal National Mortgage Association,
The Rouse Co LP and Quebecor World Inc.  These credit events lead
to a decrease of approximately 3% of the subordination of the
tranches.  The industry sectors with highest concentrations in the
portfolio are Retail (10.5%), Hotel, Gaming and Leisure(9.7%),
Finance (9.1%) and Insurance (9.1%).

Moody's monitors these transactions using primarily the
methodology for Corporate Synthetic Obligations as described in
Moody's Special Report below:

  -- Moody's Approach to Rating Corporate Collateralized Synthetic
     Obligations (April 2009)

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 strength of the legal
framework as well as specific documentation features, and
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.

The rating actions are:

Issuer: Morgan Stanley Manged ACES SPC, Series 2005-1

  -- US$125M US$125,000,000 Junior Super Senior Secured Floating
     Rate Notes due 2013 Notes, Downgraded to Caa1; previously on
     Feb. 12, 2009 Downgraded to Ba3

  -- US$100M US$100,000,000 Class I-A Secured Floating Rate Notes
     due 2013 Notes, Downgraded to Caa2; previously on Feb. 12,
     2009 Downgraded to B2

Issuer: Morgan Stanley Managed ACES SPC, Series 2006-4

  -- EUR5M Class IA Secured Floating Rate Notes due 2013 Notes,
     Downgraded to Caa2; previously on Feb. 12, 2009 Downgraded to
     B2

  -- EUR5M Class IB Secured Floating Rate Notes due 2013 Notes,
     Downgraded to Caa2; previously on Feb. 12, 2009 Downgraded to
     B2


NANTUCKET CLO: Moody's Downgrades Ratings on Three Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Nantucket CLO I Ltd.:

  -- US$215,700,000 Class A Senior Secured Floating Rate Notes due
     2020 (current balance of $215,028,550), Downgraded to Aa2;
     previously on November 16, 2006 Assigned Aaa;

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

  -- US$12,600,000 Class E Secured Deferrable Floating Rate Notes
     due 2020, 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 C Senior Secured Deferrable Floating Rate
     Notes due 2020, Confirmed at Ba1; previously on March 17,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$15,600,000 Class D Secured Deferrable Floating Rate Notes
     due 2020, Confirmed at B1; previously on March 17, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  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,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

According to Moody's, the rating actions taken on the notes also
reflect the underlying portfolio's moderate credit deterioration.
Based on the latest trustee report dated August 14, 2009, the
diversity test is currently 49 versus a test level of 52.
According to the same trustee report, collateral par net of
defaults has declined to $278.6 million from $286.4 million as of
the trustee report dated March 2, 2009.  In addition, securities
rated Caa1 or lower make up approximately 11.3% of the underlying
portfolio.

Moody's also noted that as of the latest trustee report, the
weighted average rating factor is 2907 and defaulted securities
total about $5.8 million, accounting for roughly 2.1% of
collateral balance.

Nantucket CLO I Ltd., issued in November 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.


OCEAN TRAILS: 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 Ocean Trails CLO I:

  -- US$259M Class A-1 Floating Rate Notes Due 2020 (current
     balance of 256,993,053), Downgraded to Aa2; previously on
     November 29, 2006, Assigned Aaa;

  -- US$21M Class A-2 Floating Rate Notes Due 2020, Downgraded to
     A2; previously on November 29, 2006, Assigned Aa2;

  -- US$13.25M Class D Deferrable Floating Rate Notes Due 2020,
     Downgraded at Caa2; previously on March 17, 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.  Such
credit deterioration 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.  In particular, the weighted average rating factor has
increased over the last year and is currently 2744, as of the last
trustee report, dated August 5, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$14.2 million, accounting for roughly 4.26% of the collateral
balance, and securities rated Caa1 or lower make up approximately
7.9% 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.
Some of these CLO tranches are currently assigned low speculative-
grade ratings and carry depressed market valuations that may
herald poor recovery prospects in the event of default.

The downgrade action on Class A-1 and Class A-2 Notes also
reflects Moody's revised assumptions with respect to default
probability and the calculation of the Diversity Score.  These
revised assumptions are described in the publication "Moody's
Approach to Rating Collateralized Loan Obligations," dated
August 12, 2009.  Moody's analysis also reflects the expectation
that recoveries for second lien loans and high-yield corporate
bonds will be below their historical averages, consistent with
Moody's research.  Moody's has also applied resecuritization
stress factors to default probability assumptions for structured
finance collateral as described in the press release titled
"Moody's updates its key assumptions for rating structured finance
CDOs," published on December 11, 2008.  Other assumptions used in
Moody's CLO monitoring are described in the publication "CLO
Ratings Surveillance Brief - Second Quarter 2009," dated July 17,
2009.  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, diversity score, and weighted average
recovery rate, may be different from the trustee's reported
numbers.

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

* US$16.5M Class B Deferrable Floating Rate Notes Due 2020,
  Confirmed at Baa3; previously on March 17, 2009 downgraded to
  Baa3 and Placed Under Review for Possible Downgrade;

* US$13.25M Class C Deferrable Floating Rate Notes Due 2020,
  Confirmed at Ba3; previously on March 17, 2009 downgraded to
  Baa3 and Placed Under Review for Possible Downgrade.

Moody's notes that the rating confirmation on the Class B and C
Notes have incorporated the aforementioned stresses as well as
credit deterioration in the underlying portfolio.  However, the
actions reflect updated analysis indicating that the impact of
these factors on the ratings of the Class B and C Notes is not as
negative as previously assessed during Stage I of the deal review
in March.  The current conclusions stem from comprehensive deal-
level analysis completed during Stage II of the ongoing CLO
surveillance review, which included an in-depth assessment of
results from Moody's quantitative CLO rating model along with an
examination of deal-specific qualitative factors.  By way of
comparison, during Stage I Moody's took rating actions that were
largely the result of a parameter-based approach.

Ocean Trails CLO I 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.


OCEANVIEW CBO: S&P Corrects Rating on $25 Mil. Custody Receipts
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
$25 million insured custody receipts related to Oceanview CBO I
Ltd./Oceanview CBO I Inc.'s class A-1B floating-rate notes due
June 2032 ('CCC-'; the underlying security) by lowering the rating
to 'CCC-' from 'B-' and removing the rating from CreditWatch with
negative implications, where it was placed Feb. 17, 2009.  At the
same time, S&P corrected the rating history on the insured custody
receipts.

S&P's rating on the insured custody receipts is dependent on the
higher of the financial enhancement rating on Syncora Guarantee
Inc. ('R'), the insurance provider, and the rating on the
underlying security.  On June 16, 2009, S&P lowered its rating on
the underlying security to 'CCC-' from 'B-' and removed it from
CreditWatch negative, where it was placed July 21, 2008.

The rating actions on the insured custody receipts were not taken
contemporaneously with the rating actions on the underlying
security due to a delay in S&P's analytical process.


PLAQUEMINES PARISH: S&P Raises Rating on GO Debt From 'BB'
----------------------------------------------------------
Standard & Poor's Ratings Services said it raised its underlying
rating on Plaquemines Parish Law Enforcement District, Louisiana's
general obligation debt to 'BBB+' from 'BB'.  S&P also assigned a
'BBB+' long-term rating and stable outlook to the district's
series 2009 limited-tax bonds, and corrected the long-term rating
to 'BBB+' on the district's series 2006 certificates of
indebtedness.

"The upgrade is based on the district's very strong financial
position, the commitment of full federal funding for the future
construction of a jail facility, and ongoing post-Hurricane
Katrina economic recovery," said Standard & Poor's credit analyst
Jim Tchou.

Standard & Poor's reinstated and corrected its long-term rating
and underlying rating on the district's series 2006 certificates
of indebtedness from 'BB' to 'BBB+' with a stable outlook.  On
July 23, 2009, the rating was inadvertently withdrawn due to
inaccurate information that the bonds were no longer outstanding.
However, the bonds remain outstanding and are covered by a bond
insurance policy from Financial Guaranty Insurance Co.
(not rated).  The 'BBB+' rating on the series 2006 certificates
reflects S&P's criteria that the issue credit rating on a fully
credit-enhanced bond is the higher of the rating on the credit
enhancer and the SPUR.

In S&P's opinion, the 'BBB+' rating reflects its view of the
district's assessed value growth and low overall net debt with no
debt-financed capital plans.  However, S&P believes these
strengths are somewhat offset by the district's economic
concentration in the petrochemical industry, and continued
dependence on federal reimbursements and grants to fund ongoing
operations.

Plaquemines Parish Law Enforcement District is a political
subdivision of Louisiana and a parish-wide taxing district.  The
district is coterminous with Plaquemines Parish.


RBSSP RESECURITIZATION: S&P Downgrades Ratings on 2009-5 Certs.s
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on three
classes of certificates from RBSSP Resecuritization Trust 2009-5.
S&P initially rated certificates for loan groups 6, 7, and 8 out
of the 15 group structures within the RBSSP 2009-5.  S&P lowered
the ratings on classes 6-A2 and 7-A2 to 'CCC' from 'BB'.  S&P
lowered the rating on class 8-A2 to 'CCC' from 'B'.  At the same
time, S&P affirmed its 'AAA' ratings on classes 6-A1, 7-A1, and 8-
A1.  The downgrades reflect the significant deterioration in
performance of the loans backing the underlying certificates.
Although this performance deterioration is severe, because classes
6-A2, 7-A2, and 8-A2 provide additional credit enhancement to
classes 6-A1, 7-A1, and 8-A1, the credit enhancement within RBSSP
2009-5 is sufficient to maintain the ratings on classes 6-A1, 7-
A1, and 8-A1.

RBSSP 2009-5, which closed in April 2009, is a re-securitized real
estate mortgage investment conduit RMBS transaction,
collateralized by 15 underlying classes that support 15
independent groups within the re-REMIC.  On the closing date, S&P
only rated certificates for groups 6, 7, and 8 within the RBSSP
2009-5.  For groups 6-8, the loans securing the three underlying
classes, which are included in three different trusts, consist
predominately of fixed-rate and long-reset adjustable-rate
Alternative-A mortgage loans and adjustable-rate prime mortgage
loans.

The 6-A1 and 6-A2 classes from RBSSP 2009-5 are supported by the
II-6A-1 class from Bear Stearns ALT-A Trust 2005-9 (current rating
'CCC').  The performance of the loans securing the II-6A-1
certificate from Bear Stearns ALT-A Trust 2005-9 has declined
precipitously in recent months.  This pool had experienced losses
of 3.53% as of the August 2009 distribution, and currently has
approximately 30.33% in delinquent loans.  Based on the losses to
date, the current pool factor of 0.551 (55.1%), which represents
the outstanding pool balance as a proportion of the original
balance, and the pipeline of delinquent loans, S&P's current
projected loss for this pool is 15.8%, which exceeds the level of
credit enhancement available to cover losses to the 6-A2 class.

The 7-A1 and 7-A2 classes from RBSSP 2009-5 are supported by the
6-A-1 class from CHL Mortgage Pass-Through Trust 2005-HYB7
(current rating 'CCC').  The performance of the loans securing the
6-A-1 certificate from CHL Mortgage Pass-Through Trust 2005-HYB7
has declined precipitously in recent months.  This pool had
experienced losses of 2.52% as of the August 2009 distribution,
and currently has approximately 35.45% in delinquent loans.  Based
on the losses to date, the current pool factor of 0.544 (54.4%),
which represents the outstanding pool balance as a proportion of
the original balance, and the pipeline of delinquent loans, S&P's
current projected loss for this pool is 13.8%, which exceeds the
level of credit enhancement available to cover losses to the 7-A2
class.

The 8-A1 and 8-A2 classes from RBSSP 2009-5 are supported by the
3-A1 class from Structured Adjustable Rate Mortgage Loan Trust,
Series 2007-5 (current rating 'CCC').  The performance of the
loans securing the class 3-A1 certificate from Structured
Adjustable Rate Mortgage Loan Trust, Series 2007-5 has declined
precipitously in recent months.  This pool had experienced losses
of 1.11% as of the August 2009 distribution, and currently has
approximately 27% in delinquent loans.  Based on the losses to
date, the current pool factor of 0.819 (81.9%), and the pipeline
of delinquent loans, S&P's current projected loss for this pool is
16.4%, which exceeds the level of credit enhancement available to
cover losses to the 8-A2 class.

Over the past two years, S&P has revised its RMBS default and loss
assumptions, and consequently S&P's projected losses, to reflect
the continuing decline in mortgage loan performance and the
housing market.  The performance deterioration of most U.S.  RMBS
has continued to outpace the market's expectation.

                          Rating Actions

                RBSSP Resecuritization Trust 2009-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        6-A2       74928WAV5     CCC                  BB
        7-A2       74928WAX1     CCC                  BB
        8-A2       74928WAZ6     CCC                  B

                         Ratings Affirmed

                RBSSP Resecuritization Trust 2009-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  6-A1       74928WAU7     AAA
                  7-A1       74928WAW3     AAA
                  8-A1       74928WAY9     AAA


SEAWALL SPC: S&P Downgrades Ratings on Various Notes to 'B+'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
notes issued by Seawall SPC's series BACM 2007-3 And JPMCC 2007-
CB19 to 'B+' and 'BB', respectively, from 'AAA' and removed them
from CreditWatch negative.  Both deals are U.S. synthetic
collateralized debt obligation transactions.

The two U.S. synthetic CDO tranche ratings are directly linked to
the rating on the class AJ certificates from Banc of America
Commercial Mortgage Trust 2007-3 and JPMorgan Chase Commercial
Mortgage Securities Trust 2007-CIBC19, respectively, two rated
commercial mortgage-backed securities transactions.  S&P lowered
the two U.S. synthetic CDO tranche ratings in conjunction with
S&P's rating actions affecting the two rated CMBS deals on Sept. 2
and Sept. 4, 2009, respectively.

      Ratings Lowered And Removed From Creditwatch Negative

                           Seawall SPC
   US$31,062,982 series BACM 2007-3 class AJ floating rate notes

                                    Rating
                                    ------
      Class                    To             From
      -----                    --             ----
      Notes                    B+             AAA/Watch Neg


                           Seawall SPC
US$31,062,982 series JPMCC 2007-CB19 class AJ floating rate notes

                                    Rating
                                    ------
      Class                    To             From
      -----                    --             ----
      Notes                    BB             AAA/Watch Neg


TEXAS STATE: Moody's Withdraws Ratings on Various Revenue Bonds
---------------------------------------------------------------
Moody's Investors Services has withdrawn the ratings on Texas
State Affordable Housing Corporation, Multifamily Housing Revenue
Bonds (Ashton Place and Woodstock Apartments Project) Senior
Series 2001A, Series 2001C and Series 2001D bonds.  This rating
action affects approximately $10.7 million of debt.

                          Material Events

The two projects securing the bonds, Woodstock Apartments and
Ashton Place Apartments, were sold at foreclosure sale for
$2,500,000 and $1,000,000, respectively.  Furthermore, the Trustee
received the insurance proceeds related to the damage at the
Ashton Place Apartments in the amount of $4,367,325.10 and
$54,142.85 in refunds of unearned insurance premiums.

According to the Revised Notice of Final Distributions, the
Trustee reports a final distribution in the amount of $816,773.73
attributable to the principal balance for the Series A bonds, and
$16,550.74 attributable to the principal balance for the Series C
bonds.  In December 2008 and March 2009, the Trustee made two
distributions to the Series A bondholders totaling approximately
$6,589,318 of outstanding principal.

Moody's estimates these recovery on the outstanding principal
balances: approximately 85.5% for the Series A bondholders, less
than two percent recovery for the Series C bondholders, and no
recovery for the Series D bondholders.

The last rating action was on November 7, 2008, when the rating of
the Texas State Affordable Housing Corporation, Multifamily
Housing Revenue Bonds (Ashton Place and Woodstock Apartments
Project) Senior Series 2001A bonds was downgraded to C from Caa3,
and Series 2001C and Series 2001D bonds affirmed at C rating
level.


TRICADIA CDO: Moody's Downgrades Ratings on Five 2006-6 Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of five classes of notes issued by Tricadia CDO 2006-6,
Ltd.  The notes affected by the rating action are:

  -- US$175,000,000 Class A-1LA Floating Rate Notes Due November
     2041, Downgraded to B3; previously on 2/26/2009 Downgraded to
     Baa3 and Remained On Review for Possible Downgrade

  -- US$42,000,000 Class A-1LB Floating Rate Notes Due November
     2041, Downgraded to Caa2; previously on 2/26/2009 Downgraded
     to B2 and Remained On Review for Possible Downgrade

  -- US$51,000,000 Class A-2L Floating Rate Notes Due November
     2041, Downgraded to Caa3; previously on 2/26/2009 Downgraded
     to Caa1 and Remained On Review for Possible Downgrade

  -- US$34,000,000 Class A-3L Floating Rate Notes Due November
     2041, Downgraded to Ca; previously on 2/26/2009 Downgraded to
     Caa3 and Remained On Review for Possible Downgrade

  -- US$5,000,000 Class X Floating Rate Notes Due August 2013,
     Downgraded to Ba1; previously on 2/26/2009 Downgraded to A1
     and Remained On Review for Possible Downgrade

Tricadia CDO 2003-6, Ltd., is a collateralized debt obligation
backed primarily by a portfolio of collateralized loan
obligations.  CLOs consist approximately of 93% of the portfolio,
of which a majority are from a 2005-2006 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 85% 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 3162 as of July 27,
2009.  The Trustee currently reports defaulted assets in the
amount of $63 million.  Securities rated Caa1 or lower make up
approximately 33% 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.

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 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.

The action also takes into consideration the risk of the
transaction experiencing an Event of Default.  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 and the Notes, including the sale and
liquidation of the assets.  The severity of losses of certain
tranches may be different depending on the timing and outcome of a
liquidation.

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.


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

  -- US$28,600,000 Class A-1B Floating Rate Notes, Due 2017,
     Downgraded to A2; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$75,000,000 Class A-2 Floating Rate Notes, Due 2017
     (current balance of $72,963,303), Downgraded to A1;
     previously on February 17, 2005 Assigned Aaa;

  -- US$10,000,000 Class A-3 Fixed Rate Notes, Due 2017 (current
     balance of $9,728,440), Downgraded to A1; previously on
     February 17, 2005 Assigned Aaa;

  -- US$8,500,000 Class B-1 Floating Rate Notes, Due 2017,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$2,000,000 Class B-2 Fixed Rate Notes, Due 2017, Downgraded
     to Baa2; previously on March 4, 2009 Aa2 Placed Under Review
     for Possible Downgrade;

  -- US$18,000,000 Class C Deferrable Floating Rate Notes, Due
     2017, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$21,000,000 Class D Deferrable Floating Rate Notes, Due
     2017, Downgraded to Caa2; previously on March 18, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  Such
credit deterioration is observed through a decline in the average
credit rating (as measured by the weighted average rating factor),
an increase in the dollar amount of defaulted securities, an
increase in the proportion of securities from issuers rated Caa1
and below, and failure of the Class C Par Value Ratio and the
Class D Par Value Ratio.  In particular, the weighted average
rating factor has increased over the last year and is currently
2753 versus a test level of 2577 as of the last trustee report,
dated August 10, 2009.  Based on the same report, defaulted
securities total about $12 million, accounting for roughly 4.2% of
the collateral balance, and securities rated Caa1 or lower make up
approximately 14% of the underlying portfolio.  The Class C Par
Value Ratio was reported at 105.8% versus a test level of 107.9%
and the Class D Par Value Ratio was reported at 97.7% versus a
test level of 101.2%.

The rating actions also reflect Moody's revised assumptions with
respect to default probability and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  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.  Other assumptions
used in Moody's CLO monitoring are described in the publication
"CLO Ratings Surveillance Brief - Second Quarter 2009," dated
July 17, 2009.  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, diversity score, and weighted
average recovery rate, may be different from the trustee's
reported numbers.

Victoria Falls CLO 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.


ZAIS INVESTMENT: Moody's Cuts Ratings on Six Classes of Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of six classes of Notes and 5 Composite Obligations issued
by ZAIS Investment Grade Limited VI.  The Notes affected by the
rating action are:

  -- US$206,000,000 Class A-1 Senior Secured Floating Rate Notes,
     Downgraded to Ba1; previously on Apr 2, 2009 Downgraded to A3
     and Remained On Review for Possible Downgrade

  -- US$54,750,000 Class A-2a Senior Secured Floating Rate Notes,
     Downgraded to Caa1; previously on Apr 2, 2009 Downgraded to
     Ba2 and Remained On Review for Possible Downgrade

  -- US$8,250,000 Class A-2b Senior Secured Fixed Rate Notes,
     Downgraded to Caa1; previously on Apr 2, 2009 Downgraded to
     Ba2 and Remained On Review for Possible Downgrade

  -- US$21,000,000 Class A-3 Senior Secured Floating Rate Notes,
     Downgraded to Caa3; previously on Apr 2, 2009 Downgraded to
     B1 and Remained On Review for Possible Downgrade

  -- US$6,400,000 Class B-1 Senior Secured Floating Rate Notes,
     Downgraded to Ca; previously on Apr 2, 2009 Downgraded to
     Caa2 and Remained On Review for Possible Downgrade

  -- US$36,600,000 Class B-2 Senior Secured Fixed Rate Notes,
     Downgraded to Ca; previously on Apr 2, 2009 Downgraded to
     Caa2 and Remained On Review for Possible Downgrade

  -- US$1,250,000 Type II Composite Obligations, Downgraded to
     Caa3; previously on Apr 2, 2009 Downgraded to Ba2 and
     Remained On Review for Possible Downgrade

  -- US$3,000,000 Type III Composite Obligations, Downgraded to
     Ca; previously on Apr 2, 2009 Downgraded to Caa2 and Remained
     On Review for Possible Downgrade

  -- US$10,500,000 Type IV Composite Obligations, Downgraded to
     Ca; previously on Apr 2, 2009 Downgraded to Caa2 and Remained
     On Review for Possible Downgrade

  -- US$15,000,000 Type V Composite Obligations, Downgraded to Ca;
     previously on Apr 2, 2009 Downgraded to Caa2 and Remained On
     Review for Possible Downgrade

  -- US$8,600,000 Type VI Composite Obligations, Downgraded to Ca;
     previously on Apr 2, 2009 Downgraded to Caa2 and Remained On
     Review for Possible Downgrade

ZAIS Investment Grade Limited VI is a collateralized debt
obligation backed primarily by a portfolio of collateralized loan
obligations and other types of assets backed securities ("ABS").

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 an increase in the weighted average
rating factor).  Moody's notes that in the case of ZAIS Investment
Grade Limited VI, more than 38% of its assets have been the
subject of ratings downgrade since Moody's last review of the
transaction in March 2009.  The trustee reports that WARF is 2704
and defaults total $128,181,320 as compared to a WARF of 1712 and
defaults totaling $65,117,358 reported by the Trustee in March
2009.  Both the Class A OC and Class B OC are failing their
trigger levels.

The action also takes into consideration the risk of the
transaction experiencing an Event of Default.  An Event of Default
may occur due to a failure to maintain the Class A
Overcollateralization Ratio at 100% or higher.  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 and the Notes, including the sale and
liquidation of the assets.  The severity of losses of certain
tranches may be different depending on the timing and outcome of a
liquidation.

Moody's explained that in addition to the quantitative factors
that are explicitly modeled, qualitative factors are part of the
Moody's rating committee considerations.  These qualitative
factors include but are not limited to the structural protections
in the transaction, the recent performance of the transaction in
the current market environment, how legal risks and issues are
addressed in transaction documentation, 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


ZAIS INVESTMENT: Moody's Downgrades Rating on Six Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of six classes of Notes issued by ZAIS Investment Grade
Limited X.  The Notes affected by the rating action are:

  -- US$13,500,000 Class S Senior Secured Floating Rate Notes Due
     2015, Downgraded to Ba1; previously on Feb 24, 2009
     Downgraded to A2 and Remained On Review for Possible
     Downgrade

  -- US$152,000,000 Class A-1a Senior Secured Floating Rate Notes
     Due 2057, Downgraded to Caa2; previously on Feb 24, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- US$120,000,000 Class A-1b Senior Secured Floating Rate Notes
     Due 2057, Downgraded to Caa2; previously on Feb 24, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- US$59,500,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2057, Downgraded to Ca; previously on Feb 24, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- US$75,000,000 Class A-3 Senior Secured Floating Rate Notes
     Due 2057, Downgraded to Ca; previously on Feb 24, 2009
     Downgraded to B3 and Remained On Review for Possible
     Downgrade

  -- US$75,000,000 Class A-4 Senior Secured Floating Rate Notes
     Due 2057, Downgraded to Ca; previously on Feb 24, 2009
     Downgraded to Caa2 and Remained On Review for Possible
     Downgrade

ZAIS Investment Grade Limited X is a collateralized debt
obligation backed primarily by a portfolio of collateralized loan
obligations and other types of assets backed securities.

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 an increase in the weighted average
rating factor).  Moody's notes that in the case of ZAIS Investment
Grade Limited X, more than 79% of its assets have been the subject
of ratings downgrade since Moody's last review of the transaction
in February 2009.  The trustee reports that WARF is 3583 and
defaults total $162,095,437 as compared to a WARF of 547 and
defaults totaling $99,615,718 reported by the Trustee in February
2009.  All the OC tests and the Class D IC test are failing their
trigger levels.

The action also takes into consideration the risk of the
transaction experiencing an Event of Default.  An Event of Default
may occur due to a missed interest payment on Class A or Class S.
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 and the Notes,
including the sale and liquidation of the assets.  The severity of
losses of certain tranches may be different depending on the
timing and outcome of a liquidation.

Moody's explained that in addition to the quantitative factors
that are explicitly modeled, qualitative factors are part of the
Moody's rating committee considerations.  These qualitative
factors include but are not limited to the structural protections
in the transaction, the recent performance of the transaction in
the current market environment, how legal risks and issues are
addressed in transaction documentation, 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


ZAIS INVESTMENT: Moody's Downgrades Ratings on Various Classes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of six classes of Notes issued by ZAIS Investment Grade
Limited IX.  The Notes affected by the rating action are:

  -- US$6,090,000 Class X Security Due 2012, Downgraded to Ba1;
     previously on Dec. 11, 2008 Downgraded to A2 and Placed Under
     Review for Possible Downgrade

  -- US$81,000,000 Class A-1A Senior Secured Floating Rate Notes
     Due 2052, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- US$90,079,566 Class A-1B Senior Secured Floating Rate Notes
     Due 2052, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- US$39,920,434 Class A-1C Senior Secured Floating Rate Notes
     Due 2052, Downgraded to Ca; previously on March 18, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- US$54,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2052, Downgraded to Ca; previously on March 18, 2009
     Downgraded to Caa1 and Remained On Review for Possible
     Downgrade

  -- US$58,000,000 Class B Senior Secured Floating Rate Notes Due
     2052, Downgraded to Ca; previously on March 18, 2009
     Downgraded to Caa2 and Remained On Review for Possible
     Downgrade

ZAIS Investment Grade Limited IX is a collateralized debt
obligation backed primarily by a portfolio of collateralized loan
obligations and other types of assets backed securities.

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 an increase in the weighted average
rating factor).  Moody's notes that in the case of ZAIS Investment
Grade Limited IX, more than 70% of its assets have been the
subject of ratings downgrade since Moody's last review of the
transaction in March 2009.  The trustee reports that WARF is 4005
as compared to a WARF of 671 reported by the Trustee in March
2009.  All the OC tests and the Class D IC test are failing their
trigger levels.

The action also takes into consideration the risk of the
transaction experiencing an Event of Default.  An Event of Default
may occur due to a failure to maintain the Class A
Overcollateralization Ratio at 100% or higher.  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 and the Notes, including the sale and
liquidation of the assets.  The severity of losses of certain
tranches may be different depending on the timing and outcome of a
liquidation.

Moody's explained that in addition to the quantitative factors
that are explicitly modeled, qualitative factors are part of the
Moody's rating committee considerations.  These qualitative
factors include but are not limited to the structural protections
in the transaction, the recent performance of the transaction in
the current market environment, how legal risks and issues are
addressed in transaction documentation, the collateral manager's
track record, and the potential for selection bias in the
portfolio.  All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision

Moody's continues to monitor this transaction using primarily the
methodology and its supplements for ABS CDOs as described in
Moody's Special Report below:

  -- Moody's Approach to Rating SF CDOs (August 2009)


* S&P Downgrades Ratings on 222 Classes From 45 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 222
classes from 45 U.S. residential mortgage-backed securities
transactions backed primarily by scratch-and-dent mortgage loan
collateral issued in 2001 through 2007.  S&P removed 134 of the
lowered ratings from CreditWatch with negative implications.
Additionally, S&P affirmed S&P's ratings on 100 classes from 21
transactions and removed 36 of the affirmed ratings from
CreditWatch negative.

The downgrades, affirmations, and CreditWatch resolutions
incorporate S&P's current and projected losses based on the dollar
amounts of loans currently in the transactions' delinquency,
foreclosure, and real estate owned pipelines, as well as S&P's
projection of future defaults.  S&P also incorporated cumulative
losses to date in S&P's analysis when assessing rating outcomes.

S&P derived its loss assumptions using its 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.

To maintain a 'AAA' rating, S&P considers whether a class 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.  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
150% for a 'AAA' rating.  For example, S&P would assess whether
one class could withstand approximately 110% 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 120% of
S&P's base-case loss assumptions to maintain a 'BBB' rating.

The lowered ratings reflect S&P's belief that the amount of credit
enhancement available for the downgraded classes is not sufficient
to cover losses at the previous rating levels, given S&P's current
projected losses.  The affirmations reflect S&P's belief that
there is sufficient credit enhancement to support the ratings at
their current levels.  Certain senior classes also benefit from
senior-support classes that would provide support to a certain
extent before any applicable losses could affect the super-senior
certificates.  The subordination of classes within each structure
provides credit support for the affected transactions.

The collateral backing these deals originally consisted
predominantly of re-performing, outside-the-guidelines, and
document-deficient first-lien, fixed-rate, and adjustable-rate,
residential mortgage loans secured by one- to four-family
properties.

S&P monitors these transactions to incorporate updated losses and
delinquency pipeline performance to assess whether, in S&P's view,
the applicable credit enhancement features are sufficient to
support the current ratings.  S&P will continue to monitor these
transactions and take additional rating actions as S&P deem
appropriate.

                          Rating Actions

   ACE Securities Corp. Home Equity Loan Trust, Series 2006-SD1
                       Series      2006-SD1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1B       004421XV0     AAA                  AAA/Watch Neg
    M-1        004421XW8     B                    AA+/Watch Neg
    M-2        004421XX6     CCC                  AA/Watch Neg
    M-3        004421XY4     CC                   A+/Watch Neg

   Bayview Financial Mortgage Pass-Through Trust, Series 2006-D
                        Series      2006-D

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       07325HAB1     AAA                  AAA/Watch Neg
    1-A2       07325HAC9     AAA                  AAA/Watch Neg
    1-A3       07325HAD7     AAA                  AAA/Watch Neg
    1-A4       07325HAE5     A                    AAA/Watch Neg
    1A-5       07325HAF2     A                    AAA/Watch Neg
    2-A2       07325HAH8     AAA                  AAA/Watch Neg
    2-A3       07325HAJ4     A                    AAA/Watch Neg
    2-A4       07325HAK1     AA                   AAA/Watch Neg
    M-1        07325HAL9     BB                   AA/Watch Neg
    M-2        07325HAM7     BB-                  AA-/Watch Neg
    M-3        07325HAN5     B                    A/Watch Neg
    M-4        07325HAP0     CCC                  A-/Watch Neg
    B-1        07325HAQ8     CC                   BBB+/Watch Neg

       Bear Stearns Asset Backed Securities Trust 2005-SD3
                       Series      2005-SD3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A        073877CP5     BB                   AAA
        I-M-1      073877CS9     CCC                  AA
        I-M-2      073877CT7     CC                   A
        I-M-3      073877CU4     CC                   A-
        I-M-4      073877CV2     CC                   BBB+
        I-M-5      073877CW0     CC                   BBB
        I-M-6      073877CX8     CC                   BBB-
        II-M-2     073877DB5     BB                   A
        II-M-3     073877DC3     CCC                  BBB
        II-M-4     073877DD1     CCC                  BBB-
        II-B       073877DF6     CC                   BB

       Bear Stearns Asset Backed Securities Trust 2005-SD4
                       Series      2005-SD4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      073877DY5     B                    AAA/Watch Neg
    I-A-2      073877DZ2     B                    AAA/Watch Neg
    I-X        073877EA6     B                    AAA/Watch Neg
    I-PO       073877EB4     B                    AAA/Watch Neg
    I-B1       073877EC2     CC                   AA/Watch Neg
    I-B-2      073877ED0     CC                   A/Watch Neg
    I-B-3      073877EE8     CC                   BBB/Watch Neg
    II-A-1     073877EF5     A                    AAA
    II-A-2     073877EG3     A                    AAA
    II-M-1     073877EH1     B                    AA
    II-M-2     073877EJ7     CCC                  A
    II-M-3     073877EK4     CC                   BBB
    II-M-4     073877EL2     CC                   BBB-

       Bear Stearns Asset Backed Securities Trust 2007-SD3
                       Series      2007-SD3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          07387LAA9     B                    AAA/Watch Neg
    M-1        07387LAB7     CCC                  AA+/Watch Neg
    M-2        07387LAC5     CCC                  AA/Watch Neg
    M-3        07387LAD3     CC                   AA-/Watch Neg
    M-4        07387LAE1     CC                   A+/Watch Neg
    M-5        07387LAF8     CC                   A/Watch Neg
    M-6        07387LAG6     CC                   A-/Watch Neg

                      C-BASS 2007-RP1 Trust
                      Series      2007-RP1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          1248M6AA4     BB                   AAA/Watch Neg
    M-1        1248M6AD8     CCC                  AA+/Watch Neg
    M-2        1248M6AE6     CCC                  AA-/Watch Neg
    M-3        1248M6AF3     CC                   A/Watch Neg
    M-4        1248M6AG1     CC                   BBB+/Watch Neg
    M-5        1248M6AH9     CC                   BBB/Watch Neg

          CWABS Asset Backed Certificates Trust 2007-QH1
                       Series      2007-QH1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        12669HAA7     A                    AAA/Watch Neg
    M-1        12669HAD1     CCC                  AA+/Watch Neg
    M-2        12669HAE9     CCC                  AA/Watch Neg
    M-3        12669HAF6     CCC                  BBB+/Watch Neg
    M-4        12669HAB5     CC                   BB+/Watch Neg

              CWABS Asset-Backed Notes Trust 2006-SD1
                       Series      2006-SD1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        126670VM7     AAA                  AAA/Watch Neg
    A-2        126670VN5     B                    AAA/Watch Neg
    M-1        126670VP0     CCC                  AA+/Watch Neg
    M-2        126670VQ8     CCC                  AA/Watch Neg
    M-3        126670VR6     CC                   A+/Watch Neg
    M-4        126670VS4     CC                   A/Watch Neg

             CWABS Asset-Backed Notes Trust 2006-SD2
                       Series      2006-SD2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      23242TAH9     B                    AAA
        1-A-3      23242TAW6     B                    AAA
        1-M-1      23242TAJ5     CCC                  AA+
        1-M-2      23242TAK2     CCC                  A
        1-M-3      23242TAL0     CC                   BB
        1-M-4      23242TAM8     CC                   B
        1-M-5      23242TAN6     CC                   CCC
        1-M-6      23242TAP1     CC                   CCC
        2-A-1-B    23242TAB2     CCC                  AAA
        2-A-2      23242TAC0     CCC                  AAA
        2-M-1      23242TAD8     CC                   AA

                GMACM Mortgage Loan Trust 2003-GH2
                       Series      2003-GH2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          36185NQ94     CCC                  BBB

                GMACM Mortgage Loan Trust 2004-GH1
                       Series      2004-GH1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        36185HEC3     BBB                  AA
        M-2        36185HED1     CCC                  A
        B          36185HEE9     CCC                  BBB

                       GSAMP Trust 2005-SD2
                       Series      2005-SD2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M-1A       362341CD9     AA                   AA/Watch Neg
    M-1B       362341CQ0     AA                   AA/Watch Neg
    M-2        362341CE7     AA                   AA/Watch Neg
    M-3        362341CF4     BBB                  A/Watch Neg
    B-1        362341CG2     CCC                  BBB+/Watch Neg
    B-2        362341CH0     CC                   BBB+/Watch Neg
    B-3        362341CJ6     CC                   BBB-/Watch Neg

                       GSAMP Trust 2006-SD1
                       Series      2006-SD1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        362341Y94     AAA                  AAA/Watch Neg
    M-1        362341X61     B                    AA/Watch Neg
    M-2        362341X79     CCC                  A/Watch Neg
    B-1        362341X87     CC                   BB/Watch Neg

                GSMPS Mortgage Loan Trust 2006-RP1
                       Series      2006-RP1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B3         3623413M9     BB                   BBB-
        B4         3623413N7     CCC                  B
        B5         3623413P2     CC                   CCC

               MASTR Specialized Loan Trust 2006-01
                       Series      2006-01

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        576436CV9     A                    AAA/Watch Neg
    M-1        576436CW7     CCC                  AA/Watch Neg
    M-2        576436CX5     CC                   A/Watch Neg
    M-3        576436CY3     CC                   A-/Watch Neg
    M-4        576436CZ0     CC                   BBB+/Watch Neg

                    RAMP Series 2001-RS1 Trust
                       Series      2001-RS1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-4      760985CM1     CC                   B/Watch Neg
    A-II       760985CP4     CCC                  BB/Watch Neg

                    RAMP Series 2001-RS3 Trust
                       Series      2001-RS3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985FA4     CC                   B/Watch Neg
    A-II       760985FC0     CCC                  A+/Watch Neg

                    RAMP Series 2002-RS1 Trust
                       Series      2002-RS1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985GQ8     AAA                  AAA/Watch Neg
    M-I-1      760985GS4     CC                   B
    M-II-2     760985GX3     B                    BBB

                    RAMP Series 2002-RS2 Trust
                       Series      2002-RS2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-I-1      760985JP7     B                    AA
        M-I-2      760985JQ5     CC                   BB
        M-II-2     760985JT9     CCC                  BBB

                    RAMP Series 2002-RS3 Trust
                       Series      2002-RS3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-I-5      760985LV1     BB                   AAA
        M-I-1      760985MA6     CC                   BBB
        M-I-2      760985MB4     CC                   BB
        M-II-1     760985MD0     CCC                  AA
        M-II-2     760985ME8     CC                   BBB-
        M-II-3     760985MF5     CC                   BB

                    RAMP Series 2002-RS4 Trust
                       Series      2002-RS4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985NK3     CCC                  A-/Watch Neg
    A-I-6      760985NL1     CCC                  A-/Watch Neg
    A-II       760985NN7     BB+                  BB+/Watch Neg

                    RAMP Series 2002-RS5 Trust
                       Series      2002-RS5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985NW7     BB                   A/Watch Neg
    A-I-6      760985NX5     BB                   A/Watch Neg
    A-II       760985NZ0     CCC                  A/Watch Neg

                    RAMP Series 2002-RS6 Trust
                       Series      2002-RS6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985PN5     CCC                  A-/Watch Neg
    A-I-6      760985PP0     CCC                  A-/Watch Neg
    A-I-7      760985PQ8     CCC                  A-/Watch Neg
    A-II       760985PS4     A-                   A-/Watch Neg

                    RAMP Series 2003-RS1 Trust
                       Series      2003-RS1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-II       760985SD4     CC                   CCC
        M-I-1      760985RZ6     CCC                  AA
        M-I-2      760985SA0     CC                   A

                   RAMP Series 2003-RS10 Trust
                      Series      2003-RS10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-6      760985C82     AAA                  AAA/Watch Neg
    A-I-7      760985C90     AAA                  AAA/Watch Neg
    M-I-1      760985D24     AA                   AA/Watch Neg
    M-II-1     760985D73     A                    A/Watch Neg
    M-I-2      760985D32     BBB                  BBB/Watch Neg
    M-II-2     760985D81     CC                   BB/Watch Neg
    M-II-3     760985D99     CC                   B+/Watch Neg
    M-II-4     760985E23     CC                   B/Watch Neg

                    RAMP Series 2003-RS2 Trust
                       Series      2003-RS2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985SS1     CCC                  A/Watch Neg
    A-I-6      760985ST9     CCC                  A/Watch Neg
    A-II       760985SU6     CCC                  B/Watch Neg

                    RAMP Series 2003-RS3 Trust
                       Series      2003-RS3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-4      760985UA7     CC                   A/Watch Neg
    A-I-5      760985UB5     CC                   A/Watch Neg
    A-II       760985UC3     CCC                  B/Watch Neg

                    RAMP Series 2003-RS4 Trust
                       Series      2003-RS4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985UR0     B                    A/Watch Neg
    A-I-6      760985US8     B                    A/Watch Neg
    A-II-A     760985UT6     B                    B/Watch Neg
    A-II-B     760985UU3     B                    B/Watch Neg

                    RAMP Series 2003-RS5 Trust
                       Series      2003-RS5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985WY3     A                    A/Watch Neg
    A-I-6      760985WZ0     CCC                  A/Watch Neg
    A-II-A     760985XA4     AA-                  AA-/Watch Neg
    A-II-B     760985XB2     AA-                  AA-/Watch Neg

                    RAMP Series 2003-RS7 Trust
                       Series      2003-RS7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      760985XV8     AAA                  AAA/Watch Neg
    A-I-6      760985XW6     AAA                  AAA/Watch Neg
    M-I-1      760985XX4     AA                   AA/Watch Neg
    M-I-2      760985XY2     CCC                  A/Watch Neg
    M-II-1     760985YC9     BB                   A/Watch Neg
    M-II-2     760985YD7     CC                   BB/Watch Neg

                    RAMP Series 2003-RS8 Trust
                       Series      2003-RS8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-I-1      760985ZH7     A                    AA
        M-I-2      760985ZJ3     B-                   BBB
        M-I-3      760985ZK0     CCC                  B
        M-II-2     760985ZP9     CCC                  BBB+
        M-II-3     760985ZQ7     CC                   B
        M-II-4     760985ZR5     CC                   CCC

                    RAMP Series 2004-RS10 Trust
                       Series      2004-RS10

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M-I-1      76112BDV9     BBB                  AA
    M-II-2     76112BED8     CCC                  A/Watch Neg
    M-II-3     76112BEE6     CC                   A-/Watch Neg
    M-II-4     76112BEF3     CC                   BBB/Watch Neg
    M-I-3      76112BDX5     CC                   B
    M-II-1     76112BEC0     AA                   AA/Watch Neg
    M-I-2      76112BDW7     CCC                  A

                    RAMP Series 2004-RS11 Trust
                       Series      2004-RS11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76112BFJ4     BB                   A
        M-3        76112BFK1     CCC                  A-
        M-4        76112BFL9     CCC                  BBB+
        M-5        76112BFM7     CC                   BB

                    RAMP Series 2004-RS2 Trust
                       Series      2004-RS2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    M-I-1      760985Q53     A                    AA
    M-I-2      760985Q61     CCC                  A
    M-I-3      760985Q79     CC                   BBB
    M-II-1     760985R37     BB                   A/Watch Neg
    M-II-2     760985R45     CC                   BB/Watch Neg
    M-II-3     760985R52     CC                   B/Watch Neg

                    RAMP Series 2004-RS3 Trust
                       Series      2004-RS3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        760985V65     BB                   AA
        M-2        760985V73     CCC                  A
        M-3        760985V81     CC                   BBB+
        M-4        760985V99     CC                   BBB
        M-5        760985W23     CC                   BBB-

                    RAMP Series 2004-RS4 Trust
                       Series      2004-RS4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-5      7609852X8     AAA                  AAA/Watch Neg
    A-I-6      7609852Y6     AAA                  AAA/Watch Neg
    M-I-1      7609853E9     B                    AA/Watch Neg
    M-I-2      7609853F6     CCC                  A/Watch Neg
    M-II-1     7609853H2     A+                   A+/Watch Neg
    M-II-2     7609853J8     CCC                  BBB-/Watch Neg
    M-II-3     7609853K5     CC                   B/Watch Neg

                    RAMP Series 2004-RS5 Trust
                       Series      2004-RS5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-I-4      7609853Z2     BB                   AAA
        A-I-5      7609854A6     BB                   AAA
        A-I-6      7609854B4     BB                   AAA
        M-II-3     7609854J7     BB                   A-
        M-II-4     7609854K4     CCC                  BBB+
        M-II-5     7609854L2     CC                   BBB

                    RAMP Series 2004-RS6 Trust
                       Series      2004-RS6

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-4      7609855A5     AAA                  AAA/Watch Neg
    A-I-5      7609855B3     AAA                  AAA/Watch Neg
    A-I-6      7609855C1     AAA                  AAA/Watch Neg
    M-I-1      7609855D9     AA                   AA/Watch Neg
    M-I-2      7609855E7     A                    A/Watch Neg
    M-I-3      7609855F4     BB                   BBB+/Watch Neg
    M-II-1     7609855L1     AA                   AA/Watch Neg
    M-II-2     7609855M9     CCC                  A/Watch Neg
    M-II-3     7609855N7     CC                   BBB+/Watch Neg
    M-II-4     7609855P2     CC                   BB/Watch Neg

                    RAMP Series 2004-RS7 Trust
                       Series      2004-RS7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-4      7609857D7     CCC                  BBB/Watch Neg
    A-I-5      7609857E5     CCC                  BBB/Watch Neg
    A-I-6      7609857F2     CCC                  BBB/Watch Neg
    A-II-A     7609857G0     CC                   BBB/Watch Neg
    A-II-B2    7609857J4     CC                   BBB/Watch Neg
    A-III      7609857K1     B                    BBB/Watch Neg

                    RAMP Series 2004-RS8 Trust
                       Series      2004-RS8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-I-1      76112BAG5     BB                   AA
        M-I-2      76112BAH3     CCC                  A
        M-I-3      76112BAJ9     CC                   BBB
        M-II-1     76112BAM2     A                    AA
        M-II-2     76112BAN0     CCC                  A
        M-II-3     76112BAP5     CCC                  A-
        M-II-4     76112BAQ3     CC                   BBB+
        M-II-5     76112BAR1     CC                   BBB

                    RAMP Series 2004-RS9 Trust
                       Series      2004-RS9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-4      76112BCF5     CCC                  BBB/Watch Neg
    A-I-5      76112BCG3     CCC                  BBB/Watch Neg
    A-I-6      76112BCH1     CCC                  BBB/Watch Neg
    M-II-2     76112BCN8     CCC                  A
    M-II-3     76112BCP3     CC                   A-
    M-II-4     76112BCQ1     CC                   B
    M-II-5     76112BCR9     CC                   B-

                    RAMP Series 2005-RS7 Trust
                       Series      2005-RS7

                                  Rating
                                  ------
  Class      CUSIP         To                   From
  -----      -----         --                   ----
  A-2        76112BWU0     A                    AAA/Watch Neg
  A-3        76112BWV8     A                    AAA/Watch Neg
  M-1        76112BWW6     B                    AA+/Watch Neg
  M-2        76112BWX4     CCC                  AA/Watch Neg
  M-3        76112BWY2     CCC                  AA-/Watch Neg
  M-4        76112BWZ9     CC                   A+/Watch Neg
  M-5        76112BXA3     CC                   A/Watch Neg
  M-6        76112BXB1     CC                   A-/Watch Neg
  M-7        76112BXC9     CC                   BBB+/Watch Neg
  M-8        76112BXD7     CC                   BBB/Watch Neg
  M-9        76112BXE5     CC                   BBB-/Watch Neg

    Structured Asset Securities Corporation Mortgage Loan Trust
                      Series      2007-GEL2

                                  Rating
                                  ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A1         86363MAA9     BB                   AAA/Watch Neg
   A2         86363MAB7     B                    AAA/Watch Neg
   A3         86363MAC5     B                    AAA/Watch Neg
   M1         86363MAD3     CCC                  AA/Watch Neg
   M2         86363MAE1     CCC                  AA-/Watch Neg
   M3         86363MAF8     CCC                  A+/Watch Neg
   M4         86363MAG6     CCC                  A/Watch Neg
   M5         86363MAH4     CC                   A-/Watch Neg
   M6         86363MAJ0     CC                   BBB+/Watch Neg
   M7         86363MAK7     CC                   BBB/Watch Neg
   M8         86363MAL5     CC                   BBB-/Watch Neg

             Truman Capital Mortgage Loan Trust 2006-1
                        Series      2006-1

                                    Rating
                                    ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          89789KAA3     B                    AAA/Watch Neg
    M-1        89789KAB1     CCC                  AA/Watch Neg
    M-2        89789KAC9     CC                   A/Watch Neg
    M-3        89789KAD7     CC                   A-/Watch Neg

                  Yale Mortgage Loan Trust 2007-1
                        Series      2007-1

                                   Rating
                                   ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          984582AA4     B                    AAA/Watch Neg
    M-1        984582AB2     CCC                  AA/Watch Neg
    M-2        984582AC0     CCC                  A/Watch Neg
    B-1        984582AD8     CC                   BBB/Watch Neg

            Ratings Remaining On Creditwatch Negative

             Option One Woodbridge Loan Trust 2003-2
                         Series      2003-2

             Class      CUSIP         Rating
             -----      -----         ------
             M          68401NAC5     BBB-/Watch Neg

                         Ratings Affirmed

       Bear Stearns Asset Backed Securities Trust 2005-SD3
                       Series      2005-SD3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A-1     073877CY6     AAA
                  II-A-2     073877CZ3     AAA
                  II-M-1     073877DA7     AA

              CWABS Asset-Backed Notes Trust 2006-SD2
                       Series      2006-SD2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1-A    23242TAA4     AAA

                GMACM Mortgage Loan Trust 2003-GH2
                       Series      2003-GH2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-4        36185NQ60     AAA
                  M-1        36185NQ78     AA
                  M-2        36185NQ86     A

                GMACM Mortgage Loan Trust 2004-GH1
                       Series      2004-GH1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        36185HDX8     AAA
                  A-3        36185HDY6     AAA
                  A-4        36185HDZ3     AAA
                  A-5        36185HEA7     AAA
                  A-6        36185HEB5     AAA

                GSMPS Mortgage Loan Trust 2006-RP1
                       Series      2006-RP1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1AF        3623413C1     AAA
                  1AF2       3623413V9     AAA
                  1AS        3623413D9     AAA
                  1A2        3623413E7     AAA
                  1A3        3623413F4     AAA
                  1A4        3623413G2     AAA
                  AX         3623413H0     AAA
                  2A1        3623413J6     AAA
                  B1         3623413K3     AA
                  B2         3623413L1     A

              Option One Woodbridge Loan Trust 2003-2
                        Series      2003-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          68401NAA9     AAA

                        Quest Trust 2003-X3
                        Series      2003-X3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        03072SKE4     AA
                  M-3        03072SKF1     BBB

                   RAMP Series 2001-RS2 Trust
                      Series      2001-RS2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-II       760985DV0     AAA
                  M-II-1     760985DZ1     BBB
                  M-II-2     760985EA5     BB-
                  M-II-3     760985EB3     CCC

                    RAMP Series 2002-RS2 Trust
                       Series      2002-RS2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-5      760985JL6     AAA

                    RAMP Series 2002-RS3 Trust
                       Series      2002-RS3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-II       760985LY5     AAA
                  A-II-S     760985LZ2     AAA

                    RAMP Series 2003-RS1 Trust
                       Series      2003-RS1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-5      760985RX1     AAA
                  A-I-6      760985RY9     AAA
                  A-I-IO     760985SC6     AAA

                    RAMP Series 2003-RS8 Trust
                       Series      2003-RS8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-6A     760985ZE4     AAA
                  A-I-6B     760985ZT1     AAA
                  A-1-7      760985ZF1     AAA
                  A-1-8      760985ZG9     AAA
                  M-II-1     760985ZN4     AA

                   RAMP Series 2004-RS10 Trust
                      Series      2004-RS10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-4      76112BDS6     AAA
                  A-I-5      76112BDT4     AAA
                  A-I-6      76112BDU1     AAA

                   RAMP Series 2004-RS11 Trust
                      Series      2004-RS11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        76112BFG0     AAA
                  M-1        76112BFH8     AA

                    RAMP Series 2004-RS2 Trust
                       Series      2004-RS2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-4      760985Q38     AAA
                  A-I-5      760985Q46     AAA

                    RAMP Series 2004-RS3 Trust
                       Series      2004-RS3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-4      760985V32     AAA
                  A-I-5      760985V40     AAA
                  A-II       760985V57     AAA

                    RAMP Series 2004-RS5 Trust
                       Series      2004-RS5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-II-1     7609854G3     AA
                  M-II-2     7609854H1     A

                    RAMP Series 2004-RS8 Trust
                       Series      2004-RS8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-I-4      76112BAD2     AAA
                  A-I-5      76112BAE0     AAA
                  A-I-6      76112BAF7     AAA
                  A-II-3     76112BAS9     AAA

                    RAMP Series 2004-RS9 Trust
                       Series      2004-RS9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-II-1     76112BCM0     AA

              Reperforming Loan REMIC Trust 2005-R3
                        Series      2005-R3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-F        126694JG4     AAA
                  A-S        126694JH2     AAA
                  M          126694JJ8     AA
                  B-1        126694JK5     A-
                  B-2        126694JL3     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.

                  *** End of Transmission ***