TCR_Public/090927.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 27, 2009, Vol. 13, No. 267

                            Headlines



ACA CLO: Moody's Downgrades Ratings on Various 2006-2 Notes
AMMC CLO: Moody's Downgrades Ratings on Three Classes of Notes
AMMC CLO IV: Moody's Downgrades Ratings on Three Classes of Notes
APIDOS CDO: Moody's Downgrades Ratings on 3 Classes of Notes
APIDOS CDO: Moody's Downgrades Ratings on Four Classes of Notes

APIDOS CDO: Moody's Downgrades Ratings on Five Classes of Notes
APIDOS CDO: Moody's Downgrades Ratings on Eight Classes of Notes
ASPEN FUNDING: Moody's Downgrades Ratings on Four Classes of Notes
BABSON CLO: Moody's Downgrades Ratings on Various 2004-I Notes
BEAR STEARNS: Fitch Takes Rating Actions on 24 2006-TOP24 Certs.

CAMDEN COUNTY: Fitch Affirms 'C' Rating on $35 Mil. Bonds
CENTURION CDO: Moody's Downgrades Ratings on Various Classes
CITIGROUP COMMERCIAL: Fitch Takes Rating Actions on 2006-C5 Notes
CITIGROUP MORTGAGE: S&P Downgrades Ratings on Two 2008-AR4 Certs.
COLUMBUSNOVA CLO: Moody's Downgrades Ratings on 2006-I Notes

COLUMBUSNOVA CLO: Moody's Downgrades Ratings on 2007-II Notes
COMMERCIAL MORTGAGE: Moody's Reviews Ratings on 1999-C2 Certs.
CORONADO CDO: Moody's Downgrades Ratings on Two Classes of Notes
CORPORATE BACKED: Moody's Upgrades Ratings on A-1 Certs. to 'Caa2'
CORPORATE BACKED: Moody's Upgrades Ratings on Certs. to 'Caa2'

CORSAIR NO 4: Moody's Withdraws Ratings on Series 3 Notes
CORTS TRUST: Moody's Upgrades Ratings on Certs. to 'Caa2'
CORTS TRUST: Moody's Upgrades Ratings on Securities to 'Caa2'
FLAGSHIP CLO: Moody's Downgrades Ratings on Six Classes of Notes
FOUR CORNERS: Moody's Downgrades Ratings on Various Classes

GALE FORCE: Moody's Downgrades Ratings on Various Classes of Notes
GE CAPITAL: Moody's Reviews Ratings on 2000-1 Certificates
GLIMCHER REALTY: Moody's Cuts Preferred Equity Rating to 'B2'
GMACM HOME: Moody's Downgrades Ratings on Three Tranches
GOLDENTREE LOAN: Moody's Downgrades Ratings on Two Classes

GOLUB CAPITAL: Moody's Confirms Ratings on Various 2007-1 Notes
GREYROCK CDO: Moody's Downgrades Ratings on Various Classes
HARCH CLO: Moody's Downgrades Ratings on Various Classes
HELIOS SERIES: Moody's Downgrades Ratings on Two Classes of Notes
HOME EQUITY: Moody's Downgrades Ratings on Eight Tranches

JEFFERIES RESECURITIZATION: S&P Cuts Ratings on Six 2008-R3 Certs.
JEFFERIES RESECURITIZATION: S&P Cuts Ratings on Nine 2008-R2 Notes
JP MORGAN: Fitch Takes Rating Actions on 12 2006-LDP7 Certs.
JP MORGAN: S&P Downgrades Ratings on Two 2008-R3 Certificates
JP MORGAN: S&P Downgrades Ratings on Various 2008-R4 Certificates

JPMORGAN CHASE: S&P Downgrades Ratings on 2007-LDP11 Securities
KENNECOTT FUNDING: Moody's Downgrades Ratings on Various Classes
KINGSLAND IV: Moody's Downgrades Ratings on Six Classes of Notes
KNIGHTSBRIDGE CLO: Moody's Upgrades Ratings on 2008-1 Notes
LANDMARK IV: Moody's Downgrades Ratings on Three Classes of Notes

LATITUDE CLO: Moody's Downgrades Ratings on Various Classes
LB-UBS COMMERCIAL: Fitch Takes Rating Actions on 13 Classes
LCM IV: Moody's Downgrades Ratings on Two Classes of Notes
LCM V: Moody's Confirms Ratings on Various Classes of Notes
LIGHTPOINT CLO: Moody's Downgrades Ratings on Various Classes

MAC CAPITAL: Moody's Downgrades Ratings on 11 Classes of Notes
MAGNOLIA FINANCE: S&P Withdraws Ratings on Various Notes
MASTR RESECURITIZATION: Moody's Downgrades Ratings on 2005-1 Notes
MASTR RESECURITIZATION: S&P Junks Rating on Class A-2 Notes
MORGAN STANLEY: Fitch Amends Press Release; Takes Action on Notes

MORGAN STANLEY: Fitch Downgrades Ratings on 11 2007-IQ15 Certs.
MWAM CBO: Moody's Confirms Ratings on Two Classes of Notes
NORTHAMPTON GENERATING: S&P Junks Rating on $153 Mil. Bonds
OAK HILL: Moody's Confirms Ratings on Various Classes of Notes
OCTAGON INVESTMENT: Moody's Downgrades Ratings on Three Classes

OCTAGON INVESTMENT: Moody's Downgrades Ratings on Various Classes
OPTION ONE: S&P Downgrades Rating on Class III-A-2 2007-FXD1 Notes
ORCHID STRUCTURED: Moody's Downgrades Rating on Class A-1MM Notes
PACIFIC SHORES: Moody's Cuts Ratings on Class A Notes to 'Ba1'
PPLUS TRUST: Moody's Upgrades Ratings on Certs. to 'Caa2'

PREFERREDPPLUS TRUST: Moody's Upgrades Ratings on Certs. to 'Caa2'
PUBLIC STEERS: Moody's Upgrades Ratings on Two Certs. to 'Caa2'
RESTRUCTURED ASSET: Moody's Downgrades Rating on 2001-21-E Notes
REVE SPC: S&P Withdraws 'BB' Rating on Class JSS Series 20 Notes
RFMSII HOME: Moody's Downgrades Ratings on 2004-HS2 Notes to 'B3'

RHYNO CBO: Fitch Downgrades Ratings on 1997-1 Notes
RYLAND MTG: Moody's Downgrades Ratings on 1994-01 Certs.
SACO I: Moody's Downgrades Ratings on Two 2004-3 Tranches
SAGUARO ISSUER: Moody's Takes Rating Actions on Various Units
SALOMON BROTHERS: Moody's Reviews Ratings on 2001-C1 Certs.

SALS B-2004-1: S&P Downgrades Rating on Series 2385 Notes to 'D'
SATURNS TRUST: Moody's Upgrades Ratings on 2003-5 Units to 'Caa2'
SIGNUM RATED: Moody's Confirms Ratings on Two HFR Gap Notes
SOUTHFORK CLO: Moody's Downgrades Ratings on Various Classes
SPYGLASS TRUST-3: Moody's Reviews 'Ba1' Ratings on Trust-3 Units

SPYGLASS TRUST-4: Moody's Downgrades Ratings on Trust-4 Units
STANFIELD AZURE: Moody's Downgrades Ratings on Various Classes
STANFIELD CARRERA: Moody's Cuts Ratings on Five Classes of Notes
STANFIELD MCLAREN: Moody's Cuts Ratings on Five Classes of Notes
STANFIELD MODENA: Moody's Downgrades Ratings on Three Classes

STONE TOWER: Moody's Downgrades Ratings on Various Classes
SWISS CHEETAH: Moody's Downgrades Ratings on 8B Bond to 'Caa2'
SWISS CHEETAH: Moody's Downgrades Ratings on CDO Transaction
SYMPHONY CLO: Moody's Downgrades Ratings on Three Classes
TCW/OAK CANYON: Moody's Downgrades Rating on Tranche B & B1

TEXAS STATE: S&P Puts 'C' Rating on CreditWatch Negative
TRUST CERTIFICATES: Moody's Upgrades Ratings on Certs. to 'Caa2'
WACHOVIA BANK: S&P Downgrades Ratings on 2006-C26 Securities
WESTBROOK CLO: Moody's Downgrades Ratings on 3 Classes of Notes

* S&P Downgrades Ratings on 78 Classes From 12 RMBS Transactions
* S&P Puts Ratings on 28 Emerging Market CDOs on Negative Watch



                            *********

ACA CLO: Moody's Downgrades Ratings on Various 2006-2 Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by ACA CLO 2006-2, Limited:

  -- US$225,100,000 Class A-1 Senior Secured Floating Rate Notes
     Due 2021, Downgraded to Aa2; previously on December 7, 2006
     Assigned Aaa;

  -- US$18,500,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2021, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$10,000,000 Class C Deferrable Floating Rate Notes Due
     2021, Downgraded to B1; previously on March 17, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$10,800,000 Class D Deferrable Floating Rate Notes Due
     2021, Downgraded to Caa3; 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$18,800,000 Class B Deferrable Floating Rate Notes Due
     2021, Confirmed at Baa3; previously on March 17, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 2687 as of the last
trustee report, dated 8/10/2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$14.125 million, accounting for roughly 4.7% of the collateral
balance, and securities rated Caa1 or lower make up approximately
5.2% 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.

Moody's also observes that the transaction is exposed to a number
of mezzanine CLO tranches in the underlying portfolio.  Some of
these CLO tranches carry depressed market valuations that may
herald poor recovery prospects in the event of default.

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 has also applied
resecuritization stress factors to default probability assumptions
for structured finance asset collateral as described in the press
release titled "Moody's updates its key assumptions for rating
structured finance CDOs," published on December 11, 2008.  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.

ACA CLO 2006-2, Limited, issued in December 7, 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.


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

  -- US$307,500,000 Class A Floating Rate Notes Due 2016,
     Downgraded to Aa2; previously on July 20, 2004 Assigned Aaa;

  -- US$26,250,000 Class C Floating Rate Notes Due 2016,
     Downgraded to Ba1; previously on March 18, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$18,750,000 Class D Floating Rate Notes Due 2016,
     Downgraded to Caa2; previously on March 18, 2009 Downgraded
     to Ba3 and Placed Under Review for Possible Downgrade.

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

  -- US$22,500,000 Class B Floating Rate Deferrable Revolving
     Notes Due 2016, Confirmed at Baa3; previously on March 18,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 2617 versus a test
level of 2350 as of the last trustee report, dated August 3, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $23.1 million, accounting for roughly
6.5% of the collateral balance, and securities rated Caa1 or lower
make up approximately 10.9% of the underlying portfolio (computed
based on facility ratings, not default probability ratings of Caa1
or lower).

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.

AMMC CLO III, Limited, issued in July of 2004, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans.

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


AMMC CLO IV: 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 AMMC CLO IV, Ltd.:

  -- US$330,000,000 Class A-1 Floating Rate Notes Due 2017,
     Downgraded to Aa2; previously on March 23, 2005 Assigned Aaa;

  -- US$12,500,000 Class A-3 Floating Rate Notes Due 2017,
     Downgraded to Aa3; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$20,000,000 Class B Floating Rate Notes Due 2017,
     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$25,000,000 Class C Floating Rate Deferrable Notes Due
     2017, Confirmed at Baa3; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$30,000,000 Class D Floating Rate Deferrable Notes Due
     2017, Confirmed at Ba3; 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, 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 2618 versus a test
level of 2300 as of the last trustee report, dated August 3, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $30.3 million, accounting for roughly
6.4% of the collateral balance, and securities rated Caa1 or lower
make up approximately 8.6% of the underlying portfolio (computed
based on facility ratings, not default probability ratings of Caa1
or lower).

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.

AMMC CLO IV, Ltd., issued in March 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.


APIDOS CDO: Moody's Downgrades Ratings on 3 Classes of Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Apidos CDO III:

  -- US$212,000,000 Class A-1 Senior Notes Due 2020 Notes,
     Downgraded to Aa1; previously on June 8, 2006 Assigned Aaa;

  -- US$19,000,000 Class A-2 Senior Notes Due 2020 Notes,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$6,000,000 Class D Mezzanine Notes Due 2020 Notes,
     Downgraded to Caa2; 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$15,000,000 Class B Mezzanine Notes Due 2020 Notes,
     Confirmed at Baa3; previously on March 17, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$10,500,000 Class C Mezzanine Notes Due 2020 Notes,
     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, an
increase in the proportion of securities from issuers rated Caa1
and below, and failure of the Interest Diverstion Test.  In
particular, the weighted average rating factor has increased over
the last year and is currently 2600 versus a test level of 2570 as
of the last trustee report, dated August 18, 2009.  Based on the
same report, defaulted securities currently held in the portfolio
total about $12 million, accounting for roughly 4% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 9% of the underlying portfolio.  The Interest
Diversion Test was reported at 102.11% versus a test level of
102.9%.

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

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.  Moody's has also applied resecuritization stress
factors to default probability assumptions for structured finance
asset collateral as described in the press release titled "Moody's
updates its key assumptions for rating structured finance CDOs,"
published on December 11, 2008.  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.

Apidos CDO III, issued on May 9, 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.


APIDOS 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 Apidos CDO I Ltd.:

  -- US$265,000,000 Class A-1 Floating Rate Notes Notes,
     Downgraded to Aa1; previously on August 23, 2005 Assigned
     Aaa;

  -- US$15,000,000 Class A-2 Floating Rate Notes Notes, Downgraded
     to A2; previously on March 4, 2009 Aa2 Placed Under Review
     for Possible Downgrade;

  -- US$13,000,000 Class C Floating Rate Notes Notes, Downgraded
     to B1; previously on March 18, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade;

  -- US$8,000,000 Class D Floating Rate Notes Notes, Downgraded to
     Caa3; previously on March 18, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade.

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

  -- US$20,500,000 Class B Floating Rate Notes Notes, Confirmed at
     Baa3; previously on March 18, 2009 Downgraded to Baa3 and
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 2606 versus a test
level of 2500 as of the last trustee report, dated July 14, 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 8.7% of the underlying portfolio.

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

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.  Moody's has also applied resecuritization stress
factors to default probability assumptions for structured finance
asset collateral as described in the press release titled "Moody's
updates its key assumptions for rating structured finance CDOs,"
published on December 11, 2008.  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.

Apidos CDO I Ltd., issued on August 4, 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.


APIDOS CDO: Moody's Downgrades Ratings on Five Classes of Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Apidos CDO IV:

  -- US$174,500,000 Class A-1 Senior Notes Due 2018 Notes,
     Downgraded to Aa1; previously on September 28, 2006 Assigned
     Aaa;

  -- US$87,500,000 Class A-2 Senior Delayed Draw Notes Due 2018
     Notes, Downgraded to Aa1; previously on September 28, 2006
     Assigned Aaa;

  -- US$20,000,000 Class B Senior Notes Due 2018 Notes, Downgraded
     to A3; previously on March 4, 2009 Aa2 Placed Under Review
     for Possible Downgrade;

  -- US$14,000,000 Class D Deferrable Mezzanine Notes Due 2018
     Notes, Downgraded to B3; previously on March 17, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade;

  -- US$11,000,000 Class E Deferrable Junior Notes Due 2018 Notes,
     Downgraded to Caa3; previously on March 17, 2009 Downgraded
     to B3 and Remained On Review for Possible Downgrade.

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

  -- US$16,000,000 Class C Deferrable Mezzanine Notes Due 2018
     Notes, Confirmed at Baa3; previously on March 17, 2009
     Downgraded to Baa3 and Remained On 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 2617 as of the last
trustee report, dated August 19, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$15 million, accounting for roughly 4% of the collateral balance,
and securities rated Caa1 or lower make up approximately 11.75% of
the underlying portfolio.

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

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.  Moody's has also applied resecuritization stress
factors to default probability assumptions for structured finance
asset collateral as described in the press release titled "Moody's
updates its key assumptions for rating structured finance CDOs,"
published on December 11, 2008.  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.

Apidos CDO IV, issued on September 14, 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.


APIDOS CDO: Moody's Downgrades Ratings on Eight Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Apidos CDO II Ltd.:

  -- US$195,000,000 Class A-1 Floating Rate Notes Due 2018 Notes,
     Downgraded to Aa1; previously on December 28, 2005 Assigned
     Aaa;

  -- US$100,000,000 Class A-2 Delayed Draw Notes Due 2018 Notes,
     Downgraded to Aa1; previously on December 28, 2005 Assigned
     Aaa;

  -- US$22,500,000 Class A-3 Floating Rate Notes Due 2018 Notes,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$24,000,000 Class B Deferrable Floating Rate Notes Due 2018
     Notes, Downgraded to Ba1; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$13,000,000 Class C Floating Rate Notes Due 2018 Notes,
     Downgraded to B3; previously on March 18, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$13,500,000 Class D Floating Rate Notes Due 2018 Notes,
     Downgraded to Caa3; previously on March 18, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade;

  -- US$3,000,000 Class J Blended Securities Notes, Downgraded to
     B1; previously on March 4, 2009 Baa2 Placed Under Review for
     Possible Downgrade;

  -- US$5,000,000 Class K Blended Securities Notes, Downgraded to
     Caa1; previously on March 4, 2009 Baa2 Placed Under Review
     for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 Supplemental Diversion Test.  In
particular, the weighted average rating factor has increased over
the last year and is currently 2562 versus a test level of 2500 as
of the last trustee report, dated July 14, 2009.  Based on the
same report, defaulted securities currently held in the portfolio
total about $15 million, accounting for roughly 4% of the
collateral balance, and securities rated Caa1 or lower make up
approximately 7.4% of the underlying portfolio.  The Supplemental
Diversion Test was reported at 102.07% versus a test level of
103%.

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

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.  Moody's has also applied resecuritization stress
factors to default probability assumptions for structured finance
asset collateral as described in the press release titled "Moody's
updates its key assumptions for rating structured finance CDOs,"
published on December 11, 2008.  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.

Apidos CDO II Ltd., issued on December 21, 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.


ASPEN FUNDING: Moody's Downgrades Ratings on Four Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of four classes of notes issued by Aspen Funding I, Ltd.

The notes affected by the rating action are:

  -- US$157,000,000 Class A-1L Floating Rate Notes, Due 2037,
     Downgraded to Ba1; previously on 4/24/2008, Downgraded to A2

  -- US$12,000,000 Class A-2L Floating Rate Notes, Due 2037,
     Downgraded to Caa3; previously on 4/24/2008, Downgraded to
     Ba3

  -- US$10,000,000 Class A-3L Floating Rate Notes Due 2037,
     Downgraded to Ca; previously on 3/26/2009, Downgraded to Caa3

  -- US$5,500,000 Class B-1 9.06% Notes, Due 2037, Downgraded to
     C; previously on 5/13/2005, Downgraded to Ca

Aspen Funding I, Limited is a collateralized debt obligation
backed primarily by a portfolio of Residential Mortgage Backed
Securities and Commercial Mortgage Backed Securities.  RMBS and
CMBS are approximately 40% and 35%, respectively, of the
underlying portfolio the majority of which is from 2002 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 an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and an increase in the proportion of securities from
issuers rated Caa1 and below.  The ratings of approximately 26% of
the underlying assets have been downgraded since Moody's last
review of the transaction in March 2009.  The trustee reports that
the WARF of the portfolio is 3,463 as of August 27, 2009.
Securities rated Caa1 or lower make up approximately 33% of the
underlying portfolio.

The actions also take into consideration the risk of the
transaction experiencing an Event of Default.  As provided in
Section V of the Indenture dated May 30, 2002, 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.


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

  -- US$45,000,000 Class A-1 Senior Revolving Notes, Due 2016
     Notes (current balance of $43,981,159), Downgraded to A1;
     previously on June 3, 2004 Assigned Aaa

  -- US$198,000,000 Class A-2A Senior Notes, Due 2016 Notes
     (current balance of $193,517,099), Downgraded to A1;
     previously on June 3, 2004 Assigned Aaa

  -- US$99,900,000 Class A-2B Senior Notes, Due 2016 Notes
     (current balance of $97,638,173), Downgraded to A1;
     previously on June 3, 2004 Assigned Aaa

  -- US$100,000 Class A-2Bv Senior Notes, Due 2016 Notes (current
     balance of $97,736), Downgraded to A1; previously on June 3,
     2004 Assigned Aaa

  -- US$17,000,000 Class B Senior Notes, Due 2016 Notes,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade

  -- US$23,000,000 Class C-1 Deferrable Mezzanine Notes, Due 2016
     Notes, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- US$4,000,000 Class C-2 Deferrable Mezzanine Notes, Due 2016
     Notes, Downgraded to Ba2; previously on March 18, 2009
     Downgraded to Ba1 and Remained On Review for Possible
     Downgrade

  -- US$25,000,000 Class D Deferrable Mezzanine Notes, Due 2016
     Notes, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to B1 and Remained On Review for Possible
     Downgrade

  -- US$20,000,000 Class Z Combination Securities Notes (current
     balance of $10,915,171.54), Downgraded to B2; previously on
     June 3, 2004 Assigned Baa2

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 Mezzanine Overcollateralization Test.
In particular, the weighted average rating factor has increased
over the last year and is currently 3268 versus a test level of
2923 as of the last trustee report, dated August 5, 2009.  Based
on the same report, defaulted securities currently held in the
portfolio total about $28 million, accounting for roughly 6% of
the collateral balance, and securities rated Caa1 or lower make up
approximately 18% of the underlying portfolio.  The Mezzanine
Overcollateralization Test was reported at 100.14%versus a test
level of 102%.

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. 2004-I, issued in June 3, 2004, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

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


BEAR STEARNS: Fitch Takes Rating Actions on 24 2006-TOP24 Certs.
----------------------------------------------------------------
Fitch Ratings has taken various rating actions on 24 classes of
Bear Stearns Commercial Mortgage Securities Trust, commercial
mortgage pass-through certificates, series 2006-TOP24, including
downgrades to 14 classes.  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 loss expectations and reflect
Fitch's prospective views regarding commercial real estate market
value and cash flow declines.  Fitch forecasts potential losses of
4.1% for this transaction, should market conditions not recover.
The rating actions are based on losses of 3.6% 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 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for loans
representing 62.4% of the pool and, in certain cases, revised
based on additional information and/or property characteristics.
The loans in the reviewed sample accounted for 96.4% of the
recognized loss in the deal.

Approximately 12.5% of the mortgages are scheduled to mature
within the next five years, with 12.5% maturing in 2011.  In 2016,
73.4% of the pool is scheduled to mature.

Fitch identified 29 Loans of Concern (31.7%) within the pool, five
of which (6.6%) are specially serviced.  Two of the specially
serviced loans (5.2%) are within the transaction's top 15 loans
(54.1%) by unpaid principal balance, and none of the specially
serviced loans are current.  Six of the Fitch Loans of Concern
(23.4%) are within the transaction's top 15 loans.

All fifteen of the top 15 loans (54.1%) are expected to default
during the term or at maturity, with loss severities up to 50%.
Three of the largest contributors to loss are: W Hotel San Diego
(4.3% of the pool), Boscovs - Monmouth Mall (1.3%) and Washington
Mutual Bank - Downey (0.4%).

The W Hotel - San Diego is collateralized by a 258 room full
service hotel in San Diego, CA.  The loan transferred to special
servicing in April of 2009 and is currently in foreclosure.  As of
year end 2008 the servicer reported debt service coverage ratio
was 0.94 times (x), average occupancy for the year was at 69%, the
ADR was $222.27 and RevPar was $153.37 (which represents a decline
of approximately 15% from YE 2007).  Based on an updated appraisal
value, Fitch expects losses of approximately 50% if the asset is
liquidated.

Boscovs is collateralized by a 262,101 square foot single-tenant
retail property located at the Monmouth Mall, in Monmouth, NJ.
The loan transferred to special servicing in April 2009, following
the bankruptcy of the lone tenant (Boscovs) and the subsequent
store closing.  The property is currently 100% vacant.  The
special servicer continues to work with the borrower to stabilize
the asset while the borrower pursues a replacement tenant.  Based
on the current delinquency status of the loan and uncertainty of
potential replacement tenants, Fitch expects losses prior to the
loans maturity in 2016.

Washington Mutual Bank - Downey is collateralized by a 20,040 sf
single-tenant retail property in Downey, CA.  The loan transferred
to special servicing in February 2009 due to the sole tenant
(Washington Mutual) rejecting the lease.  The property is
currently 100% vacant.  Fitch expects significant losses if the
loan is liquidated based the vacancy and an updated appraisal.

Fitch downgrades and assigns Loss Severity ratings and Outlooks to
these classes:

  -- $101.7 million class A-J to 'A/LS3' from 'AAA'; Outlook
     Negative;

  -- $28.8 million class B to 'BBB/LS4' from 'AA'; Outlook
     Negative;

  -- $13.4 million class C to 'BBB/LS5' from 'AA-'; Outlook
     Negative;

  -- $21.1 million class D to 'BB/LS5' from 'A'; Outlook Negative;

  -- $13.4 million class E to 'BB/LS5' from 'A-'; Outlook
     Negative;

  -- $13.4 million class F to 'BB/LS5' from 'BBB+'; Outlook
     Negative.

Fitch downgrades, removes from Rating Watch Negative, and assigns
a LS rating and Outlook to this class:

  -- $19.2 million class G to 'B-/LS5' from 'BBB'; Outlook
     Negative.

Fitch downgrades, removes from Rating Watch Negative, and assigns
Recovery Ratings to these classes:

  -- $9.6 million class H to 'CCC/RR6' from 'BBB-';
  -- $3.8 million class J to 'CC/RR6' from 'BB+';
  -- $3.8 million class K to 'CC/RR6' from 'BB';
  -- $5.8 million class L to 'CC/RR6' from 'BB-';
  -- $5.8 million class M to 'CC/RR6' from 'B+';
  -- $1.9 million class N to 'CC/RR6' from 'B';
  -- $1.9 million class O to 'CC/RR6' from 'B'.

Additionally, Fitch affirms the ratings and Outlooks, and assigns
a LS rating to these classes:

  -- $39.6 million class A-1 at 'AAA/LS1; Outlook Stable;
  -- $173.2 million class A-2 at 'AAA/LS1; Outlook Stable;
  -- $91.7 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $81 million class A-AB at 'AAA/LS1'; Outlook Stable;
  -- $715.3 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $153.5 million class A-M at 'AAA/LS3'; Outlook Stable.

Fitch affirms the ratings and Outlooks for these classes:

  -- Interest-only class X-1 at 'AAA'; Outlook Stable
  -- Interest-only class X-2 at 'AAA'; Outlook Stable.

Fitch does not rate the $17.3 million class P.


CAMDEN COUNTY: Fitch Affirms 'C' Rating on $35 Mil. Bonds
---------------------------------------------------------
During the course of routine surveillance, Fitch Ratings affirms
its 'C' rating on approximately $35 million in outstanding Camden
County Pollution Control Financing Authority, New Jersey (the
authority) solid waste system revenue bonds, series 1991 A and B.
The Rating Outlook is Stable.

The 'C' rating primarily reflects the authority's inability to pay
debt service from its own operations or reserves and its continued
dependence on the State of New Jersey (state) to subsidize debt
service through purely discretionary payments.  The authority has
experienced a reduction in tonnage delivered to its facilities due
to the overall economic downturn.  Voluntary state subsidy
payments over the last nine fiscal years, combined with authority
revenues, have allowed the authority to continue operations and
meet debt service requirements although state subsidy payments in
2007 and 2008 were reduced from prior years, and it is uncertain
as to the amount the authority will receive in 2009.  The debt
service reserve fund has been depleted since 1999.

The authority must request funds from the state prior to each
semi-annual debt service payment, and while there is no legal
requirement to provide payment or notice of non-payment of the
state subsidy, the state has provided a subsidy since 1999.  State
support for all local solid waste systems in fiscal 2010 is
budgeted at $27 million, representing a decline from fiscal 2009's
budgeted amount of $30 million and a de minimis 0.1% of total
state appropriations.


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

  -- US$22,000,000 Class A-1b Floating Rate Notes due 2016,
     Downgraded to Aa3, previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$632,500,000 Class A-2 Floating Rate Notes due 2016
     (current balance of $630,774,485), Downgraded to Aa2,
     previously on May 18, 2004 Assigned Aaa;

  -- US$5,000,000 Class D-1 Deferrable Fixed Rate Notes due 2016,
     Downgraded to Caa3, previously on March 18, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade;

  -- US$25,300,000 Class D-2 Deferrable Floating Rate Notes due
     2016, Downgraded to Caa3, previously on March 18, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$6,000,000 Class H Combination Securities due 2016 (current
     rated balance of $1,893,328), Downgraded to B2, previously on
     May 18, 2004 assigned Ba2;

  -- US$10,000,000 Class J Combination Securities due 2016
     (current rated balance of $7,169,370), Downgraded to Baa2,
     previously on March 4, 2009 A3 Placed Under Review for
     Possible Downgrade;

  -- US$8,500,000 Class K Combination Securities due 2016 (current
     rated balance of $4,566,086), Downgraded to Ba1, previously
     on March 4, 2009 Baa2 Placed Under Review for Possible
     Downgrade.

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

  -- US$22,500,000 Class B-1 Deferrable Fixed Rate Notes due 2016,
     Confirmed at Baa3, previously on March 18, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$76,500,000 Class B-2 Deferrable Floating Rate Notes due
     2016, Confirmed at Baa3, previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$3,000,000 Class C-1 Deferrable Fixed Rate Notes due 2016,
     Confirmed at Ba3, previously on March 18, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$27,205,000 Class C-2 Deferrable Floating Rate Notes due
     2016, Confirmed at Ba3, 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, 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 2629 versus a test
level of 2590 as of the last trustee report, dated August 24,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $76 million, accounting for
roughly 7% of the collateral balance, and securities rated Caa1 or
lower make up approximately 8% 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 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.

Centurion CDO VII Limited, issued on May 18, 2004, is a
collateralized loan obligation, backed primarily by a portfolio of
senior secured loans.

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


CITIGROUP COMMERCIAL: Fitch Takes Rating Actions on 2006-C5 Notes
-----------------------------------------------------------------
Fitch Ratings has taken various rating actions on 13 classes of
Citigroup Commercial Mortgage Trust 2006-C5.  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 loss expectations and reflect
Fitch's prospective views regarding commercial real estate market
value and cash flow declines.  Fitch forecasts potential losses of
6.9% for this transaction, should market conditions not recover.
The rating actions are based on losses of 4.2%, 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
considers the Outlooks on the super-senior classes to be Stable
due to projected losses having limited impact on credit
enhancement when associated paydown is factored into the analysis.

The Rating Watch Negative actions on the AMP classes are due to
special servicing fees associated with the Ala Moana Mall (4.6%).
This loan transferred to special servicing due to the sponsor,
General Growth Properties, filing for bankruptcy in April 2009
along with the single purpose entity that owns the collateral.
The loan remains current, although legal fees from protecting the
interests of the trust are likely to ultimately create interest
shortfalls or losses to the trust.

Fitch analyzed the transaction and calculated expected losses by
assuming cash flows on each of the properties decline 15% from
year-end 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for loans
representing 53% of the pool and, in certain cases, revised based
on additional information and/or property characteristics.

Approximately 17.4% of the mortgages mature within the next five
years: 12.3% in 2011, 1.7% in 2013, and 3.4% in 2014.  In 2016,
80.4% of the pool is scheduled to mature.

Fitch identified 31 Loans of Concern (14.6%) within the pool, 12
of which (8.2%) are specially serviced.  Of the specially serviced
loans, six (6.7% of the pool) are current.  Five of the Fitch
Loans of Concern (12.7%) are within the transaction's top 15 loans
(42.8%) by unpaid principal balance, one (4.6%) of which is
specially serviced.

Losses are expected on 11 of the loans within the top 15: three
(4.7%) of these loans are expected to default in the term, while
losses on the remaining eight loans (23.8%) are expected at
maturity.  Loss severities associated with these loans range from
5% to 25%.

The largest contributors to loss on a pool level basis (by
outstanding balance) are: 909 Poydras Office Building (1.9%),
North Campus Crossing (1.3%), and Canyon Corporate Center (1.2%).

909 Poydras Office consists of a 541,636 sf office development in
the central business district of New Orleans, LA.  Tenancy at the
property is diverse, with no tenant representing more than 6% of
the net rentable area.  Market conditions were improving post-
Hurricane Katrina as businesses and the general community returned
to the region; however, the recession has limited further
recovery.  As of second quarter 2009 (2Q'09), the New Orleans
average market rent and vacancy was $15.18 per square foot and
15.4%, respectively, compared with the subject's average in-place
rent of $15.14 psf and vacancy of 19%.  Based on current
performance, Fitch does not expect the loan to default during the
term, unless market conditions deteriorate.

North Campus Crossing consists of an 876-unit student housing
apartment community located in Greenville, NC, approximately three
miles northeast of East Carolina University.  Many premium
amenities are available at the property including a clubhouse,
gymnasium, two pools, hot tub, sundeck, outdoor grill area, movie
theater room, exercise rooms, and full-sized volleyball and basket
ball courts.  The property, newly developed at the time of the
origination, is behind its stabilization schedule.  Occupancy as
of August 2009 was 82.8%, compared to 52% at year-end 2007.  The
property was underwritten to a stabilized issuer debt service
coverage ratio of 1.31 times at origination.  As of YE 2008, the
actual DSCR was 0.86x.  Based on current performance, Fitch
expects the loan to default prior to maturity.

Canyon Corporate Center is comprised of a 156,135 square foot
office property located in Anaheim, CA.  The property is 100%
occupied by Cingular Wireless; however Cingular's lease expires on
Sept. 30, 2009, and they are vacating the premises.  The loan
transferred to special servicing in August 2009 due to Cingular's
decision not to renew their lease, effectively leaving the
property vacant until the borrower can find a new tenant.  The
special servicer is discussing workout options with the borrower.
Cingular was paying $18 psf for their space, slightly lower than
the North Orange County market asking rate of $21.73 as of 2Q'09.
Since origination, market vacancy has continually increased due to
the recession, with the 2Q'09 vacancy reported to be 18.6%.
Should the property be converted to accommodate multi-tenant uses,
market vacancy will limit the borrower's ability to recover cash
flow to levels in-line with Cingular's annual payment.  Losses are
expected prior to maturity.

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

  -- $172.6 million class A-J to 'A/LS3' from 'AAA'; Outlook
     Negative;

  -- $42.5 million class B to 'BBB/LS5' from 'AA'; Outlook
     Negative;

  -- $21.2 million class C to 'BBB-/LS5' from 'AA-'; Outlook
     Negative;

  -- $26.5 million class D to 'BB/LS5' from 'A'; Outlook Negative;

  -- $29.2 million class E to 'BB/LS5' from 'A-'; Outlook
     Negative;

  -- $26.5 million class F to 'B/LS5' from 'BBB-'; Outlook
     Negative;

  -- $21.2 million class G to 'B-/LS5' from 'BB+'; Outlook
     Negative;

  -- $21.2 million class H to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $8 million class J to 'B-/LS5' from 'B+'; Outlook Negative;

  -- $8 million class K to 'B-/LS5' from 'B'; Outlook Negative.

In addition, Fitch affirms, removes from Rating Watch Negative,
and assigns Outlooks and Loss Severity ratings to this class:

  -- $8 million class L at 'B-/LS5'; Outlook Negative.

In addition, Fitch affirms these classes and revises the Recovery
Ratings as indicated:

  -- $2.7 million class M at 'CCC/RR6 from RR1';
  -- $8 million class N at 'CCC/RR6 from RR2';
  -- $2.7 million class O at 'CC/RR6 from RR4'.

In addition, Fitch places these non-pooled rake classes on Rating
Watch Negative:

  -- $40 million class AMP-1 at 'BBB+/LS5';
  -- $48 million class AMP-2 at 'BBB'/LS5;
  -- $27 million class AMP-3 at 'BBB-/LS5'.

Fitch also affirms these classes and assigns them LS ratings and
Outlooks:

  -- $36.3 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $236.8 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $93.8 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $92.8 million class A-SB at 'AAA/LS1'; Outlook Stable;
  -- $774.3 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $220.5 million class A-1A at 'AAA/LS1' Outlook Stable;
  -- $212.4 million class A-M at 'AAA/LS1'; Outlook Stable;
  -- Interest-only class XP at 'AAA'; Outlook Stable;
  -- Interest-only class XC at 'AAA'; Outlook Stable.

Fitch does not rate class P.


CITIGROUP MORTGAGE: S&P Downgrades Ratings on Two 2008-AR4 Certs.
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two
classes of certificates from Citigroup Mortgage Loan Trust 2008-
AR4.  S&P lowered the ratings on the class 1A2 and 2A2
certificates to 'CCC' from 'AA.'  The downgrades reflect the
considerable deterioration in performance of the loans backing the
underlying certificates.  This performance deterioration is so
severe that the credit enhancement available for the underlying
certificates is insufficient to maintain the ratings on the re-
REMIC classes of certificates.

CMLT 2008-AR4, which closed in October 2008, is a re-securitized
real estate mortgage investment conduit RMBS transaction,
collateralized by two underlying classes that support two
independent groups within the re-REMIC.  Because classes 1A2 and
2A2 from CMLT 2008-AR4 provide support to their applicable group
within the re-REMIC, any losses borne by the related underlying
classes will be applied to the applicable support class(es) first.
The loans securing the two underlying classes, which are included
in two different trusts, consist predominately of interest-only,
adjustable-rate Alternative-A mortgage loans.

The Class 1A2 certificates from CMLT 2008-R4 are supported by the
1-A-1 class from Bear Stearns ARM Trust 2007-1 (currently rated
'CCC').  The performance of the loans securing this trust has
declined significantly in recent months.  As of the August 2009
distribution, this pool had experienced losses of 1.23% of the
original pool balance, and approximately 25% of the current pool
balance was delinquent.  Based on the losses to date, the current
pool factor of 0.74 (74%), 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
12.15%.  This projected loss exceeds the level of credit
enhancement available to cover losses to the underlying
class, and subsequently the 1A2 re-REMIC class.

The class 2A2 certificates from CMLT 2008-AR4 are supported by the
I-1A-1 class from Bear Stearns ARM Trust 2007-4 (currently rated
'CCC').  The performance of the loans securing this trust
continues to erode beyond reasonable expectations.  As of the
August 2009 distribution, this pool had experienced losses of
1.96% and had approximately 27% in delinquent loans.  Based on the
losses to date, the current pool factor of 0.74 (74%) and the
pipeline of delinquent loans, S&P's current projected loss for
this pool is 22.72%.  This loss projection exceeds the level of
credit enhancement available to cover losses to the I-1A-1 class,
thus impacting the 2A2 re-REMIC 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.

                          Ratings Lowered

              Citigroup Mortgage Loan Trust 2008-AR4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1A2        17314RAB1     CCC                  AA
        2A2        17314RAF2     CCC                  AA


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

  -- US$300,000,000 Class A Senior Notes (current balance of
     $295,595,471), Downgraded to Aa1; previously on August 16,
     2006 Assigned Aaa;

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

  -- US$12,000,000 Class E Deferrable Junior Notes (current
     balance of $12,298,956), 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$18,000,000 Class C Deferrable Mezzanine Notes, Confirmed
     at Baa3; previously on March 17, 2009 Downgraded to Baa3 and
     Placed Under Review for Possible Downgrade;

  -- US$15,500,000 Class D Deferrable Mezzanine Notes, 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, an
increase in the proportion of securities from issuers rated Caa1
and below, and failure of the Mezzanine Overcollateralization
Test.  In particular, the weighted average rating factor has
increased over the last year and is currently 2824 as of the last
trustee report, dated August 10, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$16 million, accounting for roughly 4% of the collateral balance,
and securities rated Caa1 or lower make up approximately 14% of
the underlying portfolio.  The Mezzanine Overcollateralization
Test was reported at 104.16% versus a test level of 104.90%.
Additionally, interest payments on the Class E Notes are presently
being deferred as a result of the failure of the Mezzanine
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.

ColumbusNova CLO Ltd. 2006-I, issued in August 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.


COLUMBUSNOVA CLO: Moody's Downgrades Ratings on 2007-II Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by ColumbusNova CLO IV Ltd. 2007-II:

  -- US$27,000,000 Class A-2 Senior Notes Due 2021, Downgraded to
     Aa2; previously on March 4, 2009 Aaa Placed Under Review for
     Possible Downgrade;

  -- US$26,250,000 Class B Senior 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:

  -- US$25,000,000 Class C Deferrable Mezzanine Notes Due 2021,
     Confirmed at Baa3; previously on March 17, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$14,000,000 Class D Deferrable Mezzanine Notes Due 2021,
     Confirmed at Ba3; previously on March 17, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$11,250,000 Class E Deferrable Junior Notes Due 2021
     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, an
increase in the proportion of securities from issuers rated Caa1
and below, and failure of the Class E overcollateralization test,
WARF test, and Caa limitation.  In particular, the weighted
average rating factor has increased over the last year and is
currently 3039 versus a test level of 2811 as of the last trustee
report, dated August 10, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$17.73 million, accounting for roughly 4.07% of the collateral
balance, and securities rated Caa1 or lower make up approximately
15.23% of the underlying portfolio.  The Class E
overcollateralization test was reported at 104.61% versus a test
level of 106%.  Additionally, interest payments on the Class E
Notes were deferred as a result of the failure of the Class A/B
interest coverage test in November 2008, December 2008, and
January 2009.

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.  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 IV Ltd. 2007-II, issued in November 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.


COMMERCIAL MORTGAGE: Moody's Reviews Ratings on 1999-C2 Certs.
--------------------------------------------------------------
Moody's Investors Service placed nine classes of Commercial
Mortgage Asset Trust, Commercial Mortgage Pass-Through
Certificates, Series 1999-C2 on review for possible downgrade due
to higher expected losses for the pool resulting from anticipated
losses from loans in special servicing and interest shortfalls.
Based upon updated appraisals, Moody's now expects higher loss
severities on the vacant single-tenant retail properties that are
currently in special servicing.  In addition, larger interest
shortfalls have resulted from the updated appraisal reduction
amounts.  Since Moody's prior review in March 2009, one loan,
representing 6% of the pool, has transferred to special servicing.
The rating action is the result of Moody's on-going surveillance
of commercial mortgage backed securities transactions.

As of the September 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 50%
to $384.4 million from $775.2 million at securitization.  The
Certificates are collateralized by 33 mortgage loans ranging in
size from less than 1% to 10% of the pool, with the top 10 loans
representing 47% of the pool.  The pool includes a credit tenant
lease component, which represents 16% of the pool.  Ten loans,
representing 43% of the pool, have defeased and are collateralized
by U.S. Government securities.

Two loans, representing 10% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Five loans have been liquidated, resulting in an aggregate
realized loss of approximately $28.2 million.  Nine loans,
representing 14% of the pool, are currently in special servicing.
Six of the specially serviced loans, comprising 5% of the pool,
are REO and are secured by single-story Circuit City retail
properties.

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

Moody's rating action is:

  -- Class E, $29,069,000, currently rated Aa1, on review for
     possible downgrade; previously affirmed at Aa1 on 3/19/2009

  -- Class F, $15,503,000, currently rated A1, on review for
     possible downgrade; previously affirmed at A1 on 3/19/2009

  -- Class G, $15,503,000, currently rated Baa1, on review for
     possible downgrade; previously affirmed at Baa1 on 3/19/2009

  -- Class H, $15,503,000, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 3/19/2009

  -- Class J, $7,751,000, currently rated Ba3, on review for
     possible downgrade; previously downgraded to Ba3 from Ba2 on
     3/19/2009

  -- Class K, $11,627,000, currently rated B2, on review for
     possible downgrade; previously downgraded to B2 from Ba3 on
     3/19/2009

  -- Class L, $7,751,000, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from B1 on
     3/19/2009

  -- Class M, $7,751,000, currently rated Ca, on review for
     possible downgrade; previously downgraded to Ca from Caa1 on
     3/19/2009

  -- Class N, $5,813,000, currently rated Ca, on review for
     possible downgrade; previously affirmed at Ca on 3/19/2009

In addition to the two principal methodologies, Moody's also used
its credit-tenant lease financing rating methodology for
evaluating the CTL component.  Under Moody's CTL approach, the
rating of a transaction's certificates is primarily based on the
senior unsecured debt rating (or the corporate family rating) of
the tenant, usually an investment grade rated company, leasing the
real estate collateral supporting the bonds.  This tenant's credit
rating is the key factor in determining the probability of default
on the underlying lease.  The lease generally is "bondable", which
means it is an absolute net lease, yielding fixed rent paid to the
trust through a lock-box, sufficient under all circumstances to
pay in full all interest and principal of the loan.  The leased
property should be owned by a bankruptcy-remote, special purpose
borrower, which grants a first lien mortgage and assignment of
rents to the securitization trust.  The dark value of the
collateral, which assumes the property is vacant or "dark", is
then examined; the dark value must be sufficient, assuming a
bankruptcy of the tenant and rejection of the lease, to support
the expected loss consistent with the certificates' rating.  The
certificates' rating will change as the senior unsecured debt
rating (or the corporate family rating) of the tenant may change.
Moody's also considers the overall structure and legal integrity
of the transaction.


CORONADO CDO: Moody's Downgrades Ratings on Two Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of notes issued by Coronado CDO, Ltd.  The
notes affected by the rating action are:

  -- US$377,000,000 Class A-1 First Priority Senior Secured
     Floating Rate, Due 2038, Downgraded to B3; previously on
     2/18/2009 Downgraded to Baa2

  -- US$5,000,000 Class A-2 First Priority Senior Secured Floating
     Rate, Due 2038, Downgraded to B3; previously on 2/18/2009
     Downgraded to Baa2

As a result of the rating action, the Class A-1 and Class A-2
Notes are now rated B3, consistent with Moody's practice of rating
insured securities which is to assign the higher of the
guarantor's rating or the published underlying rating.

Coronado CDO, Ltd, is a collateralized debt obligation backed by a
diversified portfolio with the highest concentrations in
Residential ABS Securities (34%) and Commercial ABS Securities
(16%).  The underlying collateral pool has significant
concentration in 2001-2005 vintage securities.

The rating downgrade actions reflect deterioration in the credit
quality of the underlying portfolio since Moody's last review of
the transaction in April 2009.  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), an increase in the dollar amount of defaulted
securities, and an increase in the proportion of securities from
issuers rated Caa1 and below.  The ratings of approximately 34% of
the underlying assets have been downgraded since Moody's last
review of the transaction in April 2009.  The trustee reports that
the WARF of the portfolio is 867 as of August 28, 2009, and also
reports defaulted assets in the amount of $103 million.
Securities rated Caa1 or lower make up approximately 3.0% of the
underlying portfolio.  Coverage tests are failing, including the
Class A, Class B, and Class C Overcollateralization Tests.

The actions also take into consideration the occurrence of, as
reported by the Trustee on September 3, 2009, an Event of Default
described in Section 5.01(8) of the Indenture dated September 4,
2003, caused by the failure to maintain the Class A
Overcollateralization Ratio on any Determination Date at an amount
equal to at least 102%.  As provided in Article V of the Indenture
during the occurrence and continuance of an Event of Default,
certain holders of Notes may be entitled to direct the Trustee to
take particular actions with respect to the Collateral and the
Notes.  The severity of losses of certain tranches may be
different, however, depending on the timing and outcome of a
liquidation.

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.


CORPORATE BACKED: Moody's Upgrades Ratings on A-1 Certs. to 'Caa2'
------------------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by Corporate Backed Trust Certificates, Ford
Motor Company Note-Backed Series 2003-6 Trust:

  -- 1,000,000 Class A-1 Certificates due July 15, 2031; Upgraded
     to Caa2; on January 9, 2009 Downgraded to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 7.45% GlobLS due July 16, 2031, issued by Ford Motor
Company which were upgraded to Caa2 by Moody's on September 3,
2009.


CORPORATE BACKED: Moody's Upgrades Ratings on Certs. to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by Corporate Backed Trust Certificates, Ford
Motor Co. Debenture-Backed Series 2001-36 Trust:

  -- 1,320,000 Corporate Backed Trust Certificates, Ford Motor Co.
     Debenture-Backed Series 2001-36, Class A-1; Upgraded to Caa2;
     on January 9, 2009 Downgraded to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 7.70% Debentures due May 15, 2097, issued by Ford Motor
Company which were upgraded to Caa2 by Moody's on September 3,
2009.


CORSAIR NO 4: Moody's Withdraws Ratings on Series 3 Notes
---------------------------------------------------------
Moody's Investors Service announced it has withdrawn its rating of
Series 3 (Electric Lights Orchestra) notes issued by Corsair
(Jersey) No.4 Limited.  The rating action follows the repurchase
and cancellation of all the notes on 21 September 2009.

Issuer: Corsair (Jersey) No.  4 Limited

  -- EUR70M Series 3 (Electric Lights Orchestra) EUR70,000,000
     Floating Rate Secured Portfolio Credit-Linked Notes due 2013,
     Withdrawn; previously on Mar 10, 2009 Downgraded to Ba2


CORTS TRUST: Moody's Upgrades Ratings on Certs. to 'Caa2'
---------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by CorTS Trust for Ford Debentures:

  -- 12,000,000 7.40% Corporate-Backed Trust Securities
     Certificates; Upgraded to Caa2; on January 9, 2009 Downgraded
     to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Debentures and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 7.40% Debentures issued by Ford Motor Company which were
upgraded to Caa2 by Moody's on September 3, 2009.


CORTS TRUST: Moody's Upgrades Ratings on Securities to 'Caa2'
-------------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by CorTS Trust II for Ford Notes:

  -- 8,783,363 8.00% Corporate-Backed Trust Securities
     Certificates; Upgraded to Caa2; on January 9, 2009 Downgraded
     to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Notes and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 7.45% Global Landmark Securities due July 16, 2031,
issued by Ford Motor Company which were upgraded to Caa2 by
Moody's on September 3, 2009.


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

  -- US$269,600,000 Class A Senior Secured Floating Rate Funded
     Notes Due 2017, Downgraded to A1; previously on June 14, 2005
     Assigned Aaa;

  -- US$40,400,000 Class A Senior Secured Floating Rate Revolving
     Notes Due 2017, Downgraded to A1; previously on June 14, 2005
     Assigned Aaa;

  -- US$27,900,000 Class B Second Priority 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$17,900,000 Class C Third Priority Deferrable Floating Rate
     Notes Due 2017, Downgraded to B3; previously on March 18,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$13,200,000 Class D Fourth Priority Deferrable Floating
     Rate Notes Due 2017 (current balance of $11,497,148),
     Downgraded to Caa3; previously on March 18, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade;

  -- US$24,700,000 Combination Notes Due 2017 (rated balance of
     $23,242,256), Downgraded to Caa3; Downgraded to Caa3;
     previously on March 4, 2009 Ba1 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 2789 versus a test
level of 2589 as of the last trustee report, dated August 20,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $25.9 million, accounting for
roughly 6.6% of the collateral balance, and securities rated Caa1
or lower make up approximately 12.8% 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.

Flagship CLO IV, issued in June 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.


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

  -- US$230,400,000 Class A Floating Rate Notes Due 2020,
     Downgraded to A1; previously on September 21, 2006 Assigned
     Aaa;

  -- US$9,000,000 Class B Floating Rate Notes Due 2020, 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
     2020, Downgraded to Ba2; previously on March 17, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$9,000,000 Class D Deferrable Floating Rate Notes Due 2020,
     Downgraded to B2; previously on March 17, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$9,600,000 Class E Deferrable Floating Rate Notes Due 2020,
     Downgraded to Caa3; 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 2736 versus a test
level of 2500 as of the last trustee report, dated August 25,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $18 million, accounting for
roughly 6.5% of the collateral balance, and securities rated Caa1
or lower make up approximately 14% 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 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.

Four Corners CLO III, Ltd., issued in September 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.


GALE FORCE: Moody's Downgrades Ratings on Various Classes of Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Gale Force 2 CLO, Ltd.:

  -- US$366,000,000 Class A First Priority Senior Secured Floating
     Rate Notes due 2018, Downgraded to Aa1, previously on
     June 22, 2006 Assigned Aaa;

  -- US$25,000,000 Class B Second Priority Senior Secured Floating
     Rate Notes due 2018, Downgraded to Aa3, previously on
     March 4, 2009, Aa2 Placed Under Review for Possible
     Downgrade;

  -- US$5,000,000 Class I Combination Notes due 2018 (current
     rated balance of $3,826,820), Downgraded to A2, previously on
     March 4, 2009, A1 Placed Under Review for Possible Downgrade;

  -- US$3,000,000 Class II Combination Notes due 2018 (current
     rated balance of $2,297,967), Downgraded to Ba2, previously
     on March 4, 2009, Baa3 Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes
reflect 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 2688 as of the last
trustee report, dated August 2, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$16.5 million, accounting for roughly 3% of the collateral
balance, and securities rated Caa1 or lower make up approximately
11% 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 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.

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

  -- US$28,800,000 Class C Third Priority Senior Secured
     Deferrable Floating Rate Notes due 2018, Upgraded to Baa2,
     previously on March 23, 2009, Downgraded to Ba1 and Placed
     Under Review for Possible Downgrade;

  -- US$25,000,000 Class D Fourth Priority Mezzanine Deferrable
     Floating Rate Notes due 2018, Upgraded to Ba2, previously on
     March 23, 2009, Downgraded to B1 and Placed Under Review for
     Possible Downgrade;

  -- US$20,000,000 Class E Fifth Priority Mezzanine Deferrable
     Floating Rate Notes due 2018, Upgraded to B3, previously on
     March 23, 2009, Downgraded to Caa2 and Placed Under Review
     for Possible Downgrade.

Moody's notes that the upgrade actions on the Class C Notes, Class
D Notes and Class E 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 C Notes, Class D Notes and Class E 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.

Gale Force 2 CLO, Ltd., issued on June 22, 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.


GE CAPITAL: Moody's Reviews Ratings on 2000-1 Certificates
----------------------------------------------------------
Moody's Investors Service placed three classes GE Capital
Commercial Mortgage Corporation, Commercial Mortgage Pass-Through
Certificates, Series 2000-1 on review for possible downgrade due
to expected losses for the pool resulting from anticipated losses
from the Embassy Suites -- New Orleans loan that recently
transferred into special servicing and concerns about loans that
are approaching maturity within two years that have a Moody's
stressed debt service coverage ratio below 1.20X.  The rating
action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the September 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by less than 125 to
$530.2 million from $707.3 million at securitization.  The
Certificates are collateralized by 89 mortgage loans ranging in
size from less than 1% to 7% of the pool, with the top 10 loans
representing 37% of the pool.

Fourteen loans, representing 10% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The one loan that recently transferred into special servicing is
Embassy Suites-New Orleans ($28 million -- 5%).  The loan is
secured by a 372-room limited service hotel located in New
Orleans, Louisiana.  The loan is scheduled to mature in May 2010
and has sustained significant damage from Hurricane Katrina.
Capmark Finance, the CMBS deal's special servicer, reported that
the property had a debt-service coverage ratio of 0.69x last year.

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

  -- Class E, $22,988,260, currently rated Baa2, on review for
     possible downgrade; previously affirmed at Baa2 on 2/19/2008

  -- Class F, $8,841,638, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 2/19/2008

  -- Class H, $6,189,147, currently rated Ca, on review for
     possible downgrade; previously downgraded to Ca from Caa1 on
     2/19/2008


GLIMCHER REALTY: Moody's Cuts Preferred Equity Rating to 'B2'
-------------------------------------------------------------
Moody's Investors Service lowered the preferred equity rating for
Glimcher Realty Trust to B2 from B1 and maintained its negative
rating outlook.

The apparent resolution of Glimcher's credit facility, offering of
approximately $100 million of common equity and the agreement to
sell the Lloyd Center mall to net $60 million in proceeds were
critical in terms of shoring up the REITs very uncertain liquidity
position; absent these steps, Moody's would likely have lowered
the preferred rating more than one notch.  Glimcher's leverage
metrics are high with effective leverage at 76% and net debt at
9.6x EBITDA; Glimcher is committed to reducing leverage, and the
terms of the modified bank line in effect mandate this.

Glimcher remains in a tight liquidity position, with no
unencumbered assets and no available capacity on its shrinking
line of credit.  Essentially all present and future unencumbered
assets, net proceeds from capital transactions and excess cash
flow has been either pledged to the line or will be used to reduce
its size.  Furthermore, despite reports that a bottom may be
developing in the economy, Moody's remains very cautious with
respect to retail and the American consumer.  Therefore, the
ratings outlook remains negative.

Moody's would likely stabilize the rating should Glimcher achieve
backup liquidity (cash, bank line availability, unencumbered
assets, etc.) sufficient to meet four quarters of cash flow needs.
In addition, Glimcher would need to reduce leverage metrics to
below 8.5x net debt / EBITDA and effective leverage below 65% of
gross assets.

Conversely, Moody's would likely further downgrade Glimcher's
rating should the REIT's fixed charge coverage fall below 1.5x for
more than two quarters, effective leverage reach 80% of gross
assets or net debt / EBITDA rise over 10x.  The rating would also
experience downward pressure should it encounter any major tenant
bankruptcies or should Moody's perceive that retailers are
experiencing significant stress to the degree that Glimcher's
credit profile will be further weakened.

This rating was lowered and remains with a negative outlook:

* Glimcher Realty Trust -- Preferred equity to B2 from B1.

The most recent rating action with respect to Glimcher took place
on January 16, 2009, when Moody's revised the outlook to negative
from stable.

Glimcher Realty Trust is a real estate investment trust which is
headquartered in Columbus, Ohio, USA, that owns, manages, acquires
and develops malls, including enclosed regional malls and open-air
lifestyle centers, as well as community centers.


GMACM HOME: Moody's Downgrades Ratings on Three Tranches
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings of three
tranches issued in two GMACM transactions due to higher expected
pool losses in relation to available credit enhancement.  The
collateral backing these securities consists primarily of closed-
end second lien residential mortgage loans and second lien home
equity lines of credit.

The primary drivers of the downgrades are higher then expected
increases in the delinquent loans and cumulative losses over the
last 10 months.

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

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

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

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.  For
these transactions Moody's assumes that the CDR will decline by
25% for year 2, 50% for year 3 remaining constant thereafter.

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

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

Issuer: GMACM Home Equity Loan Trust 2004-HE5

  -- Expected Cumulative Losses: 3.6% (as a percentage of the
     original loan pool balance)

  -- Cl. A-5, Downgraded to B2; previously on Dec. 22, 2008
     Downgraded to Ba1

  -- Underlying Rating: Downgraded to B2; previously on Dec. 22,
     2008 Downgraded to Ba1

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Insured Rating Withdrawn on March 25, 2009)

  -- Cl. A-6, Downgraded to B2; previously on Dec. 22, 2008
     Downgraded to Ba1

  -- Underlying Rating: Downgraded to B2; previously on Dec. 22,
     2008 Downgraded to Ba1

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Insured Rating Withdrawn on March 25, 2009)

Issuer: GMACM Home Equity Loan-Backed Term Notes, Series 2001-HE2

  -- Expected Cumulative Losses: 2.0% (as a percentage of the
     original loan pool balance)

  -- Cl. I-A-2, Downgraded to B1; previously on Jan. 1, 2009
     Downgraded to Ba2

  -- Underlying Rating: Downgraded to B1; previously on Jan. 1,
     2009 Downgraded to Ba2

  -- Financial Guarantor: Financial Guaranty Insurance Company
     (Insured Rating Withdrawn on March 25, 2009)


GOLDENTREE LOAN: Moody's Downgrades Ratings on Two Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by GoldenTree Loan Opportunities V,
Limited:

  -- US$506,250,000 Class A Senior Secured Floating Rate Notes due
     2021 Notes, Downgraded to Aa2; previously on September 28,
     2007 Assigned Aaa;

  -- US$61,875,000 Class B Senior Secured Floating Rate Notes due
     2021 Notes, 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$43,125,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2021 Notes, Confirmed at Baa3; previously on
     March 13, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade;

  -- US$30,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2021 Notes, Confirmed at Ba3; previously on
     March 13, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade;

  -- US$33,750,000 Class E Secured Deferrable Floating Rate Notes
     due 2021 Notes, Confirmed at B3; previously on March 13, 2009
     Downgraded to B3 and Remained On 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 2987 as of the last
trustee report, dated August 4, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$8 million, accounting for roughly 1% the collateral balance, and
securities rated Caa1 or lower make up approximately 10.86% 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.
Additionally, Moody's noted that the portfolio includes a high
concentration in Healthcare, Education and Childcare.

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 high-yield corporate
bonds and second lien loans will be below their historical
averages, consistent with Moody's research.  Moody's has also
applied resecuritization stress factors to default probability
assumptions for structured finance asset collateral as described
in the press release titled "Moody's updates its key assumptions
for rating structured finance CDOs," published on December 11,
2008.  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.

GoldenTree Loan Opportunities V, Limited, issued in September 28,
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.


GOLUB CAPITAL: Moody's Confirms Ratings on Various 2007-1 Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
ratings of these notes issued by Golub Capital Partners Funding
2007-1 Ltd.:

  -- US$5,000,000 Class A-1B Floating Rate Notes Due 2022,
     Confirmed at Aa1; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$10,500,000 Class B Floating Rate Deferrable Interest Notes
     Due 2022, 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$43,000,000 Class C Floating Rate Deferrable Interest Notes
     Due 2022, Upgraded to Baa1; previously on March 23, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$7,500,000 Class D Floating Rate Deferrable Interest Notes
     Due 2022, Upgraded to Baa3; previously on March 23, 2009
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade.

Moody's notes that the rating confirmations on the Class A-1B and
Class B Notes and the rating upgrades on the Class C and Class D
Notes consider updated analysis incorporating certain rating
stresses assumed by Moody's and credit deterioration (discussed
below), 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.

According to Moody's, the rating actions taken on the notes also
consider the underlying portfolio's mild amount of credit
deterioration.  Moody's notes that as of the last trustee report,
dated September 1, 2009, the weighted average rating factor is
3450, and securities rated Caa1 or lower make up approximately
17.4% of the underlying portfolio versus a limit level of 20%.
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.

Golub Capital Partners Funding 2007-1 Ltd., issued in March of
2007, is a collateralized loan obligation backed primarily by a
portfolio 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.


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

  -- US$229,700,000 Class A-1L Floating Rate Notes Due November
     2017 (current balance US$226.3MM), Downgraded to Aa1;
     previously on September 8, 2005 Assigned Aaa;

  -- US$19,000,000 Class A-2L Floating Rate Notes Due November
     2017, Downgraded to A1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$ Class B-2F 9.4130% Notes Due November 2017, Downgraded to
     Caa3; previously on March 18, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade;

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

  -- US$5,000,000 Class C-1A Combination Notes Due November 2017
     (current rated balance US$3.6MM), Downgraded to Baa2;
     Previously on March 4, 2009 A1 Placed Under Review for
     Possible Downgrade;

  -- US$12,000,000 Class C-1B Combination Notes Due November 2017
     (current rated balance US$6MM), Downgraded to Caa2;
     Previously on March 4, 2009 Ba1 Placed Under Review for
     Possible Downgrade.

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

  -- US$22,500,000 Class A-3L Floating Rate Notes Due November
     2017, Confirmed at Baa3; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$2,000,000 Class B-1F 6.5210% Notes Due November 2017,
     Confirmed at Ba3; previously on March 18, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$15,750,000 Class B-1L Floating Rate Notes Due November
     2017, Confirmed at Ba3; 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 B-2 Overcollateralization Test
and Additional Collateral Deposit Requirement test.  In
particular, the weighted average rating factor is currently 3205
versus a test level of 2885 as of the last trustee report, dated
as of September 3, 2009.  Based on the same report, defaulted
securities currently held in the portfolio total about
$22 million, accounting for roughly 6.8% of the collateral
balance, and securities from issuers rated Caa1 or lower by
Moody's make up approximately 20% of the underlying portfolio.
The Class B-2 overcollateralization ratio was reported at 102.36%
versus a test level of 102.5% and the Additional Collateral
Deposit Requirement ratio was reported at 102.57% versus a test
level of 104.25%.

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.

Greyrock CDO 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.


HARCH CLO: Moody's Downgrades Ratings on Various Classes
--------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Harch CLO III Limited:

  -- US$43,500,000 Class A-2 Floating Rate Notes, Due 2020,
     Downgraded to Aa3; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$26,000,000 Class B Floating Rate Notes, Due 2020,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$19,000,000 Class D Deferrable Floating Rate Notes, Due
     2020, Downgraded to B1; previously on March 13, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$15,000,000 Class E Deferrable Floating Rate Notes, Due
     2020, Downgraded to Caa2; previously on March 13, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$20,000,000 Class C Deferrable Floating Rate Notes, Due
     2020, Confirmed at Baa3; previously on March 13, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of moderate credit deterioration of the underlying
portfolio.  Such credit deterioration is observed through an
increase in the dollar amount of defaulted securities and an
increase in the proportion of securities from issuers rated Caa1
and below.  In particular, defaulted securities currently held in
the portfolio total about $4.4 million, accounting for roughly
1.2% of the collateral balance, and securities rated Caa1 or lower
make up approximately 7.9% of the underlying portfolio as of the
last trustee report, dated August 17, 2009.  Moody's notes that
the weighted average rating factor is 2359 based on the same
report.  Moody's also observes that the transaction is exposed to
a number of mezzanine and junior CLO tranches in the underlying
portfolio.  The majority of these CLO tranches are currently
assigned low speculative-grade ratings and carry depressed market
valuations that may herald poor recovery prospects in the event of
default.

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.  Moody's has also
applied resecuritization stress factors to default probability
assumptions for structured finance asset collateral as described
in the press release titled "Moody's updates its key assumptions
for rating structured finance CDOs," published on December 11,
2008.  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.

Harch CLO III Limited, issued on April 17, 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.


HELIOS SERIES: Moody's Downgrades Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of two classes of notes issued by Helios Series I Multi-
Asset CBO, Limited.  The notes affected by the rating action are:

  -- US$443,000,000 Class A Floating Rate Notes, Due 2036,
     Downgraded to Ba1; previously on 3/18/2009 Downgraded to A2

  -- US$27,000,000 Class B Floating Rate Notes, Due 2036,
     Downgraded to B3; previously on 3/18/2009 Downgraded to B2

Helios Series I Multi-Asset CBO, Limited is a collateralized debt
obligation backed primarily by a portfolio of Corporate Bonds and
Commercial Mortgage Backed Securities.  Corporate Bonds and CMBS
are approximately 33% and 32%, respectively, of the underlying
portfolio of which the majority is from a 2000 and 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 an increase in the weighted average
rating factor (WARF)), an increase in the dollar amount of
defaulted securities, and an increase in the proportion of
securities from issuers rated Caa1 and below.  The ratings of
approximately 20% of the underlying assets have been downgraded
since Moody's last review of the transaction in March 2009.  The
trustee reports that the WARF of the portfolio is 1,541 as of
August 31, 2009, and also reports defaulted assets in the amount
of $1.67 million.  Securities rated Caa1 or lower make up
approximately 16.1% of the underlying portfolio.  Coverage tests
are failing, including the Class A/B Interest Coverage Test.

The actions also take into consideration the risk of the
transaction experiencing an Event of Default.  As provided in
Section V of the Indenture dated December 13, 2001, 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 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.


HOME EQUITY: Moody's Downgrades Ratings on Eight Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of eight
tranches issued in two Home Equity Mortgage Trust transactions due
to higher expected pool losses in relation to available credit
enhancement.  The collateral backing these securities consists
primarily of closed-end second lien residential mortgage loans.

The primary driver in the downgrades is a higher than expected
increase in the cumulative losses over the last 10 months.

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

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

CDR - There are two approaches for determining pool CDR.  The
first approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.  For
these transactions Moody's assumes that the CDR will decline by
25% for year 2, 50% for year 3, 75% for year 4 remaining constant
thereafter.

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

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

Issuer: Home Equity Mortgage Trust 2004-2

  -- Expected Cumulative Losses: 3.8% (as a percentage of the
     original loan pool balance)

  -- Cl. B-1, Downgraded to Baa3; previously on Dec 22, 2008
     Downgraded to Baa1

  -- Cl. B-2, Downgraded to Ca; previously on Dec 22, 2008
     Downgraded to B3

  -- Cl. B-3A, Downgraded to C; previously on Dec 22, 2008
     Downgraded to Caa2

  -- Cl. B-3F, Downgraded to C; previously on Dec 22, 2008
     Downgraded to Caa2

Issuer: Home Equity Mortgage Trust 2004-4

  -- Expected Cumulative Losses: 8.6% (as a percentage of the
     original loan pool balance)

  -- Cl. M-6, Downgraded to Caa2; previously on Dec 22, 2008
     Downgraded to B3

  -- Cl. B-1, Downgraded to C; previously on Dec 22, 2008
     Downgraded to Caa1

  -- Cl. B-2, Downgraded to C; previously on Dec 22, 2008
     Downgraded to Caa2

  -- Cl. B-3, Downgraded to C; previously on Dec 22, 2008
     Downgraded to Ca


JEFFERIES RESECURITIZATION: S&P Cuts Ratings on Six 2008-R3 Certs.
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of certificates from Jefferies Resecuritization Trust
2008-R3 (JMAC 2008-R3).  At the same time, S&P affirmed its
ratings on five other classes.  The downgrades reflect the
significant deterioration in performance of the loans backing the
underlying certificates.  Although this performance deterioration
is severe, the credit enhancement within JMAC 2008-R3 is
sufficient to maintain the ratings on the affirmed classes.

JMAC 2008-R3, which closed in September 2008, is a re-securitized
real estate mortgage investment conduit RMBS transaction,
collateralized by three underlying classes that support three
independent groups within the re-REMIC.  Each group within JMAC
2008-R3 contains support classes that will absorb any applicable
losses before the more senior class within the group.  The loans
securing the three underlying classes, which are included in three
different trusts, consist predominately of fixed-rate and
adjustable-rate Alternative-A mortgage loans, and adjustable-rate
prime mortgage loans.

The classes I-A1, I-A2, I-A3, I-A4, and I-A5 from JMAC 2008-R3 are
supported by the 5-A-1 class from Banc of America Funding 2006-B
Trust (currently rated 'CCC').  The performance of the loans
securing this trust has been declining precipitously in recent
months.  As of the August 2009 distribution, this pool had
experienced losses of 0.59% of the original pool balance, and
approximately 20.7% in delinquent loans as a percentage of the
current pool balance.  Based on the losses to date, the current
pool factor of 0.640 (64.0%), 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 7.33%.  This projected loss exceeds the level of
credit enhancement available to cover losses on the underlying
class, which would be passed through to group 1 of JMAC 2008-R3.

Classes II-A1, II-A2, II-A3, and II-A4 from JMAC 2008-R3 are
supported by the 3-A-1 class from IndyMac INDX Mortgage Loan Trust
2006-AR11 (currently rated 'CCC').  The loans securing this trust
have also shown considerable decline in recent months.  As of the
August 2009 distribution, this pool had experienced losses of
7.70%, and approximately 43.0% in delinquent loans.  Based on the
losses to date, the current pool factor of 0.571 (57.1%), 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 32.74%.  This loss
projection exceeds the level of credit enhancement available to
cover losses to the underlying class, which would be passed
through to group 2 of JMAC 2008-R3.

Classes III-A1 and III-A2 from JMAC 2008-R3 are supported by the
3-A-1 class from CHL Mortgage Pass-Through Trust 2007-HYB2
(currently rated 'CCC').  Consistent with the other underlying
trusts, the performance of the loans securing CHL Mortgage Pass-
Through Trust 2007-HYB2 has declined significantly in recent
months.  As of the August 2009 distribution, this pool had
experienced losses of 4.64% and approximately 41.9% in delinquent
loans.  Based on the losses to date, the current pool factor of
0.758 (75.8%), and the pipeline of delinquent loans, S&P's current
projected loss for this pool is 29.34%, which exceeds the level of
credit enhancement available to cover losses passed through to the
third group of JMAC 2008-R3.

Over the past two years, S&P has revised its RMBS default and loss
assumptions, and consequently its 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.

                          Ratings Lowered

              Jefferies Resecuritization Trust 2008-R3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A5       47232AAP3     CCC                  BB
        II-A1      47232AAD0     A                    AAA
        II-A2      47232AAE8     BB                   AA
        II-A3      47232AAF5     B                    A
        II-A4      47232AAQ1     CC                   BBB
        III-A2     47232AAH1     CCC                  AA

                         Ratings Affirmed

             Jefferies Resecuritization Trust 2008-R3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A1       47232AAA6     AAA
                 I-A2       47232AAB4     AA
                 I-A3       47232AAC2     A
                 I-A4       47232AAN8     BBB
                 III-A1     47232AAG3     AAA


JEFFERIES RESECURITIZATION: S&P Cuts Ratings on Nine 2008-R2 Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes of certificates from Jefferies Resecuritization Trust
2008-R2 (JMAC 2008-R2).  At the same time, S&P affirmed its 'AAA'
rating on class I-A1.

The downgrades reflect the significant deterioration in the
performance of the loans backing the underlying certificates.
Although this performance deterioration is severe, the credit
enhancement within JMAC 2008-R2 is sufficient to maintain the
rating on class I-A1 because additional classes provide support
it.

JMAC 2008-R2, which closed in August 2008, is a re-securitized
real estate mortgage investment conduit RMBS transaction,
collateralized by three underlying classes that support three
independent groups within the re-REMIC.  The loans securing the
three underlying classes, which are included in three different
trusts, consist predominately of fixed-rate and adjustable-rate
prime mortgage loans.

The I-A1, I-A2, and I-A3 classes from JMAC 2008-R2 are supported
by the II-A-12 class from Prime Mortgage Trust 2005-4 (currently
rated 'CCC').  The performance of the loans securing this trust
has declined precipitously in recent months.  This pool had
experienced losses of 0.65% of the original pool balance as of the
August 2009 distribution date, and currently has approximately
8.62% in delinquent loans as a percentage of the current pool
balance.  Based on the losses to date, the current pool factor of
0.647 (64.7%), 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 4.48%, which
exceeds the level of credit enhancement available to cover losses
passed-through to the I-A2 and I-A3 classes.

The II-A1, II-A2, II-A3, and II-A4 classes from JMAC 2008-R2 are
supported by the II-A-1 class from HSI Asset Loan Obligation Trust
2007-AR1 (currently rated 'CCC').  The performance of the loans
securing this trust has declined considerably in recent months.
This pool had experienced losses of 2.58% as of the August 2009
distribution date, and currently has approximately 25.39% in
delinquent loans.  Based on the losses to date, the current pool
factor of 0.713 (71.3%), and the pipeline of delinquent loans,
S&P's current projected loss for this pool is 14.14%, which
exceeds the level of credit enhancement available to cover losses
passed-through to the II-A1, II-A2, II-A3, and II-A4 classes.

The III-A1, III-A2, and III-A3 classes from JMAC 2008-R2 are
supported by the 1-A1 class from WaMu Mortgage Pass-Through
Certificates Series 2007-HY1 Trust (currently rated 'CCC').  The
performance of the loans securing this trust has declined
significantly in recent months.  This pool had experienced losses
of 1.19% as of the August 2009 distribution date, and currently
has approximately 22.9% in delinquent loans.  Based on the losses
to date, the current pool factor of 0.725 (72.5%), and the
pipeline of delinquent loans, S&P's current projected loss for
this pool is 11.1%, which exceeds the level of credit enhancement
available to cover losses passed-through to the III-A1, III-A2,
and III-A3 classes.

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.

                          Ratings Lowered

             Jefferies Resecuritization Trust 2008-R2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A2       472321AB4     BBB                  AAA
        I-A3       472321AG3     CCC                  AAA
        II-A1      472321AC2     BBB                  AAA
        II-A2      472321AD0     BB                   AA
        II-A3      472321AH1     B                    A
        II-A4      472321AN8     CCC                  BBB
        III-A1     472321AJ7     BBB                  AAA
        III-A2     472321AK4     B                    AAA
        III-A3     472321AL2     CCC                  AA

                         Rating Affirmed

             Jefferies Resecuritization Trust 2008-R2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A1       472321AA6     AAA


JP MORGAN: Fitch Takes Rating Actions on 12 2006-LDP7 Certs.
------------------------------------------------------------
Fitch Ratings has downgraded, removed from Rating Watch Negative,
and assigned Rating Outlooks and Loss Severity ratings to 12
classes of commercial mortgage pass-through certificates from J.P.
Morgan Chase Commercial Mortgage Securities Corp., series 2006-
LDP7.

The downgrades are the result of loss expectations and reflect
Fitch's prospective views regarding commercial real estate market
value and cash flow declines.  Fitch foresees potential losses
could reach as high as 8.8% for this transaction should market
conditions not recover.  The rating actions are based on losses of
5.8%, including 100% of the term losses and 25% of the losses
anticipated to occur at maturity; the 5.8% recognizes all of the
losses anticipated in the next five years.  Of the recognized
losses, 54.8% were on loans reviewed in detail.

Given the significant remaining term to maturity, Fitch's actions
do not account for the full magnitude of possible maturity losses.
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 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for certain
loans representing 64.8% of the pool and, in some cases, revised
based on additional information and/or property characteristics.

Approximately 11.9% of the mortgages mature within the next five
years: 0% in 2009, 0% in 2010, 5.6% in 2011, 1.3% in 2012, 3.6% in
2013 and 1.4% in 2014.  All losses associated with these loans are
fully recognized in the rating actions.

Fitch identified 60 Loans of Concern (20.1%) within the pool, 22
of which (5.7%) are specially serviced.  Of the specially serviced
loans, seven are current.  One of the specially serviced loans
(1.48%) is within the transaction's top 15 loans (43.8%) by unpaid
principal balance.

Four of the loans within the top 15 (43.8%) are expected to
default during the term.  The largest contributors to loss are:
Bella Terra Retail (4.9%), One & Two Prudential (5.3%) and
Shoreview Corporate Center (1.4%).

Bella Terra Retail is a 663,923 sf retail center located in
Huntington Beach, CA at the corner of Beach Boulevard and Edinger
Avenue.  The property underwent a major redevelopment in 2004
which transformed the property from an indoor mall to an open-air
lifestyle center.  As of a March 31, 2006 rent roll, the property
was 92.8% occupied, compared to 93.3% at issuance.  As of year-end
(YE) 2008 the reported debt service coverage ratio was 1.36x.
Major tenants include Burlington Coat Factory (19.2% of NRA),
Kohl's (12.6% of NRA).  There is limited near-term roll during
2010-2011.  The loan was structured with six year interest only.
The sponsors are D. John Miller, Eric Sahn, Lindsay Parton, Dieter
Mees and John Cappetta.  The loan was structured as interest only
for the first six years, followed by a 30-year amortization
schedule.

Four Penn Center is a 522,600 sf office building located
Philadelphia, PA.  Major tenants include Elsevier Inc (25.6% of
the NRA), Post & Schell P.C. (15.4%) and Federal Insurance Co.
(11.3%).  As of a June 30, 2009 rent roll the property was 92.3%
occupied, compared to 92.1% at issuance.  The YE 2008 reported
DSCR was 1.31x.  The sponsor is Strategic Realty Advisors.  The
loan was structured as interest-only.

Shoreview Corporate Center is a 552,9277 sf office portfolio
located in five buildings in Shoreview, MN, approximately 12 miles
north of the Minneapolis/St. Paul CBD.  Major tenants include
Deluxe Financial Services (40.95 of the NRA), Land O' Lakes (22%
of the NRA) and American Biosystems (18.1% of the NRA).  As of an
Aug. 19, 2009 rent roll, the portfolio was approximately 84.2%
occupied.  Deluxe Financial has a lease for one of the two
properties they occupy (29% of the NRA) expiring on Sept. 30, 2009
that they are not renewing.  The sponsors are Richard D.  Gee and
Maxwell B. Drever.  The loan was structured with four years
interest only, followed by a 30-year amortization schedule.

Fitch has downgraded, removed from Rating Watch Negative, and
assigned LS Ratings and Outlooks as indicated:

  -- $310.3 million class A-J to 'A/LS3' from 'AAA'; Outlook
     Negative;

  -- $78.8 million class B to 'BBB/LS5' from 'AA'; Outlook
     Negative;

  -- $44.3 million class C to 'BBB-/LS5' from 'AA-'; Outlook
     Negative;

  -- $14.8 million class D at 'BB/LS5' from 'A+'; Outlook
     Negative;

  -- $39.4 million class E to 'BB/LS5' from 'A'; Outlook Negative;

  -- $39.4 million class F to 'BB/LS5' from 'A-'; Outlook
     Negative;

  -- $49.2 million class G to 'B/LS5'; from 'BBB+' Outlook
     Negative;

  -- $39.4 million class H to 'B-/LS5' from 'BBB'; Outlook
     Negative;

  -- $44.3 million class J to 'B-/LS5' from 'BBB-'; Outlook
     Negative.

  -- $14.8 million class K to 'B-/LS5' from 'BB+'; Outlook
     Negative;

  -- $14.8 million class L to 'B-/LS5' from 'BB'; Outlook
     Negative;

  -- $19.7 million class M to 'B-/LS5' from 'BB-'; Outlook
     Negative.

Additionally, Fitch has affirmed these classes and Rating Outlooks
and assigned LS ratings as indicated:

  -- $36.8 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $255.8 billion class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $75 million class A-3A at 'AAA/LS1'; Outlook Stable;
  -- $100 million class A-3FL at 'AAA/LS1'; Outlook Stable;
  -- $94.1 billion class A-3B at 'AAA/LS1'; Outlook Stable;
  -- $1,616.1 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $170.2 million class A-SB at 'AAA/LS1'; Outlook Stable.
  -- $343.8 million class A-1A at 'AAA/LS1'; Outlook Stable;
  -- Class X (notional balance) at 'AAA'; Outlook Stable;
  -- $393.9 million class A-M at 'AAA/LS3'; Outlook Stable.

Fitch does not rate these classes:

  -- $4.9 million class N;
  -- $14.8 million class P;
  -- $14.8 million class Q;
  -- $44.3 million class NR.


JP MORGAN: S&P Downgrades Ratings on Two 2008-R3 Certificates
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two
classes of certificates from J.P. Morgan Mortgage Trust Series
2008-R3.  Although this transaction has two independent
certificate groups, S&P initially rated only the certificates for
collateral group 2.  S&P lowered the rating on the class 2-A-3
certificates to 'CCC' from 'BB,' and S&P lowered the rating on the
class 2-A-2 certificates to 'BBB' from 'A'.  At the same time, S&P
affirmed its 'AAA' rating on the class 2-A-1 certificates.

The downgrades reflect the significant deterioration in
performance of the loans backing the underlying certificates.
Although this performance deterioration is severe, the credit
enhancement within collateral group 2 from JPMMT 2008-R3 is
sufficient to maintain the rating on the class 2-A-1 certificates
because the 2-A-2 and 2-A-3 classes provide additional credit
enhancement to it.

JPMMT 2008-R3, which closed in November 2008, is a re-securitized
real estate mortgage investment conduit residential mortgage-
backed securities transaction, collateralized by two underlying
classes that support two independent certificate groups within the
re-REMIC.  The loans securing the underlying certificate, which
supports the re-REMIC group that S&P rated consists predominately
of fixed-rate prime mortgage loans.

Classes 2-A-1, 2-A-2, and 2-A-3 from JPMMT 2008-R3 are supported
by the class 1-A-10 from JP Morgan Mortgage Trust 2007-S3
(currently rated 'CCC').  The loans securing this trust have
exhibited precipitous performance decline in recent months.  This
pool had cumulative losses amounting to 0.29% of the original pool
balance as of the August 2009 distribution, and currently had
delinquencies amounting to approximately 13.92% of the current
pool balance.  Based on the cumulative 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 to class 1-A-10, which are subsequently
passed through to the re-REMIC.

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.

                          Ratings Lowered

             J.P. Morgan Mortgage Trust Series 2008-R3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2-A-2      46632YAD6     BBB                  A
        2-A-3      46632YAF1     CCC                  BB

                         Rating Affirmed

             J.P. Morgan Mortgage Trust Series 2008-R3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-1      46632YAC8     AAA


JP MORGAN: S&P Downgrades Ratings on Various 2008-R4 Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class 1-A-2 and 2-A-2 certificates from JP Morgan Alternative Loan
Trust Series 2008-R4 and removed them from CreditWatch negative.
S&P lowered the ratings to 'CC' from 'AAA'.  At the same time, S&P
affirmed its 'AAA' ratings on classes 1-A-1 and 2-A-1 from JPALT
2008-R4 and removed them from CreditWatch negative.

The downgrades reflect the significant deterioration in
performance of the loans backing the underlying certificates.
Although this performance deterioration is severe, the credit
enhancement within JPALT 2008-R4 is sufficient to maintain the
ratings on classes 1-A-1 and 2-A-1 because classes 1-A-2 and 2-A-2
provide additional credit enhancement to them.

JPALT 2008-R4, which closed in August 2008, is a re-securitized
real estate mortgage investment conduit RMBS transaction,
collateralized by four underlying classes that support two
independent groups within the re-REMIC.  The loans securing the
four underlying classes, which are included in two different
trusts, consist predominately of fixed-rate Alternative-A (Alt-A)
residential mortgage loans.

The 1-A-1 and 1-A-2 classes from JPALT 2008-R4 are supported by
the A-1 class from Alternative Loan Trust 2006-35CB (currently
rated 'CCC').  The performance of the loans securing this trust
has declined precipitously in recent months.  This pool had
experienced losses of 1.20% of the original pool balance as of the
August 2009 distribution, and currently has approximately 25.9% in
delinquent loans as a percentage of the current balance.  Based on
the losses to date, the current pool factor of 0.728 (72.8%),
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 10.41%, which exceeds the
level of credit enhancement available to cover losses passed
through to the 1-A-2 class.

The 2-A-1 and 2-A-2 classes from JPALT 2008-R4 are also supported
by the A-1 class from Alternative Loan Trust 2006-35CB, as well as
by the A-17, A-18, and A-19 classes from Alternative Loan Trust
2007-10CB (all currently rated 'CCC').  The performance of the
loans securing the certificates from Alternative Loan Trust 2007-
10CB has declined significantly in recent months.  This pool had
experienced losses of 0.93% as of the August 2009 distribution,
and currently has approximately 22.6% in delinquent loans.  Based
on the losses to date, the current pool factor of 0.768 (76.8%),
and the pipeline of delinquent loans, S&P's current projected loss
for this pool is 13.04%, which exceeds the level of credit
enhancement available to cover losses passed through to the 2-A-2
class.

Over the past two years, S&P has revised its RMBS default and loss
assumptions, and consequently its 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.

                          Ratings Actions

         JP Morgan Alternative Loan Trust Series 2008-R4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      466309AA9     AAA                  AAA/Watch Neg
    1-A-2      466309AB7     CC                   AAA/Watch Neg
    2-A-1      466309AC5     AAA                  AAA/Watch Neg
    2-A-2      466309AD3     CC                   AAA/Watch Neg


JPMORGAN CHASE: S&P Downgrades Ratings on 2007-LDP11 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 20
classes of commercial mortgage-backed securities from JPMorgan
Chase Commercial Mortgage Securities Trust 2007-LDP11 and removed
them from CreditWatch negative.  In addition, S&P affirmed its
ratings on five 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, excluding loans that are stressed
as credit concerns, S&P calculated an adjusted debt service
coverage of 1.18x and a loan-to-value ratio of 132.2%.  S&P
further stressed the loans' cash flows under S&P's 'AAA' scenario
to yield a weighted average DSC of 0.61x and an LTV of 159.9%.
The implied defaults and loss severity under the 'AAA' scenario
were 91.7% and 48.8%, respectively.  The DSC and LTV calculations
excluded 18 specially serviced loans (9.9%).  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 ratings 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

Eighteen assets ($530.6 million, 9.9%) in the pool are with the
special servicer, CWCapital Asset Management LLC.  The payment
status of these assets is: 12 ($279.8 million, 5.2%) are more than
90 days delinquent, three ($129.2 million, 2.4%) are 60 days
delinquent, one ($30.5 million, 0.6%) is 30 days delinquent, and
two ($91.0 million, 1.7%) are less than 30 days delinquent or
current.  Appraisal reduction amounts totaling $34.7 million are
currently in effect for the eight assets ($115.3 million, 2.1%).

                       Transaction Summary

As of the August 2009 remittance report, the aggregate trust
balance was $5.38 billion, which represents 99.4% of the aggregate
trust balance at issuance.  There are 265 loans in the pool,
unchanged since issuance.  The master servicer for the transaction
is Wachovia Bank N.A.  The master servicer provided financial
information for 96.7% of the pool, and 89.7% of the servicer-
provided information was full-year 2008 or interim-2009 data.  S&P
calculated a weighted average DSC of 1.24x for the pool based on
the reported figures.  S&P's adjusted DSC and LTV were 1.18x and
132.2%, respectively.  The DSC and LTV calculations excluded 13
specially serviced loans (6.8%).  S&P separately estimated losses
for these loans, and these losses are included in the 'AAA'
scenario implied default and loss figures.  To date, the
transaction has not experienced any principal losses.  Ninety-
three loans are on the master servicer's watchlist, including
three of the top 10 loans.  Sixty-eight loans ($1.72 billion,
31.9%) have a reported DSC of less than 1.10x, and 44 of these
loans ($1.1 billion, 21.1%) have a reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$1.8 billion (33.0%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.17x for the top 10 loans.
The fourth-, seventh- and eighth-largest loans in the pool
($466.2 million, 8.7%) appear on the master servicer's watchlist.
S&P's adjusted DSC and LTV for the top 10 loans were 1.07x and
134.4%, respectively.

The Save Mart Portfolio loan ($200.9 million, 3.7%) is the fourth-
largest loan in the pool and is secured by 31 grocery stores in
northern Calif., with an aggregate of 1.6 million sq. ft. The loan
appears on the watchlist due to a low DSC resulting from a decline
in operating performance.  As of Dec. 31, 2009, the reported DSC
was 1.06x.  The Hyatt Regency - Jacksonville loan ($150.0 million,
2.8%) is the seventh-largest loan in the pool and is secured by a
966-room, full-service hotel in Jacksonville, Fla.  It was placed
on the watchlist due to a decline in operating performance, which
resulted in a DSC of 0.81x as of the three months ended March 31,
2009.  As of the March 31, 2009, occupancy was 58% with revenue
per available room of $80.12.  DSC for the property was 1.20x as
of Dec. 31, 2008.  The Americold Portfolio loan ($115.3 million,
2.1%) is secured by a seven-property cold storage warehouse
portfolio in various locations throughout the country, with an
aggregate of 1.4 million sq. ft. It was placed on the watchlist
due deferred maintenance items affecting the properties.  As of
Dec. 31, 2008, DSC was 1.80x.

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

      Ratings Lowered And Removed From Creditwatch Negative

  JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11
          Commercial mortgage pass-through certificates

                Rating
                ------
        Class  To    From            Credit enhancement (%)
        -----  --    ----            ----------------------
        A-4    A-    AAA/Watch Neg                    30.17
        A-SB   A-    AAA/Watch Neg                    30.17
        A-1A   A-    AAA/Watch Neg                    30.17
        A-M    BB+   AAA/Watch Neg                    20.11
        A-J    B+    AAA/Watch Neg                    12.19
        B      B+    AA+/Watch Neg                    11.56
        C      B+    AA/Watch Neg                     10.06
        D      B     AA-/Watch Neg                     9.05
        E      B     A+/Watch Neg                      8.55
        F      B     A/Watch Neg                       7.67
        G      B-    A-/Watch Neg                      6.66
        H      B-    BBB+/Watch Neg                    5.41
        J      B-    BBB/Watch Neg                     4.53
        K      CCC   BBB-/Watch Neg                    3.14
        L      CCC-  BB+/Watch Neg                     2.77
        M      CCC-  BB/Watch Neg                      2.51
        N      CCC-  BB-/Watch Neg                     2.14
        P      CCC-  B+/Watch Neg                      2.01
        Q      CCC-  B/Watch Neg                       1.76
        T      CCC-  B-/Watch Neg                      1.38

                         Ratings Affirmed

  JPMorgan Chase Commercial Mortgage Securities Trust 2007-LDP11
          Commercial mortgage pass-through certificates

              Class  Rating   Credit enhancement (%)
              -----  ------   ----------------------
              A-1    AAA                       30.17
              A-2    AAA                       30.17
              A-2FL  AAA                       30.17
              A-3    AAA                       30.17
              X      AAA                         N/A


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

  -- US$100,000,000 Class A-1 Senior Secured Floating Rate Notes
     Due 2018, Downgraded to Aa3; previously on January 18, 2006
     Assigned Aaa;

  -- US$253,175,000 Class A-2A Senior Secured Floating Rate Notes
     Due 2018, Downgraded to Aa2; previously on January 18, 2006
     Assigned Aaa;

  -- US$13,325,000 Class A- 2B Senior Secured Floating Rate Notes
     Due 2018, Downgraded to A2; previously on March 4, 2009 Aa1
     Placed Under Review for Possible Downgrade;

  -- US$30,000,000 Class B Senior Secured Floating Rate Notes Due
     2018, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade.

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

  -- US$35,000,000 Class C Secured Deferrable Floating Rate Notes
     Due 2018, Confirmed at Baa3; previously on March 17, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$23,000,000 Class D-1 Secured Floating Rate Notes Due 2018,
     Confirmed at Ba3; previously on March 17, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$7,000,000 Class D-2 Secured Fixed 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 3323 versus a test
level of 3050 as of the last trustee report, dated August 20,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $24 million, accounting for
roughly 4.8% of the collateral balance, and securities rated Caa1
or lower by Moody's or CCC+ or lower by S&P make up approximately
20% of the underlying portfolio.  Moody's also observes that the
transaction is exposed to a number of CLO tranches in the
underlying portfolio.  The majority of these CLO tranches are
currently assigned speculative-grade ratings and carry depressed
market valuations that may herald poor recovery prospects in the
event of default.

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 high-yield corporate
bonds and second lien loans will be below their historical
averages, consistent with Moody's research.  Moody's has also
applied resecuritization stress factors to default probability
assumptions for structured finance asset collateral as described
in the press release titled "Moody's updates its key assumptions
for rating structured finance CDOs," published on December 11,
2008.  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.

Kennecott Funding Ltd., issued in January 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.


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

  -- US$308,100,000 Class A-1 Senior Secured Floating Rate Notes
     Due 2021, current balance of $304,300,554.11, Downgraded to
     A2; previously on March 19, 2007 Assigned Aaa;

  -- US$60,000,000 Class A-1R Senior Secured Revolving Floating
     Rate Notes Due 2021, Downgraded to A2; previously on
     March 19, 2007 Assigned Aaa;

  -- US$22,900,000 Class B Senior Secured Floating Rate Notes Due
     2021, Downgraded to Baa3; previously on March 4, 2009 Aa2 and
     Placed Under Review for Possible Downgrade;

  -- US$25,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes Due 2021, Downgraded to B2; previously on March 13,
     2009 Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$18,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes Due 2021, Downgraded to Caa3; previously on March 13,
     2009 Downgraded to B2 and Placed Under Review for Possible
     Downgrade;

  -- US$14,900,000 Class E Senior Secured Deferrable Floating Rate
     Notes Due 2021, Downgraded to Ca; previously on March 13,
     2009 Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 E Overcollateralization Ratio
Test.  In particular, the weighted average rating factor has
increased over the last year and is currently 2570 versus a test
level of 2475 as of the last trustee report, dated July 6, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $22 million, accounting for roughly 5.5%
of the collateral balance, and securities rated Caa1 or lower make
up approximately 10% of the underlying portfolio.  The Class E
Overcollateralization Ratio Test was reported at 99.93% versus a
test level of 101.70%.

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

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 high-yield corporate
bonds will be below their historical averages, consistent with
Moody's research.  According to the latest trustee report,
exposure to corporate bonds and structured finance securities,
most of which are non-investment grade, is currently at 19% and
4%, respectively.  Moody's has also applied resecuritization
stress factors to default probability assumptions for structured
finance asset collateral as described in the press release titled
"Moody's updates its key assumptions for rating structured finance
CDOs," published on December 11, 2008.  For ABS backed by auto
loans, credit card receivables, student loans, EMEA RMBS other
than for non-conforming RMBS, CMBS, and CLOs, Moody's has applied
a stress multiplier of 2 to all rating categories except Aaa, for
which a factor of 6 will be applied.  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.

Kingsland IV, Ltd., issued in February 28, 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.


KNIGHTSBRIDGE CLO: Moody's Upgrades Ratings on 2008-1 Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Knightsbridge CLO 2008-1 Limited:

  -- US$16,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes Due 2018, Upgraded to Baa1; previously on March 20,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$10,000,000 Class D Secured Deferrable Floating Rate Notes
     Due 2018, Upgraded to Ba1; previously on March 20, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$16,500,000 Class E Secured Deferrable Floating Rate Notes
     Due 2018, Upgraded to B1; 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$16,000,000 Class B Senior Secured Floating Rate Notes Due
     2018, Confirmed at Aa2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade.

According to Moody's, the upgrade actions on the Class C, Class D
and Class E Notes and the rating confirmation on the Class B 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, Class C, Class D and Class
E 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 also notes that there is a mild 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), a slight 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 3307 as of the last trustee report, dated
August 1, 2009.  Based on the same report, defaulted securities
currently held in the portfolio total about $764K, accounting for
less than 1% of the collateral balance, and securities rated Caa1
or lower make up approximately 14% of the underlying portfolio.

The actions taken on the Notes 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 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.

Knightsbridge CLO 2008-1 Limited, issued in June 2008, is a
collateralized loan obligation backed primarily by a portfolio of
broadly syndicated senior secured loans and 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.


LANDMARK IV: 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 Landmark IV CDO, Ltd.:

  -- US$10,000,000 Class A-1LB Floating Rate Notes due 2016,
     Downgraded to Aa1, previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$20,000,000 Class A-2L Floating Rate Notes due 2016,
     Downgraded to A1, previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$10,500,000 Class B-2L Floating Rate Notes due 2016
     (current balance of $9,777,118), Downgraded to Caa1,
     previously on March 18, 2009 Downgraded to B3 and Placed
     Under Review for Possible Downgrade.

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

  -- US$19,000,000 Class A-3L Floating Rate Notes due 2016,
     Confirmed at Baa3, previously on March 18, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$15,500,000 Class B-1L Floating Rate Notes due 2016,
     Confirmed at Ba3, 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, 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 3006 versus a test
level of 2430 as of the last trustee report, dated September 8,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $21 million, accounting for
roughly 7% 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 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 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.

Landmark IV CDO, Ltd., issued on October 21, 2004, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

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


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

  -- US$202,500,000 Class A Senior Floating Rate Notes Due 2021
     (current balance of $198,535,851), Downgraded to Aa1;
     previously on April 11, 2007 Assigned Aaa;

  -- US$22,500,000 Class B Second Senior Floating Rate Notes Due
     2021, Downgraded to A1; previously on March 4, 2009 Aa1
     Placed Under Review for Possible Downgrade;

  -- US$16,000,000 Class C Mezzanine Floating Rate Notes Due 2021,
     Downgraded to Baa1; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$15,000,000 Class D Deferrable Mezzanine Floating Rate
     Notes Due 2021, Downgraded to Ba2; previously on March 13,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$14,000,000 Class E Deferrable Mezzanine Floating Rate
     Notes Due 2021, Downgraded to B2; previously on March 13,
     2009 Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$8,000,000 Class F Deferrable Mezzanine Floating Rate Notes
     Due 2021 (current balance of $8,203,346), Downgraded to Ca;
     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 the Class E and Class F
overcollateralization tests..  In particular, the weighted average
rating factor has increased over the last year and is currently
2838 versus a test level of 2475 as of the last trustee report,
dated August 20, 2009.  Based on the same report, defaulted
securities currently held in the portfolio total about
$17.6 million, accounting for roughly 5.8% of the collateral
balance, and securities rated Caa1 or lower make up approximately
14.5% of the underlying portfolio.  The Class E
overcollateralization ratio was reported at 102.86% versus a test
level of 106.25%, and the Class F overcollateralization ratio was
reported at 99.78% versus a test level of 103.5%.  Additionally,
interest payments on the Class F Notes are presently being
deferred as a result of the failure of the Class E
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.

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

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


LB-UBS COMMERCIAL: Fitch Takes Rating Actions on 13 Classes
-----------------------------------------------------------
Fitch Ratings downgrades and removes from Rating Watch Negative 13
classes and assigns Rating Outlooks to all rated classes of
commercial mortgage pass-through certificates from LB-UBS
Commercial Mortgage Trust.  A detailed list of rating actions
follows at the end of this press release.

The downgrades are the result of loss expectations and reflect
Fitch's prospective views regarding commercial real estate market
value and cash flow declines.  Fitch forecasts potential losses of
6.2% 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 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for loans
representing 70.4% of the pool and, in certain cases, revised
based on additional information and/or property characteristics.
Approximately 58% of the losses were on loans reviewed in detail.
Approximately 75% of the recognized losses were from loans
reviewed in detail.

Approximately 22.8% of the mortgages mature within the next five
years: 9.2% in 2010, 5.2% in 2011, 3.7% in 2012, and 4.8% in 2014.
In 2016, 35.4% of the pool is scheduled to mature.  Four of the
largest 15 loans are scheduled to mature before 2012.

Fitch identified 21 Loans of Concern (11.8%) within the pool,
eight of which (3.2%) are specially serviced.  Of the specially
serviced loans, two (5.0% of the pool) are current.  Three of the
Fitch Loans of Concern (9.1%) are within the transaction's top 15
loans, and one (4.8%) is specially serviced.

Losses are expected on nine of the loans within the top 15: three
(5.9%) of these loans are expected to default during the term,
while losses on the remaining six loans (21.3%) are expected at
maturity.  Loss severities associated with these loans range from
less than 1% to 55%.  The largest contributors to loss are:
Prospect Hill Office Park (1.9%), the Sterling Portfolio (2%), and
the DHL Center (2.3%).

Prospect Hill Office Park is secured by a three building office
park with 475,715 sf and located in Waltham, MA.  Occupancy is
currently 76%.  The servicer reported YE 2008 DSCR was 1.12 times
(x).

The Sterling Portfolio loan is collateralized by four office
buildings with a total of 401,067 sf.  All four office buildings
are located in Nasau and Suffolk counties in New York.  Current
occupancy is approximately 86% and the servicer-reported YE 2008
DSCR was 1.17x.

The DHL Center is collateralized by a 490,000 sf distribution
facility operated and 100% leased by DHL Express (USA), Inc.  On
Nov. 10, 2008, DHL announced that it will stop shipping within the
United States effective Jan. 30, 2009.  DHL no longer occupies
this property, however there is a 20-year lease in place that
commenced in 2006.  The lease is also guaranteed by Deutsche Post
AG.  The property has remained current as the rent has been paid.
The servicer reported YE 2008 DSCR was 1.19x.

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

  -- $221 million class A-J to 'AA/LS3' from 'AAA'; Outlook
     Negative;

  -- $15.4 million class B to 'A/LS5' from 'AA+'; Outlook
     Negative;

  -- $27.6 million class C to 'A/LS5' from 'AA'; Outlook Negative;

  -- $24.6 million class D to 'BBB/LS5' from 'AA-'; Outlook
     Negative;

  -- $18.4 million class E to 'BBB-/LS5' from 'A+'; Outlook
     Negative;

  -- $21.5 million class F to 'BB/LS5' from 'A'; Outlook Negative;

  -- $21.5 million class G to 'BB/LS5' from 'A-'; Outlook
     Negative;

  -- $24.6 million class H to 'B/LS5' from 'BBB+'; Outlook
     Negative;

  -- $18.4 million class J to 'B/LS5' from 'BBB'; Outlook
     Negative;

  -- $24.6 million class K to 'B-/LS5' from 'BBB-'; Outlook
     Negative;

  -- $12.3 million class L to 'B-/LS5' from 'BB+'; Outlook
     Negative;

  -- $9.2 million class M to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $9.2 million class N to 'B-/LS5' from 'B+'; Outlook Negative.

Fitch also affirms these classes and assigns LS ratings and
Outlooks:

  -- $21.6 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $326 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $92 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $94 million class A-AB at 'AAA/LS1'; Outlook Stable;
  -- $1,143.2 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $245.6 million class A-M at 'AAA/LS3'; Outlook Stable;
  -- Interest-only class X-CP at 'AAA'; Outlook Stable;
  -- Interest-only class X-CL at 'AAA'; Outlook Stable.

Fitch does not rate the $6.1 million class P, the $6.1 million
class Q, the $6.1 million class S, or the $10.8 million class T.

Fitch also affirms these classes and assigns LS ratings and
Outlooks:

  -- $6.7 million class IUU1 at 'BBB+/LS2'; Outlook Stable;
  -- $2.6 million class IUU2 at 'BBB/LS3'; Outlook Stable;
  -- $3.6 million class IUU3 at 'BBB-/LS3'; Outlook Stable;
  -- $1.9 million class IUU4 at 'BB+/LS3'; Outlook Stable;
  -- $1.3 million class IUU5 at 'BB/LS3'; Outlook Stable;
  -- $0.9 million class IUU6 at 'BB-/LS4'; Outlook Stable;
  -- $1 million class IUU7 at 'B+/LS4'; Outlook Stable;
  -- $1 million class IUU8 at 'B/LS4'; Outlook Stable;
  -- $1.1 million class IUU9 at 'B-/LS4'; Outlook Stable.

Fitch does not rate the $6.9 million class IUU10.  The IUU classes
represent the crossed B-note rakes of three separate loans, Intel
Corporate Building, U Haul 26 Portfolio, and U Haul SAC Portfolio.
The A-notes of all three loans are included in the pooled portion
of the trust.


LCM IV: 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 LCM IV Ltd.:

  -- US$9,500,000 Class B Floating Rate Senior Secured Notes Due
     2017, Downgraded to A1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade.

  -- US$18,400,000 Class D Floating Rate Deferrable Interest Notes
     Due 2017, Downgraded to B2; previously on March 18, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

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

  -- US$20,700,000 Class C Floating Rate Deferrable Interest Notes
     Due 2017, Confirmed at Baa3; previously on March 18, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$10,000,000 Series I Combination Securities Due 2017
     (current balance of $6,846,663), Confirmed at Baa2;
     previously on March 4, 2009 Baa2 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 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
consider minimal credit deterioration in the underlying portfolio.
Moody's notes that as of the last trustee report, dated
September 1, 2009, the weighted average rating factor is 2312,
defaulted securities currently held in the portfolio total about
$3.9 million, accounting for roughly 1.3% of the collateral
balance, and securities rated Caa1 or lower make up approximately
4.1% of the underlying portfolio.

LCM IV Ltd., issued in August 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.


LCM V: Moody's Confirms Ratings on Various Classes of Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
ratings of these notes issued by LCM V Ltd.:

  -- US$42,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2019, Confirmed at Aaa; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$63,000,000 Class B Second Priority Floating Rate Notes Due
     2019, Confirmed at Aa2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$41,250,000 Class C Third Priority 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$18,750,000 Class D Fourth Priority 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$16,500,000 Class E Fifth Priority Deferrable Floating Rate
     Notes Due 2019, Confirmed at B3; previously on March 13, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating confirmations reflect the
conclusion that the impact on the ratings of the notes of certain
rating stresses assumed by Moody's as well as credit deterioration
is not as negative as previously assessed during Stage I of the
deal review in March.  The current conclusion stems from updated
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.

Moody's indicates that the rating actions also consider the
underlying portfolio's mild amount of credit deterioration.
Moody's notes that as of the last trustee report, dated
September 17, 2009, the weighted average rating factor is 2352,
defaulted securities currently held in the portfolio total about
$14.4 million, accounting for roughly 2.5% of the collateral
balance, and securities rated Caa1 or lower make up approximately
4.8% of the underlying portfolio.

LCM V Ltd., issued in March 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.


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

  -- US$74,500,000 Class A-1-B Floating Rate Notes Due 2018,
     Downgraded to Aa3; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$18,750,000 Class B Floating Rate Notes Due 2018,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$25,000,000 Class D Floating Rate Deferrable Notes Due
     2018, Downgraded to B1; previously on March 13, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$19,250,000 Class E Floating Rate Deferrable Notes Due
     2018, Downgraded to Caa2; previously on March 13, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$24,500,000 Class C Floating Rate Deferrable Notes Due
     2018, Confirmed at Baa3; previously on March 13, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 2650 as of the last trustee
report, dated August 7, 2009.  Based on the same report, defaulted
securities currently held in the portfolio total about
$18.0 million, accounting for roughly 3.7% of the collateral
balance, and securities rated Caa1 or lower make up approximately
13.4% of the underlying portfolio.  The Class E
overcollateralization ratio was reported at 101.45% versus a test
level of 101.70%.

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.

Lightpoint CLO VIII, Ltd., issued on August 28, 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.


MAC CAPITAL: Moody's Downgrades Ratings on 11 Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by MAC Capital, Ltd.:

  -- US$203,000,000 Class A-1L Floating Rate Notes Due July 2023
     (current balance of $190,854,250), Downgraded to Aa3;
     previously on May 31, 2007 Assigned Aaa;

  -- Up to US$75,000,000 (or the US$ Equivalent thereof in Euro,
     Sterling and/or Australian Dollars) Class A-1LV Floating Rate
     Revolving Notes Due July 2023 (current balance of
     $70,090,551), Downgraded to Aa3; previously on May 31, 2007
     Assigned Aaa;

  -- US$49,000,000 Class A-2L Floating Rate Notes Due July 2023,
     Downgraded to Baa1; previously on March 4, 2009, Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$35,000,000 Class A-3L Floating Rate Notes Due July 2023,
     Downgraded to Ba3 previously on March 4, 2009, A2 Placed
     Under Review for Possible Downgrade;

  -- US$16,600,000 Class B-1F Fixed Rate Notes Due July 2023,
     Downgraded to Caa1; previously on March 4, 2009, Baa2 Placed
     Under Review for Possible Downgrade;

  -- US$4,400,000 Class B-1L Floating Rate Notes Due July 2023,
     Downgraded to Caa1; previously on March 4, 2009, Baa2 Placed
     Under Review for Possible Downgrade;

  -- US$5,000,000 Class B-2F Fixed Rate Notes Due July 2023,
     Downgraded to Caa3; previously on March 4, 2009, Ba2 Placed
     Under Review for Possible Downgrade;

  -- US$14,000,000 Class B-2L Floating Rate Notes Due July 2023,
     Downgraded to Caa3; previously on March 4, 2009, Ba2 Placed
     Under Review for Possible Downgrade;

  -- US$27,700,000 Class C-1 MAC Combination Securities due July
     2023, Downgraded to Caa3; previously on March 4, 2009, Baa3
     Placed Under Review for Possible Downgrade;

  -- US$4,000,000 Class C-2 MF-II Combination Securities due July
     2023, Downgraded to Caa3; previously on March 4, 2009, Baa3
     Placed Under Review for Possible Downgrade;

  -- US$12,500,000 Class C-3 MAC Combination Securities due July
     2023, Downgraded to Ca; previously on March 4, 2009, Ba3
     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 B-2 Overcollateralization Test,
Weighted Average Rating Factor Test and Weighted Average Coupon
Test.  In particular, the weighted average rating factor has
increased over the last year and is currently 3401 versus a test
level of 3040 as of the last trustee report, dated August 18,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $16.4 million, accounting for
roughly 3.9% of the collateral balance, and securities rated Caa1
or lower make up approximately 15% of the underlying portfolio.
The Class B-2 overcollateralization test was reported at 105.97%
versus a test level of 106.80%.

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.

MAC Capital, Ltd., issued in May 2007, is a multicurrency
collateralized loan obligation backed primarily by a portfolio of
senior secured loans and mezzanine debt obligations.

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.


MAGNOLIA FINANCE: S&P Withdraws Ratings on Various Notes
--------------------------------------------------------
Standard & Poor's Ratings Services withdrew its ratings on the
notes from the Magnolia Finance II PLC's series 2006-8, 2006-9,
and 2007-3 transactions.

The withdrawals follow further write-downs of underlying reference
entities, which have caused the notes to incur complete principal
losses.

                        Ratings Withdrawn

                     Magnolia Finance II PLC
                          Series 2006-8B

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                          Series 2006-8C

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                          Series 2006-8DG

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                         Series 2006-8DU

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                          Series 2006-8E

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                          Series 2006-8F

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                          Series 2006-9A

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                          Series 2006-9B

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                          Series 2006-9E2

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                         Series 2006-9F1

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                         Series 2006-9F2

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                         Series 2007-3 A1

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                         Series 2007-3 A2

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                     Magnolia Finance II PLC
                         Series 2007-3 B1

                                     Rating
                                     ------
                     Class          To   From
                     -----          --   ----
                     Notes          NR      D

                         NR - Not rated.


MASTR RESECURITIZATION: Moody's Downgrades Ratings on 2005-1 Notes
------------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the Notes
issued in MASTR Resecuritization Trust 2005-1.

The certificate in the resecuritization is backed by several
securities, which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
performance and/or Moody's ratings on the underlying residential
mortgage-backed securities (underlying securities).  The ratings
on the certificates in the resecuritization are based on:

  (i) The updated expected loss of the pool of loans backing
       the underlying securities portfolio and the updated ratings
       on the underlying securities portfolio

  (ii) The available credit enhancement on the underlying
       securities, and

  (iii) The structure of the resecuritization transaction.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

Certain resecuritizations may contain underlying securities that
were not originally rated by Moody's.  In this case, lifetime
roll-rates (probabilities of transition to default) were applied
to the current delinquency pipeline buckets to calculate a
pipeline default rate.  This value was then multiplied by a
replication factor to account for additional loans that are
expected to default over the remaining life of the deal.  The
replication factor differed for each deal based on pool factor and
current delinquency pipeline (higher pool factors and lower
delinquency pipelines resulted in higher replication factors, for
example).  The final expected default number was then multiplied
by an expected loss severity (based on vintage and product type -
older vintages from better performing deals had lower expected
severities) to arrive at an estimated expected loss.  In addition,
expected losses for deals with 50 or fewer loans remaining (these
deals referred to as "low pool factor") were subject to additional
stresses for replication factors and severities to account for
increased volatility.  An implicit rating was determined by
comparing current available credit enhancement for the non-rated
tranche to the estimated expected loss for the deal.

The ratings on the underlying securities are then used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
outstanding pledged balance) of the underlying security to the
resecuritized transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings on the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are determined after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued, the weighted average portfolio rating (as
    determined in step 1 above) is the rating assigned to the
    tranche.  Where multiple securities are issued, the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e.  the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as the probability of default for the
lowest rated underlying certificate.  However, Moody's anticipates
a higher loss severity on the junior-most class due to its
subordinate position (both in terms of principal distribution and
loss allocation) and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating on the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the ratings on the underlying certificates and their
mortgage pool performance, any rating action on the underlying
certificates may trigger a further review of the ratings on the
certificates in the resecuritization.  The ratings on the
certificates in the resecuritization address the ultimate payment
of promised interest and principal and do not address any other
amounts that may be payable on the certificates.

For securities insured by a financial guarantor, the rating on the
securities is equal to the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty and is as described above.

Complete Rating Actions are:

Issuer: MASTR Resecuritization Trust 2005-1

  -- Notes, Downgraded to Caa3; previously on Apr 26, 2005
     Assigned Baa3


MASTR RESECURITIZATION: S&P Junks Rating on Class A-2 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the A-2
class from MASTR Resecuritization Trust 2008-2 to 'CC' from 'B'.
At the same time, S&P affirmed its 'AAA' rating on class A-1.  The
downgrade reflects the significant deterioration in performance of
the loans backing the underlying certificates.  Although this
performance deterioration is severe, the credit enhancement within
MASTR Resecuritization Trust 2008-2 is sufficient to maintain the
rating on class A-1 because class A-2 supports class A-1.

MASTR Resecuritization Trust 2008-2, which closed in October 2008,
is a re-securitized real estate mortgage investment conduit (re-
REMIC) RMBS transaction, collateralized by three underlying
classes that support one group within the re-REMIC.  The loans
securing the three underlying classes, which are included in three
different trusts, consist predominately of fixed-rate,
Alternative-A (Alt-A) residential mortgage loans.

Class 2-A-5 from Alternative Loan Trust 2006-40T1 (currently rated
'CCC') is one of the underlying classes for MASTR Resecuritization
Trust 2008-2.  The performance of the loans securing this trust
has declined precipitously in recent months.  This pool had
experienced losses of 2.21% of the original pool balance as of the
August 2009 distribution, and currently has approximately 36.3% in
delinquent loans as a percentage of the current pool balance.
Based on the losses to date, the current pool factor of 0.698
(69.8%), 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 19.59%, which
exceeds the level of credit enhancement available to cover losses
to the 2-A-5 class.

Class A-35 from Alternative Loan Trust 2007-11T1 (currently rated
'CCC') is another underlying class for MASTR Resecuritization
Trust 2008-2.  The performance of the loans securing this trust
has declined significantly in recent months.  This pool had
experienced losses of 1.40% as of the August 2009 distribution,
and currently has approximately 29.2% in delinquent loans.  Based
on the losses to date, the current pool factor of 0.840 (84.0%),
and the pipeline of delinquent loans, S&P's current projected loss
for this pool is 19.55%, which exceeds the level of credit
enhancement available to cover losses to the A-35 class.

Class 1-A-3 from Alternative Loan Trust 2007-19 (currently rated
'CCC') is the third underlying class that supports MASTR
Resecuritization Trust 2008-2.  The performance of the loans
securing this trust has declined considerably in recent months.
This pool had experienced losses of 1.02% as of the August 2009
distribution, and currently has approximately 30.6% in delinquent
loans.  Based on the losses to date, the current pool factor of
0.869 (86.9%), and the pipeline of delinquent loans, S&P's current
projected loss for this pool is 20.51%, which exceeds the level of
credit enhancement available to cover losses to the 1-A-3 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 Lowered

                MASTR Resecuritization Trust 2008-2
                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        55292GAB1     CC                   B

                         Rating Affirmed

                MASTR Resecuritization Trust 2008-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        55292GAA3     AAA


MORGAN STANLEY: Fitch Amends Press Release; Takes Action on Notes
-----------------------------------------------------------------
Fitch Ratings has amended a press release published on Sept. 16.
It contains additional information on the special servicer status
of Almafi Hotel.

Fitch has taken various rating actions on 15 classes of Morgan
Stanley Capital I Trust 2007-IQ16, 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 7.1% for this transaction, should
market conditions not recover.  The rating actions are based on
losses of 5.2% 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 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for loans
representing 59.2% of the pool and, in certain cases, revised
based on additional information and/or property characteristics.

Approximately 9.2% of the mortgages are scheduled to mature within
the next five years, with 8.2% maturing in 2012.  In 2017, 90% of
the pool is scheduled to mature.

Fitch identified 53 Loans of Concern (20.6%) within the pool, nine
of which (6%) are specially serviced.  Two of the specially
serviced loans (4.8%) are within the transaction's top 15 loans,
which comprise 43.9% of the total pool's unpaid principal balance.

Nine of the top 15 loans (20.1% of the pool) are expected to
default during the term or at maturity, with loss severities
ranging from approximately 6% to 45%.  Of the top 15 loans, the
largest contributors (by loan balance) to expected term losses
are: Milford Crossing (2.9% of the pool balance), Ashtabula Mall
(1.6%) and the Almafi Hotel (1.4%).

Milford Crossing is collateralized by a 379,685 square foot retail
center located in Milford, CT.  The center is anchored by Wal-
Mart, on a ground lease.  As of June 2009, occupancy declined to
88.7% from 97% at issuance due to the closure of Circuit City.
The servicer reported debt service coverage ratio as of YE 2008
was 1.15 times.

Ashtabula Mall is secured by 754,882 sf of retail space in an
820,368 sf mall located in Ashtabula, Ohio.  The tenant-in-common
sponsor is Cabot Investment Properties, LLC.  As of YE 2008, the
occupancy was 71.3% compared to 78.6% at issuance.  Approximately
8.5% of the leases are scheduled to expire prior to year-end 2011.
As of August 2009, $1.4 million remained in the leasing reserve.
The anchor tenants are Sears, Dillard's, JCPenney and Super Kmart.
The anchors, excluding Sears, operate under ground leases.  The
property lost Steve and Barry's (10% of the collateral space) as a
tenant after the company closed all its stores.  The servicer
reported DSCR as of YE 2008 was 1.20x.

The Almafi Hotel transferred to special servicing in March 2009
for imminent default.  The reported occupancy as of June 2009 was
57%.  Occupancy, average daily rate and revenue per available room
have all significantly declined since issuance.  A recent
appraisal value indicated a value substantially below the
outstanding debt amount and the special servicer is pursuing
foreclosure.

The special servicer, Centerline in this case reserves the right
to foreclosure on a property at any time during the workout
process.  Normally a special servicer will 'dual track' defaulted
loans for foreclosure while pursuing other workout strategies.
This is done so that time is lost during the workout process since
the foreclosure process can be timely.  Since last week's rating
action, Fitch has received additional information that special
servicer is negotiating terms for a possible modification with the
borrower.  At this juncture, it seems more likely that the loan
will be modified.

The largest specially serviced asset, Wyvernwood Garden Apartments
(3.3%), which is located in Los Angeles, California, transferred
to special servicing in October 2008 for imminent default.  The
borrower is in discussions with the special servicer for a loan
modification.  The borrower reported 95% occupancy as of April
2009.  The loan remains current.

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

  -- $131 million class A-J to 'A/LS-3' from 'AAA';
  -- $30 million class A-JFL to 'A/LS-3' from 'AAA';
  -- $33.7 million class A-JA to 'A/LS-3' from 'AAA';
  -- $19.5 million class B to 'A/LS-5' from 'AA+';
  -- $26 million class C to 'BBB/LS-5' from 'AA';
  -- $16.2 million class D to 'BBB/LS-5' from 'AA-';
  -- $38.9 million class E to 'BB/LS-5' from 'A+';
  -- $13 million class F to 'BB/LS-5' from 'A';
  -- $35.7 million class G to 'BB/LS-5' from 'A-';
  -- $26 million class H to 'B/LS-5' from 'BBB+';
  -- $26 million class J to 'B-/LS-5' from 'BBB';
  -- $32.4 million class K to 'B-/LS-5' from 'BBB-';
  -- $9.7 million class L to 'B-/LS-5' from 'BB';
  -- $9.7 million class M to 'B-/LS-5' from 'BB-';
  -- $9.7 million class N to 'B-/LS-5' from 'B+'.

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

  -- $43.9 million class A-1 at 'AAA/LS-1';
  -- $313.5 million class A-1A at 'AAA/LS-1';
  -- $91.1 million class A-2 at 'AAA/LS-1';
  -- $83 million class A-3 at 'AAA/LS-1';
  -- $1.28 billion class A-4 at 'AAA/LS-1';
  -- $194.7 billion class A-M at 'AAA/LS-3';
  -- $20 million class A-MFL at 'AAA/LS-3';
  -- $44.9 million class A-MA at 'AAA/LS-3';
  -- Interest-only class X-1 at 'AAA';
  -- Interest-only class X-2 at 'AAA'.

The $16.2 million class O, $6.5 million class P, $9.7 million
class Q and $29.2 million class S are not rated by Fitch.


MORGAN STANLEY: Fitch Downgrades Ratings on 11 2007-IQ15 Certs.
---------------------------------------------------------------
Fitch Ratings downgrades and revises Rating Outlooks on 11 classes
of commercial mortgage pass-through certificates from Morgan
Stanley Capital I Trust, series 2007-IQ15.  A detailed list of
rating actions follows at the end of this press release.

The downgrades are the result of loss expectations and reflect
Fitch's prospective views regarding commercial real estate market
value and cash flow declines.  Fitch forecasts potential losses of
7% for this transaction, should market conditions not recover.
The rating actions are based on losses of 4.4%, 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 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for loans
representing 67.3% of the pool and, in certain cases, revised
based on additional information and/or property characteristics.

Approximately 15.3% of the mortgages mature in 2012.  72.3% of the
pool is scheduled to mature in 2017.

Fitch identified 18 Loans of Concern (22.4%) within the pool, two
of which (4.6%) are specially serviced.  Both of the specially
serviced loans are delinquent.  Four of the Fitch Loans of Concern
(16.9%) are within the transaction's top 15 loans by unpaid
principal balance.

Five of the loans within the top 15 (10.1%) are expected to
default during their term with loss severities ranging from 11.5%
through 47.4%.  Seven of the top 15 loans (16%) are expected to
default at maturity, with loss severities ranging from 4.7% to
15.5%.  The largest contributors to loss are: Jackson Portfolio
(3.2% of the pool), Wellington (1.4% of the pool), and the U-Haul
Portfolios I and II.

The Jackson portfolio is secured by five cross collateralized and
cross defaulted multifamily properties located in Jackson, TN.
The loan transferred to the special servicer in October 2008 due
to monetary default following deterioration in performance.  The
property is in foreclosure and a receiver has been assigned.  The
January 2009 appraisal indicates a value significantly below the
outstanding loan balance of $65 million.  Fitch expects that
losses will be incurred upon the disposition of this asset.

The Wellington loan is secured by a 96,711 sf mixed use property
in Wellington, FL.  The property transferred to the special
servicer in August of 2009 due to monetary default.  The borrower
has been unresponsive and has failed to provide updated property
operating performance for 2009.  The special servicer is dual
tracking the asset for both a possible workout and foreclosure.

The two U-Haul Portfolios are secured by a combined 37 self
storage properties located across 17 states totaling 1,939,625 sf.
Both loans remain current with occupancy at 87% for U-Haul
Portfolio 1, and 85% for U-Haul Portfolio 2.  The losses are due
to the high leverage nature of the loans that increase refinance
risk structure of the loans

Fitch downgrades the ratings and assigns Outlooks to these
classes:

  -- $177.1 million class A-J to 'A' from 'AAA'; Outlook Negative;
  -- $33.4 million class B to 'BBB-' from 'AA-'; Outlook Negative;
  -- $15.4 million class C to 'BB' from 'A+'; Outlook Negative;
  -- $28.2 million class D to 'BB' from 'A-'; Outlook Negative;
  -- $15.4 million class E to 'B' from 'BBB+'; Outlook Negative;
  -- $30.8 million class F to 'B' from 'BBB-'; Outlook Negative;
  -- $23.1 million class G to 'B-' from 'BB+'; Outlook Negative;
  -- $25.5 million class H to 'B-' from 'BB'; Outlook Negative;
  -- $10.3 million class J to 'B-' from 'B+'; Outlook Negative;
  -- $5.1 million class K to 'B-' from 'B'; Outlook Negative.

In addition, Fitch affirms the ratings and Outlooks on these
classes:

  -- $48.2 million class A-1 at 'AAA'; Outlook Stable;
  -- $278.8 million class A-1A at 'AAA'; Outlook Stable;
  -- $227.4 million class A-2 at 'AAA'; Outlook Stable;
  -- $72.8 million class A-3 at 'AAA'; Outlook Stable;
  -- $796.9 million class A-4 at 'AAA'; Outlook Stable;
  -- $205.4 million class A-M at 'AAA'; Outlook Stable;
  -- Interest only class X at 'AAA'; Outlook Stable.

Fitch also affirms the rating and assigns an Outlook to this
class:

  -- $7.7 million class L at 'B-'; Outlook Negative.

Fitch does not rate classes M, N, O, and P.


MWAM CBO: Moody's Confirms Ratings on Two Classes of Notes
----------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
ratings assigned to two class of Notes issued by MWAM CBO 2001-1,
LTD.  The Notes affected by the rating action are:

  -- US$197,500,000 Class A Floating Rate Notes Due January 30,
     2031, Confirmed at A3; previously on 3/12/2009 Downgraded to
     A3 and Placed Under Review for Possible Downgrade

  -- US$21,875,000 Class B Floating Rate Notes Due January 30,
     2031, Confirmed at Caa1; previously on 3/12/2009 Downgraded
     to Caa1 and Placed Under Review for Possible Downgrade

MWAM CBO 2001-1 is a collateralized debt obligation backed
primarily by a portfolio of corporate securities residential
mortgage back securities and other types of assets backed
securities.

Moody's explained that the rating confirmation with respect to the
Class A and Class B Notes reflects Moody's conclusion that the
expected losses posed to the note holders are consistent with the
current ratings of the notes.  Moody's notes that in the case of
MWAM CBO 2001-1 more than 8% 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 3175 as compared
to a WARF of 2884 reported in March 2009.  However 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 Notes, due to the application of
interest and principal proceeds.  Additionally the underlying
asset portfolio includes inverse floaters which are generating a
relatively high interest rate providing further cash to be used in
the paydown of the Class A Notes.  Over the course of the last two
payment dates, the principal balance of the Class A Notes has been
reduced by $ 11,649,013, or about 14%.

Moody's indicated 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


NORTHAMPTON GENERATING: S&P Junks Rating on $153 Mil. Bonds
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on
Northampton Generating Co. L.P.'s Series 1994A $153 million
resource recovery revenue bonds due 2019 to 'CCC+' from 'B-'.  The
outlook is negative.

The Pennsylvania Economic Development Financing Authority issued
the bonds on behalf of the project.  Northampton is indirectly
owned by EIF Calypso LLC (77.5%) and Cogentrix Energy LLC (22.5%).


OAK HILL: Moody's Confirms Ratings on Various Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
ratings of these notes issued by Oak Hill Credit Partners III,
Ltd.:

  -- US$15,000,000 Class A-2 Notes, Confirmed at Aa2; previously
     on March 4, 2009 Aa2 Placed Under Review for Possible
     Downgrade;

  -- US$28,000,000 Class B-1 Notes, Confirmed at Baa3; previously
     on March 20, 2009 Downgraded to Baa3 and Placed Under Review
     for Possible Downgrade;

  -- US$15,000,000 Class B-2 Notes, Confirmed at Baa3; previously
     on March 20, 2009 Downgraded to Baa3 and Placed Under Review
     for Possible Downgrade;

  -- US$17,500,000 Class C-1 Notes, Confirmed at Ba3; previously
     on March 20, 2009 Downgraded to Ba3 and Placed Under Review
     for Possible Downgrade;

  -- US$11,000,000 Class C-2 Notes, Confirmed at Ba3; previously
     on March 20, 2009 Downgraded to Ba3 and Placed Under Review
     for Possible Downgrade.

Additionally, Moody's has downgraded the ratings of this class of
notes:

  -- US$5,000,000 Class D Notes, Downgraded to B3; previously on
     Mar 20, 2009 Downgraded to B2 and Placed Under Review for
     Possible Downgrade.

Moody's notes that the rating actions reflect updated analysis
indicating that the impact of certain assumption stresses
(described below) on the ratings of the Class A-2, B-1, B-2, C-1
and C-2 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.

Additionally, the actions consider the positive implications of
performance stabilization in certain deal collateral quality
measurements since the time of the previous rating actions.  In
particular, the weighted average rating factor has increased by a
minimal amount over the last year and is currently 2615, but is
lower than the test level of 2643, based on the last trustee
report dated September 1, 2009.  According to the same report, the
Class A overcollateralization ratio is 129.74%, versus a test
level of 118%, the Class B overcollateralization ratio is 115.62%
versus a test level of 105.3%, the Class C overcollateralization
ratio is 107.84% versus a test level of 105%, and the Class D
overcollateralization ratio is 106.58% versus a test level of
104.5%.

Moody's analysis incorporates 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.

Oak Hill Credit Partners III, Ltd., issued in December 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.


OCTAGON INVESTMENT: Moody's Downgrades Ratings on Three Classes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Octagon Investment Partners XI,
Ltd.:

  -- US$344,500,000 Class A-1A Senior Secured Floating Rate Notes
     due 2021, Downgraded to Aa1; previously on August 28, 2007
     Assigned Aaa;

  -- US$37,500,000 Class A-1B Redenominatable Senior Secured
     Floating Rate Notes due 2021, Downgraded to Aa1; previously
     on August 28, 2007 Assigned Aaa;

  -- US$22,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2021, 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$31,000,000 Class B Senior Secured Deferrable Floating Rate
     Notes due 2021, Confirmed at Baa3; previously on March 13,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$19,000,000 Class C Secured Deferrable Floating Rate Notes
     due 2021, Confirmed at Ba3; previously on March 13, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$16,000,000 Class D Secured Deferrable Floating Rate Notes
     due 2021, 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, 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 2372 as of the last
trustee report, dated August 18, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$17.0 million, accounting for roughly 3.5% of the collateral
balance, and securities rated Caa1 or lower make up approximately
9.4% 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 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.

Octagon Investment Partners XI, Ltd., issued in 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

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


OCTAGON INVESTMENT: Moody's Downgrades Ratings on Various Classes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Octagon Investment Partners X,
Ltd.:

  -- US$281,250,000 Class A-1 Senior Secured Floating Rate Notes
     Due 2020, Downgraded to Aa1; previously on September 7, 2006
     Assigned Aaa;

  -- US$22,500,000 and EUR17,662,297 Class A-1R Redenominatable
     Senior Secured Floating Rate Notes Due 2020, Downgraded to
     Aa1; previously on September 7, 2006 Assigned Aaa;

  -- US$38,250,000 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$19,125,000 Class D Secured Deferrable Floating Rate Notes
     Due 2020, Downgraded to B1; previously on March 17, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$17,450,000 Class E Secured Deferrable Floating Rate Notes
     Due 2020, Downgraded to Caa2; previously on March 17, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade;

  -- US$2,000,000 Class F Combination Notes Due 2020 (current
     balance of $1,630,159), Downgraded to B2; previously on
     March 4, 2009 Baa3 Placed Under Review for Possible
     Downgrade;

  -- US$5,000,000 Class G Combination Notes Due 2020 (current
     balance of $3,751,188), Downgraded to B1; previously on
     March 4, 2009 Baa1 Placed Under Review for Possible
     Downgrade.

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

  -- US$24,750,000 Class C Secured Deferrable Floating Rate Notes
     Due 2020, Confirmed at Baa3; previously on March 17, 2009
     Downgraded to Baa3 and Remained On 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 2403 as of the last
trustee report, dated August 11, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$21 million, accounting for roughly 4.8% of the collateral
balance, and securities rated Caa1 or lower make up approximately
7.5% of the underlying portfolio.

Moody's also observes that about 6.5% of the underlying portfolio
is denominated in Euros.  The foreign exchange risk posed to the
transaction is largely mitigated by the redenominatable Class A-1R
Notes but any mismatch or unhedged foreign exchange risk may
expose the notes to additional risk.

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 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.

Octagon Investment Partners X, Ltd., issued in September 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.


OPTION ONE: S&P Downgrades Rating on Class III-A-2 2007-FXD1 Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on class
III-A-2 from Option One Mortgage Loan Trust 2007-FXD1 and removed
it from CreditWatch with negative implications.  Concurrently, S&P
affirmed its ratings on four additional classes from this
transaction and removed two of the affirmed ratings from
CreditWatch negative.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of the transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in its
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.  In order to maintain a rating higher than 'B',
S&P assessed whether the class could withstand losses exceeding
the base-case assumption at a percentage specific to each rating
category, up to 150% for a 'AAA' rating.  For example, in general,
S&P would assess whether one class could withstand approximately
110% of its base-case loss assumptions to maintain a 'BB' rating,
while S&P would assess whether a different class could withstand
approximately 120% of its base-case loss assumptions to maintain a
'BBB' rating.  Each class with an affirmed 'AAA' rating can, in
its view, withstand approximately 150% of its base-case loss
assumptions under its analysis.

Subordination, excess spread, overcollateralization (prior to its
depletion), and a bond insurance policy provided by Ambac
Assurance Corp. (currently rated 'CC') provide credit support for
this transaction.  In addition, a pool insurance policy provided
by Radian Guaranty Inc. (currently rated 'BB-') covers losses that
exceed 4.0% of the original pool balance, up to a cutoff of 8.80%.
S&P lowered the rating on class III-A-2 due to projected interest
shortfalls in particular cash flow scenarios.  The transaction
documents do not allow for principal writedowns of classes within
the transaction.  S&P does not take into account credit
enhancement provided by Ambac Assurance Corp., due to its current
rating of 'CC', in its stress scenarios above this rating
category.  Without this credit enhancement, the transaction may
become undercollateralized in certain stress scenarios.  Based on
the defined interest amount needed to satisfy the interest
liability of the classes within the transaction, interest
shortfalls may occur due to a collateral balance that is
insufficient to cover the necessary interest obligations of the
related liabilities.

The underlying pool of loans backing this transaction consists
primarily of 30-year, subprime, fixed- or adjustable-rate mortgage
loans, which are secured mostly by first liens on residential
properties.

                           Rating Actions

             Option One Mortgage Loan Trust 2007-FXD1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   III-A-1    68402VAC6     AAA                  AAA/Watch Neg
   III-A-2    68402VAD4     A                    AA/Watch Neg
   III-A-3    68402VAE2     B                    B/Watch Neg

                         Ratings Affirmed

             Option One Mortgage Loan Trust 2007-FXD1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  III-A-4    68402VAF9     CCC
                  III-A-5    68402VAG7     CCC


ORCHID STRUCTURED: Moody's Downgrades Rating on Class A-1MM Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of Notes issued by Orchid Structured Finance
CDO, Ltd. The Notes affected by the rating action are:

  -- US$175,000,000 Class A-1MM Floating Rate Term Notes Notes,
     Downgraded to B2; previously on March 20, 2009 Downgraded to
     A2

Orchid Structured Finance CDO is a collateralized debt obligation
backed primarily by a portfolio of residential mortgage back
securities 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 Orchid
Structured Finance CDO, more than 32% 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 2742
as compared to a WARF of 2187 reported by the Trustee in March
2009.  All the OC and IC tests are failing their trigger levels.
The trustee is reporting that $23,953,069, about 37% of the
portfolio is defaulted.

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


PACIFIC SHORES: Moody's Cuts Ratings on Class A Notes to 'Ba1'
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one class of Notes issued by Pacific Shores CDO, Ltd.
The Notes affected by the rating action are:

  -- US$532,000,000 Class A First Priority Senior Secured Floating
     Rate Notes Due 2037, Downgraded to Ba1; previously on
     February 18, 2009 Downgraded to A2

Pacific Shores CDO is a collateralized debt obligation backed
primarily by a portfolio of residential mortgage back securities
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 Pacific Shores
CDO, more than 17% 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 2624 as compared to a WARF
of 2039 reported by the Trustee in February 2009.  Both the Class
A/B OC and Class C tests are failing their trigger levels and
continuing to deteriorate.  In the latest trustee report 4 new
securities, totaling $9,771,938, were reported as defaulted,
bringing the total defaults reported to $23,697,150.

The action also takes into consideration the risk of the
transaction experiencing an Event of Default.  An Event of Default
may occur due to the failure, on any Measurement Date, of the
Class A/B Overcollateralization Ratio to be equal to or greater
than 100%.  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


PPLUS TRUST: Moody's Upgrades Ratings on Certs. to 'Caa2'
---------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by PPLUS Trust Series FMC-1:

  -- 1,600,000 PPLUS 8.25% Trust Certificates; Upgraded to Caa2;
     on January 9, 2009 Downgraded to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 7.45% Notes due 2031 issued by Ford Motor Company which
were upgraded to Caa2 by Moody's on September 3, 2009.


PREFERREDPPLUS TRUST: Moody's Upgrades Ratings on Certs. to 'Caa2'
------------------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by PREFERREDPPLUS Trust Series FRD-1:

  -- 2,000,000 PREFERREDPPLUS 7.40% Trust Certificates; Upgraded
     to Caa2; on January 9, 2009 Downgraded to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 7.45% Debentures due November 1, 2046, issued by Ford
Motor Company which were upgraded to Caa2 by Moody's on
September 3, 2009.


PUBLIC STEERS: Moody's Upgrades Ratings on Two Certs. to 'Caa2'
---------------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by Public Steers Series 1998 F-Z4 Trust:

  -- $85,520,000 Initial Principal Amount Class A Trust
     Certificates; Upgraded to Caa2; on January 9, 2009 Downgraded
     to Ca;

  -- $100,000,000 Principal Amount at Maturity Class B Trust
     Certificates; Upgraded to Caa2; on January 9, 2009 Downgraded
     to Ca.

The transaction is a structured note whose ratings are based on
the rating of the Underlying Securities and the legal structure of
the transaction.  The rating action is a result of the change of
the rating of 7.70% Debentures due May 15, 2097, issued by Ford
Motor Company which were upgraded to Caa2 by Moody's on
September 3, 2009.


RESTRUCTURED ASSET: Moody's Downgrades Rating on 2001-21-E Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of one Note issued by Restructured Asset Securities with
Enhanced Returns Series 2001-21-E Trust.  The Notes affected by
the rating action are:

  -- US$10,000,000 Series 2001-21-E Notes, Downgraded to Ca;
     previously on Apr 2, 2009 Downgraded to Caa1

The transaction is a repackaged security whose rating is based
primarily upon the transaction's structure and the credit quality
of the Deposited Assets.

The Note is comprised of 2 Deposited Assets, the Class B-2, and
Class C-2 of Coast Investment Grade 2001-1, Limited, an ABS CDO
backed primarily by CLOs.  These two classes were downgraded on
7/21/2009 to Caa3 and to C respectively.


REVE SPC: S&P Withdraws 'BB' Rating on Class JSS Series 20 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB' rating on the
class JSS segregated portfolio series 20 notes due 2017 issued by
REVE SPC's Dryden XVII notes series 2007-2, a synthetic corporate
investment-grade collateralized debt obligation transaction.  The
rating was previously on CreditWatch with negative implications.

The rating withdrawal follows the repurchase and cancellation of
the notes pursuant to the note repurchase agreement and the master
termination agreement dated July 24, 2009.

                         Rating Withdrawn

                            REVE SPC
                     Dryden XVII Series 2007-2

                                 Rating
                                 ------
               Class          To      From
               -----          --      ----
               JSS Seg 20     NR      BB/Watch Neg

                          NR - Not rated.


RFMSII HOME: Moody's Downgrades Ratings on 2004-HS2 Notes to 'B3'
-----------------------------------------------------------------
Moody's Investors Service has downgraded the ratings of one
tranche issued in RFMSII Home Equity Loan Trust 2004-HS2
transaction due to higher expected pool losses in relation to
available credit enhancement.  The collateral backing these
securities consists primarily of second lien home equity lines of
credit.

The primary driver of the downgrade is a higher than expected
increase in the delinquent loans and cumulative losses over the
last year.

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

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

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

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.  For
this transaction Moody's assumes that the CDR will decline by 25%
for year 2, 50% for year 3 remaining constant thereafter.

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

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

Issuer: RFMSII Home Equity Loan Trust 2004-HS2

  -- Expected Cumulative Losses: 4.7% (as a percentage of the
     original loan pool balance)

  -- Cl. A-II, Downgraded to B3; previously on Feb. 18, 2009
     Downgraded to Ba3

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


RHYNO CBO: Fitch Downgrades Ratings on 1997-1 Notes
---------------------------------------------------
Fitch Ratings has downgraded and withdrawn the rating on the
remaining class of notes from RHYNO CBO 1997-1, Ltd., a CBO
managed by Bear Stearns Asset Management.  A complete list of
rating actions follows at the end of this release.

The downgrade reflects the issuer's failure to redeem the full
principal amount due to the class B notes at the maturity date on
Sept. 15, 2009.  Approximately $36.8 million of principal remained
unpaid on the class B notes following the final distribution to
investors.  There are no additional proceeds or securities
remaining in the transaction for distribution to investors
Proceeds to the class B notes represent less than 10% of their
outstanding principal amount, which is consistent with Fitch's
'RR6' recovery rating.

Fitch subsequently withdraws the rating of the class B notes since
the notes have matured.  The trustee has directed the note holders
to surrender their notes to the Paying Agent.

Fitch has taken this rating action:

  -- $36,769,132 class B notes downgraded to 'D/RR6' from 'C/RR6'
     and withdrawn.


RYLAND MTG: Moody's Downgrades Ratings on 1994-01 Certs.
--------------------------------------------------------
Moody's Investors Service has downgraded the ratings on two
certificates issued in Ryland Mtg Sec 1994-01 resecuritized
transaction.

The certificates in the resecuritizations are backed by one or
more securities, which in turn are backed by residential mortgage
loans.  These rating actions have been triggered by changes in
performance and/or Moody's ratings on the underlying residential
mortgage-backed securities (underlying securities).  The ratings
on the certificates in the resecuritization are based on:

   (i) The updated expected loss of the pool of loans backing the
       underlying securities portfolio and the updated ratings on
       the underlying securities portfolio

  (ii) The available credit enhancement on the underlying
       securities, and

(iii) The structure of the resecuritization transaction.

(1) Moody's first updated its loss assumptions on the underlying
    pool of mortgage loans (backing the underlying securities) and
    then arrived at updated ratings on the underlying securities.

Certain resecuritizations may contain underlying securities that
were not originally rated by Moody's.  In this case, lifetime
roll-rates (probabilities of transition to default) were applied
to the current delinquency pipeline buckets to calculate a
pipeline default rate.  This value was then multiplied by a
replication factor to account for additional loans that are
expected to default over the remaining life of the deal.  The
replication factor differed for each deal based on pool factor and
current delinquency pipeline (higher pool factors and lower
delinquency pipelines resulted in higher replication factors, for
example).  The final expected default number was then multiplied
by an expected loss severity (based on vintage and product type --
older vintages from better performing deals had lower expected
severities) to arrive at an estimated expected loss.  In addition,
expected losses for deals with 50 or fewer loans remaining (these
deals referred to as "low pool factor") were subject to additional
stresses for replication factors and severities to account for
increased volatility.  An implicit rating was determined by
comparing current available credit enhancement for the non-rated
tranche to the estimated expected loss for the deal.

The ratings on the underlying securities are then used to derive a
weighted average portfolio rating based on a weighted average
rating factor.  To determine the portfolio WARF, Moody's assigns
the ratings on the underlying securities a Rating Factor based on
Moody's published 10-yr idealized loss expectations.  Weights are
assigned to each Rating Factor based on the contribution (by
outstanding pledged balance) of the underlying security to the
resecuritized transaction.

(2) Second, Moody's determines the weighted average credit
    enhancement available to the portfolio security by evaluating
    the loss coverage level consistent with the ratings on the
    underlying securities and the underlying mortgage pool losses
    and weighting them based on the outstanding pledged balance of
    the underlying securities.

(3) Finally, the ratings on the bonds issued in the
    resecuritization are determined after taking into
    consideration additional structural aspects of the
    resecuritization.  For transactions where only a single
    tranche is issued, the weighted average portfolio rating (as
    determined in step 1 above) is the rating assigned to the
    tranche.  Where multiple securities are issued, the loss
    allocation and cash flow priority are taken into
    consideration.  For instance where the certificates in the
    resecuritization are tranched into a super senior tranche and
    a support tranche, the support tranche is notched down to
    reflect a higher severity of loss to that tranche.  The rating
    on the super senior tranche is determined based on the total
    credit enhancement available i.e.  the credit enhancement
    assessed in step (2) and the additional enhancement from the
    support tranche.

The probability of default for the junior-most certificate in the
resecuritization is the same as the probability of default for the
lowest rated underlying certificate.  However, Moody's anticipates
a higher loss severity on the junior-most class due to its
subordinate position (both in terms of principal distribution and
loss allocation) and smaller size (when compared to underlying
certificate).  Therefore, the ratings on junior certificates in
the resecuritization are lower than the portfolio rating on the
combined underlying bonds.

Because the ratings on the certificates in the resecuritization
are linked to the ratings on the underlying certificates and their
mortgage pool performance, any rating action on the underlying
certificates may trigger a further review of the ratings on the
certificates in the resecuritization.  The ratings on the
certificates in the resecuritization address the ultimate payment
of promised interest and principal and do not address any other
amounts that may be payable on the certificates.

For securities insured by a financial guarantor, the rating on the
securities is equal to the higher of (i) the guarantor's financial
strength rating and (ii) the current underlying rating (i.e.,
absent consideration of the guaranty) on the security.  The
principal methodology used in determining the underlying rating is
the same methodology for rating securities that do not have a
financial guaranty and is as described above.

Complete Rating Actions are:

Issuer: Ryland Mtg Sec 1994-01

  -- Cl. B-1, Downgraded to Ba1; previously on April 15, 1994
     Assigned Aa2

  -- Cl. C-1, Downgraded to C; previously on April 15, 1994
     Assigned A3


SACO I: Moody's Downgrades Ratings on Two 2004-3 Tranches
---------------------------------------------------------
Moody's Investors Service has downgraded the ratings of two
tranches issued in SACO I Trust 2004-3 transaction due to higher
expected pool losses in relation to available credit enhancement.
The collateral backing these securities consists primarily of
closed-end second lien residential mortgage loans.

The primary driver of the downgrades is an increase in the
delinquent loans over the last 10 months and a higher expected
pool loss.  Currently 14% of the pool is 60 or more days past due.
In the same time, cumulative losses grew to 10% of original pool
balance.

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

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

There are two approaches for determining pool CDR.  The first
approach calculates CDR based on pool loan losses from the
previous twelve months, i.e. recent losses.  A second approach is
based on pipeline losses -- losses derived from days-aged
delinquencies and Moody's assumptions for default based on days
delinquent, in foreclosure, or liquidation, and the severity of
loss given default.  Moody's assumes 100% severity for second
liens, including both CES and HELOCs.  After the CDR is calculated
using the two methods, the effective CDR for loss projection
purposes is determined by using a weighted average of the CDRs as
determined by the recent loss and pipeline loss approaches -- with
weightings determined on a transaction by transaction basis.  For
this transaction Moody's assumes that the CDR will decline by 25%
for year 2, 50% for year 3 remaining constant thereafter.

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

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

Issuer: SACO I Trust 2004-3

  -- Expected Cumulative Losses: 15.3% (as a percentage of the
     original loan pool balance)

  -- Cl. M-2, Downgraded to B2; previously on Jan. 1, 2009
     Downgraded to Ba1

  -- Cl. B-1, Downgraded to Ca; previously on Jan. 1, 2009
     Downgraded to Caa3


SAGUARO ISSUER: Moody's Takes Rating Actions on Various Units
-------------------------------------------------------------
Moody's Investors Service announced that it has taken action on
these notes issued by Saguaro Issuer Trust:

  -- US$11,000,000 aggregate face amount of Principal Units,
     Series D, Downgraded to A1; previously on July 30, 2009
     Placed Under Review for Possible Downgrade at Aa2;

  -- US$7,000,000 aggregate face amount of Principal Units, Series
     E, Downgraded to A1; previously on July 30, 2009 Placed Under
     Review for Possible Downgrade at Aa2;

  -- US$20,000,000 aggregate face amount of Principal Units,
     Series F; Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on June 29, 2009 Downgraded to
     Baa2;

  -- US$20,000,000 aggregate face amount of Principal Units,
     Series G; Downgraded to Ba1 and Placed Under Review for
     Possible Downgrade; previously on June 29, 2009 Downgraded to
     Baa2;

  -- US$11,000,000 aggregate face amount of Principal Units,
     Series K; Placed Under Review for Possible Downgrade at Ba1;
     Previously on June 23, 2009 Confirmed at Ba1;

  -- US$34,000,000 aggregate face amount of Principal Units,
     Series L; Placed Under Review for Possible Downgrade at Ba1;
     Previously on June 23, 2009 Confirmed at Ba1.

The transaction is a structured note whose ratings change with the
rating of the underlying Principal Certificates.

The Series D Principal Units are related to the Principal
Certificates, Series D issued by IIG Funding Trust, which are, in
turn, related to the US$11,000,000 face amount of Perpetual
Floating Rate Subordinated Notes of Den Norske Creditbank.  The
US$11,000,000 face amount of Perpetual Floating Rate Subordinated
Notes were downgraded to A1 on September 8, 2009.

The Series E Principal Units are related to the Principal
Certificates, Series E issued by IIG Funding Trust, which are, in
turn, related to the US$7,000,000 face amount of Floating Rate
Capital Notes of Den Norske Creditbank.  The US$7,000,000 face
amount of Floating Rate Capital Notes were downgraded to A1 on
September 8, 2009.

The Series F Principal Units are related to the Principal
Certificates, Series F issued by IIG Funding Trust, which are, in
turn, related to the US$20,000,000 face amount of Primary Capital
Undated Floating Rate Notes of Lloyds Bank PLC.  The US$20,000,000
face amount of Primary Capital Undated Floating Rate Notes of
Lloyds Bank PLC were downgraded to Ba1 and placed under review for
possible further downgrade on September 9, 2009.

The Series G Principal Units are related to the Principal
Certificates, Series G issued by IIG Funding Trust, which are, in
turn, related to the US$20,000,000 face amount of Undated Capital
Floating Rate Notes, Series 2 of Lloyds Bank PLC.  The
US$20,000,000 face amount of Undated Capital Floating Rate Notes,
Series 2 of Lloyds Bank PLC were downgraded to Ba1 and placed
under review for possible further downgrade on September 9, 2009.

The Series K Principal Units are related to the Principal
Certificates, Series K issued by IIG Funding Trust, which are, in
turn, related to the US$11,000,000 face amount of Undated Primary
Capital Floating Rate Notes, Series A of National Westminster Bank
PLC.  The US$11,000,000 face amount of Undated Primary Capital
Floating Rate Notes, Series A of National Westminster Bank PLC
were placed under review for possible downgrade at Ba1 on
September 9, 2009.

The Series L Principal Units are related to the Principal
Certificates, Series L issued by IIG Funding Trust, which are, in
turn, related to the US$34,000,000 face amount of Undated Primary
Capital Floating Rate Notes, Series A of National Westminster Bank
PLC.  The US$34,000,000 face amount of Undated Primary Capital
Floating Rate Notes, Series A of National Westminster Bank PLC
were placed under review for possible downgrade at Ba1 on
September 9, 2009.


SALOMON BROTHERS: Moody's Reviews Ratings on 2001-C1 Certs.
-----------------------------------------------------------
Moody's Investors Service placed five classes of Salomon Brothers
Commercial Mortgage Trust 2001-C1, Commercial Mortgage Pass-
Through Certificates, Series 2001-C1 on review for possible
downgrade due to expected losses for the pool resulting from
anticipated losses from loans in special servicing and concerns
about refinancing risk associated with loans approaching maturity
in an adverse environment.  Sixteen loans, representing 12% of the
pool, mature within the next two years and have a Moody's stressed
debt service coverage ratio below 1.00X.  The rating action is the
result of Moody's on-going surveillance of commercial mortgage
backed securities transactions.

As of the August 18, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by 31% to
$653.3 million from $952.7 million at securitization.  The
Certificates are collateralized by 145 mortgage loans ranging in
size from less than 1% to 3% of the pool, with the top 10 loans
representing 18% of the pool.

Twenty-nine loans, representing 21% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Eight loans, representing 5% of the pool, are currently in special
servicing.  The largest specially serviced loans are three cross-
collateralized and cross-defaulted loans that are secured by three
industrial properties in Minnesota ($10.0 million -- 1.5%).  The
loans were transferred to special servicing in February 2009 due
to payment default resulting from a significant decrease in
occupancy in two of the three properties.  Of the remaining five
specially serviced loans, two are 90+ days delinquent, two are in
the process of foreclosure, and one is currently real estate
owned.

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

  -- Class G, $14,290,000, currently rated Baa3, on review for
     possible downgrade; previously affirmed at Baa3 on 12/13/2006

  -- Class H, $19,054,000, currently rated Ba1, on review for
     possible downgrade; previously affirmed at Ba1 on 12/13/2006

  -- Class J, $19,054,000, currently rated Ba3, on review for
     possible downgrade; previously affirmed at Ba3 on 12/13/2006

  -- Class K, $7,145,000, currently rated B2, on review for
     possible downgrade; previously downgraded to B2 from B1 on
     12/13/2006

  -- Class L, $5,844,980, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from B3 on
     12/13/2006


SALS B-2004-1: S&P Downgrades Rating on Series 2385 Notes to 'D'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the
series 2385 notes issued by Sals B-2004-1 to 'D' from 'CCC-'.  The
rating was previously on CreditWatch negative.  In addition, S&P
withdrew the rating on the notes.

The downgrade and subsequent withdrawal follow a number of recent
credit events within the transaction's underlying portfolio;
specifically, write-downs in the underlying reference portfolio
caused the series 2385 notes to incur a full principal loss.

                   Rating Lowered And Withdrawn

                           Sals B-2004-1

                                Rating
                                ------
                        To      Interim    From
                        --      -------    ----
        Series 2385     NR      D          CCC-/Watch Neg


SATURNS TRUST: Moody's Upgrades Ratings on 2003-5 Units to 'Caa2'
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
units issued by SATURNS Trust No. 2003-5:

  -- 3,001,107 SATURNS Trust No. 2003-5 Units; Upgraded to Caa2;
     Previously on January 9, 2009 Downgraded to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of Ford Motor Company 7.45% debentures due July 16, 2031,
which were upgraded to Caa2 by Moody's on September 3, 2009.


SIGNUM RATED: Moody's Confirms Ratings on Two HFR Gap Notes
-----------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
ratings of these notes issued by Signum Rated II Limited:

  -- HFR Gap Notes 2005-01 Coast US$20,000,000 Floating Rate
     Secured Notes due 2015, Confirmed at Ba2; previously on
     December 17, 2008 Downgraded to Ba2 and Remained On Review
     for Possible Downgrade;

  -- HFR Gap Notes 2005-01 Coast US$20,000,000 Floating Rate
     Secured Notes due 2015 are gap risk notes referencing the
     performance of Series A Units of HFRX Global Tracker Fund
     (the "Index"), which is an investable hedge fund index
     referencing a diversified pool of hedge funds.

This gap risk notes' risk profiles are linked to the occurrence of
significant downfall events on the Index.  The risk is transferred
to investors through credit event payments from the Issuer to the
Swap Counterparty if the Index falls by more than 19% over
consecutive three month time horizon.  Goldman Sachs International
is the Swap Counterparty.

The rating action reflects Moody's analysis of the latest
historical index data.  Even though the consecutive three month
drop on the Index has been as much as 18% as recently as the end
of last year, i.e. post-Lehman bankruptcy, the index value has
stabilized showing positive returns and its volatility has
subsided since then.  As of August 31, 2009, the three month
return stands at approximately +3%.  Since a credit event for the
transaction is based on rolling three month drop being higher than
19%, the likelihood that the transaction may trigger a credit
event has been reduced considerably.

In December 2008, Moody's downgraded the Notes and left them on
review for possible downgrade.  Moody's decision was based on
several considerations related to the then current market
conditions.  First and foremost, was the fact that three month
return on the Index had fallen by about 18% as of November 2008
and the Index was experiencing a spike in its volatility,
resulting in a substantial increase in the likelihood of
triggering a credit event.  Considering this, Moody's implemented
a more comprehensive way of analyzing this type of transactions,
including reevaluating the volatilities used to monitor these
transactions and performing additional analysis to better capture
the market's sudden and abrupt downturns.  In its evaluation,
Moody's examined variations of its model as sensitivity tests,
including the assumption of zero or negative drifts for the mean
value of the Index and using probability distributions with fatter
tails (e.g. Student-t distributions instead of Normal
distribution).  The rating action reflects the same analysis done
using the latest historical index data.


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

  -- $52,000,000 Class A-1a Floating Rate Senior Secured
     Extendable Notes Due 2017 (current balance of $51,472,506),
     Downgraded to Aa2; previously on March 15, 2005 Assigned Aaa;

  -- $7,000,000 Class A-lb Fixed Rate Senior Secured Extendable
     Notes Due 2017 (current balance of $6,928,994), Downgraded
     to Aa2; previously on March 15, 2005 Assigned Aaa;

  -- $400,000,000 Class A-1g Floating Rate Senior Secured
     Extendable Notes Due 2017 (current balance of $395,942,362),
     Downgraded to Aa2; previously on March 15, 2005 Assigned Aaa;

  -- $42,500,000 Class A-2 Floating Rate Senior Secured
     Extendable Notes Due 2017, Downgraded to A2; previously on
     March 4, 2009 Aaa Placed Under Review for Possible Downgrade;

  -- $23,500,000 Class A-3a Floating Rate Senior Secured
     Extendable Notes Due 2017, Downgraded to Baa1; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- $2,500,000 Class A-3b Fixed Rate Senior Secured Extendable
     Notes Due 2017, Downgraded to Baa1; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- $39,000,000 Class B Floating Rate Senior Secured Deferrable
     Interest Extendable Notes Due 2017, Downgraded to Ba2;
     previously on March 18, 2009 Downgraded to Baa3 and Placed
     Under Review for Possible Downgrade;

  -- $36,300,000 Class C Floating Rate Senior Secured Deferrable
     Interest Extendable Notes Due 2017 (current balance of
     $36,590,158), 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 B Overcollateralization Test
and the Class C Overcollateralization Test.  In particular, the
weighted average rating factor has increased over the last year
and is currently 2931 versus a test level of 2817 as of the last
trustee report, dated July 22, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$62 million, accounting for roughly 9% of the collateral balance,
and securities rated Caa1 or lower make up approximately 15% of
the underlying portfolio.  The Class B Overcollateralization Test
was reported at 107.765% versus a test level of 108.00%, and the
Class C Overcollateralization Test was reported at 101.176% versus
a test level of 106.30%.  Additionally, interest payments on the
Class C Notes are presently being deferred as a result of the
failure of the Class B Overcollateralization Test.

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

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.  Other assumptions used in
Moody's CLO monitoring are described in the publication "CLO
Ratings Surveillance Brief - Second Quarter 2009," dated July 17,
2009.  Moody's has also applied resecuritization stress factors to
default probability assumptions for structured finance asset
collateral as described in the press release titled "Moody's
updates its key assumptions for rating structured finance CDOs,"
published on December 11, 2008.  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, the rating on the Class A-1g Notes reflects the
actual underlying rating of the Class A-1g Notes.  This underlying
rating is based solely on the intrinsic credit quality of the
Class A-1g Notes in the absence of the guarantee from Assured
Guaranty, whose insurance financial strength rating was downgraded
to Aa2 on Review for Possible Downgrade on May 20, 2009.  The
above actions is a result of, and is consistent with, Moody's
modified approach to rating structured finance securities wrapped
by financial guarantors as described in the press release dated
November 10, 2008, titled "Moody's modifies approach to rating
structured finance securities wrapped by financial guarantors."

Southfork CLO Ltd., issued on March 15, 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.


SPYGLASS TRUST-3: Moody's Reviews 'Ba1' Ratings on Trust-3 Units
----------------------------------------------------------------
Moody's Investors Service announced that it has placed under
review for downgrade these units issued by Spyglass Trust-3:

  -- $70,000,000 Face Amount of Spyglass Trust-3 Principal Units;
     Placed Under Review for Possible Downgrade at Ba1; Previously
     on June 17, 2009 Downgraded to Ba1.

The transaction is a structured note whose rating is based on the
rating of the Notes and the legal structure of the transaction.


SPYGLASS TRUST-4: Moody's Downgrades Ratings on Trust-4 Units
-------------------------------------------------------------
Moody's Investors Service announced that it has downgraded and
placed under review for possible further downgrade these units
issued by Spyglass Trust-4:

  -- $70,000,000 Face Amount of Spyglass Trust-4 Principal Units;
     Downgraded to Ba1 and Placed Under Review for Possible
     Further Downgrade; Previously on June 29, 2009 Downgraded to
     Baa2.

The transaction is a structured note whose rating is based on the
rating of the Notes and the legal structure of the transaction.
The rating action is a result of the change of the ratings of
Primary Capital Undated Floating Rate Notes (Series 3) of Lloyds
Bank Pl, which were downgraded to Ba1 and placed under review for
possible further downgrade by Moody's on September 9, 2009.


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

  -- US$273,000,000 Class A-1L Floating Rate Notes due May 2020,
     Downgraded to Aa3; previously on March 28, 2006 Assigned Aaa;

  -- US$100,000,000 Class A-1LV Floating Rate Revolving Notes due
     May 2020, Downgraded to Aa3; previously on March 28, 2006
     Assigned Aaa;

  -- US$31,000,000 Class A-2L Floating Rate Notes due May 2020,
     Downgraded to Baa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$28,000,000 Class A-3L Floating Rate Notes due May 2020,
     Downgraded to Ba3; previously on March 17, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$22,000,000 Class B-1L Floating Rate Notes due May 2020,
     Downgraded to Caa3; previously on March 17, 2009 Downgraded
     to Ba3 and Placed Under Review for Possible Downgrade;

  -- US$10,000,000 Class W Combination Notes due May 2020 (current
     rated balance of $6,778,313), 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, 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 2489 as of the last
trustee report, dated August 17, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$10 million, accounting for roughly 2% of the collateral balance,
and securities rated Caa1 or lower make up approximately 8.9% 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.  Moody's has also
applied resecuritization stress factors to default probability
assumptions for structured finance asset collateral as described
in the press release titled "Moody's updates its key assumptions
for rating structured finance CDOs," published on December 11,
2008.  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.

Stanfield Azure CLO, Ltd., issued on March 28, 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.


STANFIELD CARRERA: Moody's Cuts Ratings on Five Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Stanfield Carrera CLO, LTD.:

  -- US$228,000,000 Class A Floating Rate Notes Due 2015 (current
     balance of $190,865,264), Downgraded to Aa2; previously on
     Previously on December 11, 2002 Assigned Aaa;

  -- US$6,750,000 Class C-1 Floating Rate Deferrable Notes Due
     2015, Downgraded to B3; previously on March 20, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$12,000,000 Class C-2 Floating Rate Deferrable Notes Due
     2015, Downgraded to B3; previously on March 20, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$4,000,000 Class D-1 Floating Rate Deferrable Notes Due
     2015 (current balance of $3,522,746), Downgraded to Caa3;
     previously on March 20, 2009 Downgraded to B3 and Placed
     Under Review for Possible Downgrade;

  -- US$4,250,000 Class D-2 Fixed Rate Deferrable Notes Due 2015
     (current balance of $3,742,917), Downgraded to Caa3;
     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$16,000,000 Class B-1 Floating Rate Deferrable Notes Due
     2015, Confirmed at Baa2; previously on March 20, 2009
     Downgraded to Baa2 and Placed Under Review for Possible
     Downgrade;

  -- US$5,000,000 Class B-2 Fixed Rate Deferrable Notes Due 2015,
     Confirmed at Baa2; previously on March 20, 2009 Downgraded to
     Baa2 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.
In particular, the weighted average rating factor has increased
over the last year and is currently 2653 versus a test level of
2635 as of the last trustee report, dated September 14, 2009.
Based on the same report, defaulted securities currently held in
the portfolio total about $6.4 million, accounting for roughly
2.6% of the collateral balance, and securities rated Caa1 or lower
make up approximately 8.85% of the underlying portfolio.  The
Class D overcollateralization ratio was reported at 100.1% versus
a test level of 101%.

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.

Stanfield Carrera CLO, LTD., issued in December 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.


STANFIELD MCLAREN: Moody's Cuts Ratings on Five Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Stanfield McLaren CLO, Ltd.:

  -- US$60,000,000 Class A-1LV Floating Rate Revolving Notes Due
     February 2021, Downgraded to Aa1; previously on July 12, 2007
     Assigned Aaa;

  -- US$333,000,000 Class A-1L Floating Rate Notes Due February
     2021, Downgraded to Aa1; previously on July 12, 2007 Assigned
     Aaa;

  -- US$40,000,000 Class A-2L Floating Rate Notes Due February
     2021, Downgraded to A2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$22,000,000 Class B-1L Floating Rate Notes Due February
     2021, Downgraded to B1; previously on March 13, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$20,000,000 Class B-2L Floating Rate Notes Due February
     2021, Downgraded to Caa3; previously on March 13, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$28,000,000 Class A-3L Floating Rate Notes Due February
     2021, Confirmed at Baa3; previously on March 13, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 B-2L overcollateralization
test.  In particular, the weighted average rating factor has
increased over the last year and is currently 2451 as of the last
trustee report, dated August 18, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$8.4 million, accounting for roughly 1.7% of the collateral
balance, and securities rated Caa1 or lower make up approximately
9.1% of the underlying portfolio.  The Class B-2L
overcollateraliztion ratio was reported at 99.75% versus a test
level of 100.25%.

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.  Moody's has also
applied resecuritization stress factors to default probability
assumptions for structured finance asset collateral as described
in the press release titled "Moody's updates its key assumptions
for rating structured finance CDOs," published on December 11,
2008.  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.

Stanfield McLaren CLO, Ltd., issued on July 12, 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.


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

  -- US$328,000,000 Class A Floating Rate Notes due 2016,
     Downgraded to Aa3; previously on September 22, 2004 Assigned
     Aaa;

  -- US$27,750,000 Class C Floating Rate Notes due 2016,
     Downgraded to Ba2; previously on March 18, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$20,250,000 Class D Floating Rate Deferrable Notes due
     2016, Downgraded to Caa3; previously on March 18, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$24,000,000 Class B Floating Rate Deferrable Revolving
     Notes due 2016, Confirmed at Baa3; previously on March 18,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 2662 versus a test
level of 2400 as of the last trustee report, dated September 11,
2009.  Based on the same report, defaulted securities currently
held in the portfolio total about $11.4 million, accounting for
roughly 3% of the collateral balance, and securities rated Caa1 or
lower make up approximately 15.5% 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.

Stanfield Modena CLO, Ltd., issued on September 22, 2004, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

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


STONE TOWER: Moody's Downgrades Ratings on Various Classes
----------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Stone Tower CLO III Ltd.:

  -- US$450,500,000 Class A-1 Floating Rate Notes Due 2017,
     Downgraded to Aa2; previously on May 26, 2005 Assigned Aaa;

  -- US$75,000,000 Class A-2 Delayed Draw Notes Due 2017,
     Downgraded to Aa2; previously on May 26, 2005 Assigned Aaa;

  -- US$33,500,000 Class A-3 Floating Rate Notes Due 2017,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$18,000,000 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$11,500,000 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$9,250,000 Class D-1 Floating Rate Notes Due 2017,
     Downgraded to Caa3; previously on March 18, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade;

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

  -- US$9,250,000 Class G Blended Securities (current rated
     balance of $4,773,068), Downgraded to Ba2; previously on
     March 4, 2009 Baa2 Placed Under Review for Possible
     Downgrade.

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

  -- US$ 36,000,000 Class B Deferrable Floating Rate Notes Due
     2017, Confirmed at Baa3; previously on March 18, 2009
     Downgraded to Baa3 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 the underlying portfolio's moderate credit deterioration.
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 2434 as of the
last trustee report, dated August 19, 2009.  Based on the same
report, defaulted securities currently held in the portfolio total
about $19.6 million, accounting for roughly 2.9% of the collateral
balance, and securities rated Caa1 or lower make up approximately
5.99% 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.

Stone Tower CLO III Ltd., issued in May 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.


SWISS CHEETAH: Moody's Downgrades Ratings on 8B Bond to 'Caa2'
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating on a CDS, Swiss Cheetah LLC Asset Protection Transaction 8,
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 279 initially to 1289, equivalent to an average
rating of the current portfolio of Ba2.  Since inception of the
transaction, the subordination of the rated tranche has been
reduced due to credit events on General Motors Corporation, Delphi
Corporation, Federal Home Loan Mortgage Corporation.  These credit
events lead to a decrease of approximately 1.5% of the
subordination of the tranche.  The industry sectors the most
represented in the portfolio are Banking (11%), Insurance (10%),
Health Care and Pharmaceuticals (7%) and Finance (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 (14 September 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: Swiss Cheetah LLC Asset Protection Transaction 8

  -- US$37.5M $37,500,000 Swiss Cheetah 8B Bond, Downgraded to
     Caa2; previously on Feb. 25, 2009 Downgraded to B3


SWISS CHEETAH: Moody's Downgrades Ratings on CDO Transaction
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating on a CDS, Swiss Cheetah LLC Asset Protection Transaction 7,
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 279 initially to 1167, equivalent to an average
rating of the current portfolio of Ba2.  Since inception of the
transaction, the subordination of the rated tranche has been
reduced due to credit events on General Motors Corporation, Delphi
Corporation, Federal Home Loan Mortgage Corporation.  These credit
events lead to a decrease of approximately 1.5% of the
subordination of the tranche.  The industry sectors the most
represented in the portfolio are Banking (10%), Insurance (10%),
Finance (7%) and Health Care and Pharmaceuticals (7%).

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 (14 September 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: Swiss Cheetah LLC Asset Protection Transaction 7

  -- US$37.5M $37,500,000 Swiss Cheetah 7 B Bond, Downgraded to
     Caa2; previously on Feb. 25, 2009 Downgraded to B3


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

  -- $285,000,000 Class A-1 Senior Secured Floating Rate Notes
     due 2019, Downgraded to Aa3; previously on August 28, 2008
     Assigned Aaa;

  -- $24,800,000 Class A-2 Senior Secured Floating Rate Notes
     due 2019, Downgraded to A3; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- $14,000,000 Class D Senior Secured Deferrable Floating Rate
     Notes due 2019, 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:

  -- $23,100,000 Class B Senior Secured Deferrable Floating Rate
     Notes due 2019, Confirmed at Baa3; previously on March 20,
     2009 Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- $8,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2019, 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)
and an increase in the dollar amount of defaulted securities.  In
particular, the weighted average rating factor has increased over
the last year and is currently 2956 versus a test level of 2896 as
of the last trustee report, dated August 18, 2009.  Based on the
same report, defaulted securities currently held in the portfolio
total about $18 million, accounting for roughly 4.5% of the
collateral balance.  Moody's note that securities rated Caa1 or
lower make up approximately 7.3% 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.  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.

Symphony CLO VI, Ltd., issued in August 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.


TCW/OAK CANYON: Moody's Downgrades Rating on Tranche B & B1
-----------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating on TCW/Oak Canyon Funding Tranche B and B1 (Ref: 126272,
126296), 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 159 initially to 1669, equivalent to an average
rating of the current portfolio of Ba3.  The reference portfolio
includes an exposure to CIT Group and Ambac Financial Group, Inc.,
which have experienced substantial credit migration in the past
few months, and are now rated Ca.  Since inception of the
transactions, the subordination of the rated tranches have been
reduced due to credit events on Delphi Corporation, Federal Home
Loan Mortgage Corporation, Federal National Mortgage Association,
Lehman Brothers Holdings Inc and Washington Mutual.  These credit
events lead to a decrease of approximately 2% of the subordination
of the tranches.  The industry sectors the most represented in the
portfolio are Insurance (12%), Finance (11%), Banking (10%), and
Retail (7%).

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 (14 September 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: TCW Oak Canyon Funding Tranche B REF:124770

  -- US$5M TCW Oak Canyon Funding Tranche B REF:124770 Notes, ]
     Downgraded to Caa3; previously on Feb. 9, 2009 Downgraded to
     Caa2

Issuer: TCW/Oak Canyon Funding Tranche B1 (Ref: 126272)

  -- CAD75M B1 Notes, Downgraded to Caa3; previously on Feb. 9,
     2009 Downgraded to Caa2


TEXAS STATE: S&P Puts 'C' Rating on CreditWatch Negative
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'C' underlying
rating on Texas State Affordable Housing Corp.'s (American Housing
Foundation portfolio) multifamily housing revenue bonds series
2002A bonds on CreditWatch with negative implications.

The trustee, Wells Fargo Bank N.A., informed Standard & Poor's
that they drew $1,742,812.53 from the series 2002A debt service
reserve fund to make the March 2009 payment on the bonds.  The
trustee also stated that there will be a draw on the DSRF for the
September 2009 debt service payment.

As of Aug. 14, 2009, there was $872,555.83 left in the series
2002A debt service reserve fund, below the $8,055,155 required
pursuant to the Trust Indenture.


TRUST CERTIFICATES: Moody's Upgrades Ratings on Certs. to 'Caa2'
----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded these
certificates issued by Trust Certificates Series 2002-1 Trust:

  -- $32,000,000 Class A-1 Certificates; Upgraded to Caa2; on
     January 9, 2009 Downgraded to Ca.

The transaction is a structured note whose rating is based on the
rating of the Underlying Securities and the legal structure of the
transaction.  The rating action is a result of the change of the
rating of 7.70% Debentures due 2097 issued by Ford Motor Company
which were upgraded to Caa2 by Moody's on September 3, 2009.


WACHOVIA BANK: S&P Downgrades Ratings on 2006-C26 Securities
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of commercial mortgage-backed securities from Wachovia
Bank Commercial Mortgage Trust's series 2006-C26 and removed them
from CreditWatch with negative implications.  Concurrently, S&P
affirmed its ratings on nine classes from the same transaction and
removed four of them from CreditWatch with negative implications.

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 1.53x and a loan-to-value ratio of 92.9%.  S&P further
stressed the loans' cash flows under S&P's 'AAA' scenario to yield
a weighted average DSC of 1.11x and an LTV of 121.9%.  The implied
defaults and loss severity under the 'AAA' scenario were 66.5% and
35.0%, respectively.  The DSC and LTV calculations excluded four
specially serviced loans (6.4%).  S&P separately estimated losses
for these loans, and these losses are included in the 'AAA'
scenario implied default and loss figures.

The affirmed ratings on the 'AAA' principal and interest
certificates reflect credit support that adequately supports the
existing ratings.  S&P's affirmed ratings on the class WM
certificates reflect the stable operating performance of The
Woodlands Mall property, as well as the structure of the loan.
The cash flow for the raked class is derived solely from the
junior participated interest in the property.  The loan benefits
from a $55.0 million subordinate loan that is not included in the
trust.  The loan is with the special servicer, however, and is
discussed in further detail below.

S&P affirmed the rating on the interest-only certificates based on
S&P's current criteria.  S&P published a request for comment
proposing changes to the IO criteria on June 1, 2009.  After S&P
finalizes 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

Seven assets ($302.3 million, 17.9%) in the pool, including the
largest and third-largest exposures, are with the special
servicer, CWCapital Asset Management LLC.  The top exposures are
discussed further below.  The payment status of these assets is:
one ($9.2 million, 0.6%) is in foreclosure, one ($10.8 million,
0.6%) is more than 90 days delinquent, two ($84.3 million, 5.0%)
are 60 days delinquent, one ($5.9 million, 0.4%) is 30 days
delinquent, and two ($192.1 million, 11.4%) are less than 30 days
delinquent.  Appraisal reduction amounts totaling $9.4 million are
currently in effect for two assets ($15.2 million, 0.9%).

                       Transaction Summary

As of the August 2009 remittance report, the aggregate trust
balance was $1.69 billion, which represents 97.7% of the aggregate
trust balance at issuance.  There are 112 loans in the pool, down
from 114 at issuance.  The master servicer for the transaction is
Wachovia Bank N.A.  The master servicer provided financial
information for 96.8% of the pool, and 94.3% of the servicer-
provided information was full-year 2008 or interim-2009 data.  S&P
calculated a weighted average DSC of 1.52x for the pool based on
the reported figures.  S&P's adjusted DSC and LTV were 1.53x and
92.9%, respectively.  The DSC and LTV calculations excluded four
specially serviced loans (6.4%).  S&P separately estimated losses
for these loans, and these losses are included in the 'AAA'
scenario implied default and loss figures.

To date, the transaction has experienced $454,151 of principal
losses in connection with the liquidation of one loan.  Twenty-two
loans are on the master servicer's watchlist.  Eighteen loans
($280.0 million, 16.5%) have a reported DSC of less than 1.10x,
and 15 of these loans ($257.4 million, 15.2%) have a reported DSC
of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$717.0 million (43.0%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.64x for the top 10 loans.
S&P's adjusted DSC and LTV for the top 10 loans were 1.68x and
75.9%, respectively.

The Woodlands Mall loan is the largest exposure in the pool.  It
has a whole-loan balance of $239.1 million.  The whole loan
consists of a $174.1 (10.3%) million senior participation that is
included in the trust as the largest loan, a $9.9 million junior
participation that supports the nonpooled class WM raked
certificates, and a $55 million subordinated loan not included in
the trust.  The junior participation generates 100% of the cash
flow for the class WM certificates.  The loan is secured by
611,556 sq. ft. of a 1.35 million-sq.-ft. regional mall in
Woodlands, Texas.  The reported DSC for the property was 2.17x as
of Dec. 31, 2008, and occupancy was 99.3% as of Jan. 16, 2009.
The loan was reported as current on the August 2009 remittance
report and was transferred to the special servicer on April 27,
2009, due to General Growth Properties' bankruptcy filing.  The
affirmed rating on the class WM certificates reflects the stable
operating performance of The Woodlands Mall since issuance, as
well as the loan structure, as the loan benefits from the
subordination provided by a $55.0 million subordinated loan held
outside the trust.  S&P will continue to monitor the developments
relating to the GGP bankruptcy and will take rating actions as
necessary.

The Eastern Shore Center loan ($70.3 million, 4.2%) is the third-
largest loan in the pool and is secured by a 432,689-sq.-ft.
anchored retail center in Spanish Fort, Ala.  The loan was
transferred to CWCapital on July 23, 2009, due to imminent
default.  The property was 97.0% occupied as of Feb. 11, 2009, and
reported a DSC of 1.13x as of Sept. 30, 2008.  Standard & Poor's
anticipates a moderate loss upon resolution of this loan.

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

      Ratings Lowered And Removed From Creditwatch Negative

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2006-C26

                Rating
                ------
        Class  To    From            Credit enhancement (%)
        -----  --    ----            ----------------------
        A-M    AA-   AAA/Watch Neg                    20.56
        A-J    BBB+  AAA/Watch Neg                    12.45
        B      BBB-  AA/Watch Neg                     10.65
        C      BB+   AA-/Watch Neg                     9.62
        D      BB-   A/Watch Neg                       7.95
        E      B+    A-/Watch Neg                      6.79
        F      B     BBB+/Watch Neg                    5.63
        G      B-    BBB/Watch Neg                     4.35
        H      CCC+  BB+/Watch Neg                     3.19
        J      CCC-  CCC/Watch Neg                     2.93
        K      CCC-  CCC/Watch Neg                     2.54
        L      CCC-  CCC/Watch Neg                     2.29
        M      CCC-  CCC/Watch Neg                     2.03

      Ratings Affirmed And Removed From Creditwatch Negative

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2006-C26

               Class  Rating   Credit enhancement (%)
               -----  ------   ----------------------
               A-PB   AAA                       30.85
               A-3    AAA                       30.85
               A-3FL  AAA                       30.85
               A-1-A  AAA                       30.85

                         Ratings Affirmed

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2006-C26

               Class  Rating   Credit enhancement (%)
               -----  ------   ----------------------
               A-1    AAA                       30.85
               A-2    AAA                       30.85
               X-C    AAA                         N/A
               X-P    AAA                         N/A
               WM     BBB-                        N/A


WESTBROOK CLO: Moody's Downgrades Ratings on 3 Classes of Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Westbrook CLO Ltd.:

  -- US$30,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2020, Downgraded to Aa1; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$21,200,000 Class B Senior Secured Floating Rate Notes due
     2020, Downgraded to A1; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$14,000,000 Class E Secured Deferrable Floating Rate Notes
     due 2020, Downgraded to Caa2; 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$24,000,000 Class C Senior Secured 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$26,000,000 Class D Secured Deferrable Floating Rate Notes
     due 2020, Confirmed at Ba3; previously on March 17, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade.

According to Moody's, the downgrade actions taken on the Class A-2
Notes, the Class B Notes, and the Class E Notes are a result of
moderate 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)
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 2752 versus a
test level of 2465 and securities rated Caa1 or lower make up
approximately 7.4% of the underlying portfolio as of the last
trustee report, dated August 1, 2009.  Based on the same report,
Moody's also notes that defaulted securities currently held in the
portfolio total about $5.9 million, accounting for roughly 1.5% of
the collateral balance.

The downgrade 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.

Moody's also notes that the rating confirmation on the Class C
Notes and the Class D 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 C Notes and the Class D 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.

Westbrook CLO 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.


* S&P Downgrades Ratings on 78 Classes From 12 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 78
classes from 12 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2006 and 2007.  S&P removed 48 of the lowered ratings
from CreditWatch with negative implications.  S&P downgraded three
of these classes to 'D'.  In addition, S&P affirmed its ratings on
44 classes from five of the transactions with lowered ratings and
from two additional transactions.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given S&P's current projected losses.

The downgrades to 'D' reflect S&P's assessment of principal write-
downs on the affected classes during recent remittance periods.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in its
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.  In order to maintain a rating higher than 'B',
S&P assessed whether the class could withstand losses exceeding
the base-case assumption at a percentage specific to each rating
category, up to 150% for a 'AAA' rating.  For example, in general,
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.  Each class with an affirmed 'AAA'
rating can, in S&P's view, withstand approximately 150% of its
base-case loss assumptions under its analysis.

S&P also lowered the ratings on certain senior classes due to
principal shortfalls or write-downs in the final period of
particular cash flow scenarios.  These classes may not have
experienced any principal shortfalls or write-downs in any of the
prior periods of the particular stress scenario; however, the
structural mechanics of the transaction created circumstances in
which one or more classes within a transaction may have relied on
principal proceeds to satisfy interest amounts due in earlier
periods, thus resulting in a write-down in the final period.

The use of principal to satisfy interest obligations is generally
created within structures that utilize cross-collateralization and
contain multiple loan groups.  Based on certain stress scenarios,
if a particular group is performing worse than another group, or
set of groups, that group can become undercollateralized when S&P
compare the group collateral balance with the related senior class
balance(s).  Based on the defined interest amount needed to
satisfy the interest liability of the related class (or classes),
interest shortfalls may occur due to a group collateral balance
that is insufficient to cover the necessary interest obligations
of the related liabilities.

Generally, cross-collateralization is designed to allow
overcollateralized groups to provide cash flow to
undercollateralized groups in order to mitigate this issue.
However, if the overcollateralized group has a pass-through rate
that is lower than the pass-through rate of the
undercollateralized group, the available interest may not be
sufficient to satisfy the undercollateralized group's interest
requirement.  Therefore, the principal portion of available funds
may be used to satisfy interest obligations based on the interest-
principal payment priority within the structure.

In the final payment period, a situation may occur in which
available funds are not sufficient to satisfy the interest and
principal requirements necessary to pay the bond in full, as
principal in prior periods was used to satisfy interest
obligations.  Additionally, in some cases, even super-senior
certificates can be exposed to this risk due to the fact that
structures may pay principal pro rata with senior support classes.
Although the senior class was not exposed to a write-down in any
of the prior periods, it could be susceptible to a write-down in
the final period due to the aforementioned issues.

The affirmed ratings reflect S&P's belief that the amount of
credit enhancement available for these classes is sufficient to
cover losses associated with these rating levels.

Subordination provides credit support for the affected
transactions.  In addition, some classes also benefit from
overcollateralization and excess spread.  The underlying pools of
loans backing these transactions consists of different
combinations of fixed- and adjustable-rate, hybrid, and option
adjustable-rate mortgage Alt-A mortgage loans.

                          Rating Actions

       Bear Stearns Mortgage Funding Grantor Trust 2006-AR3
                       Series      2006-AR3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-2B     07400JAA7     CCC                  AAA/Watch Neg
    II-A-2B    07400JAB5     CCC                  AA/Watch Neg

       Bear Stearns Mortgage Funding Grantor Trust 2007-AR4
                Series      2007-AR4 CLASS II-A-2B

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-3      073324AA3     CC                   AAA/Watch Neg

       Bear Stearns Mortgage Funding Grantor Trust 2007-AR4
                 Series      2007-AR4 CLASS I-A-3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    II-A-2B    073324AB1     CCC                  AAA/Watch Neg

       Bear Stearns Mortgage Funding Grantor Trust 2007-AR5
                       Series      2007-AR5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1B     07400NAB6     B+                   AAA/Watch Neg
    I-A-2B     07400NAD2     CCC                  AAA/Watch Neg

     Structured Asset Mortgage Investments II Trust 2007-AR3
                       Series      2007-AR3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A-3      86363NAC3     B-                   BB
        II-A-1     86363NAY5     B-                   AAA
        II-B-2     86363NBC2     D                    CC

   WaMu Mortgage Pass-Through Certificates Series 2007-HY5 Trust
                       Series      2007-HY5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-B-3      92990GAN3     D                    CC
        3-A1       92990GAJ2     CCC                  B

   WaMu Mortgage Pass-Through Certificates Series 2007-HY7 Trust
                      Series      2007-HY7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        4-B-5      93364FBG5     D                    CC

   WaMu Mortgage Pass-Through Certificates Series 2007-OA3 Trust
                       Series      2007-OA3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A         93364AAA0     BB                   AAA/Watch Neg
    2A         93364AAB8     BB                   AAA/Watch Neg
    2A-1B      93364AAD4     BB                   AAA/Watch Neg
    CA-1B      93364AAE2     CCC                  BBB/Watch Neg
    CA-1C      93364AAF9     CCC                  BB/Watch Neg
    B-1        93364AAJ1     CCC                  B/Watch Neg
    B-3        93364AAL6     CC                   CCC

   WaMu Mortgage Pass-Through Certificates Series 2007-OA4 Trust
                       Series      2007-OA4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A         93364CAA6     B-                   AAA
    1A-1B      93364CAB4     CCC                  AAA/Watch Neg
    2A         93364CAC2     CCC                  AAA/Watch Neg
    CA-1B      93364CAD0     CCC                  AAA/Watch Neg
    CA-1C      93364CAE8     CCC                  BB/Watch Neg
    1X-PPP     93364CAF5     B-                   AAA
    2X-PPP     93364CAG3     CCC                  AAA
    B-1        93364CAH1     CCC                  B/Watch Neg

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                        Series 2007-2 Trust

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      93936HAA4     CCC                  BB/Watch Neg
    I-A-2      93936HAB2     CCC                  B/Watch Neg
    I-A-3      93936HAC0     CCC                  B/Watch Neg
    I-A-4      93936HAD8     CCC                  BB/Watch Neg
    I-A-5      93936HAE6     CCC                  B/Watch Neg
    I-A-6      93936HAF3     CCC                  BB/Watch Neg
    I-A-7      93936HAG1     CCC                  B/Watch Neg
    I-A-8      93936HAH9     CCC                  B/Watch Neg
    I-A-9      93936HAJ5     CCC                  B/Watch Neg
    I-A-10     93936HAK2     CCC                  BB
    I-A-11     93936HAL0     CCC                  BB/Watch Neg
    I-A-12     93936HAM8     CCC                  B/Watch Neg
    I-A-13     93936HBH8     CCC                  BB/Watch Neg
    I-A-14     93936HBJ4     CCC                  BB/Watch Neg
    I-A-15     93936HBK1     CCC                  BB
    2-A-1      93936HAN6     BB                   BBB/Watch Neg
    2-A-2      93936HAP1     CCC                  B/Watch Neg
    2-A-3      93936HAQ9     BB                   BBB/Watch Neg
    2-A-4      93936HAR7     CCC                  B/Watch Neg
    3-A-1      93936HAS5     B-                   BB/Watch Neg
    3-A-2      93936HAT3     CCC                  B/Watch Neg
    3-A-3      93936HAU0     B-                   BB/Watch Neg
    3-A-4      93936HAV8     B-                   BB/Watch Neg
    3-A-5      93936HAW6     B-                   BB
    C-X        93936HAX4     BB                   BBB
    C-P        93936HAY2     CC                   B/Watch Neg
    B-1        93936HAZ9     CC                   CCC
    B-2        93936HBA3     CC                   CCC

       Washington Mutual Mortgage Pass-Through Certificates
                        Series      2007-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      93936NAA1     CCC                  B
        1-A-3      93936NAC7     CCC                  B
        1-A-5      93936NAE3     CCC                  AAA
        1-A-7      93936NAG8     CCC                  B
        1-A-8      93936NAH6     CCC                  B
        1-A-9      93936NAJ2     CCC                  B
        1-A-10     93936NAK9     CCC                  B
        1-A-11     93936NAL7     CCC                  B
        1-A-12     93936NAM5     CCC                  B

         Wells Fargo Alternative Loan Trust 2007-PA4 Trust
                       Series      2007-PA4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      94984UAA4     CCC                  BBB-/Watch Neg
    I-A-2      94984UAB2     CCC                  B/Watch Neg
    II-A-1     94984UAE6     CCC                  B+/Watch Neg
    II-A-2     94984UAF3     CCC                  B/Watch Neg
    II-A-IO    94984UAG1     CCC                  B+
    III-A-1    94984UAH9     CCC                  B+/Watch Neg
    III-A-2    94984UAJ5     CCC                  B/Watch Neg
    III-A-IO   94984UAK2     CCC                  B+
    IV-A-1     94984UAL0     CCC                  B+/Watch Neg
    IV-A-2     94984UAM8     CCC                  B/Watch Neg
    IV-A-IO    94984UAN6     CCC                  B+
    V-A-1      94984UAP1     CCC                  B/Watch Neg
    V-A-IO     94984UAQ9     CCC                  B
    B-1        94984UAR7     CC                   CCC

                         Ratings Affirmed

      Structured Asset Mortgage Investments II Trust 2007-AR3
                       Series      2007-AR3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      86363NAA7     AAA
                  I-A-2      86363NAB5     BB
                  I-A-4A     86363NAD1     CCC
                  I-A-4B     86363NAR0     CCC
                  I-A-5      86363NAX7     CCC
                  I-X-1      86363NAE9     AAA
                  I-X-2      86363NAF6     AAA
                  II-A-2     86363NAZ2     CCC
                  II-A-3A    86363NBA6     CCC
                  II-A-3B    86363NBG3     CCC

   WaMu Mortgage Pass-Through Certificates Series 2006-AR17 Trust
                      Series      2006-AR17

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A         92925DAA8     B-
                  1A-1A      92925DAB6     A-
                  1A-1B      92925DAC4     B-
                  2A         92925DAD2     A-
                  2A-1B      92925DAE0     B-
                  CA-1C      92925DAF7     CCC
                  B-1        92925DAJ9     CCC
                  B-2        92925DAK6     CCC
                  B-3        92925DAL4     CCC
                  B-4        92925DAM2     CCC
                  B-5        92925DAN0     CCC
                  B-6        92925DAP5     CCC
                  B-7        92925DAQ3     CCC

   WaMu Mortgage Pass-Through Certificates Series 2007-HY7 Trust
                       Series      2007-HY7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  3-A2       93364FAH4     CCC
                  4-A1       93364FAL5     CCC
                  4

   WaMu Mortgage Pass-Through Certificates Series 2007-OA3 Trust
                       Series      2007-OA3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2A-1A      93364AAC6     AAA
                  CX-PPP     93364AAH5     AAA
                  2X-1       93364AAG7     AAA
                  B-2        93364AAK8     CCC

   WaMu Mortgage Pass-Through Certificates Series 2007-OA4 Trust
                       Series      2007-OA4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-2        93364CAJ7     CCC
                  B-3        93364CAK4     CCC

       Washington Mutual Mortgage Pass-Through Certificates
                       Series      2007-OA4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1A       93936MAA3     B
                  A-1B       93936MAB1     CCC
                  A-1C       93936MAC9     CCC

       Washington Mutual Mortgage Pass-Through Certificates
                        Series      2007-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-2      93936NAB9     CCC
                  1-A-4      93936NAD5     CCC
                  1-A-6      93936NAF0     CCC
                  1-A-13     93936NAN3     CCC
                  2-A-1      93936NAP8     AAA
                  2-A-2      93936NAQ6     B+
                  2-A-3      93936NBC6     CCC
                  2-A-4      93936NAR4     B+
                  C-X        93936NAS2     AAA
                  C-P        93936NAT0     CCC


* S&P Puts Ratings on 28 Emerging Market CDOs on Negative Watch
---------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 28
tranches from five emerging market collateralized debt obligation
transactions with exposure to emerging market corporate debt on
CreditWatch with negative implications.  S&P took these
CreditWatch actions after S&P updated the criteria and assumptions
S&P use to rate corporate CDO transactions.  S&P expects this
update to result in downgrades of a number of rated CDOs that are
backed by corporate debt, including EMCDOs.

S&P did not place its ratings on tranches with credit support
provided by a monoline insurance company or other third-party on
CreditWatch negative.  Additionally, S&P affirmed its ratings on
six tranches because, in S&P's opinion, the high level of credit
enhancement available to support these tranches indicates that
these tranches are likely to maintain their current ratings
following the application of S&P's updated criteria.

However, the tranches with affirmed ratings will be subject to a
full review by surveillance committee in the coming months as S&P
reviews the ratings on the other tranches within the transactions.
If, as a result of these reviews, S&P determines that a rating
assigned to one of these tranches is not, in its view, consistent
with the rating indicated by analysis under S&P's updated
criteria, S&P will lower the rating at that time without first
placing it on CreditWatch negative.

                         Ratings Affirmed

        BVA Fundo de Investimento em Direitos Credit¢rios
                  Cr‚dito Financeiro Corporativo

                   Class         Ratings
                   -----         -------
                   Senior        brAAAf (Prelim)
                   Mezzanine     brAf (Prelim)

       Rural Fundo de Investimento em Direitos Credit¢rios
                 Cr‚dito Financiero Corporativo I

                       Class         Ratings
                       -----         -------
                       Senior        brAAAf
                       Mezzanine     brAAf

      Union National Agro+ Fundo de Investimento em Direitos
               Credit¢rios Financeiros Agropecu rios

                       Class         Ratings
                       -----         -------
                       Senior       brAf
                       Mezzanine    brCCCf

                  Rating And Creditwatch Actions

   BlueOrchard Loans for Development S.A. (Compartment 1) 2007-1

                                    Rating
                                    ------
               Class        To                  From
               -----        --                  ----
               A-1          AA/Watch Neg        AA
               A-2          AA/Watch Neg        AA
               A-3          AA/Watch Neg        AA
               B-1          BBB/Watch Neg       BBB
               B-2          BBB/Watch Neg       BBB
               B-3          BBB/Watch Neg       BBB

         Fundo de Investimento em Direitos Credit¢rios da
                        Industria Exodus II


                              Rating
                              ------
         Class        To                  From
         -----        --                  ----
         Senior   brAAf(Prelim)/WatchNeg  brAAf(Prelim)

                        GEM LIGOs III Ltd.

                                    Rating
                                    ------
               Class        To                  From
               -----        --                  ----
               A-1         AAA/Watch Neg       AAA
               A-2         AAA/Watch Neg       AAA
               A-3         AA/Watch Neg        AA
               B           A-/Watch Neg        A-
               C           BBB/Watch Neg       BBB
               D           BB/Watch Neg        BB

                            GEM VIII Ltd.

                                    Rating
                                    ------
               Class        To                  From
               -----        --                  ----
               A-1A        AAA/Watch Neg       AAA
               A-1B        AAA/Watch Neg       AAA
               A-2         AAA/Watch Neg       AAA
               A-3         AA/Watch Neg        AA
               B           A-/Watch Neg        A-
               C           BBB/Watch Neg       BBB
               D-1         BB/Watch Neg        BB
               D-2         BB/Watch Neg        BB

               ICE 1: EM CLO Ltd/ ICE 1: EM CLO Corp.


                                    Rating
                                    ------
               Class        To                  From
               -----        --                  ----
               A-1D        AAA/Watch Neg       AAA
               A-1R        AAA/Watch Neg       AAA
               A-2         AAA/Watch Neg       AAA
               A-3         AA/Watch Neg        AA
               B           A/Watch Neg         A
               C           BBB/Watch Neg       BBB
               D           BB/Watch Neg        BB



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Danilo Munnoz, Joseph Medel C. Martirez, Denise Marie
Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                  *** End of Transmission ***