TCR_Public/091018.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, October 18, 2009, Vol. 13, No. 288

                            Headlines



ALBRIGHT COLLEGE: Moody's Holds 'Ba1' Rating on 2004 Revenue Bonds
BANC OF AMERICA: Fitch Puts Ratings on 2003-1 Notes on Neg. Watch
BANC OF AMERICA: Fitch Puts Ratings on 2004-4 Notes on Neg. Watch
BANC OF AMERICA: S&P Downgrades Ratings on 2006-BIX1 Certificates
BAY COVE: Moody's  Withdraws 'Ba2' Rating on Series 1998 Bonds

BEAR STEARNS: Moody's Affirms Ratings on Eight 2007-PWR16 Certs.
BEAR STEARNS: Moody's Downgrades Ratings on 14 2005-PWR8 Certs.
MERRILL LYNCH: S&P Downgrades Ratings on 21 2007-C1 Securities
BEAR STEARNS: S&P Downgrades Ratings on Two 2008-R1 Certificates
BROADHOLLOW FUNDING: S&P Withdraws 'D' Rating on 2004-A Notes

NORTHAMPTON GENERATING: S&P Cuts Rating on $153 Mil. Bonds to 'CC'
CALIFORNIA HEALTH: S&P Cuts Rating on 1993 Revenue Bonds to 'C'
CALIFORNIA STATEWIDE: S&P Cuts Ratings on 2003E-3 Bonds to 'BB+'
CENTERLINE 2007-SRR5: S&P Downgrades Ratings on 11 Classes
CHASE COMMERCIAL: S&P Downgrades Ratings on 1997-1 Certificates

CHURCHILL FINANCIAL: Moody's Takes Rating Actions on Various Notes
CIT CLO: Moody's Confirms Ratings on Two Classes of Notes
COBALT CMBS: Fitch Downgrades Ratings on 17 2007-C2 Certificates
COMM 2001-J2: Moody's Affirms Ratings on 16 Classes of Certs.
COMM 2004-LNB4: S&P Downgrades Ratings on 12 Classes of Securities

COMM MORTGAGE: Fitch Puts Ratings on 2004-LNB2 Notes on Neg. Watch
CONSECO MANUFACTURED: S&P Corrects Rating on Class M-2 to 'D'
CORONADO CDO: S&P Downgrades Ratings on Two Notes to 'BB+'
CRAFT 2007-1: Moody's Downgrades Ratings on Two Classes of Notes
CRATOS CLO: Moody's Upgrades Ratings on Two Classes of Notes

CREDIT ENHANCED: Moody's Upgrades Ratings on Two Classes of Notes
CREDIT SUISSE: Fitch Puts Ratings on 2003-C5 Certs. on Neg. Watch
DEUTSCHE MORTGAGE: S&P Downgrades Ratings on Two 2007-WM1 Certs.
DISTRIBUTION FINANCIAL: S&P Downgrades Ratings on Three Notes
E*TRADE RV: S&P Puts Ratings on 2004-1 Notes on Negative Watch

FANNIE MAE: Moody's Downgrades Ratings on 15 Subordinate Tranches
FANNIE MAE: S&P Corrects Ratings on 1999 Revenue Bonds to 'BB+'
SIERRA KINGS: Chapter 9 Filing Cues S&P to Junk Bond Ratings
FOXE BASIN: Moody's Downgrades Ratings on Various 2003 Notes
FREEPORT LOAN: Moody's Downgrades Ratings on Two 2006-1 Notes

GMAC COMMERCIAL: Fitch Puts Ratings on 2002-C3 Certs. on Watch
GMAC COMMERCIAL: Fitch Puts Ratings on 2003-C2 Notes on Neg. Watch
GREENWICH CAPITAL: Fitch Puts Ratings on 2002-C1 Notes on Watch
GS MORTGAGE: Fitch Puts Ratings on 2004-C1 Notes on Negative Watch
INTERMEDIATE FINANCE: Moody's Takes Rating Actions on Notes

JP MORGAN: Fitch Puts Ratings on 2004-CIBC9 Certs. on Neg. Watch
JP MORGAN: Moody's Reviews Ratings on 14 2005-CIBC13 Certs.
JP MORGAN: S&P Downgrades Ratings on Class K 2002-C3 Certs. to 'D'
JP MORGAN: S&P Downgrades Ratings on Eight 2008-R3 Certificates
JPMORGAN CHASE: S&P Downgrades Ratings on 13 2004-LN2 Securities

LB-UBS COMMERCIAL: S&P Affirms Ratings on 21 2004-C1 Securities
LENEXA: S&P Withdraws 'BB' Rating on Series 2007 Bonds
LB-UBS COMMERCIAL: S&P Cuts Ratings on Seven 2004-C4 Securities
LB-UBS COMMERCIAL: S&P Downgrades Ratings on Two 2005-C7 Notes
LB-UBS COMMERCIAL: S&P Downgrades Ratings on 19 2007-C7 Securities

MAGMA CDO: Moody's Downgrades Ratings on Three Classes of Notes
MC FUNDING: Moody's Confirms Ratings on Various Classes of Notes
MERRILL LYNCH: Fitch Affirms Ratings on Four 2004-MKB1 Certs.
MERRILL LYNCH: Fitch Puts Ratings on 2004-KEY2 Notes on Neg. Watch
MERRILL LYNCH: Moody's Affirms Ratings on 10 2000-CANADA 4 Certs.

MERRILL LYNCH: Moody's Publishes Ratings on Two Default Swaps
ML-CFC COMMERCIAL: S&P Downgrades Ratings on 19 2007-8 Securities
MORGAN STANLEY: Fitch Puts Ratings on 2004-HQ4 Notes on Watch
MORGAN STANLEY: S&P Corrects Rating on 2008-7 Notes to 'BB'
MORGAN STANLEY: S&P Cuts Ratings on Two 2004-IQ7 Securities

MORGAN STANLEY: S&P Downgrades Ratings on 2 2004-TOP15 Securities
MSC 2007-SRR4: Fitch Downgrades Ratings on 13 Classes of Notes
MSC 2007-SRR: Fitch Downgrades Ratings on 14 Classes of Notes
NORTEL NETWORKS: S&P Downgrades Ratings on 2001-1 Notes to 'D'
OAK HILL: Moody's Downgrades Ratings on Three Classes of Notes

PALM DRIVE: S&P Affirms 'BB' Rating on 2005 Tax Revenue Bonds
RALI SERIES: S&P Downgrades Ratings on Seven 2008-QR1 Certificates
RESTRUCTURED ASSET: Moody's Raises Ratings on Two 2000-27-E Notes
REVE SPC: Moody's Downgrades Ratings on Various Classes of Notes
RIDGEWAY COURT: Fitch Downgrades Ratings on Eight Classes

ROCKWALL CDO: Moody's Downgrades Ratings on Six Classes
ROCKWALL CDO: Moody's Downgrades Ratings on Seven Classes
SEAWALL SPC: S&P Downgrades Ratings on Two Series of Notes
SIERRA KINGS: Moody's Downgrades Ratings on GO Bonds to 'Ba2'
STANFIELD DAYTONA: Moody's Downgrades Ratings on Four Classes

STONE TOWER: Moody's Cuts Ratings on Various Classes of Notes
TELOS CLO: Moody's Downgrades Ratings on Various 2006-1 Notes
WACHOVIA BANK: S&P Puts Ratings on Certs. on CreditWatch Negative
WACHOVIA BANK: S&P Downgrades Ratings on 18 2006-C27 Securities
WACHOVIA BANK: S&P Junks Rating on Class PP 2004-C14 Certificates

WACHOVIA COMMERCIAL: Fitch Puts Ratings on 2003-C9 Certs. on Watch

* Moody's Adjusts Ratings on 44 Tranches From Eight Option Deals
* S&P Affirms Ratings on 17 Tranches From Two Market Value CDOs
* S&P Cuts Ratings on 31 Classes of Notes From Two RMBS to 'D'
* S&P Downgrades Ratings on 75 Classes From Eight RMBS Deals
* S&P Downgrades Ratings on 121 Classes From 18 RMBS Transactions

* S&P Downgrades Ratings on 150 Classes From 10 RMBS Transactions
* S&P Downgrades Ratings on 171 Certs. From 65 RMBS Transactions
* S&P Downgrades Ratings on 390 Classes From 27 RMBS Transactions
* S&P Raises Ratings on Two Emerging Market Synthetic SFs



                            *********

ALBRIGHT COLLEGE: Moody's Holds 'Ba1' Rating on 2004 Revenue Bonds
------------------------------------------------------------------
Moody's Investors Service has affirmed the Ba1 long-term rating on
Albright College's Series 2004 Revenue Bonds issued through the
Berks County Municipal Authority.  The rating outlook remains
stable.

Legal Security: Bonds are secured by a pledge of gross revenues
and a debt service reserve fund.

Interest Rate Derivatives: In 2009, the College entered into a 10-
year fixed interest rate swap contract with a current outstanding
notional amount of $25.5 million with Wachovia Bank, N.A.  (rated
Aa2/P-1).  Under this agreement the College pays a fixed rate of
2.8275% in exchange for 74% of LIBOR.  The School is not required
to post collateral and there are no rating triggers.  As of
May 31, 2009, the mark-to-market value of the swap was a liability
of $345,000 to the College.  Moody's has incorporated the risks
associated with the swaps in the Ba1 long-term rating.

                            Strengths

* Stable market position and healthy student demand as a private,
  co-educational liberal arts institution serving 2,318 full-time
  equivalent students in Reading, PA and satellite locations in
  southeastern PA.  Despite regional competition from both public
  and private institutions and projected area high school
  graduation declines, the College continues to draws students as
  evidenced by increase in fall 2009 applications to 6,155, an
  all-time high for the College and a 59% increase over 2005.  The
  fall 2009 matriculation of 612 students was in excess of the 532
  FTEs budgeted for and resulted in improved selectivity to 53%
  over 57% in fall 2008.  The College does not have enrollment
  growth plans and will continue to focus its attention on
  increasing retention, which has improved to approximately 80%
  for freshman to sophomore in the current year.  Given the
  College's recent marketing and admissions efforts, Moody's
  expects some likelihood for continued momentum in attracting
  students.

* Improved operating performance with three-year average operating
  margin of 5.1% from 2009-2007, as calculated by Moody's,
  covering debt service by 2.6 times over the same period.  The
  College generated $7.7 million of cash flow to cover
  $2.4 million in annual debt service, resulting in operating cash
  flow margins of 15% in 2009 and 14% in 2008, up from 9% and 7%
  in 2005 and 2004, respectively.  Going forward, Moody's expects
  healthy operating performance to continue based upon Albright's
  steady growth in net tuition revenue and conservative financial
  management.

* Strengthened fundraising focus and improved three-year gift flow
  to $4.3 million, in line with the median of $4.6 million of
  Moody's Ba-rated institutions.

                            Challenges

* Debt structure adds risk, with $25.5 million of variable rate
  debt supported by a single letter of credit agreement from
  Wachovia Bank, NA (rated Aa2/P-1).  The variable rate debt
  structure, 59% of the portfolio) leaves the College vulnerable
  to both counterparty and renewal risk.  While the debt structure
  adds risk, the College maintained unrestricted cash and
  investments at FYE 2009 of $6.3 million.

* Continued competition driving need to maintain favorable student
  demand.  The College's dependency on student charges (86% of FY
  2009) as the primary source of operating revenue stresses the
  continued importance of successful recruitment and retention of
  students as future demand and market position could be pressured
  given the competitive higher education environment.  The high
  level of competition is reflected in the yield rate of 19%,
  below the median of 28% for all Moody's Ba-rated institutions.
  Moody's feels that over the long-term maintenance of demand and
  continued improvement of retention will be critical factors in
  maintaining stable enrollment.

* Thin balance sheet with unrestricted financial resources of
  negative $9.8 million in FY 2009 covering -0.2 times.  This is
  partially a result of Pennsylvania law that requires the
  College's investment income and gains to be classified as
  temporarily restricted that otherwise would be classified as
  unrestricted.  Based on FY 2009 financial statements, Moody's
  estimate the College had approximately $43 million in cash and
  investments, of which $39.4 million was not encumbered by
  collateral requirements or held in debt service reserve funds.
  Moody's expects the cash position of the College to remain
  highly constrained and believes feels that the College has
  extremely limited capacity to incur additional debt at the
  current rating level as draw downs on resources or additional
  debt plans will likely pressure the rating further.

* Potential additional borrowing plans over the medium-term for
  campus facilities, although the precise amount of debt and
  timing for these projects are yet to be determined.  When plans
  become more defined, Moody's will review the amount of
  additional debt and its associated structure to assess the
  potential impact on the current rating and outlook.  At the
  current rating level, the University has no additional debt
  capacity.

                       Recent Developments

Under the Series 2008 variable rate bonds are supported by a
letter of credit from Wachovia Bank, National Association (rated
Aa2/P-1) with a stated expiration date of November 19, 2011.  In
Moody's opinion, this debt structure adds risk to the underlying
credit profile.  The reimbursement agreement and LOC contain
various financial covenants and events of default which, if
breached, could result in acceleration of the bonds and immediate
repayment to the Bank by the College if not remedied after 30 days
of notice.  These events include, but are not limited to the
failure to maintain at least 1.15 times coverage of the Debt
Service Coverage Ratio and least 0.40 times coverage of the
Liquidity Ratio.  As of May 31, 2009, the College's coverage
levels met the requirements (Debt Service Coverage Ratio - 1.7
times, Liquidity Ratio - 0.86 times).  Should the financial
covenants not be met and remedied within 30 days, the College
maintains liquid cash and short-term investments of $2.7 million
to cover any needs.  If a covenant is violated and not remedied,
deterioration of the rating could occur at a faster pace.  Moody's
believes that the variable rate debt structure and terms of the
letter of credit add additional risks especially given the limited
unrestricted cash levels.

                              Outlook

The stable outlook at the lower rating level reflect Moody's
expectation that the institution will continue to maintain a
steady market position, donor support, positive operating margins
and debt service coverage.

                 What could change the rating -- Up

Substantial growth of the financial resource base; continued
improvement in operating performance; fundraising success.

                What could change the rating -- Down

Deterioration of student market position, weakening of operating
performance; increases in debt not accompanied with growth in
financial resources levels.

Key Indicators (Fiscal year 2009 financial data, fall 2009
enrollment):

* Total Enrollment: 2,318 full-time equivalent students
* Total Direct Debt: $45 million, $18.5 million rated by Moody's
* Expendable Resources to Debt: 0.02 times
* Expendable Resources to Operations: 0.02 times
* Three-Year Average Operating Margin: 5.1%
* Average Debt Service Coverage: 2.6 times

                            Rated Debt

* Series 2004: Ba1

* Series 2008: Aa2/VMIG1 based on letter of credit from Wachovia
  Bank, N.A.

The last rating action with respect to Albright College was on
November 26, 2008, when the rating was downgraded.


BANC OF AMERICA: Fitch Puts Ratings on 2003-1 Notes on Neg. Watch
-----------------------------------------------------------------
Fitch Ratings has placed these classes of Banc of America
Commercial Mortgage Inc.'s commercial mortgage pass-through
certificates, series 2003-1, on Rating Watch Negative:

  -- $21.9 million class J 'A';
  -- $7.7 million class K 'BBB+';
  -- $6.5 million class L 'BBB';
  -- $6.5 million class M 'BBB-';
  -- $5.2 million class N 'BB';
  -- $3.9 million class O 'B+'.

In addition, Fitch revises the Outlook on the $10.3 million class
H to Negative from Stable.  Once more information is known about
the loans, including valuations and workout strategies and timing,
Fitch will revisit the ratings.

The Rating Watch Negative placements are due identification of the
classes by Fitch's downgrade screener due to delinquencies.

Currently there are five loans (5.17%) in special servicing with
three loans (1.6%) classified as real estate owned.


BANC OF AMERICA: Fitch Puts Ratings on 2004-4 Notes on Neg. Watch
-----------------------------------------------------------------
Fitch Ratings has placed these classes of Banc of America
Commercial Mortgage, Inc., series 2004-4, commercial mortgage
pass-through certificates on Rating Watch Negative:

  -- $9.7 million class E 'A-';
  -- $16.2 million class F 'BBB+';
  -- $11.3 million class G 'BBB';
  -- $16.2 million class H 'BBB-';
  -- $6.5 million class J 'BB+';
  -- $6.5 million class K 'BB';
  -- $6.5 million class L 'BB-';
  -- $3.2 million class M 'B+';
  -- $3.2 million class N 'B'.

In addition, Fitch has affirmed this class and revised the Rating
Outlook:

  -- $21.1 million class D at 'A'; Outlook to Negative from
     Stable.

The classes placed on Rating Watch have been identified by Fitch's
downgrade screener due to delinquencies.  As of the September 2009
distribution date, there are 11 loans (12.1%) in special
servicing, with 4.4% 90 days delinquent or in foreclosure.


BANC OF AMERICA: S&P Downgrades Ratings on 2006-BIX1 Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on five
classes of commercial mortgage pass-through certificates from Banc
of America Large Loan Inc.'s series 2006-BIX1 and removed them
from CreditWatch with negative implications.  Concurrently, S&P
affirmed its ratings on 17 classes from the same transaction and
removed 11 of the affirmed ratings from CreditWatch with negative
implications.

The remaining collateral for Banc of America Large Loan Inc.'s
series 2006-BIX1, a U.S. CMBS transaction, consists of 11
floating-rate loans indexed to one-month LIBOR, one of which is
specially serviced.

The lowered and affirmed ratings reflect S&P's revaluation of the
remaining loans, in which S&P considered actual and potential
property performance declines.  Based on S&P's analysis, depressed
rental rates and higher vacancy rates for the office and retail
collateral properties (91% of the trust balance) resulted in lower
property valuations.  In addition, S&P's estimated hotel property
valuations were between 27% and 53% below its levels at issuance.

The Blackstone/CarrAmerica CAR Portfolio and
Blackstone/CarrAmerica National Portfolio whole loans have junior
participation interests that are the sole source of cash flow for
the raked class "CA" and "CP" certificates.  S&P affirmed its
ratings on these certificates based on the stable operating
performance of the portfolio properties since S&P's last review in
August 2009.

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

                         Office Exposure

Office properties secure four loans totaling $252.4 million (54%
of the pooled trust balance).  These properties are in various
locations throughout the U.S. Three of these four loans are
secured by properties that experienced valuation declines ranging
from 11% to 25% due to lower rental rates and/or higher vacancies
since issuance.  S&P discuss the largest declines in detail below.

The Blackstone/CarrAmerica National Portfolio loan and the
Blackstone/CarrAmerica CAR Portfolio loan are the largest and
eighth-largest loans secured by office properties in the pool with
trust balances of $174.1 million (35% of the trust balance) and
$23.7 million (5%), respectively.  The loans have experienced
value declines of 15% and 25%, respectively, since issuance;
however, the performance has been stable since S&P's last review
of the raked classes.

                          Retail Exposure

Retail properties secure four loans in the pool totaling
$176.8 million (37% of the pooled trust balance).  These
properties are located in Greece, N.Y. (15% of the pooled trust
balance), Phoenix, Ariz. (8%), El Paso, Texas (7%), and Charlotte,
N.C. (7%).  S&P's revised valuations show that all of the retail
properties except two have experienced modest declines.  The two
exceptions are the Ballantyne Village and Greece Ridge Center,
which are discussed below.

Ballantyne Village is the seventh-largest loan in the pool and is
with the special servicer.  The loan has a trust balance of
$31.5 million (7% of the pooled trust balance) and whole-loan
balance of $50.0 million.  The loan, secured by a 166,000-sq.-ft.
class A lifestyle center in Charlotte, N.C., was transferred to
the special servicer on July 9, 2009.  The loan was transferred
after the borrower submitted a request to restructure the loan due
to a decline in cash flow because two of the largest tenants
stopped making their rental payments.  The borrower has remained
current on its debt service payments.  Bank of America, the master
servicer, reported a 1.17x debt service coverage for the year
ended Dec. 31, 2008, and 81% occupancy as of Aug. 1, 2009.  The
special servicer, also Bank of America, has ordered an appraisal
and has extended the loan maturity to Nov. 5, 2009, in order to
analyze the requested loan modification.  Standard & Poor's
adjusted valuation for the loan is down 82% since issuance.

The Greece Ridge Center loan, the second-largest loan in the pool,
is the largest loan secured by a retail property.  The loan is
secured by 1,053,248 sq. ft. of a 1,602,356-sq.-ft. regional mall
and power center located in Greece, N.Y., eight miles northwest of
Rochester, N.Y.  The loan has a whole- and trust-loan balance of
$72.0 million (15% of the pooled trust balance).  Bank of America
reported a DSC of 3.77x for the 12 months ended Dec. 31, 2008.  As
of June 2009, in-line occupancy and rent were 78% and $19.98 per
sq. ft, compared with 88% and $12.99, respectively, at issuance.
Standard & Poor's adjusted value for this loan is comparable to
its level at issuance.  The loan matures in November 2009 and has
one 12-month extension option remaining.  Bank of America has
indicated that the borrower is exercising its remaining 12-month
extension option.

                         Lodging Exposure

Hotel properties secure three loans (five properties) in the pool
totaling $39.8 million (9% of the pooled trust balance).  These
properties are located in, Hilton Head, S.C. (3% of the pooled
trust balance), Phoenix, Ariz. (3%), Stamford, Conn. (2%), and
Pittsburgh (1%).

The Lodgian Airport Hotels-Phoenix & Pittsburgh loan, the ninth-
largest loan in the pool, is the largest loan secured by hotel
properties.  Three full-service hotels totaling 651 rooms located
in Phoenix, Ariz., and Pittsburg secure this loan.  This loan has
a trust balance of $16.7 million (4% of the pooled trust balance),
a whole-loan balance of $20.7 million, and is on the master
servicer's watchlist.  Bank of America reported a 3.33x DSC for
the year ended Dec. 31, 2008, and a portfolio occupancy of 82.3%
as of March 2009.  Standard & Poor's adjusted value for this loan
has declined 53% since issuance, primarily due to actual and
anticipated property performance declines.  S&P's analysis
factored in S&P's assumption that overall average 2009 revenue per
available room (RevPAR) in the industry would decline between 14%
and 16%, as S&P noted in a recent article.  The master servicer
placed this loan on the watchlist because the borrower, Lodgian
Inc., in its annual report, announced matters that raise
substantial doubt about the company's ability to continue its
operations.  The loan matures in March 2010 and has one 12-month
extension option remaining.  The master servicer will continue to
monitor this loan.

According to the Sept. 15, 2009, trustee remittance report, pool
statistics are:

There are 11 loans in the pool, including senior participations
interests in eight floating-rate mortgage loans, one floating-rate
whole-mortgage loan, and two floating-rate pari passu mortgage
loans.There are mortgages on 41 office properties, five hotel
properties, and four anchored retail properties.

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

Near-term maturities (within the next three months) for the loans
in the pool are:

The Greece Ridge Center loan, discussed above.

The Holiday Inn Hilton Head loan, the 10th-largest loan in the
pool, has a trust balance of $12.6 million (3% of the pooled trust
balance) and a whole-loan balance of $18.3 million.  This loan,
secured by a 202-room, full-service hotel in Hilton Head, N.C.,
matures Dec. 9, 2009.  According to Bank of America, the borrower
has not yet indicated if it intends to exercise its remaining 12-
month extension option.

      Ratings Lowered And Removed From Creditwatch Negative

                  Banc of America Large Loan Inc.
  Commercial mortgage pass-through certificates series 2006-BIX1

                 Rating
                 ------
    Class      To      From              Credit Enhancement (%)
    -----      --      ----              ----------------------
    G          BBB+    A/Watch Neg                        14.99
    H          BB+     A-/Watch Neg                        8.96
    J          B+      BBB+/Watch Neg                      6.56
    K          B-      BBB/Watch Neg                       4.04
    L          CCC+    BBB-/Watch Neg                       N/A

      Ratings Affirmed And Removed From Creditwatch Negative

                  Banc of America Large Loan Inc.
  Commercial mortgage pass-through certificates series 2006-BIX1

                 Rating
                 ------
    Class      To      From              Credit Enhancement (%)
    -----      --      ----              ----------------------
    A-2        AAA     AAA/Watch Neg                      54.53
    B          AAA     AAA/Watch Neg                      51.32
    C          AAA     AAA/Watch Neg                      42.11
    D          AAA     AAA/Watch Neg                      33.07
    E          AA+     AA+/Watch Neg                      27.04
    F          A+      A+/Watch Neg                       21.01
    X-1B       AAA     AAA/Watch Neg                        N/A
    X-2        AAA     AAA/Watch Neg                        N/A
    X-3        AAA     AAA/Watch Neg                        N/A
    X-4        AAA     AAA/Watch Neg                        N/A
    X-5        AAA     AAA/Watch Neg                        N/A

                         Ratings Affirmed

                 Banc of America Large Loan Inc.
  Commercial mortgage pass-through certificates series 2006-BIX1

    Class      Rating                    Credit Enhancement (%)
    -----      ------                    ----------------------
    J-CA       BB+                                          N/A
    K-CA       BB+                                          N/A
    L-CA       BB                                           N/A
    J-CP       A+                                           N/A
    K-CP       A-                                           N/A
    L-CP       BBB                                          N/A


BAY COVE: Moody's  Withdraws 'Ba2' Rating on Series 1998 Bonds
--------------------------------------------------------------
Moody's Investors Service has withdrawn the Ba2 rating assigned to
Bay Cove Human Services Inc.'s Series 1998 bonds issued through
the Massachusetts Health & Educational Facilities Authority.  The
full outstanding balance of the bonds were defeased on June 30,
2009, following the refunding of the Series 1998 bonds and
redeemed on August 31, 2009.  Moody's no longer maintains a long-
term bond rating on Bay Cove Human Services, Inc.

The last rating action was on December 15, 2008, when the Ba2
rating assigned to Bay Cove Human Services, Inc., was affirmed and
outlook was negative.

Bay Cove Human Services, Inc.'s ratings were assigned by
evaluating factors believed to be relevant to the credit profile
of Bay Cove Human Services, Inc., such as i) the business risk and
competitive position of the issuer versus others within its
industry or sector, ii) the capital structure and financial risk
of the obligor, iii) the projected performance of the issuer over
the near to intermediate term, iv) the obligor's history of
achieving consistent operating performance and meeting budget or
financial plan goals, v) the debt service coverage provided by
such revenue stream, vii) the legal structure that documents the
revenue stream and the source of payment, and viii) the obligor's
management and governance structure related to payment.  These
attributes were compared against other obligor's both within and
outside of Bay Cove Human Services, Inc.'s core peer group and Bay
Cove Human Services, Inc.'s ratings are believed to be comparable
to ratings assigned to other obligors of similar credit risk.


BEAR STEARNS: Moody's Affirms Ratings on Eight 2007-PWR16 Certs.
----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of eight classes
and downgraded 16 classes of Bear Stearns Commercial Mortgage
Securities Trust Commercial Mortgage Pass-Through Certificates,
Series 2007-PWR16.  The downgrades are due to higher expected
losses for the pool resulting from anticipated losses from loans
in special servicing and concerns about refinancing risk
associated with loans approaching maturity.  Excluding specially
serviced loans, thirteen loans, representing 20% of the pool,
mature within the next three years and have a Moody's stressed
debt service coverage ratio below 1.00X.  The action is the result
of Moody's on-going surveillance of commercial mortgage backed
securities transactions.

As of the September 14, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by less than 1% to
$3.31 billion from $3.29 billion at securitization.  The
Certificates are collateralized by 261 mortgage loans ranging in
size from less than 1% to 15% of the pool, with the top ten loans
representing 42% of the pool.  Three loans, representing 0.7% of
the pool, had investment grade underlying ratings at
securitization.  Due to declines in performance, the leverage of
these loans has increased significantly and they are now analyzed
as part of the conduit pool.

Fifty-four loans, representing 36% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The pool has not experienced any losses since securitization.
There are eight loans, representing 3% of the pool, currently in
special servicing.  The largest specially serviced loan is the PGA
Design Center ($30.0 million -- 0.9%), which is secured by a
retail/showroom center located in Palm Beach Gardens, Florida.
The loan was transferred to special servicing in February 2009 due
to payment default resulting from the departure of two major
tenants.  Of the remaining seven specially serviced loans, two are
30 days delinquent, three are 90+ days delinquent, and two are in
the process of foreclosure.  Moody's estimates an aggregate loss
for all the specially serviced loans of $39.4 million (43% loss
severity on average).  The special servicer has recognized an
aggregate $20 million appraisal reduction for four of the
specially serviced loans.

Moody's was provided with full-year 2008 operating results for 98%
of the pool.  Moody's weighted average loan to value ratio is 126%
compared to 138% at Moody's last review in February 2009.  The
previous review was part of Moody's first quarter 2009 ratings
sweep of 2006-2008 vintage CMBS transactions.

Moody's stressed DSCR is 0.91X compared to 0.78X at last review.
Moody's stressed DSCR is based on Moody's net cash flow and a
9.25% stressed rate applied to the loan balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral Herf
score is 40.  The pool has a Herf of 26, the same as at last
review.

The three largest loan exposures represent 29% of the pool.  The
largest exposure is the Beacon Seattle & DC Portfolio
($485.5 million -- 14.8%), which represents a pari passu interest
in a $2.7 billion first mortgage loan.  The loan is secured by 20
office properties located in Washington, Virginia and Washington,
DC.  The buildings range from 103,000 to 1.1 million square feet
and total 9.8 million square feet.  The portfolio was 93% occupied
as of December 2008 compared to 97% at securitization.  The
portfolio's performance has declined due to a drop in occupancy
and increased operating expenses.  The loan is interest-only
throughout its entire five-year term.  Given the decline in the
financial performance of the collateral supporting the loan and
the adverse economic environment, Moody's is concerned about
refinance risk of this loan at maturity.  Moody's LTV and stressed
DSCR are 171% and 0.59X, respectively, compared to 134% and 0.77X
at last review.

The second largest exposure is the 32 Sixth Avenue ($320.0 million
-- 9.7%), which represents a pari passu interest in a $360 million
first mortgage loan.  The loan is secured by an office and
telecommunications building totaling 1.1 million square feet
located in Lower Manhattan's Tribeca District.  The property is
98.6% occupied as of June 2009 compared to 94.7% at
securitization.  Moody's LTV and stressed DSCR are 108% and 0.90X,
respectively, compared to 128% and 0.78X at last review.

The third largest exposure is The Mall at Prince Georges
($150.0 million -- 4.6%), which is secured by a regional mall
located in Hyattsville, Maryland.  The property is 96% occupied as
of June 2009, essentially the same as at securitization.  Although
occupancy has been stable since securitization, the property's
cash flow has declined due to a drop in revenues and increased
expenses.  In addition, sales performance has declined
significantly.  In-line sales for 2008 were $268 per square foot
compared to $427 at securitization.  The loan is interest-only for
its entire ten-year term.  Moody's LTV and stressed DSCR are 146%
and 0.67X, respectively, compared to 127% and 0.77X at last
review.

Moody's rating action is:

  -- Class A-1, $70,783,489, affirmed at Aaa; previously affirmed
     Aaa on 2/11/2009

  -- Class A-2, $681,000,000, affirmed at Aaa; previously affirmed
     Aaa on 2/11/2009

  -- Class A-3, $58,200,000, affirmed at Aaa; previously affirmed
     Aaa on 2/11/2009

  -- Class A-AB, $130,700,000, affirmed at Aaa; previously
     affirmed Aaa on 2/11/2009

  -- Class A-4, $954,361,000, affirmed at Aaa; previously affirmed
     Aaa on 2/11/2009

  -- Class, A-1A, $409,240,857, affirmed at Aaa; previously
     affirmed Aaa on 2/11/2009

  -- Class A-M, $331,395,000, affirmed at Aaa; previously affirmed
     Aaa on 2/11/2009

  -- Class X, Notional, affirmed at Aaa; previously affirmed Aaa
     on 2/11/2009

  -- Class A-J, $273,400,000, downgraded to Baa1 from A2;
     previously downgraded to A2 from Aaa on 2/11/2009

  -- Class B, $33,139,000, downgraded to Baa2 from A3; previously
     downgraded to A3 from Aa1 on 2/11/2009

  -- Class C, $33,140,000, downgraded to Ba1 from Baa1; previously
     downgraded to Baa1 from Aa2 on 2/11/2009

  -- Class D, $33,139,000, downgraded to Ba2 from Baa2; previously
     downgraded to Baa2 from Aa3 on 2/11/2009

  -- Class E, $20,712,000, downgraded to Ba3 from Baa3; previously
     downgraded to Baa3 from A1 on 2/11/2009

  -- Class F, $24,855,000, downgraded to B1 from Ba1; previously
     downgraded to Ba1 from A2 on 2/11/2009

  -- Class G, $28,997,000, downgraded to B2 from Ba2; previously
     downgraded to Ba2 from A3 on 2/11/2009

  -- Class H, $41,424,000, downgraded to B3 from Ba3; previously
     downgraded to Ba3 from Baa1 on 2/11/2009

  -- Class J, $33,139,000, downgraded to Caa1 from B2; previously
     downgraded to B2 from Baa2 on 2/11/2009

  -- Class K, $33,140,000, downgraded to Caa2 from B3; previously
     downgraded to B3 from Baa3 on 2/11/2009

  -- Class L, $16,569,000, downgraded to Caa3 from Caa1;
     previously downgraded to Caa1 from Ba1 on 2/11/2009

  -- Class M, $12,428,000, downgraded to Ca from Caa1; previously
     downgraded to Caa1 from Ba2 on 2/11/2009

  -- Class N, $12,427,000, downgraded to Ca from Caa2; previously
     downgraded to Caa2 from Ba3 on 2/11/2009

  -- Class O, $8,285,000, downgraded to C from Caa2; previously
     downgraded to Caa2 from B1 on 2/11/2009

  -- Class P, $8,285,000, downgraded to C from Caa3; previously
     downgraded to Caa3 from B2 on 2/11/2009

  -- Class Q, $8,285,000, downgraded to C from Caa3; previously
     downgraded to Caa3 from B3 on 2/11/2009


BEAR STEARNS: Moody's Downgrades Ratings on 14 2005-PWR8 Certs.
---------------------------------------------------------------
Moody's Investors Service affirmed the ratings of eight classes
and downgraded 14 classes of Bear Stearns Commercial Mortgage
Securities Trust Commercial Mortgage Pass-Through Certificates,
Series 2005-PWR8.  The downgrades are primarily due to higher
expected losses for the pool resulting from increased leverage,
increased credit quality dispersion and anticipated losses from
loans in special servicing.  On September 17, 2009, Moody's placed
14 classes on review for possible downgrade.  This action
concludes that review.  The action is the result of Moody's on-
going surveillance of commercial mortgage backed securities
transactions.

As of the September 11, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by 5% to $1.67 billion
from $1.77 billion at securitization.  The Certificates are
collateralized by 193 mortgage loans ranging in size from less
than 1% to 11% of the pool, with the top ten loans representing
27% of the pool.  Seven loans, representing 7% of the pool, have
defeased and are collateralized with U.S. Government securities.
At securitization nine loans, representing 18% of the pool, had
investment grade underlying ratings.  Due to declines in
performance which resulted in increased leverage, four of those
loans are now analyzed as part of the conduit pool.  Currently
there are five loans, representing 6% of the pool, with investment
grade underlying ratings.

Thirty-five loans, representing 12% 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.  Not all loans on the
watchlist are delinquent or have significant issues.

The pool has not experienced any losses since securitization.
There are six loans, representing 4% of the pool, currently in
special servicing.  The largest specially serviced loan is the
Kaleidoscope Center ($33.9 million -- 2.0%), which is secured by a
retail center located in Mission Viejo, Orange County, California.
The loan was transferred to special servicing in June 2009 due to
payment default resulting from the departure of three major
tenants.  Of the remaining five specially serviced loans, one is
90+ days delinquent, two are in the process of foreclosure and two
are expected to be returned to the Master Servicer as Corrected
Mortgage Loans within 60 days.  Moody's estimates an aggregate
loss for all the specially serviced loans of $23.3 million (39.2%
loss severity on average).

Moody's was provided with full-year 2008 operating results for 92%
of the pool.  Moody's weighted average loan to value ratio is 102%
compared to 92% at Moody's last review.  In addition to an overall
increase in leverage, the pool has experienced increased credit
quality dispersion.  Based on Moody's analysis, 28% of the pool
has an LTV in excess of 100% compared to 22% at last review.
Approximately 10% of the pool has an LTV in excess of 120%
compared to 0% at last review.

Moody's stressed debt service coverage ratio is 1.07X compared to
1.21X at last review.  Moody's stressed DSCR is based on Moody's
net cash flow and a 9.25% stressed rate applied to the loan
balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral Herf
score is 40.  The pool has a Herf of 50, compared to 53 at last
review.

The largest loan with investment grade underlying ratings is the
Lock Up Storage Centers Portfolio ($53.7 million - 3.2%), which is
secured by 14 self storage facilities located in Illinois (10
properties), Florida (2) and New Jersey (2).  The portfolio
originally contained 15 properties, but one property was released
in February 2007.  The loan is interest only for the first five
years and amortizes on a 30-year schedule thereafter.  Performance
has been stable.  Moody's current underlying rating and stressed
DSCR are A2 and 1.83X, respectively, compared to A2 and 1.76X at
last review.

The next four loans with investment grade underlying ratings
represent less than 3% of the pool.  The JL Holdings - Burger King
Portfolio A-Note ($14.5 million - 0.8%) is secured by 90 stand-
alone Burger King restaurants located in four states.  Moody's
current underlying rating and stressed DSCR are A3 and 2.45X,
respectively, compared to A3 and 2.25X at last review.  The
Glendale Plaza Loan ($11.7 million - 0.7%) is secured by a 121,400
square foot retail center located in Wilmington, Delaware.
Moody's current underlying rating and stressed DSCR are Baa3 and
1.47X, respectively, compared to Baa3 and 1.43X at last review.
The Woodhaven Terrace Apartments Loan ($10.7 million - 0.6%) is
secured by a 136-unit garden style complex located in Middlesex
County, New Jersey.  Moody's current underlying rating and
stressed DSCR are Baa3 and 1.20X, the same as at last review.  The
Legends at Champions Gate Loan ($10.0 million - 0.6%) is secured
by a 252-unit garden style complex located in suburban Orlando,
Florida.  Moody's current underlying rating and stressed DSCR are
Baa2 and 1.37X, respectively, compared to A3 and 1.43X at last
review.

The three largest conduit loans represent 16.2% of the pool.  The
largest loan is the One MetroTech Center Loan ($180.0 million -
10.5%), which is secured by a 933,000 square foot Class A office
building located in Brooklyn, New York.  The property was 90%
occupied as of June 2009 compared to 97% at last review.  The loan
is interest only for the first two years and amortizes on a 30-
year schedule thereafter.  Performance has declined since
securitization due to decline in occupancy.  In addition Brooklyn
office rents have dropped over 20% since securitization.  The loan
had an underlying rating of Baa2 at last review and at
securitization, but due to the decline in performance it is now
analyzed as part of the conduit pool.  Moody's LTV and stressed
DSCR are 98% and 0.99X, respectively.

The second largest conduit loan is the Park Place Loan
($50.9 million - 3.0%), which is secured by a four building office
complex totaling 352,000 square feet located in Florham Park, New
Jersey.  The property was 93% occupied as of January 2009,
essentially the same as at last review.  This loan is interest
only for its entire ten year term.  Moody's LTV and stressed DSCR
are 88% and 1.20X, respectively, compared to 80% and 1.26X at last
review.

The third largest conduit loan is the Ballston Office Center Loan
($46.0 million - 2.7%), which is secured by a 178,000 square foot
office building located in Arlington, Virginia.  The property has
been 100% occupied since securitization by three tenants: US Coast
Guard (77% of NRA, various lease expirations thru 2016); Better
Business Bureau (12%, lease expiration in November 2013) and
Global Knowledge (9%, lease expiration in August 2012).  However,
the Coast Guard recently renewed its space which expired in 2009
for only one year.  This space represents 20% of the property's
NRA.  Although occupancy has been stable since securitization,
Moody's is concerned about the upcoming rollover risk particularly
given the tenant concentration and the adverse economic
environment.  The loan is interest-only for the first five years
and amortizes on a 30-year schedule thereafter.  Moody's LTV and
stressed DSCR are 133% and 0.77X, respectively, compared to 110%
and 0.89X at last review.

Moody's rating action is:

  -- Class A-1, $13,738,500, affirmed at Aaa, previously affirmed
     at Aaa on 6/22/2007

  -- Class A-2, $46,500,000, affirmed at Aaa, previously affirmed
     at Aaa on 6/22/2007

  -- Class A-3, $63,000,000, affirmed at Aaa, previously affirmed
     at Aaa on 6/22/2007

  -- Class A-AB, $128,000,000, affirmed at Aaa, previously
     affirmed at Aaa on 6/22/2007

  -- Class A-4, $1,020,394,000, affirmed at Aaa, previously
     affirmed at Aaa on 6/22/2007

  -- Class A-4FL, $50,000,000, affirmed at Aaa, previously
     affirmed at Aaa on 6/22/2007

  -- Class A-J, $150,046,000, downgraded to Aa3 from Aaa,
     previously affirmed at Aaa on 6/22/2007

  -- Class X-1, Notional, affirmed at Aaa, previously affirmed at
     Aaa on 6/22/2007

  -- Class X-2, Notional, affirmed at Aaa, previously affirmed at
     Aaa on 6/22/2007

  -- Class B, $37,511,000, downgraded to A2 from Aa2, previously
     affirmed at Aa2 on 6/22/2007

  -- Class C, $17,653,000, downgraded to A3 from Aa3, previously
     affirmed at Aa3 on 6/22/2007

  -- Class D, $26,478,000, downgraded to Baa2 from A2, previously
     affirmed at A2 on 6/22/2007

  -- Class E, $17,653,000, downgraded to Baa3 from A3, previously
     affirmed at A3 on 6/22/2007

  -- Class F, $19,859,000, downgraded to Ba3 from Baa1, previously
     affirmed at Baa1 on 6/22/2007

  -- Class G, $15,446,000, downgraded to B2 from Baa2, previously
     affirmed at Baa2 on 6/22/2007

  -- Class H, $17,652,000, downgraded to B3 from Baa3, previously
     affirmed at Baa3 on 6/22/2007

  -- Class J, $8,826,000, downgraded to Caa1 from Ba1, previously
     affirmed at Ba1 on 6/22/2007

  -- Class K, $4,413,000, downgraded to Caa2 from Ba2, previously
     affirmed at Ba2 on 6/22/2007

  -- Class L, $6,620,000, downgraded to Caa3 from Ba3, previously
     affirmed at Ba3 on 6/22/2007

  -- Class M, $6,620,000, downgraded to Ca from B1, previously
     affirmed at B1 on 6/22/2007

  -- Class N, $2,206,000, downgraded to C from B2, previously
     affirmed at B2 on 6/22/2007

  -- Class P, $4,413,000, downgraded to C from B3, previously
     affirmed at B3 on 6/22/2007


MERRILL LYNCH: S&P Downgrades Ratings on 21 2007-C1 Securities
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 21
classes of commercial mortgage-backed securities from Merrill
Lynch Mortgage Trust 2007-C1 and removed them from CreditWatch
with negative implications.  In addition, S&P affirmed its ratings
on four classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  The downgrades of the subordinate
classes also reflect the credit support erosion S&P expects will
occur upon the eventual resolution of the specially serviced
loans.  S&P's analysis included a review of the credit
characteristics of all of the loans in the pool.  Using servicer-
provided financial information, S&P calculated an adjusted debt
service coverage of 1.30x and a loan-to-value ratio of 115.6%.
S&P further stressed the loans' cash flows under S&P's 'AAA'
scenario to yield a weighted average DSC of 0.81x and an LTV of
155.7%.  The implied defaults and loss severity under the 'AAA'
scenario were 94.1% and 39.7%, respectively.  The DSC and LTV
calculations noted above exclude six ($157.9 million, 3.9%) of the
seven specially serviced loans in the pool.  S&P separately
estimated losses for these loans, which are included in S&P's
'AAA' scenario implied default and loss figures.

The affirmation of the principal and interest certificates reflect
subordination levels that adequately support the outstanding
ratings.  S&P affirmed the rating on the class X interest-only
certificates based on S&P's current criteria.  S&P published a
request for comment proposing changes to its IO criteria on
June 1, 2009.  After S&P finalizes its criteria review, S&P may
revise its IO criteria, which may affect outstanding ratings,
including the rating on the IO certificates that S&P affirmed.

                        Credit Concerns

Seven loans ($164.6 million, 4.1%) in the pool are with the
special servicer, Centerline Servicing Inc.  The payment status of
these loans is: three are more than 90 days delinquent
($137.6 million, 3.4%), two are 60 days delinquent ($15.3 million,
0.4%), and two are 30 days delinquent ($11.7 million, 0.3%).  One
of the specially serviced loans, the B2 Portfolio, has a balance
that represents 3.2% of the pool balance, and the remaining
specially serviced loans have balances that account for less than
0.25% of the total pool balance.  The B2 Portfolio is the only top
10 loan with the special servicer and is discussed in the top 10
section below.

                       Transaction Summary

As of the September 2009, remittance report, the collateral pool
balance was $4.032 billion, compared with $4.050 billion at
issuance.  The number of loans in the pool, at 262, is unchanged
since issuance.  The master servicers for the transaction, KeyCorp
Real Estate Capital Markets Inc. and Wells Fargo Bank N.A.,
provided financial information for 99.1% of the pool; 93.3% of the
financial information was full-year 2008 data or interim-2009
data.  S&P calculated a weighted average DSC of 1.32x for the pool
based on the reported figures.  S&P's adjusted DSC and LTV were
1.30x and 115.6%, respectively.  S&P's adjusted DSC and LTV
figures exclude six of the seven specially serviced loans.  S&P
estimated losses separately for these loans ($157.9 million,
3.9%).  Five of these loans ($151.6 million, 3.8%) had servicer-
reported DSC figures.

The weighted average DSC of these five loans was 1.13x.  Sixty-one
loans ($1.2 billion, 30.1%) are on the master servicer's
watchlist, including two of the top 10 loans.  Thirty-nine loans
($443.1 million, 11.0%) have a reported DSC of less than 1.10x,
and 26 of these loans ($260.1 million, 6.5%) have a reported DSC
of less than 1.0x.

                    Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$1.94 billion (48.1%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.34x for the top 10 loans.
Two of the top 10 loans ($715.0 million, 17.7%) appear on the
master servicer's watchlist and are discussed below.  S&P's
adjusted DSC and LTV for the top 10 loans, excluding the one
specially serviced loan, are 1.33x and 108.6%, respectively.

The B2 Portfolio loan is the largest loan with the special
servicer and the seventh-largest loan in the pool.  The loan has a
balance of $130.5 million (3.2%) and is secured by 11 multifamily
properties totaling 2,904 units located in Georgia, Virginia, and
North Carolina.  The loan was transferred to the special servicer
in February 2009 due to payment default and is now more than 90
days delinquent.  A receiver was appointed in March 2009 and the
servicer is pursuing foreclosure.  As of July 2009, the portfolio-
wide occupancy was 63%, down from 86% at issuance.  Standard &
Poor's expects a significant loss upon the resolution of the loan.

The Empirian Multifamily 1 loan ($384.75 million, 9.5%) is the
largest loan in the pool and the payment status was reported as
less than 30 days delinquent on the September 2009 remittance
report.  The loan appears on the servicer's watchlist because one
of the 78 collateral properties, Marsh Landing ($5.48 million
allocated loan amount, 1.4% of the loan balance), received a
"poor" inspection rating on July 16, 2009.  The loan is secured by
first mortgage encumbering 78 multifamily properties.  The
properties include 7,964 units located across eight states.  The
largest concentrations are in Florida (24 properties; 30% of
units), Ohio (20 properties; 25%), Georgia (15 properties; 19%),
and Indiana (nine properties; 16%).  The year-end 2008 DSC was
1.42x and occupancy was 92.0%, compared with 1.17x and 94.4% at
issuance.

The Empirian Multifamily 3 loan ($330.25 million, 8.2%) is the
second-largest loan in the pool.  The payment status was reported
as current as of the September 2009 remittance report.  The loan
is on the servicer's watchlist because one of the 79 collateral
properties, Foxton II ($2.54 million allocated loan amount, 0.8%
of the loan balance), received a "poor" inspection rating on
Aug. 1, 2008.  According to KeyCorp, the master servicer for this
loan, a new inspection completed July 24, 2009, shows that the
deferred maintenance has been corrected and the property received
an inspection rating of "good." As a result, this loan will no
longer appear on the watchlist due to deferred maintenance at this
property.  The loan is secured by a first mortgage encumbering 79
multifamily properties.  The properties include 6,860 units across
eight states.  The largest concentrations are in Florida (23
properties; 28% of units), Ohio (18 properties; 27%), Georgia (14
properties; 14%), and Indiana (11 properties; 13%).  The year-end
2008 DSC was 1.44x and occupancy was 93.0%, compared with 1.17x
and 94.4% at issuance.

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

               Merrill Lynch Mortgage Trust 2007-C1
          Commercial mortgage pass-through certificates

                Rating
                ------
     Class     To    From             Credit enhancement (%)
     -----     --    ----             ----------------------
     A-3       A+    AAA/Watch Neg                     30.14
     A-3FL     A+    AAA/Watch Neg                     30.14
     A-SB      A+    AAA/Watch Neg                     30.14
     A-4       A+    AAA/Watch Neg                     30.14
     A-1A      A+    AAA/Watch Neg                     30.14
     A-M       BBB+  AAA/Watch Neg                     20.09
     A-J       BB    AAA/Watch Neg                     11.80
     AJ-FL     BB    AAA/Watch Neg                     11.80
     B         BB-   AA/Watch Neg                       9.67
     C         B+    AA-/Watch Neg                      8.66
     D         B+    A/Watch Neg                        7.53
     E         B     A-/Watch Neg                       6.40
     F         B-    BBB+/Watch Neg                     5.15
     G         B-    BBB/Watch Neg                      4.14
     H         CCC+  BBB-/Watch Neg                     3.14
     J         CCC   BB+/Watch Neg                      2.76
     K         CCC-  BB/Watch Neg                       2.39
     L         CCC-  BB-/Watch Neg                      2.13
     M         CCC-  B+/Watch Neg                       1.88
     N         CCC-  B/Watch Neg                        1.63
     P         CCC-  B-/Watch Neg                       1.51

                        Ratings Affirmed

              Merrill Lynch Mortgage Trust 2007-C1
          Commercial mortgage pass-through certificates

            Class     Rating    Credit enhancement (%)
            -----     ------    ----------------------
            A-1       AAA                        30.14
            A-2       AAA                        30.14
            A-2FL     AAA                        30.14
            X         AAA                          N/A

                       N/A - Not applicable.


BEAR STEARNS: S&P Downgrades Ratings on Two 2008-R1 Certificates
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two
classes of certificates from Bear Stearns Structured Products Inc.
Trust 2008-R1.  S&P lowered the 'AAA' ratings on the classes A-1
and A-2 to 'B' and 'CCC', respectively.

The downgrades reflect the significant deterioration in
performance of the loans backing the underlying certificate.  This
performance deterioration is so severe that the credit enhancement
for BSSP 2008-R1 is insufficient to maintain the ratings on the
re-REMIC classes.

BSSP 2008-R1, which closed in January 2008, is a re-securitized
real estate mortgage investment conduit residential mortgage-
backed securities transaction, collateralized by one underlying
class that supports both classes within the re-REMIC.  The loans
securing the underlying class consist predominately of interest-
only, fixed-rate prime mortgage loans.

Classes A-1 and A-2 from BSSP 2008-R1 are supported by the III-A-1
class from Bear Stearns ARM Trust 2007-3 (currently rated 'CCC').
The performance of the loans securing this trust has declined
precipitously in recent months.  This pool had experienced losses
of 0.86% as of the September 2009 distribution, and currently has
approximately 20.8% in delinquent loans as a percentage of the
current balance.  Based on the losses to date, the current pool
factor of 0.805 (80.5%), 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
11.68%, which exceeds the level of credit enhancement available to
cover losses.

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

       Bear Stearns Structured Products Inc. Trust 2008-R1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        07402WAA6     B                    AAA
        A-2        07402WAB4     CCC                  AAA


BROADHOLLOW FUNDING: S&P Withdraws 'D' Rating on 2004-A Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'D' rating on the
series 2004-A variable-rate subordinated notes issued by
Broadhollow Funding LLC.

On July 30, 2009, S&P withdrew its 'D' rating on Broadhollow's
series 2005-A subordinated notes.  Standard & Poor's currently
does not rate any outstanding notes issued by Broadhollow.


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

The Pennsylvania Economic Development Financing Authority issued
the bonds on behalf of the project.  EIF Calypso LLC (77.5%;
BB/Negative) and Cogentrix Energy LLC (22.5%; not rated)
indirectly own Northampton.

Northampton is a 110 megawatt (net) waste-fuel plant in
Northampton, Pa.  It provides electricity to Metropolitan Edison
Co. (BBB/Stable/--) under a 25-year power purchase agreement
through 2020.

The outlook is negative.  S&P thinks that absent a restructuring
and or substantial equity injection the project may default.
Prospects for an upgrade or outlook revision to stable in the near
term are unlikely given the financial vulnerability.


CALIFORNIA HEALTH: S&P Cuts Rating on 1993 Revenue Bonds to 'C'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating to
'C' from 'CCC' on California Health Facilities Finance Authority's
series 1993 revenue bonds issued on behalf of Downey Community
Hospital, currently doing business as Downey Regional Medical
Center.  The outlook is negative.  At the same time, S&P suspended
the rating due to management's inability to provide any audited or
unaudited financial statements for fiscals 2009, 2008, or 2007.

"S&P understand that management doesn't expect to be able to
provide current financial statements until January 2010," said
Standard & Poor's credit analyst Kenneth Gacka.  "We will consider
reinstating the rating if audited financial information becomes
available."

The rating action reflects S&P's concern over Downey's continued
financial instability over recent years.  Downey filed for
reorganization under Chapter 11 of the U.S. Bankruptcy Code on
Sept. 14, 2009.  Management has indicated that they are current on
bond payments to date.  Of further concern, in S&P's view, are
Downey's inability to provide current financial information and
the instability of the CFO position.  It is S&P's understanding
that the CFO position has turned over four times in the past 10
years, with a new interim CFO starting within the last two weeks.

The medical center operates a 199-staffed-bed acute-care hospital
in the City of Downey in southeast Los Angeles County.  It serves
a population of about 1.4 million.


CALIFORNIA STATEWIDE: S&P Cuts Ratings on 2003E-3 Bonds to 'BB+'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on
California Statewide Communities Development Authority's
multifamily housing revenue refunding bonds (Quail Ridge
Apartments Project) series 2002E-1 and 2003E-3 to 'BBB' from
'BBB+' and to 'BB+' from 'BBB-', respectively.  At the same time,
Standard & Poor's revised the outlook on both ratings to negative
from stable.

The ratings reflect S&P's view of the authority's weaknesses,
including its declining debt service coverage in 2009, based on
unaudited financial statements; and low occupancy levels.

However, the ratings also exhibit what S&P considers to be the
authority's strengths, including its stable debt service coverage
levels of 1.34x and 1.21x maximum annual debt service on senior
and subordinate bonds, respectively, based on 2008 financial
results; and a debt service reserve fund funded at 12 months'
MADS.

"The negative outlook reflects S&P's view of the declining
occupancy and rental income at the property, based on financial
statements as of August 2009," said Standard & Poor's credit
analyst Raymond Kim.

Quail Ridge is a 360-unit garden style multifamily apartment
complex constructed in 1980.  It is located at 962 West Second
Street in Rialto, on a quiet secondary street in a residential
community that is primarily single family in nature, but contains
a few multifamily residential projects.


CENTERLINE 2007-SRR5: S&P Downgrades Ratings on 11 Classes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes from Centerline 2007-SRR5 Ltd., a synthetic commercial
real estate collateralized debt obligation transaction.  Seven of
these ratings remain on CreditWatch negative.  At the same time,
S&P affirmed one other rating from this transaction and removed it
from CreditWatch negative.  In addition, the ratings on classes A-
1 and A-2 remain on CreditWatch negative.

According to the Sept. 22, 2009, trustee report, the collateral
for Centerline 2007-SRR5 is credit default swaps referencing 40
commercial mortgage-backed securities ($800 million, 100%) from 40
distinct transactions issued between 2005 and 2007.  The CDS
counterparty is Morgan Stanley Capital Services Inc. The
downgrades reflect S&P's analysis of the transaction following
S&P's rating actions on nine reference CMBS classes.  The
securities are from nine transactions ($182.5 million; 23% of the
pool balance).

Centerline 2007-SRR5 has significant exposure to these recently
downgraded CMBS transactions:

* Morgan Stanley Capital I Trust 2006-IQ12 (class M; $30 million,
  3.75%);

* Credit Suisse Commercial Mortgage Trust's series 2006-C5 (class
  J; $20 million, 2.5%);

* CD 2006-CD2 Mortgage Trust (class J; $20 million, 2.5%);

* CD 2006-CD3 Mortgage Trust (class K; $20 million, 2.5%); and

* LB-UBS Commercial Mortgage Trust 2006-C7 (class K; $20 million,
  2.5%).

Nine ratings on Centerline 2007-SRR5 remain on CreditWatch
negative due to the transaction's exposure to referenced CMBS
collateral with ratings on CreditWatch negative ($437.5 million,
55%).  S&P will update or resolve the CreditWatch negative
placements on Centerline 2007-SRR5 in conjunction with S&P's
CreditWatch resolutions of the reference CMBS classes.

      Ratings Lowered And Remaining On Creditwatch Negative

                    Centerline 2007-SRR5 Ltd.

                               Rating
                               ------
        Class            To               From
        -----            --               ----
        B                BBB/Watch Neg    BBB+/Watch Neg
        C                BBB-/Watch Neg   BBB/Watch Neg
        D                BB+/Watch Neg    BBB/Watch Neg
        E                BB/Watch Neg     BB+/Watch Neg
        F                B+/Watch Neg     BB+/Watch Neg
        G                CCC+/Watch Neg   B+/Watch Neg
        H                CCC/Watch Neg    B+/Watch Neg

      Ratings Lowered And Removed From Creditwatch Negative

                    Centerline 2007-SRR5 Ltd.

                               Rating
                               ------
        Class            To               From
        -----            --               ----
        J                CCC-             B+/Watch Neg
        K                CCC-             B/Watch Neg
        L                CCC-             CCC+/Watch Neg
        M                CCC-             CCC/Watch Neg

      Rating Affirmed And Removed From Creditwatch Negative

                    Centerline 2007-SRR5 Ltd.

                               Rating
                               ------
        Class            To               From
        -----            --               ----
        N                CCC-             CCC-/Watch Neg

            Rating Remaining On Creditwatch Negative

                    Centerline 2007-SRR5 Ltd.

              Class                  Rating
              -----                  ------
              A-1                    A-/Watch Neg
              A-2                    BBB+/Watch Neg


CHASE COMMERCIAL: S&P Downgrades Ratings on 1997-1 Certificates
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class H commercial mortgage pass-through certificates from Chase
Commercial Mortgage Securities Corp.'s series 1997-1 to 'D' from
'CCC'.

The downgrade to 'D' reflects accumulated interest shortfalls to
the class that totaled $232,046 as of the Sept. 21, 2009,
remittance date.  The shortfalls are primarily the result of the
Capmark Finance Inc.'s May 5, 2009, determination as master
servicer that future servicing advances for the Buena Springs loan
will be nonrecoverable.  S&P expects the class H to experience
accumulated interest shortfalls for an extended period of time.

The Buena Vista Springs loan ($2.5 million, 8.3%) is currently
with the special servicer and is secured by a 288-unit multifamily
property in North Las Vegas, Nevada.  The loan was transferred to
the special servicer, also Capmark, in March 2008.  The loan is
90-plus days delinquent, and the borrower has filed for
bankruptcy.  The master servicer has advanced approximately
$819,910 of principal and interest to date.


CHURCHILL FINANCIAL: Moody's Takes Rating Actions on Various Notes
------------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of these notes issued by Churchill Financial Cayman Ltd.:

  -- US$93,750,000 Class C Floating Rate Third Priority Senior
     Secured Deferrable Interest Term Notes due 2019, Upgraded to
     Baa1; previously on March 23, 2009 Downgraded to Baa3 and
     Placed Under Review for Possible Downgrade.

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

  -- US$87,500,000 Class B Floating Rate Second Priority Senior
     Secured Term Notes due 2019 (current balance of $86,500,000),
     Confirmed at Aa2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$65,000,000 Class D-1 Floating Rate Fourth Priority Senior
     Secured Deferrable Interest Term Notes due 2019 (current
     balance of $64,000,000), Confirmed at Ba3; previously on
     March 23, 2009 Downgraded to Ba3 and Placed Under Review for
     Possible Downgrade;

  -- US$10,000,000 Class D-2 Fixed Rate Fourth Priority Senior
     Secured Deferrable Interest Term Notes due 2019, Confirmed at
     Ba3; previously on March 23, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade;

  -- US$62,500,000 Class E Floating Rate Fifth Priority Senior
     Secured Deferrable Interest Term Notes due 2019 (current
     balance of $55,733,981), Confirmed at B3; previously on
     March 23, 2009 Downgraded to B3 and Placed Under Review for
     Possible Downgrade.

Moody's notes that the upgrade action on the Class C Notes and the
rating confirmations on the Class B, Class D-1, Class D-2, and
Class E 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 (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.

Moody's also notes that there is moderate credit deterioration in
the underlying portfolio.  Such credit deterioration of the
collateral pool is observed through 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 Ratio test.  Based on the latest
trustee report, dated August 17, 2009, defaulted securities
currently held in the portfolio total about $68.8 million,
accounting for roughly 6% of the collateral balance, and
securities rated Caa1 or lower make up approximately 13% of the
underlying portfolio.  The Class E Overcollateralization Ratio was
reported at 107.0% versus a test level of 107.8%.  Moody's also
noted that the weighted average rating factor of the portfolio is
3501 based on the same report.

Churchill Financial Cayman Ltd., issued on July 10, 2007, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans of middle market issuers.

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


CIT CLO: Moody's Confirms Ratings on Two Classes of Notes
---------------------------------------------------------
Moody's Investors Service announced that it has confirmed the
ratings of these notes issued by CIT CLO I Ltd.:

  -- US$29,000,000 Class B Floating Rate Notes Due 2021, Confirmed
     at Aa2; previously on March 4, 2009 Aa2 Placed Under Review
     for Possible Downgrade;

  -- US$25,000,000 Class E Deferrable Floating Rate Notes Due
     2021, Confirmed at B3; previously on March 23, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$36,400,000 Class C Deferrable Floating Rate Notes Due
     2021, Upgraded to Baa1; previously on March 23, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$24,000,000 Class D Deferrable Floating Rate Notes Due
     2021, Upgraded to Ba2; previously on March 23, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade.

Moody's notes that the rating confirmation on the Class B and E
Notes and the rating upgrade on the Class C and D Notes consider
updated analysis incorporating certain rating stresses assumed by
Moody's and credit deterioration as 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 including certain stresses
pertaining to credit estimates and the calculation of the
Diversity Score.  These revised assumptions are described in the
publication "Moody's Approach to Rating Collateralized Loan
Obligations," dated August 12, 2009.  Moody's analysis also
reflects the expectation that recoveries for second lien loans
will be below their historical averages, consistent with Moody's
research.  Other assumptions used in Moody's CLO monitoring are
described in the publication "CLO Ratings Surveillance Brief -
Second Quarter 2009," dated July 17, 2009.  Due to the impact of
all aforementioned stresses, key model inputs used by Moody's in
its analysis, such as par, weighted average rating factor,
diversity score, and weighted average recovery rate, may be
different from the trustee's reported numbers.

According to Moody's, the rating actions taken on the notes also
consider minimal credit deterioration in the underlying portfolio.
Moody's notes that as of the last trustee report, dated
September 14, 2009, the weighted average rating factor is 3128,
defaulted securities currently held in the portfolio total about
$2.9 million, accounting for roughly 0.6% of the collateral
balance, and securities rated Caa1 or lower make up approximately
13.1% of the underlying portfolio versus a limit level of 20%.

CIT CLO I Ltd., issued in May 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.


COBALT CMBS: Fitch Downgrades Ratings on 17 2007-C2 Certificates
----------------------------------------------------------------
Fitch Ratings has released a correction for an Aug. 29, 2009
report.  It corrects the Rating Outlooks for classes A-MFX and A-
MFL.

Fitch has downgraded and removed from Rating Watch Negative 17
classes of COBALT CMBS Commercial Mortgage Trust's commercial
mortgage pass-through certificates, series 2007-C2.  Fitch has
also assigned Rating Outlooks, Loss Severity Ratings and Recovery
Ratings.

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
11.9% for this transaction should market conditions not recover.
The rating actions are based on losses of 7.8%, including 100% of
the losses associated with term defaults and any losses associated
with maturities within the next five years.  Given the significant
term to maturity, Fitch's actions only account for 25% of the
losses associated with maturities beyond five years.  The bonds
with Negative Outlooks indicate classes that may be downgraded in
the future should full potential losses be realized.

Fitch analyzed the transaction and calculated expected losses by
assuming cash flows on each of the properties decline 15% from
year-end (YE) 2007 and property values decline 35% from issuance.
These loss estimates were reviewed in more detail for certain
loans representing 60.4% of the pool and, in some cases, revised
based on additional information and/or property characteristics.
Of the recognized losses, 62.4% were from the loans reviewed in
more detail.

Approximately 12% of the mortgages mature or are anticipated to
repay:

  -- 4.2% in 2011;
  -- 7.4% in 2012.

In 2016 and 2017, an additional 87.4% of the pool is scheduled to
mature or anticipated to repay.

Fitch identified 33 Loans of Concern (27.6%) within the pool, 11
of which (7.2%) are specially serviced.  Of the specially serviced
loans, three (5.1%) are current.  Of the specially serviced loans,
one (4.1%) is within the transaction's top 15 loans (50.5%) by
unpaid principal balance.

Four of the top 15 loans (15.1%) are expected to default during
the term and incur losses, with loss severities ranging from 16.8%
to 37.2%.  The largest contributors to loss are: Stuyvesant Town
/Peter Cooper Village (10.4%), Westin - Fort Lauderdale (1.7%),
and Storage Xxtra Portfolio (1.4%).

The Westin - Ft. Lauderdale loan (1.7%) is secured by a 293-key
full service hotel property located in Fort Lauderdale, FL.
Amenities at the property include 18,721 sf of meeting and banquet
space, an outdoor swimming pool, an outdoor hot tub, a sundries
shop, a fitness center, and a business center.  Since issuance,
approximately $12.8 million ($43,815 per key) was spent on capital
improvements completed in 2009, including extensive guest room,
guest bathroom, and public space renovations.  However, the Fort
Lauderdale market continues to suffer from decreased travel to the
area due to economic conditions, reflected in a 28% year-over-year
decline in gross operating income (as of May 2009).  The actual
reported occupancy, average daily rate, and RevPAR for May 2009
year-to-date of 67.5%, $124.18 and $83.85, respectively, lag the
underwritten proforma figures of 72.6%, $150.05, and $108.94,
respectively.  The servicer-reported year-end 2008 DSCR was 1.14x.
Approximately $508,000 in reserves remained as of the July
remittance.  The loan sponsor, The Procaccianti Group, contributed
$14 million of cash equity (25%) upon acquisition.

The Storage Xxtra Portfolio loan (1.4%) is secured by a portfolio
of seven self-storage properties comprising a total of 3,397
units.  The properties are located across Hoffman Estates, IL,
Highland Park, IL, Macon, GA (2), LaGrange, GA, and Columbus, GA
(2).  The properties enjoy good frontage and access to local
highways and thoroughfares.  Across the portfolio, occupancy has
declined to 70.2%, from 79.5% at issuance.  The two properties
which had not yet stabilized as of issuance 1505 Old Deerfield
Road and 4500 Billy Williamson Drive have not demonstrated
measurable improvements in performance.  The servicer-reported
year-end 2008 DSCR was 1.22x.  The loan sponsor, Kurt O'Brien of
The OB Companies, contributed $3.5 million of cash equity (8.5%)
upon acquisition.  An additional $4.2 million of mezzanine
financing was obtained at closing.

Fitch has downgraded, removed from Rating Watch Negative, and
assigned Rating Outlooks, LS ratings and RRs to these classes:

  -- $102.6 million class A-JFX to 'BBB-/LS4' from 'AAA'; Outlook
     Negative;

  -- $100 million class A-JFL to 'BBB-/LS4' from 'AAA'; Outlook
     Negative;

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

  -- $27.2 million class C to 'BB/LS5' from 'AA'; Outlook
     Negative;

  -- $21.2 million class D to 'BB/LS5' from 'AA-'; Outlook
     Negative;

  -- $15.1 million class E to 'B/LS5' from 'A+'; Outlook Negative;

  -- $18.1 million class F to 'B-/LS5' from 'A'; Outlook Negative;

  -- $30.2 million class G to 'B-/LS5' from 'A-'; Outlook
     Negative;

  -- $24.2 million class H to 'B-/LS5' from 'BBB+'; Outlook
     Negative;

  -- $24.2 million class J to 'B-/LS5' from 'BBB-'; Outlook
     Negative;

  -- $30.2 million class K to 'B-/LS5' from 'BB+'; Outlook
     Negative;

  -- $12.1 million class L to 'B-/LS5' from 'BB'; Outlook
     Negative;

  -- $3 million class M to 'B-/LS5' from 'BB-'; Outlook Negative;

  -- $9.1 million class N to 'B-/LS5' from 'B+'; Outlook Negative;

  -- $6 million class O to 'B-/LS5' from 'B'; Outlook Negative;

  -- $3 million class P to 'B-/LS5' from 'B-'; Outlook Negative;

  -- $6 million class Q to 'B-/LS5' from 'B-'; Outlook Negative.

Fitch has affirmed the ratings, revised Outlooks, and assigned LS
ratings to these classes:

  -- $221.9 million class A-MFX at 'AAA/LS3'; Outlook to Negative
     from Stable;

  -- $20 million class A-MFL at 'AAA/LS3'; Outlook to Negative
     from Stable.

In addition, Fitch has affirmed the ratings and Outlooks, and
assigned LS ratings, as indicated, to these classes:

  -- $26 million class A-1 at 'AAA/LS2'; Outlook Stable;
  -- $241.1 million class A-2 at 'AAA/LS2'; Outlook Stable;
  -- $71.9 million class A-AB at 'AAA/LS2'; Outlook Stable;
  -- $857.5 million class A-3 at 'AAA/LS2'; Outlook Stable;
  -- $485.2 million class A-1A at 'AAA/LS2'; Outlook Stable;
  -- Interest-only class X at 'AAA'; Outlook Stable.

Fitch does not rate the $30.2 million class S certificates.


COMM 2001-J2: Moody's Affirms Ratings on 16 Classes of Certs.
-------------------------------------------------------------
Moody's Investors Service affirms the ratings of sixteen classes
of COMM 2001-J2, Commercial Pass-Through Certificates due to the
substitution of defeasance collateral for three loans (30% of the
pool), the high quality of the two largest assets in the trust,
the Citigroup Center Loan (32.0% of non-defeased collateral;
Moody's underlying rating - Aaa) and the Willowbrook Mall Loan
(16.9% of non-defeased collateral; Moody's underlying rating -
Aa1) and an increase in credit support from loan amortization.

The certificates are collateralized by seven fixed-rate mortgage
loans and three defeased mortgage loans.  The three largest loans
account for 43.2% of the pool balance.

The Citigroup Center Loan ($301.4 million -- 22.4% of the total
pool) is secured by condominium interests in a 59-story Class A
office building containing office and retail space.  The
collateral portion of the property contains approximately
1.6 million square of net rentable area.  The largest tenant is
Citibank, N.A.  (Moody's Long Term Rating/Short Term Issuer Rating
A1/P-1; Stable Outlook) that leases 28.5% of NRA with lease
expirations in April 2016.  Other significant tenants include
Kirkland & Ellis (18.0%), lease expiration in February 2019 and
Citadel Investments Group (5.6%), lease expiration in April 2017.
General Motors, which in January 2009 took occupancy of 119,956
square feet formerly occupied by A.T. Kearney, rejected its lease
in bankruptcy and vacated the building in June 2009.  The
property, which has had a history of high occupancy, was 97%
leased prior to GM vacating its space.  Current occupancy is
approximately 90%.  Moody's current loan to value ratio is 47.3%,
compared to 40.8% at the last review in June 2008, and compared to
47.5% at Moody's review of COMM 2001-CITI in March 2009.  The
junior tranches of the senior interest of the Citigroup Loan were
securitized in COMM 2001-CITI.  Moody's underlying rating is Aaa,
the same as at last review.  The loan maturity date is in May
2011.  The property is owned and managed by affiliates of Boston
Properties, Inc., a publicly traded real estate investment trust
(Moody's Senior Unsecured (P)Baa2; Negative Outlook).

The Willowbrook Mall Loan ($158.6 million -- 11.8%) is secured by
approximately 461,450 square feet of mall shop space in a
1.5 million square foot super-regional mall located in Wayne, New
Jersey.  Willowbrook Mall, considered one of the top malls in the
region is anchored by Macy's Bloomingdales, Lord & Taylor and
Sears.  As of June 2009 the in-line space was approximately 96%
occupied.  In-line sales for calendar year 2008 were approximately
$615 per square foot with an occupancy cost of approximately 14%.
Moody's LTV is 51.4%, compared to 49.3% at last review.  Moody's
underlying rating is Aa1, compared to Aaa at last review.  The
loan maturity date is in July 2011.  The loan sponsor is an
affiliate of General Growth Properties, Inc.  GGP filed for
bankruptcy protection in April 2009 and the Willowbrook Mall Loan
is currently a performing specially serviced loan.

The Guardian Life Loan ($120.4 million -- 9.0%) is secured by
Seven Hanover Square, a 28-story Class A office building with
approximately 846,466 square feet NRA.  The building is the
headquarters location of the Guardian Life Insurance Company of
America (Moody's Insurance Financial Strength Aa2; Stable
Outlook).  Guardian Life occupies 99.5% of the property under a
long term lease expiring in September 2019.  Moody's LTV is 77.6%,
compared to 76.9% at Moody's last review.  Moody's underlying
rating is Baa2, the same as at last review.  The loan has a
maturity date in June 2031 and an anticipated repayment date
("ARD") in June 2011.  The loan sponsor is the Millstein family.

As of the September 16, 2009 payment date, the transaction's
aggregate certificate balance has decreased by approximately 11.3%
to $1.34 billion from $1.51 billion at securitization as a result
of the pay off of one loan in the pool and scheduled amortization.

Moody's current LTV is 56.7%, compared to 52.0% at last review.
Moody's stressed debt service coverage is 1.73X, compared to 1.84X
at last review.  Moody's rating action is:

  -- Class A1, $158,997,067, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/08

  -- Class A-1F, $16,263,812, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/08

  -- Class A-2, $405,000,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/08

  -- Class A-2F, $420,000,000, affirmed at Aaa; previously
     affirmed at Aaa on 6/26/08

  -- Class X, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/08

  -- Class XC, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/08

  -- Class XP, Notional, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/08

  -- Class B, $91,840,000, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/08

  -- Class C, $115,910,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/08

  -- Class D $31,636,000, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/08

  -- Class E, $27,639,000, affirmed at Aa2; previously upgraded to
     Aa2 from A1 on 6/26/08

  -- Class E-CS, $10,000,000, affirmed at Aa2; previously upgraded
     to Aa2 from A1 on 6/26/08

  -- Class E-IO, Notional, affirmed at Aa2; previously upgraded to
     Aa2 from A1 on 6/26/08

  -- Class F, $13,550,000, affirmed at Aa3; previously upgraded to
     Aa3 from A2 on 6/26/08

  -- Class G, $33,201,000, affirmed at Baa2; previously affirmed
     at Baa2 on 6/26/08

  -- Class H, $11,969,332, affirmed at Caa1; previously affirmed
     at Caa1 on 6/26/08


COMM 2004-LNB4: S&P Downgrades Ratings on 12 Classes of Securities
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 12
classes of commercial mortgage-backed securities from COMM 2004-
LNB4 and removed them from CreditWatch with negative implications.
In addition, S&P affirmed its ratings on eight classes from the
same transaction and removed six of them from CreditWatch
negative.

The downgrades follow S&P's analysis of the transaction using its
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 credit support erosion S&P
anticipate will occur 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 and excluding loans that
S&P considers to be credit concerns, S&P calculated an adjusted
debt service coverage of 1.65x and a loan-to-value ratio of
85.22%.  S&P further stressed the loans' cash flows under S&P's
'AAA' scenario to yield a weighted average DSC of 1.20x and an LTV
of 107.06%.  The implied defaults and loss severity under the
'AAA' scenario were 42.49% and 33.4%, respectively.  The DSC and
LTV calculations excluded seven defeased loans ($118.3 million,
12%) and 12 specially serviced loans ($145.8 million, 14%).  S&P
separately estimated losses for the specially serviced loans and
included these losses in the 'AAA' scenario implied default and
loss figures.

The affirmations of the principal and interest certificates
reflect subordination levels that adequately support the
outstanding ratings.  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

Fifteen loans ($198.0 million, 19.3%) in the pool, including the
fourth- and fifth-largest loans, are currently with the special
servicer, CWCapital Asset Management LLC.  The payment status of
the specially serviced loans is: one asset is real estate owned
($8.4 million), two are in foreclosure ($9.1 million), four are
90-plus-days delinquent ($53.8 million), four are 60 days
delinquent ($40.1 million), three are less than 30 days delinquent
($68.1 million), and one ($18.4 million) is in its grace period.
Three loans have appraisal reduction amounts in effect.  The
aggregate amount of the ARAs is $5.8 million.  The fourth- and
fifth-largest loans in the pool have balances greater than 3% of
the total pool balance, and S&P discuss these loans in detail
below.  Four additional loans in the pool have balances greater
than 1% of the total pool balance, while the remaining nine loans
have balances that are less than 1% of the total pool balance.

                       Transaction Summary

As of the September 2009 remittance report, the collateral pool
has an aggregate trust balance of $1.03 billion, which is
approximately 84% of the aggregate trust balance at issuance.
There are 107 loans in the pool, down from 118 at issuance.  The
master servicer for the transaction is Capmark Finance Inc. The
master servicer provided financial information for 99.1% of the
nondefeased loans, and 95.1% of the servicer-provided information
was full-year 2008 or interim-2009 data.  S&P calculated a
weighted average DSC of 1.56x for the nondefeased loans based on
the reported figures.  S&P's adjusted DSC and LTV were 1.65x and
85.22%, respectively.  The DSC and LTV calculations excluded 12 of
the specially serviced loans ($145.8 million, 14%), for which S&P
separately estimated losses.  Based on the servicer-reported DSC
figures, S&P calculated a weighted average DSC of 0.93x for 11 of
the 12 loans.  Eleven loans ($111.5 million, 10.8%) in the pool
are delinquent, and 15 are currently with the special servicer.
The transaction has not experienced any principal losses to date.
Twenty-two loans ($154.3 million, 15.0%) are on the master
servicer's watchlist, including two of the top 10 loans, which S&P
discuss below.  Twenty-five loans ($175.7 million, 17%) have
reported DSCs below 1.10x, and 16 of these loans ($131.6 million,
13%) have reported DSCs of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures secured by real estate have an aggregate
outstanding balance of $393.7 million (38%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 1.66x
for the top 10 loans.  S&P's adjusted DSC and LTV for the top 10
loans were 1.70x and 81.04%, respectively.  The adjusted DSC and
LTV calculations excluded two specially serviced loans
($70.3 million, 7%), for which S&P separately estimated losses.

The Metro I loan, an office loan, is the fourth-largest exposure
in the pool and the largest exposure with the special servicer.
The loan has an outstanding balance of $37.3 million (3%), and the
borrower was more than 90 days delinquent as of the September 2009
remittance report.  The loan was transferred to the special
servicer in May 2009 due to imminent default related to a decline
in occupancy.  Two major tenants occupying 49% of the net rentable
area vacated the premises in 2008.  The loan is secured by an
eight-story office building containing 310,282 sq. ft. of space.
The property was built in 1961 in Hyattsville, Maryland, and was
renovated in 1996.  As of Dec. 31, 2008, the property was 50%
occupied, and DSC was 0.77x.  S&P expects a significant loss upon
the ultimate resolution of this loan.

The GMAC loan, an office loan, is the fifth-largest loan in the
pool and the second-largest exposure with the special servicer.
The loan has an outstanding balance of $33.0 million (3%), and the
borrower was less than 30 days delinquent as of the September 2009
remittance report.  The loan was transferred to the special
servicer in August 2009 due to the upcoming Oct. 1, 2009, maturity
date.  The special servicer is in discussions with the borrower
regarding a loan extension.  The primary collateral for the loan
is an 18-story office building containing 349,438 sq. ft. of space
that was built in 1980, and a six-story office building containing
135,800 sq. ft. of space that was built in 1951 in Winston-Salem,
N.C.  The collateral also includes a five-level, 735-space parking
deck with an attached two-story office building containing 30,498
sq. ft. and a daycare center containing 15,826 sq. ft. The
buildings are 100% master leased to GMAC Insurance Management
Corp., and serve as its corporate headquarters.  The loan reported
a DSC of 3.02x as of Dec. 31, 2008.

The 280 Trumbull Street loan ($32.6 million, 3%), an office loan,
is the sixth-largest loan in the pool and appears on the master
servicer's watchlist.  The loan is on the watchlist due to a drop
in the reported DSC to 1.21x for the three months ended March 31,
2009, down from 1.61x as of year-end 2008.  The loan is secured by
a 28-story class A office building containing 664,479 sq. ft.,
which was built in 1984, in Hartford, Conn., and renovated in
1999.  The building was 78% occupied according to an Aug. 31,
2009, rent roll.

The Lincoln Park Shopping Center loan ($26.2 million, 2.5%) is the
eighth-largest loan in the pool and is also on the master
servicer's watchlist.  The loan appears on the watchlist due to
its near-term maturity date of Nov. 1, 2009.  The borrower is in
discussions to refinance the loan.  The loan is secured by a
148,806-sq.-ft. anchored shopping center built in 1998 in Dallas,
Texas.  Based on a June 30, 2009, rent roll, the property was 97%
occupied.  The reported DSC for the three months ended March 31,
2009, was 2.48x, up from 2.37x as of year-end 2008.

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

      Ratings Lowered And Removed From Creditwatch Negative

                          COMM 2004-LNB4
          Commercial mortgage pass-through certificates

                  Rating
                  ------
     Class     To        From           Credit enhancement (%)
     -----     --        ----           ----------------------
     B         BBB-      AA/Watch Neg                    12.61
     C         BB        AA-/Watch Neg                   11.57
     D         B-        A/Watch Neg                      9.34
     E         B-        A-/Watch Neg                     8.30
     F         CCC+      BBB+/Watch Neg                   6.81
     G         CCC       BBB/Watch Neg                    5.33
     H         CCC       BBB-/Watch Neg                   4.14
     J         CCC-      BB+/Watch Neg                    3.69
     K         CCC-      BB-/Watch Neg                    3.40
     L         CCC-      B/Watch Neg                      2.80
     M         CCC-      CCC+/Watch Neg                   2.06
     N         CCC-      CCC/Watch Neg                    1.76

     Ratings Affirmed And Removed From Creditwatch Negative

                          COMM 2004-LNB4
          Commercial mortgage pass-through certificates

     Class    To         From           Credit enhancement (%)
     -----    --         ----           ----------------------
     A-2      AAA        AAA/Watch Neg                   14.98
     A-3      AAA        AAA/Watch Neg                   14.98
     A-4      AAA        AAA/Watch Neg                   14.98
     A-5      AAA        AAA/Watch Neg                   14.98
     A-1A     AAA        AAA/Watch Neg                   14.98
     O        CCC-       CCC-/Watch Neg                   1.47

                         Ratings Affirmed

                          COMM 2004-LNB4
          Commercial mortgage pass-through certificates

             Class   Rating   Credit enhancement (%)
             -----   ------   ----------------------
             X-C     AAA                         N/A
             X-P     AAA                         N/A

                       N/A - Not applicable.


COMM MORTGAGE: Fitch Puts Ratings on 2004-LNB2 Notes on Neg. Watch
------------------------------------------------------------------
Fitch Ratings has placed these classes of COMM Mortgage Trust
2004-LNB2, commercial mortgage pass-through certificates on Rating
Watch Negative:

  -- $10.8 million class G 'BBB+';
  -- $10.8 million class H 'BBB';
  -- $4.8 million class J 'BB+';
  -- $6.0 million class K 'BB-';
  -- $3.6 million class L 'B+';
  -- $4.8 million class M 'B-'.

In addition, Fitch has affirmed this class and revised the Rating
Outlook:

  -- $9.7 million class F at 'A-'; Outlook to Negative from
     Stable.

The classes placed on Rating Watch have been identified by Fitch's
downgrade screener due to delinquencies.  As of the September 2009
distribution date, there are 6 loans (5.9%) in special servicing.


CONSECO MANUFACTURED: S&P Corrects Rating on Class M-2 to 'D'
-------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on class
M-2 from Conseco Manufactured Housing Contract Sr/Sub Pass-Thru
Cert Series 2001-4 by lowering it to 'D' from 'CCC-'.

The downgrade reflects the recent payment default due to
concurrent interest shortfalls for this class over the past six
payment dates, beginning with the May 2009 payment date.

S&P's rating action did not occur contemporaneously with the
initial interest shortfall in May due to a delay in S&P's
analytical process.

S&P believes the interest shortfalls will continue due to the
adverse performance trends S&P has observed in the underlying pool
of collateral securing this transaction, as well as the
subordination of the write-down interest for this class to senior
principal payments.

Standard & Poor's will continue to monitor the other outstanding
ratings associated with this transaction and take rating actions
as S&P deems appropriate.


CORONADO CDO: S&P Downgrades Ratings on Two Notes to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class A-1 and A-2 notes issued by Coronado CDO Ltd., a cash flow
collateralized debt obligation transaction backed by predominantly
mezzanine structured finance securities, to 'BB+' from 'AA-'.  At
the same time, S&P removed the ratings from CreditWatch negative,
where they were placed June 10, 2009.  These tranches are wrapped
by the financial guarantee provided by MBIA Insurance Corp.
Concurrently, the 'CCC' ratings on the class B-1, B-2, and type II
notes remain on CreditWatch with negative implications.

The rating actions follow an update to the criteria S&P use to
surveil CDO transactions subject to acceleration or liquidation
after an event of default.  Coronado CDO Ltd. experienced an EOD
according to section 5.01 (8) of the transaction's indenture when
it failed to maintain a class A overcollateralization ratio of at
least 102%.

Standard & Poor's will continue to monitor the performance of the
transaction to determine the stability of the tranches at their
rating levels.

                          Rating Actions

                         Coronado CDO Ltd.

                            Rating
                            ------
                   Class  To      From
                   -----  --      ----
                   A-1    BB+     AA-/Watch Neg
                   A-2    BB+     AA-/Watch Neg

             Ratings Remaining On Creditwatch Negative

                         Coronado CDO Ltd.

                     Class      Rating
                     -----      ------
                     B-1        CCC/Watch Neg
                     B-2        CCC/Watch Neg
                     Type II    CCC/Watch Neg

                         Ratings Affirmed

                         Coronado CDO Ltd.

                          Class   Rating
                          -----   ------
                          C-1     CC
                          C-2     CC


CRAFT 2007-1: 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 CRAFT 2007-1, Ltd.:

  -- US$20,000,000 Class D Deferrable Credit Linked Notes due
     2017, Downgraded to Ba1; previously on April 16, 2009 Baa2
     Placed Under Review for Possible Downgrade

  -- US$16,000,000 Class E Deferrable Credit Linked Notes due
     2017, Downgraded to Caa1; previously on April 16, 2009 Ba2
     Placed Under Review for Possible Downgrade

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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 2349 as of the last
collateral report, dated September 10, 2009.  Based on the same
report, defaulted securities currently held in the portfolio total
about $26 million, accounting for roughly 5% of the collateral
balance, and securities rated Caa1 or lower make up approximately
8% of the underlying portfolio.  The Reinvestment Diversion test
was reported at 102.74% versus a test level of 104.23%.

The rating actions also reflect Moody's revised assumptions with
respect to default probability.  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.

CRAFT 2007-1, Ltd., issued in February 2007, is a balance-sheet
synthetic collateralized loan obligation primarily referencing a
portfolio of corporate 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.


CRATOS CLO: Moody's Upgrades Ratings on Two Classes of Notes
------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Cratos CLO I Ltd.

  -- US$35,000,000 Class C Senior Secured Deferrable Floating Rate
     Notes due 2021 Notes, Upgraded to Baa1; previously on March
     23, 2009 Downgraded to Baa3 and Placed Under Review for
     Possible Downgrade;

  -- US$34,000,000 Class D Secured Deferrable Floating Rate Notes
     due 2021 Notes, Upgraded to Ba1; previously on March 23, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade.

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

  -- US$30,000,000 Class B Senior Secured Floating Rate Notes due
     2021 Notes, Confirmed at Aa2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$30,000,000 Class E Secured Deferrable Floating Rate Notes
     due 2021 Notes, Confirmed at B3; previously on March 23, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

Moody's notes that the upgrade actions on the Class C and Class D
Notes and the rating confirmations on the Class B and Class E
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 (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.

Moody's also notes that there is mild credit deterioration in the
underlying portfolio.  Such credit deterioration is observed
through 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, defaulted securities
currently held in the portfolio total about $64 million,
accounting for roughly 13% of the collateral balance and
securities rated Caa1 or lower make up approximately 13% of the
underlying portfolio as of the last trustee report, dated
September 1, 2009.

Cratos CLO I Ltd, issued on May 17, 2007, is a collateralized loan
obligation backed primarily by a portfolio of senior secured loans
of middle market issuers.

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


CREDIT ENHANCED: Moody's Upgrades Ratings on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Credit Enhanced PAMCO III Trust:

  -- $6,400,000 Class A-1 Notes (current balance of $805,866),
     Upgraded to A3; previously on June 17, 2002 Downgraded to
     Ba1;

  -- $8,000,000 Class A-2 Notes (current balance of $1,124,162),
     Upgraded to A3; previously on June 17, 2002 Downgraded to
     Ba1.

The Class A-1 Notes are a repack of the $141,250,000 Class B-1
Fixed Rate Second Senior Secured Notes issued by PAMCO III CLO
Series 1998-1.  The Class B-1 Notes were downgraded to Caa3 from
B2 on review for possible downgrade on October 6, 2009.  The Class
A-2 Notes are a repack of the $121,250,000 Class B-2 Floating Rate
Second Senior Secured Notes issued by PAMCO III CLO Series 1998-1.
The Class B-2 Notes were downgraded to Caa3 from B2 on review for
possible downgrade on October 6, 2009.

These rating actions are a result of the continued paydown of the
rated balance of the notes, as well as the implicit increase in
the overcollateralization of the notes.

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


CREDIT SUISSE: Fitch Puts Ratings on 2003-C5 Certs. on Neg. Watch
-----------------------------------------------------------------
Fitch Ratings has placed four classes of Credit Suisse First
Boston Mortgage Securities Corp., commercial mortgage pass-through
certificates, 2003-C5, on Rating Watch Negative:

  -- $6.3 million class L 'BB';
  -- $7.9 million class M 'B+';
  -- $1.6 million class N 'B';
  -- $4.7 million class O 'B-'.

Fitch assigns a Negative Outlook to this class:

  -- $6.3 million class K 'BB+'.

In addition, Fitch assigns a Stable Outlook to these classes:

  -- $59.1 million class A-3 'AAA';
  -- $370.3 million class A-4 'AAA';
  -- $243.8 million class A-1A 'AAA';
  -- Interest only class A-X 'AAA';
  -- IO class A-SP 'AAA';
  -- $39.4 million class B 'AAA';
  -- $15.8 million class C 'AAA';
  -- $31.5 million class D 'AAA';
  -- $17.3 million class E 'AA';
  -- $17.3 million class F 'A+';
  -- $14.2 million class G 'A-';
  -- $14.2 million class H 'BBB';
  -- $9.5 million class J 'BBB-'.

The classes placed on Watch Negative have been identified by
Fitch's downgrade screener due to delinquencies.  Currently, there
are four loans (3.8%) in special servicing.  The largest specially
serviced loan is Serrano Apartments (2.7%).  The loan is sponsored
by MBS Cos., which filed for bankruptcy in November 2007.  There
is an executed purchase contract with closing of the sale and
assumption expected before the end of October 2009.  However, one
prior sale previously fell through, and therefore, Fitch will
continue to monitor the progress of the sale.

Fitch expects to resolve the Rating Watch status of these classes
as more information on the potential workout and valuation of the
assets becomes available.


DEUTSCHE MORTGAGE: S&P Downgrades Ratings on Two 2007-WM1 Certs.
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two
classes of certificates from Deutsche Mortgage Securities Inc. Re-
REMIC Trust Certificates Series 2007-WM1, a U.S. residential
mortgage-backed securities resecuritized real estate mortgage
investment conduit transaction.  S&P lowered the ratings on the A-
1 and A-2 classes of certificates to 'CCC' from 'AAA'.

The downgrades reflect the significant deterioration in
performance of the loans backing the underlying certificate.  This
performance deterioration is so severe that the credit enhancement
for DMSR 2007-WM1 is insufficient to maintain the ratings on the
re-REMIC classes.

DMSR 2007-WM1, which closed in December 2007, is collateralized by
one underlying class that supports both classes within the re-
REMIC.  The loans securing the single underlying class consist
predominately of adjustable-rate Alternative-A mortgage loans.

Classes A-1 and A-2 from DMSR 2007-WM1 are supported by the 3-A1
class from WaMu Mortgage Pass-Through Certificates Series 2007-HY6
Trust (currently rated 'CCC').  The performance of the loans
securing this trust has declined precipitously in recent months.
This pool had experienced losses of 0.80% as of the September 2009
distribution period, and currently has approximately 14% in
delinquent loans.  Based on the losses to date, the current pool
factor of 0.8374 (83.74%), 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
8.34%.  This exceeds the level of credit enhancement available to
cover losses.

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

                         Ratings Lowered

  Deutsche Mortgage Securities Inc. Re-REMIC Trust Certificates
                         Series 2007-WM1

                                        Rating
                                        ------
       Class      CUSIP         To                   From
       -----      -----         --                   ----
       A-1        25157TAA2     CCC                  AAA
       A-2        25157TAB0     CCC                  AAA


DISTRIBUTION FINANCIAL: S&P Downgrades Ratings on Three Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
class B, C, and D notes from Distribution Financial Services
RV/Marine Trust 2001-1.

The downgrades reflect S&P's assessment of worse-than-expected
performance of the underlying recreational vehicle and marine
retail installment sale contracts that collateralize this
transaction, which is reflected in higher-than-expected losses and
the resulting erosion of credit enhancement.  As of the September
2009 distribution date, the transaction had a pool factor
(outstanding balance as a percentage of the original balance) of
7.3% and had experienced cumulative net losses of 4.3% of the
original pool balance, which exceeded S&P's previous expected
base-case cumulative net losses of 4.0%-4.25%.  This pool has been
amortizing very slowly over the past couple of years.  However,
the rate of increase in cumulative net losses has accelerated
during the same period.  The pool balance declined by roughly 2.4%
over the course of the past 12 months.  The reduction in the pool
balance contributed to a 60-basis-point increase in cumulative net
losses in the pool, which translates to a loss-to-liquidation rate
(increase in cumulative net loss divided by decline in pool
factor) of 25%.  The transaction's loss-to-liquidation rates over
the past six months and 24 months were 21% and 18%, respectively.
Based on the performance trends over the past two years, S&P has
revised its expected base-case cumulative net losses for this
transaction to 5.5%-5.75% of the initial pool's principal balance.

Credit enhancement for the class B and C notes consists of
subordination, a reserve account, and excess spread.  The class D
notes rely on excess spread and funds from the reserve account for
credit enhancement.  The required reserve account balance
specified in the transaction documents is 0.75% of the initial
pool balance, but the reserve account was fully depleted as of
January 2009.  In addition, this transaction is currently
undercollateralized by approximately 4.4%.  S&P does not expect
the transaction to generate enough excess spread to build the
collateral pool balance back to par with the note balances.  As
such, S&P believes it is likely that the class D notes may
experience a principal shortfall at their legal final maturity.

Standard & Poor's expects the remaining credit support for the
notes to be consistent with the revised rating levels.

                         Ratings Lowered

      Distribution Financial Services RV/Marine Trust 2001-1

                                       Rating
                                       ------
                Class               To        From
                -----               --        ----
                B                   AA        AAA
                C                   BBB       AA+
                D                   CCC-      B-


E*TRADE RV: S&P Puts Ratings on 2004-1 Notes on Negative Watch
--------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on all
classes of notes from E*Trade RV and Marine Trust 2004-1 on
CreditWatch with negative implications.

The CreditWatch placements reflect S&P's view of the higher-than-
expected cumulative net losses S&P has observed in the underlying
collateral pool and the decline in the credit enhancement levels
supporting the notes.

The E*Trade RV and Marine collateral pool is composed of fixed-
rate loan and installment sales contracts on recreational vehicles
and marine assets (consisting of sport boats, power boats, and
yachts).  The average contract balance at the time of issuance was
approximately $45,700.

As of the October 2009 servicer report, the pool factor, or
percentage of the initial pool balance that remains outstanding,
was 39.9%.  The cumulative net losses to date are 4.78%, which is
higher than S&P's expected base case of 3.25% at issuance.  The
transaction's loss rate has accelerated over the past 12-18
months.  However, 90-day past-due delinquencies remain below
1.00%.  S&P believes it is likely that recovery values on
defaulted loans have been negatively affected by the current
economic environment.

The ratings on the notes are supported by a combination of
overcollateralization, subordination, cash reserves, and
excess spread.  As of the October 2009 servicer report,
overcollateralization, as a percentage of the outstanding pool
balance, has remained constant at the floor amount of 4.10%, as
specified in the transaction documents.  However, there have been
significant draws from the reserve account leaving a remaining
balance of approximately $526,000, which is well below the
$4.6 million required amount specified in the transaction
documents.

Over the few months, Standard & Poor's plans to complete a
detailed review of the underlying collateral's credit performance
and the transaction's available credit enhancement to assess
whether S&P thinks any rating changes are appropriate.

              Ratings Placed on Creditwatch Negative

                E*Trade RV and Marine Trust 2004-1

                                      Rating
                                      ------
              Series   Class   To                From
              ------   -----   --                ----
              2004-1   A-3     AAA/Watch Neg     AAA
              2004-1   A-4     AAA/Watch Neg     AAA
              2004-1   A-5     AAA/Watch Neg     AAA
              2004-1   B       AA/Watch Neg      AA
              2004-1   C       A/Watch Neg       A
              2004-1   D       BBB/Watch Neg     BBB
              2004-1   E       BB/Watch Neg      BB


FANNIE MAE: Moody's Downgrades Ratings on 15 Subordinate Tranches
-----------------------------------------------------------------
Moody's Investors Service has downgraded 15 subordinate tranches
from six Fannie Mae FHA - VA deals issued from 2001 to 2003 due to
higher expected pool losses in relation to available credit
enhancement for the bonds.  These bonds are not guaranteed by
Fannie Mae.

The collateral backing these transactions consists primarily of
first-lien, fixed and adjustable rate, mortgage loans guaranteed
by the FHA or the VA (typically 80% FHA and 20% VA.)  As economic
conditions have deteriorated; performance of these loans have
worsened with serious delinquencies (that is, loans more than 60
days past due, in foreclosure or held for sale) as a percentage of
current balance increasing from 34.5% 12 months ago, to 38.2% as
of Sep 2009 for the subject deals.

Moody's expects loss levels on FHA-VA pools to rise as the general
level of remaining delinquencies remain elevated and loss
severities increase.  Due to the FHA - VA guarantee, loss
severities on these pools have been historically low at 2.0%-4.0%.
However, with recent house price depreciation and increase in
foreclosure costs and timelines, future loss severities on these
pools are expected to be higher.  Moody's now expects loss
severities on FHA loans originated before 2004 to average 5.0%.
Loss severities on VA loans are expected to average 20%.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.

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

Issuer: Fannie Mae REMIC Trust 2001-W3

  -- Cl. B-4, Downgraded to Ca; previously on Oct. 31, 2001
     Assigned B2

Issuer: Fannie Mae REMIC Trust 2002-W1

  -- Cl. B-3, Downgraded to B1; previously on March 28, 2002
     Assigned Ba2

  -- Cl. B-4, Downgraded to C; previously on March 28, 2002
     Assigned B2

Issuer: Fannie Mae REMIC Trust 2002-W6

  -- Cl. B-2, Downgraded to Ba3; previously on July 31, 2002
     Assigned Baa2

Issuer: Fannie Mae REMIC Trust 2003-W1

  -- Cl. B-2, Downgraded to Ba1; previously on March 24, 2003
     Assigned Baa2

  -- Cl. B-3, Downgraded to Ca; previously on March 24, 2003
     Assigned Ba2

  -- Cl. B-4, Downgraded to C; previously on March 24, 2003
     Assigned B2

Issuer: Fannie Mae REMIC Trust 2003-W10

  -- Cl. 1B-1, Downgraded to Baa2; previously on July 17, 2003
     Assigned A1

  -- Cl. 1B-2, Downgraded to B1; previously on July 17, 2003
     Assigned Baa2

  -- Cl. 1B-3, Downgraded to Ca; previously on July 17, 2003
     Assigned Ba2

  -- Cl. 1B-4, Downgraded to C; previously on July 17, 2003
     Assigned B2

Issuer: Fannie Mae REMIC Trust 2003-W4

  -- Cl. IB-1, Downgraded to Baa2; previously on April 16, 2003
     Assigned A2

  -- Cl. IB-2, Downgraded to B1; previously on April 16, 2003
     Assigned Baa2

  -- Cl. IB-3, Downgraded to Ca; previously on April 16, 2003
     Assigned Ba2

  -- Cl. IB-4, Downgraded to C; previously on April 16, 2003
     Assigned B2


FANNIE MAE: S&P Corrects Ratings on 1999 Revenue Bonds to 'BB+'
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected and lowered its
rating on Denver City and County, Colorado's Fannie Mae
collateralized multifamily housing revenue bonds series 1999
(Capitol Heights Apartments Project) to 'BB+' from 'AAA'.

The outlook remains not meaningful.  This issue receives partial
credit support in the form of a guaranteed investment contract
from MBIA Insurance Corp.  Due to an administrative error, the
rating on this series 1999 issue was left unchanged through the
2008 and 2009 downgrades of MBIA -- from 'AAA' on June 5, 2008, to
'BB+' on Sept. 28, 2009.


SIERRA KINGS: Chapter 9 Filing Cues S&P to Junk Bond Ratings
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its underlying rating
to 'C' from 'B' on the Sierra Kings Health Care District,
California's outstanding GO bonds and placed the rating on
CreditWatch with negative implications.

"The rating action is based on SKHD's Chapter 9 bankruptcy filing
in the bankruptcy court, Eastern District of California, Fresno
Division, on Oct. 8, 2009," said Standard & Poor's credit analyst
Geraldine Poon.  "We will continue to monitor the situation to see
if debt service payments are being continued.  The rating could be
lowered if pledged revenues are anticipated to be insufficient or
a payment default is imminent."

The district has experienced a drop in volumes and revenues and
operating losses have increased substantially.  Partially due to
its high debt load, SKHD violated a debt service coverage ratio in
2008.

The district (estimated population of approximately 50,000)
encompasses a 366-square-mile area in southeastern Fresno County,
located in California's San Joaquin Valley.  The hospital is
located in the City of Reedley, about 30 miles southeast of the
City of Fresno.  The local area economy is centered on
agriculture, particularly in fruit orchards.  Employment
opportunities in services, trade, and government, especially in
nearby Fresno and Visalia, are also accessible.


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

  -- US$64,000,000 Class A-2 Floating Rate Senior Notes due 2015,
     Downgraded to Aa1; previously on March 4, 2009 Aaa Placed
     Under Review for Possible Downgrade;

  -- US$32,000,000 Class A-3 Floating Rate Senior Notes due 2015,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$24,500,000 Class B Floating Rate Senior Subordinate Notes
     Due 2015, Downgraded to Ba2; previously on March 23, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$22,000,000 Class C Floating Rate Subordinate Notes Due
     2015 (current balance of $20,064,306), Downgraded to Caa3;
     previously on March 23, 2009 Downgraded to Ba3 and Placed
     Under Review for Possible Downgrade;

  -- US$10,000,000 Class D Floating Rate Junior Subordinate Notes
     Due 2015 (current balance of $9,615,837), Downgraded to C;
     previously on March 23, 2009 Downgraded to B3 and Placed
     Under Review for Possible Downgrade;

  -- US$3,000,000 Class Q-2 Notes Due 2015 (current rated balance
     of $1,281,848), Downgraded to Caa3; previously on
     December 17, 2003 Assigned Baa3.

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 failures of the Class C Principal Coverage Test and
the Class D Principal Coverage Test.  In particular, the weighted
average rating factor has increased over the last year and is
currently 2780 versus a test level of 2550 as of the last trustee
report, dated September 8, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$23 million, accounting for roughly 7% of the collateral balance,
and securities rated Caa1 or lower make up approximately 15% of
the underlying portfolio.  The Class C overcollateralization test
was reported at 100.44% versus a test level of 103.30% and the
Class D overcollateralization test was reported at 97.75% versus a
test level of 101.00%.  Additionally, interest payments on the
Class D Notes are presently being deferred as a result of the
failure of the Class C overcollateralization test.

Moody's also assessed the collateral pool's elevated concentration
risk in debt obligations of companies in the banking, finance,
real estate, and insurance industries, which Moody's views to be
more strongly correlated in the current market environment.

The rating actions also reflect Moody's revised assumptions with
respect to default probability 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.

Foxe Basin CLO 2003, Ltd., issued on December 17, 2003, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans with a significant concentration 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.


FREEPORT LOAN: Moody's Downgrades Ratings on Two 2006-1 Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Freeport Loan Trust 2006-1:

  -- US$77,437,000 Class C Floating Rate Deferrable Asset-Backed
     Notes Due 2020, Upgraded to A3; previously on March 23, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$26,250,000 Class D Floating Rate Deferrable Asset-Backed
     Notes Due 2020, Upgraded to Ba1; previously on March 23, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade.

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

  -- US$24,937,000 Class B Floating Rate Deferrable Asset-Backed
     Notes Due 2020, Confirmed at Aa2; previously on March 4, 2009
     Aa2 Placed Under Review for Possible Downgrade.

Moody's notes that the rating confirmation on the Class B Notes
and the upgrade action on the Class C and Class D Notes consider
updated analysis incorporating certain rating stresses assumed by
Moody's (discussed below) and credit deterioration, but reflect
Moody's conclusion that the impact of these factors on the ratings
of the notes is not as negative as previously assessed during
Stage I of the deal review in March.  The current conclusions stem
from comprehensive deal-level analysis completed during Stage II
of the ongoing CLO surveillance review, which included an in-depth
assessment of results from Moody's quantitative CLO rating model
along with an examination of deal-specific qualitative factors.
By way of comparison, during Stage I Moody's took rating actions
that were largely the result of a parameter-based approach.  In
its analysis, Moody's also considered the positive implications of
the continued deleveraging of the transaction as a result of the
partial paydown of the Class A-1A Notes.  Over the course of the
last two payment dates, the principal balance of the Class A-1A
Notes has been reduced by about 17.5%.

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.

Freeport Loan Trust 2006-1, issued in October of 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans of middle market issuers.

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


GMAC COMMERCIAL: Fitch Puts Ratings on 2002-C3 Certs. on Watch
--------------------------------------------------------------
Fitch Ratings places seven classes of GMAC Commercial Mortgage
Securities, Inc. commercial mortgage pass-through certificates,
series 2002-C3 on Rating Watch:

  -- $18.5 million class J 'A-'; Rating Watch Negative;
  -- $8.7 million class K 'BBB'; Rating Watch Negative;
  -- $5.8 million class L 'BBB-'; Rating Watch Negative;
  -- $4.9 million class M 'BB+'; Rating Watch Negative;
  -- $3.9 million class N 'B+'; Rating Watch Negative;
  -- $2.7 million class O-1 'B'; Rating Watch Negative;
  -- $1.2 million class O-2 'B-'; Rating Watch Negative.

Additionally, Fitch affirms and revises the Rating Outlook for
this class:

  -- $9.7 million class H 'AA-'; Outlook to Negative from Stable.

The classes have been identified by Fitch's downgrade screener due
to delinquencies and concerns over potential losses associated
with the five specially serviced loans (5.3% of pool).  The
largest specially serviced asset, (2.3%), is a multifamily
property consisting of 10 buildings of primarily student housing
located in Tallahassee, FL that is currently real estate owned
(REO).  The property is currently under contract and losses are
expected upon liquidation.

Fitch expects to resolve the Rating Watch status following updated
valuations of the specially serviced loans and additional
information on potential resolutions.


GMAC COMMERCIAL: Fitch Puts Ratings on 2003-C2 Notes on Neg. Watch
------------------------------------------------------------------
Fitch Ratings has placed these classes of GMAC Commercial Mortgage
Securities, Inc., series 2003-C2, on Rating Watch Negative:

  -- $30 million class J 'A-';
  -- $8.1 million class K 'BBB';
  -- $8.1 million class L 'BBB-';
  -- $9.7 million class M 'B+';
  -- $4.8 million class N 'B';
  -- $4.8 million class O 'B-'.

In addition, Fitch revises the Outlook for the $16.1 million class
H 'A+' to Negative from Stable.

The Rating Watch Negative placements are due identification of the
classes by Fitch's downgrade screener due to delinquencies.  Fitch
will complete an in-depth analysis of the transaction once more
information is known about the loans including valuations and
workout strategies and timing.

Currently there are two loans (3.3%) in special servicing.


GREENWICH CAPITAL: Fitch Puts Ratings on 2002-C1 Notes on Watch
---------------------------------------------------------------
Fitch Ratings has placed two classes of Greenwich Capital
Commercial Funding Corporation Commercial Mortgage Trust series
2002-C1, commercial mortgage pass-through certificates on Rating
Watch Negative.

The classes placed on Rating Watch Negative have been identified
by Fitch's downgrade screener due to delinquencies.  In addition,
one loan (0.6%) is specially serviced but remains current.  In
total four loans (3.9%) are in special servicing.  Fitch will
resolve the Rating Watch Negative once additional information
about the specially serviced loans is available.

These classes have been placed on Rating Watch Negative:

  -- $5.8 million class N 'BB-';
  -- $8.7 million class O 'B-'.


GS MORTGAGE: Fitch Puts Ratings on 2004-C1 Notes on Negative Watch
------------------------------------------------------------------
Fitch Ratings places these classes of GS Mortgage Securities Corp.
II commercial mortgage pass-through certificates, series 2004-C1
on Rating Watch Negative:

  -- $7.8 million class H 'A-'; Rating Watch Negative;
  -- $5.6 million class J 'BBB+'; Rating Watch Negative;
  -- $3.3 million class K 'BB+'; Rating Watch Negative;
  -- $3.3 million class L 'BB-'; Rating Watch Negative;
  -- $4.4 million class M 'B+'; Rating Watch Negative;
  -- $3.3 million class N 'B'; Rating Watch Negative;
  -- $3.3 million class O 'B-'; Rating Watch Negative.

Additionally, Fitch affirms and assigns outlooks to these:

  -- $77.7 million class A-1 at 'AAA'; Outlook Stable;
  -- $406.4 million class A-2 at 'AAA'; Outlook Stable;
  -- Interest only classes X-1 and X-2 at 'AAA'; Outlook Stable;
  -- $29.1 million class B at 'AAA'; Outlook Stable;
  -- $11.7 million class C at 'AAA'; Outlook Stable;
  -- $18.5 million class D at 'AAA'; Outlook Stable;
  -- $12.3 million class E 'AAA'; Outlook Stable;
  -- $13.4 million class F 'AA+'; Outlook Negative;
  -- $7.8 million class G 'A+'; Outlook Negative.

The classes have been identified by Fitch's downgrade screener due
to delinquencies and concerns over potential losses associated
with the six specially serviced loans (20.6% of pool).  The
largest specially serviced loan, (9.4%), is collateralized by a
full-service hotel located in Dearborn, MI and transferred to
special servicing due to monetary default in April 2009.  Servicer
is pursuing foreclosure and losses are expected upon liquidation.

Fitch expects to resolve the Rating Watch status following updated
valuations of the specially serviced loans and additional
information on potential resolutions.


INTERMEDIATE FINANCE: Moody's Takes Rating Actions on Notes
-----------------------------------------------------------
Moody's Investors Service announced these rating actions on notes
issued by Intermediate Finance II Plc.

Issuer: Intermediate Finance II PLC

  -- EUR104,000,000 Class A-1 Senior Secured Floating Rate Notes
     due 2024, Downgraded to A1; previously on July 20, 2007
     Definitive Rating Assigned Aaa

  -- EUR195,000,000 Class A-2 Senior Secured Floating Rate Notes
     due 2024, Downgraded to A3; previously on July 20, 2007
     Definitive Rating Assigned Aaa

  -- EUR26,000,000 Class A-3 Senior Secured Floating Rate Notes
     due 2024, Downgraded to Baa3; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade

  -- EUR63,000,000 Class B-1 Senior Secured Floating Rate Notes
     due 2024, Downgraded to Ba2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR15,000,000 Class B-2 Senior Secured Fixed Rate Notes due
     2024, Downgraded to Ba2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade

  -- EUR78,000,000 Class C Secured Deferrable Floating Rate Notes
     due 2024, Downgraded to B3; previously on March 17, 2009
     Downgraded to Baa3 and Remained On Review for Possible
     Downgrade

  -- EUR39,000,000 Class D Secured Deferrable Floating Rate Notes
     due 2024, Downgraded to Caa1; previously on March 17, 2009
     Downgraded to Ba3 and Remained On Review for Possible
     Downgrade

The transaction is a managed high yield CLO referencing a
portfolio of European mezzanine loans, a number of which pay some,
or all, of their interest in kind.  14.31% of the portfolio
currently pays in kind.

The rating actions reflect Moody's revised assumptions with
respect to default probability and the calculation of the
diversity score as described in the press release dated
February 4, 2009, titled "Moody's updates key assumptions for
rating CLOs."  These revised assumptions have been applied to all
corporate credits in the underlying portfolio, the revised
assumptions for the treatment of ratings on "Review for Possible
Downgrade," "Review for Possible Upgrade," or with a "Negative
Outlook" being applied to those corporate credits that are
publicly rated.

Moody's also notes that a material proportion of the collateral
pool consists of debt obligations whose credit quality has been
assessed through Moody's credit estimates.  As credit estimates do
not carry credit indicators such as ratings reviews and outlooks,
a stress of a quarter notch-equivalent assumed downgrade was
applied to each of these estimates.

According to Moody's, the rating actions taken on the notes are
also a result of credit deterioration of the underlying portfolio.
This is observed through an increase in the proportion of
securities from issuers rated Caa1 and below (currently 10.2% of
the portfolio) and the EUR 60.1 million defaulted or restructured
notional since inception of Intermediate Finance II Plc.  These
measures are dated 31 August 2009.  Moody's also performed a
number of sensitivity analyses, including consideration of a
further decline in portfolio WARF quality combined with a decrease
in the expected recovery rates to specifically cover the potential
volatility of mezzanine recoveries.  Due to the impact of all the
aforementioned stresses, key model inputs used by Moody's in its
analysis, such as par, weighted average rating factor, and
weighted average recovery rate, may be different from trustee's
reported numbers.

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


JP MORGAN: Fitch Puts Ratings on 2004-CIBC9 Certs. on Neg. Watch
----------------------------------------------------------------
Fitch Ratings has placed these eight classes of J.P. Morgan Chase
Commercial Mortgage Securities Corp., series 2004-CIBC9,
commercial mortgage pass-through certificates on Rating Watch
Negative:

  -- $27.5 million class B 'AA';
  -- $13.8 million class C 'AA-';
  -- $20.7 million class D 'A-';
  -- $11 million class E 'BBB+';
  -- $15.2 million class F 'BBB-';
  -- $9.6 million class G 'BB+';
  -- $17.9 million class H 'B-';
  -- $2.8 million class J 'B-'.

The Rating Watch Negative placements are due identification of the
classes by Fitch's downgrade screener due to delinquencies.

Subsequent to the previous Fitch rating action, three loans,
representing 2.3% of the pool, transferred to the special
servicer.  In addition, a more recent appraisal was obtained for
the specially serviced Country Club Plaza loan (4.3%), and a
further decline in value is indicated.

Once more information is known about the loans, including
valuations and workout strategies and timing, Fitch will revisit
the ratings.


JP MORGAN: Moody's Reviews Ratings on 14 2005-CIBC13 Certs.
-----------------------------------------------------------
Moody's Investors Service placed 14 classes of J.P. Morgan
Commercial Mortgage Trust, Commercial Mortgage Pass-Through
Certificates, Series 2005-CIBC13 on review for possible downgrade
due to higher expected losses for the pool resulting from
anticipated losses from loans in special servicing and concerns
about the performance of several of the pool's top ten loans.
Since Moody's prior review in August 2008, five loans,
representing 6% of the pool, have 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 14, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 4% to
$2.6 billion from $2.7 billion at securitization.  The
Certificates are collateralized by 229 mortgage loans ranging in
size from less than 1% to 7% of the pool, with the top ten loans
representing 34% of the pool.

Fifty-three loans, representing 24% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

One loan has been liquidated, resulting in a realized loss of
approximately $322,900 (1.05% severity).  Eleven loans,
representing 8% of the pool, are currently in special servicing.
The largest specially serviced loan is the Shore Club Loan
($111.7 million -- 4.2%) which is secured by a 322-room full-
service boutique hotel located in Miami Beach, Florida.  The loan
was transferred to special servicing in September due to imminent
default.

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

Moody's rating action is:

  -- Class A-J, $187,039,000, currently rated Aaa, on review for
     possible downgrade; previously affirmed at Aaa on 8/7/2008

  -- Class B, $54,411,000, currently rated Aa2, on review for
     possible downgrade; previously affirmed at Aa2 on 8/7/2008

  -- Class C, $23,805,000, currently rated Aa3, on review for
     possible downgrade; previously affirmed at Aa3 on 8/7/2008

  -- Class D, $44,210,000, currently A2; on review for possible
     downgrade; previously affirmed at A2 on 8/7/2008

  -- Class E, $34,007,000, currently rated A3, on review for
     possible downgrade; previously affirmed at A3 on 8/7/2008

  -- Class F, $37,407,000, currently rated Baa1, on review for
     possible downgrade; previously confirmed at Baa1 on
     10/29/2008

  -- Class G, $30,607,000, currently rated Baa2, on review for
     possible downgrade; previously confirmed at Baa2 on
     10/29/2008

  -- Class H, $34,007,000, currently rated Ba1, on review for
     possible downgrade; previously downgarded to Ba1 from Baa3 on
     10/29/2008

  -- Class J, $10,202,000, currently rated Ba3, on review for
     possible downgrade; previously downgraded to Ba3 from Ba1 on
     8/7/2008

  -- Class K, $17,003,000, currently rated B1, on review for
     possible downgrade; previously downgraded to B1 from Ba2 on
     8/7/2008

  -- Class L, $10,203,000, currently rated B2, on review for
     possible downgrade; previously downgraded to B2 from Ba3 on
     8/7/2008

  -- Class M, $6,801,000, currently rated Caa1, on review for
     possible downgrade; previously downgraded to Caa1 from B1 on
     8/7/2008

  -- Class N, $10,202,000, currently rated Caa2, on review for
     possible downgrade; previously downgarded to Caa2 from B2 on
     8/7/2008

  -- Class P, $6,801,000, currently rated Caa3, on review for
     possible downgrade; previously downgarded to Caa3 from B3 on
     8/7/2008


JP MORGAN: S&P Downgrades Ratings on Class K 2002-C3 Certs. to 'D'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
K commercial mortgage pass-through certificates from JP Morgan
Chase Commercial Mortgage Securities Corp.'s series 2002-C3 to 'D'
from 'CCC-'.

The downgrade to 'D' reflects the recurring interest shortfalls
that resulted primarily from appraisal subordinate entitlement
reduction amounts related to two assets that are currently with
the special servicer, ING Clarion Capital Loan Services LLC (ING).
The interest shortfalls have occurred for the last eight months,
and S&P expects them to continue for the foreseeable future.  The
cumulative interest shortfall for the class K certificates was
reported to be $49,577 on the Sept. 14, 2009, remittance report.

Details of the two assets with the special servicer are:

The 78 Corporate Center loan ($17.7 million, 3.1%) is currently
with the special servicer and is secured by a 185,850-sq.-ft.
office property in Lebanon, N.J.  The loan was transferred to the
special servicer in January 2009 and became real estate owned in
August 2009.  An appraisal reduction amount totaling $12.3 million
is in effect for this asset based upon an appraisal of
$5.9 million in February 2009.  As of the Sept. 14, 2009,
remittance report, the reported ASER amount was $67,599.  The
cumulative reported ASER amount was $200,619.

The Valley View Commerce Center loan has a total exposure of
$2.2 million (0.4%) and became REO in September 2009.  The asset
is currently with the special servicer and is secured by a 29,885-
sq.-ft.  office property in Farmers Branch, Texas.  An ARA
totaling $210,717 million is in effect for this asset based upon
an appraisal of $1.9 million from January 2009.  As of the
Sept. 14, 2009, remittance report, the reported ASER amount was
$1,172.  The cumulative reported ASER amount was $1,172.


JP MORGAN: S&P Downgrades Ratings on Eight 2008-R3 Certificates
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes of certificates from JP Morgan Alternative Loan Trust
Series 2008-R3.  S&P removed one of the lowered ratings from
CreditWatch with negative implications.

The downgrades reflect the significant deterioration in the
performance of the loans backing the underlying certificates.
This performance deterioration is so severe that the credit
enhancement for JPALT 2008-R3 is insufficient to maintain the
ratings on the re-REMIC classes.

JPALT 2008-R3, which closed in July 2008, is a re-securitized real
estate mortgage investment conduit residential mortgage-backed
securities transaction, collateralized by 11 underlying classes
that support three independent groups within the re-REMIC.

Classes 1-A-1 and 1-A-2 from JPALT 2008-R3 are supported by the A-
17 class from Alternative Loan Trust 2007-10CB (currently rated
'CCC').  The loans securing this class of certificate consist
predominately of fixed-rate Alternative-A mortgage loans.  The
performance of the loans securing this trust has declined
precipitously in recent months.  This pool had experienced losses
of 1.04% of the original pool balance as of the September 2009
distribution, and currently has approximately 24.50% in delinquent
loans as a percentage of the current pool balance.  Based on the
losses to date, the current pool factor of 0.7615 (76.15%), which
represents the outstanding pool balance as a proportion of the
original balance, and the pipeline of delinquent loans, S&P's
current projected loss for this pool is 13.04%, which exceeds the
level of credit enhancement available to cover losses.

The classes 2-A-1 and 2-A-2 from JPALT 2008-R3 are supported by
the A-1 class from Alternative Loan Trust 2006-35CB (currently
rated 'CCC').  The loans securing this trust consist predominately
of fixed-rate Alt-A mortgage loans.  The performance of the loans
securing this trust continues to erode beyond reasonable
expectations.  This trust had experienced losses of 1.29% of the
original pool balance as of the September 2009 distribution, and
currently has approximately 27.57% in delinquent loans, as a
percentage of the current pool balance.  Based on the losses to
date, the current pool factor of 0.720 (72.0%), and the pipeline
of delinquent loans, S&P's current projected losses for this trust
is 10.41%, which exceeds the level of credit enhancement available
to cover losses.

Classes 3-A-1, 3-A-2, 3-A-3, and 3-A-4 from JPALT 2008-R3 are
supported by nine classes of certificates: class 1-A-1A from CSAB
Mortgage-Backed Trust 2007-1 (CSAB 2007-1); class AF-4 from GSAA
Home Equity Trust 2005-12 (GSAA 2005-12); class 3-A-3 from JP
Morgan Alternative Loan Trust 2006-S1 (JPALT 2006-S1); class 1-A-6
from Morgan Stanley Mortgage Loan Trust 2006-11 (MSM 2006-11);
class A-4 from Nomura Asset Acceptance Corp. Alternative Loan
Trust Series 2006-WF1 (NAA 2006-WF1); class A-6 from TBW Mortgage-
Backed Trust Series 2006-5 (TBW 2006-5); classes 3-A-2 and 3-A-3
from Washington Mutual Mortgage Pass-Through Certificates WMALT
Series 2006-5 (WMALT 2006-5); and class A-3A from Washington
Mutual Mortgage Pass-Through Certificates WMALT Series 2006-8
(WMALT 2006-8).  The loans securing these classes of certificates
consist predominately of fixed-rate and interest-only fixed-rate
Alt-A mortgage loans.

The performance of the loans securing these underlying
certificates has generally been deteriorating.  This table shows
the September 2009 underlying pool statistics for delinquent loans
as a percentage of the current pool balance, as well as current
pool factors, experienced cumulative losses, and S&P's current
projected losses as a percentage of the original pool balance.

                         Currently  Pool    Cum.     Projected
  Trust        Class   Rated      Factor  Losses   Losses     Delinquency
  -----        -----   ---------  ------  ------   ---------  -----------
CSAB 2007-1    1-A-1A  CCC        76.27%   4.57%     26.81%       34.99%
GSAA 2005-12   AF-4    BBB-       50.61%   2.51%      9.18%       22.41%
JPALT 2006-S1  3-A-3   CCC        50.73%   3.65%     16.85%       33.75%
MSM 2006-11    1-A-6   CCC        52.25%   6.63%     23.60%       43.78%
NAA 2006-WF1   A-4     CCC        58.33%   5.42%     26.16%       44.72%
TBW 2006-5     A-6     A          64.18%   0.64%     14.27%       39.21%
WMALT 2006-5   3-A-2   BB         55.25%   6.88%     22.91%       45.59%
WMALT 2006-5   3-A-3   CCC        55.25%   6.88%     22.91%       45.59%
WMALT 2006-8   A-3A    CCC        64.24%   4.03%     13.90%       34.84%

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-R3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      466308AA1     CCC                  AAA
   1-A-2      466308AB9     CC                   AAA/Watch Neg
   2-A-1      466308AC7     BB                   AAA
   2-A-2      466308AD5     CC                   B
   3-A-1      466308AE3     CCC                  AAA
   3-A-2      466308AF0     CCC                  AAA
   3-A-3      466308AG8     CCC                  BBB
   3-A-4      466308AH6     CCC                  B


JPMORGAN CHASE: S&P Downgrades Ratings on 13 2004-LN2 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 13
classes of commercial mortgage-backed securities from JPMorgan
Chase Commercial Mortgage Securities Corp.'s series 2004-LN2 and
removed them from CreditWatch with negative implications.  S&P
also affirmed the ratings on five additional classes from this
transaction and removed them from CreditWatch with negative
implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  The downgrades of the subordinate
classes also reflect credit support erosion that S&P anticipate
will occur upon the eventual resolution of the specially serviced
assets.  S&P's analysis included a review of the credit
characteristics of all of the loans in the pool.  Using servicer-
provided financial information, S&P calculated an adjusted debt
service coverage of 1.40x and a loan-to-value ratio of 94.0%.  S&P
further stressed the loans' cash flows under S&P's 'AAA' scenario
to yield a weighted average DSC of 1.14x and an LTV of 117.0%.
The implied defaults and loss severity under the 'AAA' scenario
were 53.6% and 30.6%, respectively.  All of the DSC and LTV
calculations noted above exclude eight defeased loans
($41.8 million, 3.9%) and five specially serviced loans
($31.2 million, 2.9%).  S&P separately estimated losses for these
five loans, which S&P included in the 'AAA' scenario implied
default and loss figures.

The affirmations on the principal and interest certificates
reflect subordination levels that provide adequate support through
various stress scenarios.  S&P affirmed the ratings 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 ratings on the IO certificates
S&P affirmed.

                          Credit Concerns

Seven assets ($51.5 million, 4.9%) in the pool are with the
special servicer, CWCapital Asset Management LLC.  Two of those
assets ($7.5 million, 0.7%) are classified as real estate owned,
three ($23.7 million, 2.3%) are more than 90 days delinquent, one
($12.2 million, 1.2%) is more than 60 days delinquent, and one
($8.2 million, 0.8%) is a matured balloon.  Three of the specially
serviced loans have appraisal reduction amounts in effect totaling
$11.2 million.

The North Academy Home Center loan ($15.2 million, 1.44%) is the
largest exposure with the special servicer and is secured by a
184,410-sq.-ft. unanchored shopping center in Colorado Springs,
Colo.  The loan was transferred to CWCapital on Aug. 25, 2008, due
to imminent default and is currently 90-plus-days delinquent.
Standard & Poor's expects a moderate loss upon the resolution of
this asset.  The remaining specially serviced assets all have
balances below 1.2% of the total pool balance.

                       Transaction Summary

As of the August 2009 remittance report, the collateral pool
consisted of 162 loans with an aggregate trust balance of
$1.06 billion, down from 175 loans with a $1.25 billion balance at
issuance.  The master servicer for the transaction is Capmark
Finance Inc.  The master servicer provided financial information
for 99.8% of the nondefeased loans in the pool, and 89.3% of the
servicer-provided information was full-year 2008 or interim-2009
data.  S&P calculated a weighted average DSC of 1.45x for the
nondefeased loans based on the reported figures.  S&P's adjusted
DSC and LTV were 1.40x and 94.0%, respectively.  S&P's adjusted
DSC and LTV figures exclude five specially serviced loans, which
S&P stressed separately.  Based on the servicer-reported DSC
figures, S&P calculated a weighted average DSC of 1.17x for these
five loans, including two loans that had DSC of less than 1.0x.
To date, the transaction has experienced $1.83 million in
principal losses.  Forty-two loans ($210.3 million, 19.9%) are on
the master servicer's watchlist, including the seventh-largest
loan.  Twelve loans ($69.8 million, 6.6%) have reported DSCs
between 1.0x and 1.10x, and 27 loans ($135.7 million, 12.8%) have
reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$299.0 million (28.3%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.60x for the top 10 loans.
S&P's adjusted DSC and LTV for the top 10 loans were 1.32x and
84.3%, respectively.

The Belleview Promenade loan ($18.9 million, 1.8%) is the ninth-
largest loan in the pool and the largest exposure on the
watchlist.  The loan is current and secured by a 100,102-sq.-ft.
retail center in the Greenwood Village, Colo.  The loan is on the
watchlist due to a decrease in occupancy to 70% and DSC of 1.76x
as of June 30, 2009, down from 96% and 2.46x at year-end 2008,
after the largest tenant (Vectra Bank, 22% of the net rentable
area) vacated its space on March 31, 2009.  S&P has considered
subsequent leasing activity in S&P's analysis.

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 Corp.
   Commercial mortgage pass-through certificates series 2004-LN2

                 Rating
                 ------
     Class     To      From             Credit enhancement (%)
     -----     --      ----             ----------------------
     B         A       AA/Watch Neg                     13.39
     C         A-      AA-/Watch Neg                    12.21
     D         BBB     A/Watch Neg                      10.00
     E         BBB-    A-/Watch Neg                      9.11
     F         BB+     BBB+/Watch Neg                    7.49
     G         BB      BBB/Watch Neg                     6.32
     H         B+      BBB-/Watch Neg                    4.70
     J         B+      BB+/Watch Neg                     4.11
     K         B       BB/Watch Neg                      3.52
     L         B       BB-/Watch Neg                     3.08
     M         B-      B+/Watch Neg                      2.64
     N         CCC+    B/Watch Neg                       2.19
     P         CCC-    B-/Watch Neg                      1.46

      Ratings Affirmed And Removed From Creditwatch Negative

        JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2004-LN2

                 Rating
                 ------
     Class     To      From             Credit enhancement (%)
     -----     --      ----             ----------------------
     A-1     AAA      AAA/Watch Neg                  16.18
     A-2     AAA      AAA/Watch Neg                  16.18
     A-1A    AAA      AAA/Watch Neg                  16.18

                         Ratings Affirmed

       JPMorgan Chase Commercial Mortgage Securities Corp.
   Commercial mortgage pass-through certificates series 2004-LN2

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

                      N/A - Not applicable.


LB-UBS COMMERCIAL: S&P Affirms Ratings on 21 2004-C1 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 21
classes of commercial mortgage-backed securities from LB-UBS
Commercial Mortgage Trust 2004-C1 and removed 18 of them from
CreditWatch with negative implications.

The affirmations follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria.  S&P's analysis
included a review of the credit characteristics of all of the
loans in the pool.  Using servicer-provided financial information,
S&P calculated an adjusted debt service coverage of 1.74x and a
loan-to-value ratio of 84.9%.  S&P further stressed the loans'
cash flows under S&P's 'AAA' scenario to yield a weighted average
DSC of 1.45x and an LTV of 99.8%.  The implied defaults and loss
severity under the 'AAA' scenario were 21.8% and 32.0%,
respectively.  The DSC and LTV calculations noted above exclude
seven defeased loans ($63.5 million, 5.7%) and one specially
serviced loan ($4.4 million, 0.40%).  S&P separately estimated
losses for the specially serviced loan, which S&P included in its
'AAA' scenario implied default and loss figures.

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

                          Credit Concerns

One loan ($4.4 million, 0.40%) in the pool is with the special
servicer, CWCapital Asset Management LLC.  Heritage Town Center is
secured by an 85,289-sq-ft grocery-anchored retail center in
Birmingham, Ala.  The loan was transferred to the special servicer
in June 2009 due to imminent default.  The retail center is only
50% occupied because the anchor grocery tenant, Bruno's
Supermarket, declared bankruptcy and has stopped making lease
payments.  Standard & Poor's expects a significant loss upon the
resolution of this loan.

                        Transaction Summary

As of the September 2009 remittance report, the collateral pool
balance was $1.108 billion, down from $1.424 billion at issuance.
There are 90 loans left in the pool, compared with 103 at
issuance.  The master servicer for the transaction is Wachovia
Bank N.A.  As of the September 2009 remittance report, the master
servicer provided financial information for 98.3% of the
nondefeased loans, and 98.1% of the servicer-provided information
was full-year 2008 or interim-2009 data.  S&P calculated a
weighted average DSC of 1.93x for the pool based on the servicer-
reported figures.  S&P's adjusted DSC and LTV were 1.74x and
84.9%, respectively.  S&P's adjusted DSC and LTV figures exclude
the defeased and specially serviced loans.  To date, the
transaction has experienced $3.7 million of principal losses.
Twelve loans ($89.7 million, 8.1%) are on the master servicer's
watchlist, including one of the top 10 loans discussed below.
Seven loans ($33.6 million, 3.0%) have reported DSC between 1.0x
and 1.10x, and five loans ($254.5 million, 22.9%) have reported
DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures secured by real estate have an aggregate
outstanding balance of $677.5 million (61.1%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 2.13x
for the top 10 loans.  S&P's adjusted DSC and LTV for the top 10
loans were 1.85x and 88.7%, respectively.  One of the top 10 loans
is on the watchlist and is discussed below.

Passaic Street Industrial Park is the fourth-largest loan in the
pool and the largest loan on the watchlist.  The loan was current
in its debt service payments as of the September 2009 remittance
report.  This loan has a trust balance of $43 million (3.9%).  The
loan appears on the servicer's watchlist because the DSC is below
1.0x.  The loan is secured by a 2,110,719-sq.-ft. industrial
center in Wood Ridge, N.J.  Year-end 2008 DSC was 0.53x, down from
1.27x at issuance.  The year-to-date June 2009 DSC is up since
year-end to 0.63x.  As of the August 2009 rent roll, occupancy was
75%.

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

      Ratings Affirmed And Removed From Creditwatch Negative

             LB-UBS Commercial Mortgage Trust 2004-C1
          Commercial mortgage pass-through certificates

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     A-2       AAA     AAA/Watch Neg                    17.18
     A-3       AAA     AAA/Watch Neg                    17.18
     A-4       AAA     AAA/Watch Neg                    17.18
     B         AA+     AA+/Watch Neg                    16.06
     C         AA      AA/Watch Neg                     14.93
     D         AA-     AA-/Watch Neg                    13.49
     E         A+      A+/Watch Neg                     11.56
     F         A       A/Watch Neg                      10.43
     G         A-      A-/Watch Neg                      8.18
     H         BBB+    BBB+/Watch Neg                    6.42
     J         BBB     BBB/Watch Neg                     5.13
     K         BBB-    BBB-/Watch Neg                    3.69
     L         BB+     BB+/Watch Neg                     3.04
     M         BB      BB/Watch Neg                      2.56
     N         BB-     BB-/Watch Neg                     2.24
     P         B+      B+/Watch Neg                      1.60
     Q         B       B/Watch Neg                       1.27
     S         B-      B-/Watch Neg                      1.11

                         Ratings Affirmed

             LB-UBS Commercial Mortgage Trust 2004-C1
          Commercial mortgage pass-through certificates

           Class     Rating       Credit enhancement (%)
           -----     ------       ----------------------
           X-CL      AAA                             N/A
           X-CP      AAA                             N/A
           X-ST      AAA                             N/A

                       N/A - Not applicable.


LB-UBS COMMERCIAL: S&P Cuts Ratings on Seven 2004-C4 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes of commercial mortgage-backed securities from LB-UBS
Commercial Mortgage Trust 2004-C4 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on 10 other classes from the same transaction and
removed nine of these ratings from CreditWatch with negative
implications.

The downgrades follow S&P's analysis of the transaction using its
revised U.S. conduit and fusion CMBS criteria, which was the
primary driver of the rating actions.  S&P's analysis included a
review of the credit characteristics of all the loans in the pool.
Using servicer-provided financial information, S&P calculated an
adjusted debt service coverage of 2.01x and a loan-to-value ratio
of 78.5%.  S&P further stressed the loans' cash flows under S&P's
'AAA' scenario to yield a weighted average DSC of 1.27x and an LTV
of 100.2%.  The implied defaults and loss severity under the 'AAA'
scenario were 33.4% and 26.8%, respectively.  The weighted average
DSC and LTV calculations exclude one specially serviced loan
($6.3 million; 0.6%), one loan that S&P deem to be credit-impaired
($29.4 million; 3.6%), and seven defeased loans ($50.1 million;
4.6%).  S&P estimated losses separately for the specially serviced
and credit-impaired loans, which were included in S&P's implied
default and loss severity figures.

The affirmations of the principal and interest certificates
reflect subordination levels that adequately support the
outstanding ratings.  S&P has affirmed its rating on the class X
interest-only certificates based on its current criteria.  S&P
published a request for comment proposing changes to its IO
criteria on June 1, 2009.  Once the criteria review is finalized,
S&P may revise its current IO criteria, which may affect
outstanding ratings, including the rating on the IO certificates
S&P affirmed.

                          Credit Concerns

Three assets ($152.4 million; 14.0%) in the pool are with the
special servicer, LNR Partners Inc. The payment status of the
assets is: one is current (9.6%), one is in foreclosure (3.8%),
and one is REO (real estate owned) (0.6%).  All of the specially
serviced loans have appraisal reduction amounts in effect that
total $38.5 million.  Two of the specially serviced loans are top
10 loans (13.4%) and are discussed below.

In addition to the specially serviced loans, S&P determined one
loan ($39.4 million; 3.6%), a top 10 loan, to be credit-impaired.
The Ritz Carlton Chicago loan ($39.4 million; 3.6%) is the sixth-
largest loan in the pool and is on the servicer's watchlist for a
low DSC.  In S&P's view, this loan is at increased risk of
default.  The loan is secured by a 435-room hotel on Michigan
Avenue in downtown Chicago.  The hotel was built in 1975 as part
of a 74-story mixed-use development that includes the hotel,
retail, office, residential, and parking components.  The
occupancy and DSC were 69% and 0.82x, respectively, for year-end
2008 and 59% and (0.52x), respectively, for the 12 months ended
June 30, 2009.  The hotel has been adversely affected by the
opening of other high-end hotels in the surrounding area,
including the Park Hyatt and Peninsula hotels, as well as the
deteriorating economy.  The loan payment status is current.

                        Transaction Summary

As of the September 2009 remittance report, the aggregate trust
balance was $1.09 billion (83 loans), compared with $1.41 billion
(97 loans) at issuance.  Excluding $50.1 million (4.6%) in
defeased collateral, Wachovia Bank N.A., the master servicer,
reported financial information for 97.2% of the pool.  Ninety-
eight percent of the financial information was either full-year
2008 or partial-year 2009 data.  S&P calculated a weighted average
DSC of 2.05x for the nondefeased loans based on the master
servicer's reported figures.  S&P's adjusted DSC and LTV were
2.01x and 78.5%, respectively.  Standard & Poor's adjusted DSC and
LTV calculations exclude one specially serviced loan (0.6%), one
loan S&P deem to be credit-impaired (3.6%), and 12 loans that did
not report financial data (2.7%).  S&P separately estimated losses
for one specially serviced loan and the loan S&P considers credit-
impaired.  Based on the servicer-reported year-end 2008 DSC
figures, S&P calculated a weighted average DSC of 0.83x for these
two loans.  The transaction has experienced principal losses to
date of $724,520.  Fifteen loans are on the servicer's watchlist
($150.1 million; 13.8%).  Four loans ($27.9 million, 2.6%) have
reported DSC between 1.0x and 1.1x, and eight loans
($102.2 million, 9.4%) have reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 loans have an aggregate outstanding balance of
$736.9 million (67.6%).  Using servicer-reported information, S&P
calculated a weighted average DSC of 2.28x.  Two of the top 10
loans are with the special servicer.  In addition, three of the
top 10 loans are on the master servicer's watchlist, including the
Ritz Carlton Chicago loan, which S&P deemed to be credit-impaired
and is discussed above.  S&P's adjusted DSC and LTV figures for
the top 10 loans were 2.23x and 76.0%, respectively.  These
figures exclude the credit-impaired Ritz Carlton Chicago loan
($39.4 million; 3.6%).

The Lembi Portfolio loan, the fifth largest loan, was transferred
to the special servicer on April 23, 2009, due to imminent
maturity default.  The loan has a trust and whole loan balance
$40.89 million (3.7%).  The loan matured on May 11, 2009, and is
secured by eight multifamily properties totaling 348 units, built
between 1905 and 1934 and renovated in 2004, and located in San
Francisco, California.  The portfolio's occupancy for year-end
2008 was 94% and its DSC for year-end 2007 was 1.48x.  The loan is
in foreclosure but the special servicer is evaluating different
workout solutions.

The Town East Mall loan, the fourth largest loan, was transferred
to the special servicer due to imminent maturity default on
March 19, 2009.  The loan has a trust and whole loan balance of
$105.2 million (9.6%).  The loan matured April 11, 2009, and is
secured by 408,962 sq. ft. of a 1.2-million-sq.-ft. regional mall
in Mesquite, Texas, approximately 12 miles east of downtown
Dallas.  The property was built in 1971 and renovated in 1986,
1996, and 2000.  The occupancy and DSC were 99% and 2.55x,
respectively, for year-end 2008.  The borrower, General Growth
Properties, filed bankruptcy on April 16, 2009, subsequent to the
March 19, 2009, transfer.  S&P will continue to monitor
developments relating to this loan and will take rating actions on
this transaction as necessary.

The Enterprise Technology Center loan, the seventh-largest loan,
is on the master servicer's watchlist and was placed there due to
low DSC.  The loan has a trust and whole loan balance of
$33.0 million (3.0%).  The loan is secured by a 343,630-sq.-ft.
office building built in 1993 in Scotts Valley, California.  The
occupancy and DSC for year-end 2008 were 64% and 0.95x,
respectively.  The anchor tenant, Borland Software Corp., occupies
140,898 sq. ft. (41% of the NRA) pursuant to a lease that matures
March 31, 2010.  Borland has indicated that it will not renew its
lease.  A lease is currently out for signature for a space that is
almost as large as the space that Borland will vacate in March
2010.

The Rivercrest Village loan, the 10th largest loan, is the other
top 10 loan on the master servicer's watchlist and was also placed
there due to low DSC.  The loan has a trust and whole loan balance
of $21.3 million (2.0%).  The loan is secured by a 328-unit
multifamily property built in 1974 in Sacramento, California.  The
occupancy and DSC for year-end 2008 were 89.5% and 1.07x,
respectively.

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

      Ratings Lowered And Removed From Creditwatch Negative

                 LB-UBS Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C4

                  Rating
                  ------
     Class      To       From          Credit enhancement (%)
     -----      --       ----          ----------------------
     G          BBB+     A-/Watch Neg                   7.05
     H          BBB      BBB+/Watch Neg                   5.92
     J          BBB-     BBB/Watch Neg                   4.46
     K          BB       BBB-/Watch Neg                   3.01
     L          BB-      BB+/Watch Neg                   2.68
     M          B+       BB/Watch Neg                   2.36
     N          B        BB-/Watch Neg                   2.04

     Ratings Affirmed And Removed From Creditwatch Negative

                 LB-UBS Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C4

                  Rating
                  ------
     Class      To       From          Credit enhancement (%)
     -----      --       ----          ----------------------
     A-2       AAA       AAA/Watch Neg                 16.28
     A-3       AAA       AAA/Watch Neg                 16.28
     A-4       AAA       AAA/Watch Neg                 16.28
     A-1b      AAA       AAA/Watch Neg                 16.28
     B         AA+       AA+/Watch Neg                 14.98
     C         AA        AA/Watch Neg                  13.53
     D         AA-       AA-/Watch Neg                 12.39
     E         A+        A+/Watch Neg                  10.61
     F         A         A/Watch Neg                    9.48

                          Rating Affirmed

                 LB-UBS Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2004-C4

             Class    Rating   Credit enhancement (%)
             -----    ------   ----------------------
             X        AAA                         N/A

                      N/A - Not applicable.


LB-UBS COMMERCIAL: S&P Downgrades Ratings on Two 2005-C7 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on two "SP"
raked classes from LB-UBS Commercial Mortgage Trust 2005-C7.  At
the same time, S&P affirmed its ratings on the remaining five "SP"
raked classes from the same transaction.

The rating actions reflect S&P's analysis of the nonpooled Station
Place I junior loan component, which is the sole source of cash
flow for the "SP" raked certificates.

The Station Place I loan has a current whole-loan balance of
$231.6 million, which is split into a $168.6 million senior
component and a $63 million junior component.  A pari passu
portion ($27.2 million) of the senior component is pooled in the
trust.  The junior component is not pooled and is the sole source
of cash flow for the "SP" raked certificates.  The equity
interests in the borrower of the whole loan can secure additional
mezzanine debt totaling up to $40 million; however, no mezzanine
debt is currently outstanding.  The whole loan, secured by an 11-
story, 707,483-sq.-ft. class A office building in Washington,
D.C., partially amortizes with a scheduled maturity date of
Oct. 11, 2025.  The building is 100% occupied, unchanged since
issuance, and the Securities and Exchange Commission occupies
almost 100% of the building on a lease that expires April 25,
2019.

The most recent servicer reported net cash flow debt service
coverage was 1.45x as of year-end 2008, down from 1.57x at
issuance.  The decline in DSC was due primarily to the fact that
operating expenses have increased 38.9% since issuance to
$13.4 million.  According to the information provided to the
master servicer, Wachovia Bank N.A., the borrower expected the SEC
to cover the increased operating expenses through increased
expense reimbursements; however, the SEC disagreed with the
expense reimbursements calculations.  It is S&P's understanding
that the SEC and the borrower have reached a verbal agreement
whereby the SEC will cover any operating expenses above
$10.2 million through increased expense reimbursements.  Standard
& Poor's accounted for the adjusted expense reimbursements and
increased operating expenses in S&P's property cash flow analysis,
which were the primary drivers of a 10% decline in S&P's adjusted
property value since issuance.

If the expense reimbursements vary substantially from the
estimates S&P used in its analysis, S&P will review the effect on
the property cash flows and take additional rating action if
necessary.

                         Ratings Lowered

             LB-UBS Commercial Mortgage Trust 2005-C7
          Commercial mortgage pass through certificates

                                 Rating
                                 ------
                      Class    To      From
                      -----    --      ----
                      SP-6     BB+     BBB-
                      SP-7     BB      BB+

                         Ratings Affirmed

             LB-UBS Commercial Mortgage Trust 2005-C7
          Commercial mortgage pass through certificates

                         Class     Rating
                         -----     ------
                         SP-1      AAA
                         SP-2      AA
                         SP-3      A
                         SP-4      A-
                         SP-5      BBB


LB-UBS COMMERCIAL: S&P Downgrades Ratings on 19 2007-C7 Securities
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 19
classes of commercial mortgage-backed securities from LB-UBS
Commercial Mortgage Trust 2007-C7 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on six other classes from the same transaction.

The downgrades follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  S&P's analysis included a review
of the credit characteristics of all of the loans in the pool.
Using servicer-provided financial information, S&P calculated an
adjusted debt service coverage of 1.31x and a loan-to-value ratio
of 115.3%.  S&P further stressed the loans' cash flows under S&P's
'AAA' scenario to yield a weighted average DSC of 0.79x and an LTV
of 169.5%.  The implied defaults and loss severity under the 'AAA'
scenario were 83.9% and 49.2%, respectively.  The DSC and LTV
calculations noted above exclude the two specially serviced loans
($10.8 million 0.34%) and four credit-impaired loans
($51.7 million, 1.6%).  S&P separately estimated losses for these
loans, which are included in the 'AAA' scenario implied default
and loss figures.

The affirmation of the ratings on the principal and interest
certificates reflects subordination levels that adequately support
the outstanding ratings.  S&P affirmed the ratings on the class X-
W, X-CP, and X-CL interest-only certificates based on S&P's
current criteria.  S&P published a request for comment proposing
changes to S&P's IO criteria on June 1, 2009.  After S&P finalizes
its criteria review, S&P may revise its IO criteria, which may
affect outstanding ratings, including the ratings on the IO
certificates that S&P affirmed.

                          Credit Concerns

Two loans ($10.8 million, 0.34%) in the pool are with the special
servicer, LNR Partners.  Highland Grande Apartments ($8.6 million,
0.3%) is the larger of the two, is in foreclosure, and has a
$2.9 million appraisal reduction amount in effect.  Standard &
Poor's expects a moderate loss upon the resolution of this loan.

The second loan, Starbucks Center ($2.2 million, 0.07%), was
recently transferred due to imminent default.  This loan is late
but less than 30 days.

In addition to the specially serviced loans, S&P considers four
loans ($51.7 million, 1.6% of pool) to be credit-impaired.  The
balance of one of the four loans exceeds $20 million.  Details of
this loan are:

The Soundview Marketplace ($20.9 million 0.7%) loans is secured by
a 183,000 sq.-ft. retail center in Port Washington, N.Y.  The
property was built in 1962 and renovated in 1992.  As of year-end
2008, the DSC and occupancy were 0.82x and 86.3%, respectively.
The property has experienced a decline in average rental rates and
is not able to cover operating expense.  As a result, Standard &
Poor's considers this loan to be credit-impaired.

                       Transaction Summary

As of the September 2009 remittance report, the collateral pool
balance was $3.167 billion, slightly down from $3.170 billion at
issuance.  The number of loans in the pool, at 100, is unchanged
since issuance.  Wachovia Bank N.A.  is the master servicer for
the transaction.  As of the September 2009 remittance report, the
master servicer provided financial information for 99% of the
pool, and 93% of the servicer-provided information was full-year
2008 or interim-2009 data.  S&P calculated a weighted average DSC
of 1.34x for the pool based on the reported figures.  S&P's
adjusted DSC and LTV were 1.31x and 115.3%, respectively.  S&P's
adjusted DSC and LTV figures exclude the two specially serviced
loans and the four loans S&P considered to be credit-impaired.
S&P estimated losses separately for these six loans
($62.5 million, 1.9%).  These six loans had a weighted average
servicer-reported DSC of 0.94x.  The transaction has not
experienced any principal losses to date.  Nineteen loans
($593.7 million, 18.7%) are on the master servicer's watchlist,
including two of the top 10 loans.  Eighteen loans
($604.0 million, 19.1%) have a reported DSC below 1.10x, and 11 of
these loans ($457.3 million, 14.4%) have a reported DSC of less
than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$2.13 billion (67.4%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.39x for the top 10 loans.
S&P's adjusted DSC and LTV for the top 10 loans were 1.35x and
111.9%, respectively.

The District at Tustin Legacy loan is the fourth-largest loan
in the pool and the largest loan on the servicer's watchlist.
The loan was current in its debt service payments as of the
September 2009 remittance report.  This loan has a trust balance
of $206.0 million (6.5%) and appears on the servicer's watchlist
because its DSC is below 1.10x.  The loan is secured by 985,684-
sq.-ft. anchored retail center located in Tustin, Calif.  The
property was built in 2006-2007.  Year-end 2008 DSC was 0.90x and
occupancy was 98.2%, down from 1.20x and 99.0%, respectively, at
issuance.

The Nashville Multifamily Portfolio loan is the eighth-largest
loan in the pool and the second-largest loan on the servicer's
watchlist.  The loan has a trust balance of $116.8 million (3.7%)
and appears on the servicer's watchlist because its DSC is less
than 1.10x.  The loan is secured by four garden-style apartments
comprising 1,593 units all located in the Nashville, Tenn., area.
The properties were all constructed between 1985 and 1997, and
they were all renovated in 2007.  As of year-end 2008, the DSC was
0.94x and occupancy was 84%, significantly down from 1.25x and 95%
reported at issuance.

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

      Ratings Lowered And Removed From Creditwatch Negative

             LB-UBS Commercial Mortgage Trust 2007-C7
          Commercial mortgage pass-through certificates

                 Rating
                 ------
     Class     To      From            Credit enhancement (%)
     -----     --      ----            ----------------------
     A-3       A       AAA/Watch Neg                    30.03
     A-1A      A       AAA/Watch Neg                    30.03
     A-M       BBB     AAA/Watch Neg                    20.02
     A-J       BB      AAA/Watch Neg                    11.51
     B         BB-     AA+/Watch Neg                    10.01
     C         B+      AA/Watch Neg                      8.88
     D         B+      AA-/Watch Neg                     8.13
     E         B       A+/Watch Neg                      7.26
     F         B       A/Watch Neg                       6.76
     G         B       A-/Watch Neg                      5.76
     H         B-      BBB+/Watch Neg                    4.88
     J         B-      BBB/Watch Neg                     4.13
     K         B-      BBB-/Watch Neg                    3.25
     L         CCC+    BB+/Watch Neg                     2.63
     M         CCC     BB/Watch Neg                      2.25
     N         CCC-    BB-/Watch Neg                     1.88
     P         CCC-    B+/Watch Neg                      1.75
     Q         CCC-    B/Watch Neg                       1.63
     S         CCC-    B-/Watch Neg                      1.50

                         Ratings Affirmed

                   LB-UBS Mortgage Trust 2007-C7
          Commercial mortgage pass-through certificates

          Class      Rating      Credit enhancement (%)
          -----      ------      ----------------------
          A-1        AAA                          30.03
          A-2        AAA                          30.03
          A-AB       AAA                          30.03
          X-W        AAA                            N/A
          X-CP       AAA                            N/A
          X-CL       AAA                            N/A

                      N/A -- Not applicable.


LENEXA: S&P Withdraws 'BB' Rating on Series 2007 Bonds
------------------------------------------------------
Standard & Poor's Ratings Services withdrew its long-term rating
on Lenexa, Kansas's series 2007 revenue bonds, issued on behalf of
Lakeview Village, Inc., a continuing-care retirement community, at
the obligor's request.

At the same time, Standard & Poor's lowered its long-term rating
to 'BB' from 'BBB-' on the bonds, reflecting a drop in liquidity,
the expectation of additional debt to fund increased project
costs, and an occupancy decline.


MAGMA CDO: 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 Magma CDO Ltd.:

  -- US$4,000,000 Class B-1 Subordinate Fixed Rate Notes Due
     November 15, 2012, Downgraded to Ba3; previously on
     January 16, 2009 Downgraded to Ba1;

  -- US$20,000,000 Class B-2 Subordinate Floating Rate Notes Due
     November 15, 2012, Downgraded to Ba3; previously on
     January 16, 2009 Downgraded to Ba1;

  -- US$14,500,000 Class C Second Subordinate Fixed Rate Notes Due
     November 15, 2012, Downgraded to Caa3; previously on
     January 16, 2009 Downgraded to Caa2.

According to Moody's, the rating actions taken on the Class B-1,
Class B-2 and Class C 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 2738 as of the last trustee report,
dated September 16, 2009.  Based on the same report, defaulted
securities currently held in the portfolio total about
$13.4 million, accounting for roughly 15.6% of the collateral
balance, and securities rated Caa1 or lower make up approximately
21.1% of the underlying portfolio.

The downgrade actions taken on the Class B-1, Class B-2 and Class
C 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 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 rating of these notes:

  -- US$282,500,000 Class A Floating Rate Notes Due November 15,
     2012 (current balance of $70,815,298), Upgraded to Aa1;
     previously on January 16, 2009 Downgraded to Aa3.

Moody's notes that the upgrade actions on the Class A Notes is due
to the expectation of a significant pay down of the notes on the
next payment date in November 2009.  The Class A Notes is wrapped
by Financial Security Assurance, Inc. The rating on the Class A
Notes reflects the actual underlying rating of the notes.  This
underlying rating is based solely on the intrinsic credit quality
of the Class A Notes in the absence of the guarantee from FSA,
whose insurance financial strength rating was downgraded to Aa3 on
November 10, 2008, and placed under 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."

Magma CDO Ltd., issued on November 9, 2000, is a collateralized
bond obligation backed primarily by a portfolio of senior
unsecured bonds.

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


MC FUNDING: 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 MC Funding Ltd.:

  -- US$78,000,000 Class A-2 Senior Secured Floating Rate Notes
     Due 2020, Confirmed at Aaa; previously on March 4, 2009 Aaa
     Placed Under Review for Possible Downgrade;

  -- US$28,000,000 Class B Senior Secured Floating Rate Notes Due
     2020, Confirmed at Aa2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$40,000,000 Class C Secured Deferrable Floating Rate Notes
     Due 2020, Confirmed at Baa3; previously on March 23, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade;

  -- US$18,400,000 Class D Secured Deferrable Floating Rate Notes
     Due 2020, Confirmed at Ba3; previously on March 23, 2009
     Downgraded to Ba3 and Placed Under Review for Possible
     Downgrade;

  -- US$17,600,000 Class E Secured Deferrable Floating Rate Notes
     Due 2020, Confirmed at B3; previously on March 23, 2009
     Downgraded to B3 and Placed Under Review for Possible
     Downgrade.

Moody's notes that the rating confirmations of the Class A-2, B,
C, D, and E Notes consider updated analysis incorporating certain
rating stresses assumed by Moody's and credit deterioration, but
reflect Moody's conclusion that the impact of these factors on the
ratings of the notes is not as negative as previously assessed
during Stage I of the deal review in March.  The current
conclusions stem from comprehensive deal-level analysis completed
during Stage II of the ongoing CLO surveillance review, which
included an in-depth assessment of results from Moody's
quantitative CLO rating model along with an examination of deal-
specific qualitative factors.  By way of comparison, during Stage
I Moody's took rating actions that were largely the result of a
parameter-based approach.

Moody's rating analysis applies certain revised assumptions with
respect to default probability (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.

Moody's also notes that the rating actions reflect credit
deterioration in the underlying portfolio.  Such credit
deterioration is observed through a decline in the average credit
rating (as measured by the weighted average rating factor), 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 3243, but lower
than the test level of 3491, as of the last trustee report, dated
September 14, 2009.  Based on the same report, defaulted
securities currently held in the portfolio total about
$28.6 million, accounting for 7.0% of the collateral balance, and
securities rated Caa1 or lower make up approximately 11.8% of the
underlying portfolio.

MC Funding Ltd., issued in December of 2006, 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.


MERRILL LYNCH: Fitch Affirms Ratings on Four 2004-MKB1 Certs.
-------------------------------------------------------------
Fitch Ratings has affirmed and revised the Rating Outlooks on four
classes of Merrill Lynch Mortgage Trust commercial mortgage pass-
through certificates series 2004-MKB1.  A complete list of rating
actions follows at the end of this release.

The Negative Rating Outlooks are due to revised loss expectations
on the two loans (3.1%) in special servicing.  Both loans are
delinquent.

Fitch has revised the Rating Outlook on these classes:

  -- $4.9 million class L 'BB-'; Outlook to Negative from Stable;
  -- $4.9 million class M 'B+'; Outlook to Negative from Stable;
  -- $2.5 million class N 'B'; Outlook to Negative from Stable;
  -- $3.7 million class P 'B-'; Outlook to Negative from Stable.


MERRILL LYNCH: Fitch Puts Ratings on 2004-KEY2 Notes on Neg. Watch
------------------------------------------------------------------
Fitch Ratings places these classes of Merrill Lynch Mortgage
Trust, series 2004-KEY2, on Rating Watch Negative:

  -- $15.3 million class F at 'BBB+';
  -- $11.1 million class G at 'BBB';
  -- $15.3 million class H at 'BB+';
  -- $7.0 million class J at 'BB-';
  -- $5.6 million class K at 'B+';
  -- $4.2 million class L at 'B';
  -- $2.8 million class M at 'B-'.

In addition, Fitch affirms these classes and revises Outlooks as
indicated:

  -- $131.6 million class A-2 at 'AAA'; Outlook Stable;

  -- $92.1 million class A-3 at 'AAA'; Outlook Stable;

  -- $205.6 million class A-1A at 'AAA'; Outlook Stable;

  -- $345.7 million class A-4 at 'AAA'; Outlook Stable;

  -- Interest only Class XC at 'AAA' Outlook Stable;

  -- Interest only Class XP at 'AAA' Outlook Stable;

  -- $26.5 million class B at 'AA'; Outlook Stable;

  -- $8.4 million class C at 'AA-'; Outlook to Negative from
     Stable;

  -- $22.3 million class D at 'A'; Outlook Negative;

  -- $12.5 million class E at 'A-'; Outlook Negative;

  -- $2.8 million class N at 'CC/RR4';

  -- $5.6 million class P at 'C/RR6'.

Fitch does not rate classes Q and DA.  Class A-1 has paid in full.

The Rating Watch Negative actions are due to expected losses
associated with the specially serviced loans.  Nine loans (20.3%)
are currently in special servicing, six (6.4%) of which are likely
to experience a loss.  The Rating Outlooks reflect the likely
direction of additional rating changes over the next one to two
years.

The largest specially serviced loan (3.3%) which is expected to
incur a loss consists of 32 two-and three-story garden style
apartment buildings comprising a total of 640 units, located in
Ft. Myers, FL.  The loan transferred to special servicing in May
2008 after a higher than expected vacancy affected the borrower's
ability to pay debt service obligations.  As of Dec. 31, 2008,
reported occupancy at the property stood at 45%, an additional
decline of 13% from year-end 2007 (58% occupancy), and down from
94% at issuance.  A receiver continues to manage the property and
marketing efforts continue.

The next specially serviced loan (1.2%) is secured by a 136-room
Radisson hotel located in Providence, RI.  The loan transferred to
special servicing in August 2009 for imminent default.  The
borrower is no longer able to pay debt service obligations under
the current loan terms as a result of the declining hotel market.
The special servicer is discussing workout options with the
borrower, including a possible modification of the loan terms.
Losses are possible.

The next specially serviced loan (1.1%) is secured by a 120-unit
student housing property located in Kalamazoo, MI.  The property
transferred to special servicing in January 2008 following a
period of declining occupancy.  A receiver continues to manage the
property and marketing efforts continue.  Losses are expected.

As of the September 2009 distribution date, the pool's aggregate
certificate balance has decreased 16.5% to $931 million from
$1.12 billion since issuance.  Nine loans (11.2%) are currently
defeased.

Fitch will resolve the Rating Watch actions when more information
becomes available.


MERRILL LYNCH: Moody's Affirms Ratings on 10 2000-CANADA 4 Certs.
-----------------------------------------------------------------
Moody's Investors Service affirmed the ratings of ten classes and
downgraded one class of Merrill Lynch Mortgage Loans, Inc.,
Commercial Mortgage Pass-Through Certificates, Series 2000-CANADA
4.  The downgrade is due to higher expected losses for the pool
resulting from increased credit quality dispersion.  The action is
the result of Moody's on-going surveillance of commercial mortgage
backed securities transactions.

As of the September 15, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by approximately 27%
to $209.0 million from $287.6 million at securitization.  The
Certificates are collateralized by 55 mortgage loans ranging in
size from less than 1% to 12% of the pool, with the top ten loans
representing 45% of the pool.  Seventeen loans, representing 27%
of the pool, have defeased and are collateralized by Canadian
Government securities.  Thirty four loans, representing 71% of the
pool, mature within the next 24 months.  All of these loans have a
Moody's stressed debt service coverage ratio in excess of 1.00X.

There have been no realized losses since securitization and there
are currently no delinquent or specially serviced loans.  Six
loans, representing 7% 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.

Moody's was provided with partial or full-year 2008 operating
results for 78% of the pool, excluding defeased loans.  Moody's
weighted average loan to value ratio for the conduit component is
66%, essentially the same as at last review.  Although the overall
LTV is stable, the pool has experienced increased credit quality
dispersion.  Based on Moody's analysis, 5% of the pool has an LTV
in excess of 120% compared to 0% at last review.

Moody's stressed DSCR is 1.79X, compared to 1.73X at last review.
Moody's stressed DSCR is based on Moody's net cash flow and a
9.25% stressed rate applied to the loan balance.

Moody's uses a variation of the Herfindahl index to measure
diversity of loan size, where a higher number represents greater
diversity.  Loan concentration has an important bearing on
potential rating volatility, including the risk of multiple-notch
downgrades under adverse circumstances.  The credit neutral Herf
score is 40.  The pool, excluding loans with underlying ratings,
has a Herf score of 15, the same as at last review.

The three largest conduit loans represent 25% of the outstanding
pool balance.  The largest conduit loan is the Royal Host
Portfolio Loan ($24.4 million -- 11.7%), which is secured by 11
limited service hotels located in six provinces.  The portfolio
totals 999 rooms.  Seven of the hotels operate under the Comfort
Inn & Suites franchise and the remaining four hotels operate as
Travelodge.  The loan is full recourse and amortizes on a 20-year
schedule.  The loan has amortized by 6% since last review.  The
portfolio's performance has declined since last review due to an
overall decrease in room revenues.  Moody's LTV and stressed DSCR
are 57% and 2.26X, respectively, compared to 54% and 2.29X at last
review.

The second largest conduit loan is the Charlottetown Mall Loan
($16.3 million -- 7.8%), which is secured by a 389,000 square foot
regional mall located in Charlottetown, Prince Edward Island.  The
property was 99% occupied as of February 2009, the same as at last
review.  The property is anchored by Zellers, which occupies
approximately 32.0% of the property through June 2019.  The loan
is full recourse to RioCan Holdings Inc., Canada's largest REIT.
Although performance has been stable, Moody's analysis reflects a
stressed cash flow due to Moody's concerns about the retail
sector.  Moody's LTV and stressed DSCR are 61% and 1.73X,
respectively, compared to 53% and 1.92X at last review.

The third largest conduit loan is the Airport Place Loan
($11.8 million -- 5.6%), which is secured by a 679,000 square foot
industrial property located in Winnipeg, Manitoba.  The property
was 86% occupied as of May 2008, the same as at last review.  The
largest tenant is Bison Transport Inc., which occupies 35.0% of
the premises through July 2013.  Since updated financial
information was not available for this loan, Moody's analysis is
based on a significant haircut to the 2007 cash flow.  Moody's LTV
and stressed DSCR are 94% and 1.15X, respectively, compared to 89%
and 1.21X at securitization.

Moody's rating actions is:

  -- Class A1, $10,518,378, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/2008

  -- Class A2, $149,624,000, affirmed at Aaa; previously affirmed
     at Aaa on 6/26/2008

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

  -- Class B, $8,628,000, affirmed at Aaa; previously affirmed at
     Aaa on 6/26/2008

  -- Class C, $10,619,000, affirmed at Aaa; previously upgraded to
     Aaa from Aa2 on 6/26/2008

  -- Class D, $12,210,000, affirmed at A2; previously upgraded to
     A2 from Baa1 on 6/26/2008

  -- Class E, $1,438,000, affirmed at A3; previously upgraded to
     A3 from Baa2 on 6/26/2008

  -- Class F, $4,247,000, affirmed at Ba1; previously upgraded to
     Ba1 from Ba2 on 6/26/2008

  -- Class G, $1,699,000, affirmed at Ba3; previously affirmed at
     Ba3 on 6/26/2008

  -- Class H, $850,000, affirmed at B2; previously affirmed at B2
     on 6/26/2008

  -- Class J, $1,274,000, downgraded to Caa1 from B3; previously
     affirmed at B3 on 6/26/2008


MERRILL LYNCH: Moody's Publishes Ratings on Two Default Swaps
-------------------------------------------------------------
Moody's Investors Service announced that it is publishing ratings
on two credit default swaps issued by Merrill Lynch International
as part of the STEERS Thayer Gate CDO Trust transaction.  The
credit default swaps had initial notional amounts of $10,000,000
and $50,000,000.  Moody's initially assigned ratings to these
credit default swaps on January 27, 2006.  The ratings were not
published on moodys.com at that time.

Moody's has published the ratings of these credit default swaps:

CDS Ref No: 05ML60019A $10,000,000 Credit Default Swap of Merrill
Lynch International, dated January 27, 2006: Ca

* Ratings History: Assigned Aaa on January 27, 2006; Placed on
  Review for Downgrade on April 9, 2008, Downgraded to Aa2 on
  June 25, 2008, Downgraded to Baa2 on October 15, 2008,
  Downgraded to Caa2 on February 12, 2009, and Downgraded to Ca on
  August 21, 2009

CDS Ref No: 05ML60020A $50,000,000 Credit Default Swap of Merrill
Lynch International, dated January 27, 2006: Ca

* Ratings History: Assigned Baa2 on January 27, 2006; Placed on
  Review for Downgrade on Jun 25, 2008, Downgraded to Baa3 on
  September 4, 2008, Downgraded to B2 on October 15, 2008,
  Downgraded to Ca on February 12, 2009

The transaction is a managed collateralized debt obligation
transaction referencing a portfolio of corporate entities.  The
ratings of the credit default swaps are based on the credit
quality of the assets referenced by the Trust and the legal
structure of the transaction.  Wellington Asset Management LLC is
the portfolio manager of the transaction.

Moody's explained that the historical rating actions on these
credit default swaps resulted from the deterioration of the credit
quality of the reference portfolio.  According to the trustee
reports, the weighted average rating factor of the portfolio has
deteriorated to 1038, equivalent to an average rating of the
current portfolio of Ba1.  The reference portfolio includes an
exposure to CIT Group, Inc., and Ambac Financial Group which have
experienced substantial credit migration and are now rated Ca.
The subordination of the credit default swaps has been reduced due
to credit events on Lehman Brothers Holdings Inc., Washington
Mutual Inc., Fannie Mae, Freddie Mac, The Rouse Company LP,
Idearc, Inc., Bowater, Inc., and Station Casinos, Inc. The current
reference portfolio has the highest industry concentration in
Sovereign & Public Finance (18.11%), Banking (13.7%), Finance
(12.1%), and Insurance (11.6%).

Moody's explained that the rating actions are also the result of
the application of revised and updated key modeling parameter
assumptions that Moody's uses to rate and monitor ratings of
Corporate Synthetic CDOs.  The revisions affect key parameters in
Moody's model for rating Corporate Synthetic CDOs: default
probability, asset correlation, and other credit indicators such
as ratings reviews and outlooks.  Moody's announced the changes to
these assumptions in a press release titled "Moody's Updates its
Key Assumptions for Rating Corporate Synthetic CDOs," published on
January 15, 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, the
portfolio manager's impact 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.


ML-CFC COMMERCIAL: S&P Downgrades Ratings on 19 2007-8 Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 19
classes of commercial mortgage-backed securities from ML-CFC
Commercial Mortgage Trust 2007-8 and removed them from CreditWatch
with negative implications.  In addition, S&P affirmed its ratings
on six classes from the same transaction and removed two of them
from CreditWatch with negative implications.

The downgrades follow S&P's analysis of the transaction using its
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 the credit support erosion S&P
anticipate will occur upon the eventual resolution of the
specially serviced loans, as well as S&P's analysis of one loan
that S&P considers credit-impaired.  S&P's analysis included a
review of the credit characteristics of all of the loans in the
pool.  Using servicer-provided financial information, S&P
calculated an adjusted debt service coverage of 1.41x and a loan-
to-value ratio of 102.7%.  S&P further stressed the loans' cash
flows under S&P's 'AAA' scenario to yield a weighted average DSC
of 0.93x and an LTV of 135.7%.  The implied defaults and loss
severity under the 'AAA' scenario were 84.1% and 35.5%,
respectively.  All of the DSC and LTV calculations noted above
exclude eight ($110.6 million, 4.6%) of the 11 specially serviced
loans and one credit impaired loans ($1.4 million, 0.1%).  S&P
separately estimated losses for these loans, which are included in
its 'AAA' scenario implied default and loss figures.

The affirmations on the principal and interest certificates
reflect subordination levels that adequately support the
outstanding ratings.  S&P affirmed the rating on the class X
interest-only certificates based on S&P's current criteria.  S&P
published a request for comment proposing changes to its IO
criteria on June 1, 2009.  After S&P finalize its criteria review,
S&P may revise its IO criteria, which may affect outstanding
ratings, including the rating on the IO certificates that S&P
affirmed.

                         Credit Concerns

As of the September 2009 remittance report, 10 loans
($65.4 million, 2.7%) in the pool are with the special servicer,
Midland Loan Services Inc. The payment status of the loans are:
seven are more than 90 days delinquent ($6.0 million, 0.3%), one
is 60 days delinquent ($61.3 million, 2.5%), and two are less than
30 days delinquent ($5.7 million, 0.2%).  Six of the specially
serviced loans have appraisal reduction amounts in effect totaling
$8.2 million.  Two of the specially serviced loans are cross-
collateralized and cross- defaulted.  The combined balance is
$31.2 million (1.3%), making it the ninth-largest exposure in the
pool.  The crossed loans, collectively known as the Grey Apartment
Portfolio, are discussed further below in the Top 10 loan section.
The remaining specially serviced loans have balances that
represent less than 1.0% of the total pool balance.

In addition, the sixth-largest loan in the pool, the Towers at
University Town Center ($55.3 million, 2.3%) was transferred to
the special servicer after the September remittance report date.
This loan is discussed further in the Top 10 loan section.

In addition, S&P considers the 360 Franklin Avenue ($1.4 million,
0.1%) loan, to be credit-impaired.  The loan is 30 days delinquent
and reported occupancy of 67% and a DSC of 0.77x for the year
ending 2008.  This loan was not transferred to the special
servicer as of the Sept. 14, 2009, remittance date.

                       Transaction Summary

As of the September 2009 remittance report, the collateral pool
consisted of 217 loans with an aggregate trust balance of
$2.42 billion, which represents approximately 99.4% of the trust
balance at issuance.  One loan ($1.2 million) has been paid off.
The master servicers for the transaction, KeyCorp Real Estate
Capital Markets Inc. and Wells Fargo Bank N.A., provided financial
information for 99.0% of the pool; 97.2% of the financial
information was full-year 2008 data or interim-2009 data.  S&P
calculated a weighted average DSC of 1.39x for the pool based on
the reported figures.  S&P's adjusted DSC and LTV were 1.41x and
102.7%, respectively.  S&P's adjusted DSC and LTV figures exclude
eight of the 11 specially serviced loans and one loan that S&P
deemed to be credit-impaired.  S&P estimated losses separately for
these nine loans ($111.9 million, 4.6%).  The servicer-reported
DSC figures for eight of these loans ($109.5 million, 4.5%).
Based on the servicer-reported DSC figures, S&P calculated a
weighted average DSC of 0.87x for these eight loans.  Thirty-two
loans (17.0%) are on the master servicers' watchlists, including
three of the top 10 loans, which include Towers at University Town
Center.  As noted above, this loan was transferred to the special
servicer after the Sept. 14, 2009, remittance report.  Thirty-six
loans ($302.3 million, 12.5%) have a reported DSC of less than
1.10x, and 25 of these loans ($205.6 million, 8.5%) have a
reported DSC of less than 1.0x.

                    Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$1.03 billion (42.5%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC for the top 10 loans of 1.44x.
Two of the top 10 loans ($179.2 million, 7.4%) appear on the
master servicers' watchlists.  S&P's adjusted DSC and LTV for the
top 10 loans, excluding the two specially serviced loans, are
1.48x and 90.7%, respectively.

The Towers at University Town Center is the largest loan with the
special servicer and the sixth-largest loan in the pool.  The loan
has a trust balance of $55.3 million (2.3%) and is secured by a
244-unit (910 beds) student-housing complex in Hyattsville, Md.
The loan is 60 days delinquent and was transferred to the special
servicer on Sept. 8, 2009, due to payment default.  The year-end
2008 DSC was 0.85x and occupancy was 89.7%, down from 1.17x and
98.0% at issuance.  At this time, Standard & Poor's expects a
moderate loss upon the resolution of the asset.

The Grey Apartment Portfolio is the second-largest exposure with
the special servicer and the ninth-largest exposure in the pool.
The portfolio comprises two cross-collateralized and cross-
defaulted loans, Park at Lakeside and Evergreen Pointe.  The
portfolio has a trust balance of $31.2 million (1.3%) and includes
a total of 789 multifamily units in Houston, Texas.  The loan is
90 days delinquent and was transferred to the special servicer on
Feb. 12, 2009, due to payment default.  A receiver was appointed
on March 31, 2009.  At this time, Standard & Poor's expects a
moderate loss upon the resolution of the asset.

The Executive Hills Portfolio loan is the third-largest loan in
the pool and appears on the master servicers' watchlist due to low
occupancy at four of the nine office properties that serve as loan
collateral.  The loan is current and has a trust balance of
$99.9 million (4.1%).  The nine office buildings total 951,754 sq.
ft., and are located in the Greater Kansas City Metropolitan area-
-on both sides of the Kansas and Missouri state line.  The DSC for
the trailing six months ending June 30, 2009, was 1.06x and the
year-end 2008 DSC was 1.26x.  At issuance, the DSC was 1.43x and
the occupancy was 93%.

The Peninsula Beverly Hills loan is the fourth-largest loan in the
pool and is on the master servicers' watchlist due to low DSC.
The trust balance is $79.3 million (3.3%) and a $60.7 million
subordinate B note is held outside of the trust.  The loan is
secured by a 194-room full-service luxury hotel in Beverly Hills,
Calif.  The DSC on the whole loan for the trailing 12 months
ending June 30, 2009, was 0.97x, down from 1.40x at issuance.

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

             ML-CFC Commercial Mortgage Trust 2007-8
         Commercial mortgage pass-through certificates

                Rating
                ------
     Class     To     From            Credit enhancement (%)
     -----     --     ----            ----------------------
     AM        A      AAA/Watch Neg                    20.13
     AM-A      A      AAA/Watch Neg                    20.13
     AJ        BBB-   AAA/Watch Neg                    11.45
     AJ-A      BBB-   AAA/Watch Neg                    11.45
     B         BB+    AA+/Watch Neg                    10.95
     C         BB     AA/Watch Neg                      9.31
     D         BB-    AA-/Watch Neg                     8.18
     E         B+     A+/Watch Neg                      7.80
     F         B+     A/Watch Neg                       7.05
     G         B+     A-/Watch Neg                      6.16
     H         B      BBB+/Watch Neg                    4.78
     J         B-     BBB/Watch Neg                     3.77
     K         CCC+   BBB-/Watch Neg                    3.15
     L         CCC    BB+/Watch Neg                     2.52
     M         CCC-   BB/Watch Neg                      2.14
     N         CCC-   BB-/Watch Neg                     2.01
     P         CCC-   B+/Watch Neg                      1.89
     Q         CCC-   B/Watch Neg                       1.64
     S         CCC-   B-/Watch Neg                      1.51

     Ratings Affirmed And Removed From Creditwatch Negative

             ML-CFC Commercial Mortgage Trust 2007-8
         Commercial mortgage pass-through certificates

              Rating
              ------
  Class     To     From            Credit enhancement (%)
  -----     --     ----            ----------------------
A-3       AAA    AAA/Watch Neg                    30.19
A-1A      AAA    AAA/Watch Neg                    30.19

                        Ratings Affirmed

             ML-CFC Commercial Mortgage Trust 2007-8
          Commercial mortgage pass-through certificates

            Class     Rating    Credit enhancement (%)
            -----     ------    ----------------------
            A-1       AAA                        30.19
            A-2       AAA                        30.19
            A-SB      AAA                        30.19
            X         AAA                          N/A

                        N/A - Not applicable.


MORGAN STANLEY: Fitch Puts Ratings on 2004-HQ4 Notes on Watch
-------------------------------------------------------------
Fitch Ratings places 10 classes of Morgan Stanley Capital I
Trust's commercial mortgage pass-through certificates, series
2004-HQ4 on Rating Watch:

  -- $24 million class E 'A'; Rating Watch Negative;
  -- $10.3 million class F 'A-'; Rating Watch Negative;
  -- $12 million class G 'BBB+'; Rating Watch Negative;
  -- $12 million class H 'BBB'; Rating Watch Negative;
  -- $15.4 million class J 'BBB-'; Rating Watch Negative;
  -- $5.1 million class K 'BB+'; Rating Watch Negative;
  -- $5.1 million class L 'BB'; Rating Watch Negative;
  -- $5.1 million class M 'BB-'; Rating Watch Negative;
  -- $1.7 million class N 'B+'; Rating Watch Negative;
  -- $3.4 million class O 'B'; Rating Watch Negative.

Also, Fitch affirms and revises the Rating Outlook for this class:

  -- $13.7 million class D 'AA-'; Outlook to Negative from Stable.

The classes have been identified by Fitch's downgrade screener due
to delinquencies and concerns over potential losses associated
with the four specially serviced loans (3.7% of pool).  The
largest specially serviced loan, (1.6%), is collateralized by a
197,941 square foot retail-shadow anchored center located in
Richmond, VA.  The loan transferred on June 5, 2009, due to
imminent default as a result of declining performance.  The most
recent servicer-reported debt service coverage ratio (DSCR) was
0.76 times as of first quarter 2009, and the occupancy was 76%.
This compares to a reported DSCR of 1.21x and occupancy of 98% at
year-end 2007.

Fitch expects to resolve the Rating Watch status following updated
valuations of the specially serviced loans and additional
information on potential resolutions.


MORGAN STANLEY: S&P Corrects Rating on 2008-7 Notes to 'BB'
-----------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
notes issued by Morgan Stanley ACES SPC's series 2008-7 by
lowering it to 'BB' from 'AAA'.  The rating remains on CreditWatch
negative.

On Dec. 11, 2008, S&P raised the rating on the notes to 'AAA'
based on additional subordination that had been added to the
transaction.  However, at that time, S&P incorrectly calculated
the subordination amount in the transaction.  The actual
subordination available to support the notes at that time, while
sufficient under S&P's criteria for the 'AAA' rating that was
assigned, was significantly lower than the incorrect subordination
amount that was reported to the surveillance team.  This incorrect
amount was carried over into S&P's synthetic collateralized debt
obligation surveillance system, inadvertently showing the
transaction as having a significantly greater cushion than it
actually had.  Consequently, the rating has remained at 'AAA'
despite credit deterioration in the underlying reference
portfolio.  The rating action corrects the rating to reflect the
actual subordination available to support the notes in light of
the referenced deterioration in the underlying portfolio.

The rating remains on CreditWatch negative pending review of the
transaction under S&P's recently updated corporate CDO criteria.

                         Rating Corrected

                     Morgan Stanley ACES SPC
                          Series 2008-7

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


MORGAN STANLEY: S&P Cuts Ratings on Two 2004-IQ7 Securities
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered it ratings on two
classes of commercial mortgage-backed securities from Morgan
Stanley Capital I Trust 2004-IQ7 and removed them from CreditWatch
with negative implications.  In addition, S&P affirmed its ratings
on 15 classes from the same transaction and removed 13 of them
from CreditWatch with negative implications.

The ratings actions follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria.  The downgrades reflect
the credit support erosion S&P anticipate will occur upon the
eventual resolution of the specially serviced loans in the pool.
S&P's analysis included a review of the credit characteristics of
all of the loans in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.78x and a loan-to-value ratio of 71.2%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 1.48x and an LTV of 91.4%.  The implied
defaults and loss severity under the 'AAA' scenario were 18.9% and
18.8%, respectively.  The DSC and LTV calculations excluded one
specially serviced loan ($10.9 million, 1.5%), 57 cooperative
apartment loans ($133.4 million, 17.8%), and seven loans that have
been defeased ($115.4 million, 15.4%).  S&P separately estimated
losses for the specially serviced loan, which S&P include in the
'AAA' scenario implied default and loss figures.  S&P excluded the
cooperative apartment loans, as they did not default under the
'AAA' scenario due to extremely low leverage.

The affirmations of the principal and interest certificates
reflect subordination levels that adequately support the
outstanding ratings.  S&P affirmed the ratings 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 finalize its criteria review, S&P may
revise its current IO criteria, which may affect outstanding
ratings, including the ratings on the IO certificates S&P
affirmed.

                          Credit Concerns

Three loans ($25.9 million, 3.5%) in the pool are with the special
servicer.  The special servicer for the transaction is Midland
Loan Services Inc., except with respect to the cooperative
apartment loans for which the special servicer is National
Consumer Cooperative Bank.  The payment status of these loans is:
one loan is a matured balloon (1.7%), one is 60 days delinquent
(0.3%), and one is current (1.5%).

The University Centre West III loan ($12.8 million, 1.7%) is
secured by an 83,753-sq.-ft. mixed-use property in Coral Springs,
Florida.  The loan was transferred to the special servicer on Jan.
28, 2009, due to a maturity default.  As of Sept. 30, 2008, the
property's DSC was 1.75x.  Occupancy is currently 76%.  Midland is
negotiating an extension at this time.

The Boise Towne Plaza loan ($10.9 million, 1.5%) is secured by an
116,677-sq.-ft. anchored retail center in Boise, Idaho.  The loan
was transferred to the special servicer on April 22, 2009, due to
the bankruptcy on General Growth Properties Inc. and its
affiliates.  Occupancy at this property has declined to 34.6% due
to the bankruptcies of Linens 'n' Things and Circuit City, both of
which were anchor tenants for the property.  Standard & Poor's
expects a moderate loss upon the resolution of this asset.

                        Transaction Summary

As of the September 2009 remittance report, the aggregate trust
balance was $750.6 million, which represents 87.0% of the
aggregate trust balance at issuance.  There are 122 loans in the
pool, down from 128 at issuance.  The master servicer for the
transaction is Wells Fargo Bank N.A., except with respect to the
cooperative apartment loans for which the master servicer is NCB
FSB.  Excluding $115.4 million (15.4%) in defeased collateral, the
master servicers provided financial information for 98.4% of the
pool, and 87.5% of the servicer-provided information was full-year
2008 or interim 2009 data.  Excluding the cooperative apartment
loans, S&P calculated a weighted average DSC of 1.81x for the pool
based on the reported figures.  S&P's adjusted DSC and LTV were
1.78x and 71.2%, respectively.  To date, the transaction has
realized a loss of $1.2 million in connection with one loan.  Nine
loans ($36.7 million, 4.9%) are on the master servicers'
watchlists, all of which have current balances of less than
$10 million.  Nine loans ($37.7 million, 5.0%) have a reported DSC
of less than 1.10x, and eight of these loans ($32.5 million, 4.3%)
have a reported DSC of less than 1.0x.

                     Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$261.5 million (34.8%).  Using servicer-reported numbers, and
excluding the Sadore Lane Gardens and Dayton Towers Corp. loans,
S&P calculated a weighted average DSC of 1.84x for the top 10
loans.  S&P's adjusted DSC and LTV for the top 10 loans were 1.85x
and 70.9%, respectively.

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

      Ratings Lowered And Removed From Creditwatch Negative

             Morgan Stanley Capital I Trust 2004-IQ7
          Commercial mortgage pass-through certificates

                   Rating
                   ------
    Class  To               From         Credit enhancement (%)
    -----  --               ----         ----------------------
    M      CCC+            B/Watch Neg                     1.14
    N      CCC             B-/Watch Neg                    0.85

      Ratings Affirmed And Removed From Creditwatch Negative

              Morgan Stanley Capital I Trust 2004-IQ7
           Commercial mortgage pass-through certificates

                   Rating
                   ------
    Class  To               From         Credit enhancement (%)
    -----  --               ----         ----------------------
    A-2    AAA             AAA/Watch Neg                  13.64
    A-3    AAA             AAA/Watch Neg                  13.64
    A-4    AAA             AAA/Watch Neg                  13.64
    B      AA+             AA+/Watch Neg                   9.76
    C      A               A/Watch Neg                     6.74
    D      A-              A-/Watch Neg                    5.84
    E      BBB+            BBB+/Watch Neg                  4.58
    F      BBB             BBB/Watch Neg                   3.87
    G      BBB-            BBB-/Watch Neg                  3.29
    H      BB+             BB+/Watch Neg                   2.57
    J      BB              BB/Watch Neg                    2.00
    K      BB-             BB-/Watch Neg                   1.71
    L      B+              B+/Watch Neg                    1.42

                         Ratings Affirmed

              Morgan Stanley Capital I Trust 2004-IQ7
           Commercial mortgage pass-through certificates

               Class  Rating   Credit enhancement (%)
               -----  ------   ----------------------
               X-1    AAA                         N/A
               X-Y    AAA                         N/A

                       N/A - Not applicable.


MORGAN STANLEY: S&P Downgrades Ratings on 2 2004-TOP15 Securities
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered it ratings on two
classes of commercial mortgage-backed securities from Morgan
Stanley Capital I Trust 2004-TOP15 and removed them from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on 15 classes from the same transaction and removed 13
of them from CreditWatch with negative implications.

The rating actions follow S&P's analysis of the transaction using
its U.S. conduit and fusion CMBS criteria, which was the primary
driver of these actions.  S&P's analysis included a review of the
credit characteristics of all of the loans in the pool.  Using
servicer-provided financial information, S&P calculated an
adjusted debt service coverage of 2.04x and a loan-to-value ratio
of 67.8%.  S&P further stressed the loans' cash flows under S&P's
'AAA' scenario to yield a weighted average DSC of 1.49x and an LTV
of 87.0%.  The implied defaults and loss severity under the 'AAA'
scenario were 9.3% and 32.4%, respectively.  The DSC and LTV
calculations excluded two loans that have been defeased (4.0%).

The affirmations of the ratings on the principal and interest
certificates reflect subordination levels that adequately support
the outstanding ratings.  S&P affirmed the ratings 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 ratings on the IO certificates
S&P affirmed.

                          Credit Concerns

Five loans ($27.3 million, 3.6%) in the pool are with the
special servicer, Centerline Servicing Inc. Two of these loans
($8.0 million, 1.1%) are matured balloons, and the remaining three
loans ($19.3 million, 2.6%) are current but were transferred due
to potential maturity defaults.  All of these loans have a DSC in
excess of 1.65x, and their weighted average DSC is 2.91x.
Extensions are under negotiation for each of the specially
serviced loans.

                       Transaction Summary

As of the September 2009 remittance report, the aggregate trust
balance was $753.2 million, which represents 84.7% of the
aggregate trust balance at issuance.  There are 109 loans in the
pool, down from 118 at issuance.  The master servicer for the
transaction is Wells Fargo Bank N.A.  Excluding $29.9 million
(4.0%) in defeased collateral, the master servicer provided
financial information for 100.0% 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 2.01x for the pool
based on the reported figures.  S&P's adjusted DSC and LTV were
2.04x and 67.8%, respectively.  To date, the transaction has not
realized any losses.  Seventeen loans ($81.4 million, 10.8%) are
on the master servicer's watchlist.  Seven loans ($34.8 million,
4.6%) have a reported DSC of less than 1.10x, and six of these
loans ($32.5 million, 4.3%) have a reported DSC of less than 1.0x.

                     Summary of Top 10 Loans

The top 10 exposures secured by real estate have an aggregate
outstanding balance of $321.7 million (42.7%).  Using servicer-
reported numbers, S&P calculated a weighted average DSC of 2.05x
for the top 10 loans.  S&P's adjusted DSC and LTV for the top 10
loans were 2.14x and 68.5%, respectively.  Standard & Poor's
adjusted DSC is higher than the weighted average DSC based on
reported figures primarily due to positive cash flow adjustments
on the largest loan in the pool.  S&P made these adjustments due
to improvements in property performance that the full-year 2008
data did not adequately capture.

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

             Morgan Stanley Capital I Trust 2004-TOP15
  Commercial mortgage pass-through certificates Series 2004-TOP15

                 Rating
                 ------
    Class  To              From          Credit enhancement (%)
    -----  --              ----          ----------------------
    M      B-              B/Watch Neg                     0.89
    N      CCC+            B-/Watch Neg                    0.59

     Ratings Affirmed And Removed From Creditwatch Negative

             Morgan Stanley Capital I Trust 2004-TOP15
  Commercial mortgage pass-through certificates Series 2004-TOP15

                 Rating
                 ------
    Class  To              From          Credit enhancement (%)
    -----  --              ----          ----------------------
    A-2    AAA             AAA/Watch Neg                  12.70
    A-3    AAA             AAA/Watch Neg                  12.70
    A-4    AAA             AAA/Watch Neg                  12.70
    B      AA              AA/Watch Neg                    9.75
    C      A               A/Watch Neg                     6.64
    D      A-              A-/Watch Neg                    5.91
    E      BBB+            BBB+/Watch Neg                  4.73
    F      BBB             BBB/Watch Neg                   3.84
    G      BBB-            BBB-/Watch Neg                  2.66
    H      BB+             BB+/Watch Neg                   2.21
    J      BB              BB/Watch Neg                    1.77
    K      BB-             BB-/Watch Neg                   1.48
    L      B+              B+/Watch Neg                    1.18

                         Ratings Affirmed

             Morgan Stanley Capital I Trust 2004-TOP15
  Commercial mortgage pass-through certificates Series 2004-TOP15

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


MSC 2007-SRR4: Fitch Downgrades Ratings on 13 Classes of Notes
--------------------------------------------------------------
Fitch Ratings has downgraded 13 classes and removed the Rating
Watch Negative on eight classes issued by MSC 2007-SRR4 as a
result of significant negative credit migration of the 2006
vintage commercial mortgage backed securities collateral within
the reference portfolio.  All classes are now rated either 'CCC'
or 'CC'.  A complete list of rating actions follows at the end of
this press release.

These rating actions are the result of substantial credit
deterioration in the portfolio since Fitch's last rating action in
January 2009.  Since that time, approximately 71.2% of the
portfolio has been downgraded, and an additional 36.6% were placed
on Rating Watch Negative.  Approximately 77.7% of the portfolio
has a Fitch derived rating below investment grade and 16.3% has a
rating in the 'CCC' rating category or lower, compared to 6.5% and
0%, respectively, when Fitch took its last rating action.

The transaction was analyzed under the 'Global Rating Criteria for
Structured Finance CDOs' using the Portfolio Credit Model.
However, based on the significant collateral deterioration, the
resulting rating loss rate exceeds existing credit enhancement.
As a result, Fitch relied on a deterministic approach to assign
ratings.  Given the thin tranche size of the underlying
collateral, Fitch assumed limited recovery prospects upon default,
consistent with the above-referenced criteria.  Therefore, Fitch
assigned the ratings based on the rating of the underlying
collateral needed to perform in order to repay the class in full.
Classes A through H are dependent on 'CCC' rated collateral to
perform, while classes J through R are dependent on collateral
rated 'CC'.

MSC 2007-SRR4 represents a synthetic collateralized debt
obligation transaction that references a static portfolio
consisting of 67 CMBS assets.  The transaction is designed to
provide credit protection for realized losses on a reference
portfolio through a credit default swap between the issuer and the
swap counterparty, Morgan Stanley Capital Services Inc., which is
rated 'A/F1' with a Stable Outlook by Fitch.

Proceeds from the securities are invested in a pool of eligible
investments, which are protected through the total return swap
agreement between the issuer and MSCS, the TRS counterparty.  The
payment obligations of the TRS counterparty are guaranteed by
Morgan Stanley, the swap counterparty guarantor.  As of the
Sept. 18, 2009 trustee report, the TRS account is currently
invested in a money market fund.

Fitch has downgraded these classes:

  -- $13,800,000 Class B to 'CCC' from 'BB+';
  -- $18,400,000 Class C to 'CCC' from 'BB';
  -- $24,150,000 Class D to 'CCC' from 'BB';
  -- $14,950,000 Class E to 'CCC' from 'BB-';
  -- $18,400,000 Class F to 'CCC' from 'B+';
  -- $11,500,000 Class G to 'CCC' from 'B+';
  -- $16,100,000 Class H to 'CC' from 'B';
  -- $9,200,000 Class J to 'CC' from 'B-';
  -- $9,200,000 Class K to 'CC' from 'CCC';
  -- $4,600,000 Class L to 'CC' from 'CCC';
  -- $4,600,000 Class M to 'CC' from 'CCC';
  -- $4,600,000 Class N to 'CC' from 'CCC';
  -- $4,600,000 Class O to 'CC' from 'CCC'.

In addition, Classes B through J have been removed from Rating
Watch Negative.


MSC 2007-SRR: Fitch Downgrades Ratings on 14 Classes of Notes
-------------------------------------------------------------
Fitch Ratings has downgraded 14 classes issued by MSC 2007-SRR3 as
a result of significant negative credit migration of the 2006
vintage commercial mortgage backed securities collateral within
the reference portfolio.  All classes are now rated either 'CCC'
or 'CC'.  A complete list of rating actions follows at the end of
this press release.

These rating actions are the result of substantial credit
deterioration in the portfolio since Fitch's last rating action in
January 2009.  Since that time, approximately 57.8% of the
portfolio has been downgraded, and an additional 41.6% were placed
on Rating Watch Negative.  Approximately 73.3% of the portfolio
has a Fitch derived rating below investment grade and 23.5% has a
rating in the 'CCC' rating category or lower, compared to 15.5%
and 8.5%, respectively, when Fitch took its last rating action.

The transaction was analyzed under the 'Global Rating Criteria for
Structured Finance CDOs' using the Portfolio Credit Model (PCM).
However, based on the significant collateral deterioration, the
resulting rating loss rate exceeds existing credit enhancement.
As a result, Fitch relied on a deterministic approach to assign
ratings.  Given the thin tranche size of the underlying
collateral, Fitch assumed limited recovery prospects upon default,
consistent with the above referenced criteria.  Therefore, Fitch
assigned the ratings, based on the rating of the underlying
collateral needed to perform in order to repay the class in full.
Classes B through G are dependent on 'CCC' rated collateral to
perform, while classes H through O are dependent on collateral
rated 'CC'.

MSC 2007-SRR3 represents a synthetic collateralized debt
obligation transaction that references a static portfolio
consisting of CMBS (89.3%) and CMBS B-Piece resecuritizations
(10.7%).  The transaction is designed to provide credit protection
for realized losses on a reference portfolio through a credit
default swap between the issuer and the swap counterparty, Morgan
Stanley Capital Services Inc., which is rated 'A/F1' with a Stable
Outlook by Fitch.

Proceeds from the securities are invested in a pool of eligible
investments, which are protected through the total return swap
agreement between the issuer and MSCS, the TRS counterparty.  The
payment obligations of the TRS counterparty are guaranteed by
Morgan Stanley, the swap counterparty guarantor.  As of the
Sept. 18, 2009 trustee report, the TRS account is currently
invested in a money market fund.

Fitch has downgraded or affirmed these classes as indicated:

  -- $28,110,000 class A notes downgraded to 'CCC' from 'BB';
  -- $14,055,000 class B notes downgraded to 'CCC' from 'BB-';
  -- $14,055,000 class C notes downgraded to 'CCC' from 'BB-';
  -- $14,055,000 class D notes downgraded to 'CCC' from 'B+';
  -- $14,055,000 class E notes downgraded to 'CCC' from 'B';
  -- $14,055,000 class F notes affirmed at 'CCC';
  -- $10,541,250 class G notes affirmed at 'CCC',
  -- $10,541,250 class H notes affirmed at 'CCC'.
  -- $10,541,250 class J notes downgraded to 'CC' from 'CCC';
  -- $10,541,250 class K notes downgraded to 'CC' from 'CCC';
  -- $15,854,040 class L notes downgraded to 'CC' from 'CCC';
  -- $9,491,810 class M notes downgraded to 'CC' from 'CCC';
  -- $4,000,990 class N notes downgraded to 'CC' from 'CCC';
  -- $3,007,770 class O notes downgraded to 'CC' from 'CCC';
  -- $3,495,010 class P notes downgraded to 'CC' from 'CCC';
  -- $2,501,790 class Q notes downgraded to 'CC' from 'CCC';
  -- $1,499,200 class R notes downgraded to 'CC' from 'CCC'.

In addition, classes A through E have been removed from Rating
Watch Negative.


NORTEL NETWORKS: S&P Downgrades Ratings on 2001-1 Notes to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on Nortel
Networks Lease Pass-Through Trust's series 2001-1 to 'D' from
'CCC'.

The downgrade reflects interest shortfalls that S&P expects to
continue for the foreseeable future.  The shortfalls are due to
ongoing special servicing fees.  The loan was transferred to the
special servicer, Wachovia Bank N.A., on Feb. 4, 2009.

The trust certificates from series 2001-1 are secured by two
mortgage notes backed by five single-tenant office/R&D buildings
in Research Triangle Park, North Carolina, totaling 1,403,058 sq.
ft. The properties are leased to Nortel Networks Ltd.  Following
Nortel's bankruptcy filing, the mortgage notes were transferred to
Wachovia.

The Oct. 9, 2009, remittance report indicated $73,591 in
shortfalls on the rated security due to special servicing fees.
Based on conversations with Wachovia, it is S&P's understanding
that Nortel has not rejected or modified the lease and is current
with the rent for the buildings it leases.  Nortel has stated,
however, that it will not pay the special servicing fees due to
Wachovia.  S&P expects the interest shortfalls to continue for the
foreseeable future.


OAK HILL: Moody's Downgrades Ratings on Three Classes of Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
rating of these notes issued by Oak Hill Credit Partners II,
Limited:

  -- US$32,000,000 Class B Senior Secured Deferrable Floating Rate
     Notes Due 2015 Notes, Upgraded to Baa1; previously on March
     20, 2009 Downgraded to Baa3 and Remained On Review for
     Possible Downgrade;

  -- US$8,500,000 Class C-1 Senior Secured Deferrable Floating
     Rate Notes Due 2015 Notes, Upgraded to Ba2; previously on
     March 20, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade;

  -- US$22,500,000 Class C-2 Senior Secured Deferrable Floating
     Rate Notes Due 2015 Notes, Upgraded to Ba2; previously on
     March 20, 2009 Downgraded to Ba3 and Remained On Review for
     Possible Downgrade.

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

  -- US$5,000,000 Class A-2a Senior Secured Participating Floating
     Rate Notes Due 2015 Notes, Confirmed at Aa2; previously on
     March 4, 2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$32,000,000 Class A-2b Senior Secured Fixed Rate Due 2015
     Notes, Confirmed at Aa2; previously on March 4, 2009 Aa2
     Placed Under Review for Possible Downgrade;

  -- US$2,000,000 Class D-1 Senior Secured Deferrable Floating
     Rate Notes Due 2015 Notes, Confirmed at B3; previously on
     March 20, 2009 Downgraded to B3 and Remained On Review for
     Possible Downgrade;

  -- US$5,500,000 Class D-2 Senior Secured Deferrable Floating
     Rate Notes Due 2015 Notes, Confirmed at B3; previously on
     March 20, 2009 Downgraded to B3 and Remained On Review for
     Possible Downgrade;

  -- US$5,000,000 Class D-3 Senior Secured Deferrable Fixed Rate
     Notes Due 2015 Notes, Confirmed at B3; previously on
     March 20, 2009, Downgraded to B3 and Remained On Review for
     Possible Downgrade.

Moody's notes that the upgrade action on the Class B, Class C-1
and Class C-2 Notes and the rating confirmations on the Class A-
2a, Class A-2b, Class D-1, Class D-2 and Class D-3 Notes consider
updated analysis incorporating certain rating stresses assumed by
Moody's and moderate credit deterioration, but reflect Moody's
conclusion that the impact of these factors on the ratings of the
notes is not as negative as previously assessed during Stage I of
the deal review in March.  The current conclusions stem from
comprehensive deal-level analysis completed during Stage II of the
ongoing CLO surveillance review, which included an in-depth
assessment of results from Moody's quantitative CLO rating model
along with an examination of deal-specific qualitative factors.
By way of comparison, during Stage I Moody's took rating actions
that were largely the result of a parameter-based approach.

Moody's rating analysis applies certain revised assumptions with
respect to default probability (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.

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 deteriorated by
a minimal amount over the last year and is currently 2586, versus
a test level of 2570, based on the last trustee report dated
September 1, 2009.  According to the same report, the Class A
overcollateralization ratio is 125.93%, versus a test level of
111.9%, the Class B overcollateralization ratio is 114.88% versus
a test level of 105%, the Class C overcollateralization ratio is
105.88% versus a test level of 102.9%, and the Class D
overcollateralization ratio is 102.64% versus a test level of
102.1%.  Moody's also notes that it has taken into account the
large bucket of securities currently rated Caa1/CCC+ or below,
which stands at 19.3% versus a test level of 5%.

Oak Hill Credit Partners II, Limited, issued on February 27, 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.


PALM DRIVE: S&P Affirms 'BB' Rating on 2005 Tax Revenue Bonds
-------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB' long-term
rating on Palm Drive Health Care District, Calif.'s series 2005
parcel tax revenue bonds and removed the rating from CreditWatch
with negative implications where it was placed July 10, 2009.  At
the same time, S&P assigned the series 2005 parcel tax revenue
bonds a stable outlook.

"The rating affirmation and CreditWatch removal is based upon
S&P's expectation that the three-year contract entered into
between the district and BRIM, a national hospital management and
consulting firm, will likely provide the managerial support
necessary so that the district can remain solvent in the near-term
and create a foundation for long-term operational stability," said
Standard & Poor's credit analyst Misty Newland.  "The stable
outlook is based on S&P's view of the uninterrupted payment of
debt service since the bankruptcy filing.  The rating could come
under pressure if the bonds are not classified as allowed
unimpaired secured claims in the final effective plan."

The district filed for bankruptcy protection on April 5, 2007,
under Chapter 9 of the U.S. Bankruptcy Code.  The district filed a
second amended plan of adjustment dated April 30, 2009, which
expired Sept. 4, 2009.  It is S&P's understanding that the
district has requested the creditor's committee to extend the date
of the plan.


RALI SERIES: S&P Downgrades Ratings on Seven 2008-QR1 Certificates
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on seven
classes of certificates from RALI Series 2008-QR1 Trust, a U.S.
residential mortgage-backed securities resecuritized real estate
mortgage investment conduit transaction.  S&P lowered its ratings
on the class I-A-1, I-A-2, I-A-4, and II-A-1 certificates to 'CCC'
from 'AAA', and S&P lowered its ratings on the class I-A-3, II-A-
2, and II-A-3 certificates to 'CC' from 'AAA'.  The downgrades
reflect significant deterioration in the performance of the loans
backing the underlying certificates.  This performance
deterioration has been so severe that the credit enhancement for
RALI 2008-QR1 is insufficient, in S&P's view, to maintain the
prior ratings on the re-REMIC classes.

RALI 2008-QR1, which closed in February 2008, is collateralized by
two underlying certificates that support two independent groups
within the re-REMIC.  The loans securing the two underlying
certificates, which are included in two different trusts, consist
predominantly of fixed-rate Alternative-A mortgage loans.

Classes I-A-1, I-A-2, I-A-3, and I-A-4 from RALI 2008-QR1 are
supported by class I-A-2 from RALI Series 2006-QS11 Trust
(currently rated 'CCC').  The performance of the loans securing
this trust has declined precipitously in recent months.  This pool
had experienced cumulative losses amounting to 4.26% of the
original pool balance as of the September 2009 distribution, and
currently has approximately 31.53% in delinquent loans as a
percentage of the current pool balance.  Based on the losses to
date, the current pool factor of 0.601 (60.1%), 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 12.68%, which exceeds the level of
credit enhancement available to cover losses.

Classes II-A-1, II-A-2, and II-A-3 from RALI 2008-QR1 are
supported by class II-A-15 from RALI Series 2006-QS12 Trust
(currently rated 'CCC').  The performance of the loans securing
the class II-A-15 certificate continues to erode beyond reasonable
expectations.  This pool had experienced cumulative losses of
5.88% of the original pool balance as of the September 2009
distribution, and currently has approximately 32.98% in delinquent
loans as a percentage of the current pool balance.  Based on the
losses to date, the current pool factor of 0.588 (58.8%), and the
pipeline of delinquent loans, S&P's current projected loss for
this pool is 15.89%, which exceeds the level of credit enhancement
available to cover losses.

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

                          Ratings Lowered

                    RALI Series 2008-QR1 Trust
                         Series 2008-QR1

                                           Rating
                                           ------
     Class     CUSIP              To                    From
     -----     -----              --                    ----
     I-A-1     74925FAA1          CCC                   AAA
     I-A-2     74925FAB9          CCC                   AAA
     I-A-3     74925FAC7          CC                    AAA
     I-A-4     74925FAD5          CCC                   AAA
     II-A-1    74925FAE3          CCC                   AAA
     II-A-2    74925FAF0          CC                    AAA
     II-A-3    74925FAJ2          CC                    AAA


RESTRUCTURED ASSET: Moody's Raises Ratings on Two 2000-27-E Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has upgraded the
ratings of these notes issued by Restructured Asset Securitization
w/ Enhanced Returns 2000-27-E Trust:

  -- $24,680,872 Class A-1 Notes (current balance of $4,794,757),
     Upgraded to Baa2; previously on June 17, 2002 Downgraded to
     Ba1;

  -- $4,250,000 Class A-2 Notes (current balance of $889,325),
     Upgraded to Baa2; previously on June 17, 2002 Downgraded to
     Ba1.

The Class A-1 Notes are a repack of the $141,250,000 Class B-1
Fixed Rate Second Senior Secured Notes issued by PAMCO III CLO
Series 1998-1.  The Class B-1 Notes were downgraded to Caa3 from
B2 on review for possible downgrade on October 6, 2009.  The Class
A-2 Notes are a repack of the $121,250,000 Class B-2 Floating Rate
Second Senior Secured Notes issued by PAMCO III CLO Series 1998-1.
The Class B-2 Notes were downgraded to Caa3 from B2 on review for
possible downgrade on October 6, 2009.

These rating actions are a result of the continued paydown of the
rated balance of the notes, as well as the implicit increase in
the overcollateralization of the notes.

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.


REVE SPC: Moody's Downgrades Ratings on Various Classes of Notes
----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded its
rating on REVE SPC Dryden XVII Notes, collateralized debt
obligation transactions referencing a managed portfolio of
corporate entities.

The rating actions are:

Issuer: REVE SPC Dryden XVII Notes Series 2007-1 (Segregated
Portfolio Series 21)

  -- US$90,000,000 Dryden XVII Notes of Series 2007-1, Class B-2
     due March 20, 2017, Downgraded to Caa3; previously on
     March 13, 2009 Downgraded to Caa2

Issuer: REVE SPC Dryden XVII Notes Series 2007-1 (Segregated
Portfolio Series 22)

  -- US$30,000,000 Dryden XVII Notes of Series 2007-1, Class B-2
     due March 20, 2017, Downgraded to Caa3; previously on
     March 13, 2009 Downgraded to Caa2

Issuer: REVE SPC Dryden XVII Notes Series 2007-1 (Segregated
Portfolio Series 25)

  -- US$30,000,000 Dryden XVII Notes of Series 2007-1, Class B-2
     due March 20, 2017, Downgraded to Caa3; previously on
     March 13, 2009 Downgraded to Caa2

Issuer: REVE SPC Dryden XVII Notes Series 2007-1 (Segregated
Portfolio Series 38)

  -- US$6,000,000 Dryden XVII Notes Series 2007-1, Class B-2 due
     March 20, 2017, Downgraded to Caa3; previously on March 13,
     2009 Downgraded to Caa1

Issuer: REVE SPC Dryden XVII Notes Series 2007-1 (Segregated
Portfolio Series 39)

  -- US$25,000,000 Dryden XVII Notes of Series 2007-1, Class G due
     March 20, 2017, Downgraded to Caa3; previously on March 13,
     2009 Downgraded to Caa1

Issuer: REVE SPC Dryden XVII Variable Spread Notes Series 2007-2
(Segregated Portfolio Series 40)

  -- US$50,000,000 Dryden XVII Variable Spread Notes of Series
     2007-2, Class G due March 20, 2017, Downgraded to Caa3;
     previously on March 13, 2009 Downgraded to Caa1

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 337 from the last rating action to 1,156,
equivalent to an average rating of the current portfolio of Ba1.
The reference portfolio includes an exposure to CIT Group, Inc.
and Ambac Assurance Corporation which have experienced substantial
credit migration in the past few months, and are now rated Ca and
Caa2, respectively.  Since inception of the the transaction, the
subordination of the rated tranches has been reduced due to credit
events on, Lehman Brothers Holdings, Inc., Federal Home Loan
Mortgage Corporation, Federal National Mortgage Association, and
Syncora Guarantee Inc. These credit events lead to a decrease of
approximately 1.6% of the subordination of the tranche[s].  The
portfolio has the highest industry concentrations in Banking
(14.4%), Insurance (12.1%), Finance (10.1%), and
Telecommunications (9.2%).

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.


RIDGEWAY COURT: Fitch Downgrades Ratings on Eight Classes
---------------------------------------------------------
Fitch Ratings has downgraded eight and affirmed two classes of
notes issued by Ridgeway Court Funding II, Ltd.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs'.
These rating actions reflect the defaults due to interest payment
shortfalls to all but two classes of notes.  The interest
shortfall resulted from a reduction of interest proceeds from the
underlying portfolio, which consists of residential mortgage
backed securities and structured finance CDOs.

On the March 10, 2009 distribution date, there were not enough
interest or principal proceeds to fully pay the class A-1A option
fee, the class A-1B and A-1C interest due, and the periodic
payment due the hedge counterparty interest, which are all paid at
the same priority.  The shortfall to the hedge counterparty caused
an event of default under the hedge agreement, and as a result,
the hedge counterparty terminated the interest rate swap and
funding swap agreements.

The termination of the two swaps had resulted in a swap
termination fee in excess of $21 million, as of the June 2009
payment date, which will be paid from available interest and
principal proceeds on each payment date until paid in full.  The
swap termination fee is paid pro-rata at the same priority as the
class A-1A option fee and the A-1B and A-1C interest payments,
which will result in option fee and interest shortfalls on every
payment date until the swap termination fee is paid in full.
Based on the amount of interest and principal proceeds available
for distribution on the past few payment dates, along with the
continued collateral deterioration, it is likely that the hedge
termination fee will have to be paid over a period of at least the
next five years.

Fitch downgraded the classes A-1A, A-1B, A-1C, A-1X, A-2, A-3, A-
4, and A-5 notes to 'D' to reflect the default caused by the
missed interest payments to these classes.  The class B and C
notes were structured to allow for the capitalization of interest
payments.  Such interest payments have been paid-in-kind since
December 2007, whereby the principal balance of the notes has been
written up by the amount of interest owed.  Fitch does not expect
the class B and C notes to receive any further interest or
principal distribution in the future.  Fitch affirmed the 'C'
ratings on the class B and C notes indicating that default appears
imminent of inevitable.

Ridgeway II is a hybrid cash and synthetic CDO, which closed on
June 27, 2007, and is managed by Credit Suisse Alternative
Investments.  The transaction has a portfolio comprised primarily
of subprime RMBS (60.4%), structured finance CDOs (24%),
Alternative-A RMBS (3.9%) and other diversified SF assets.

Fitch will continue to monitor and review this transaction for
future rating adjustments.  Additional transaction information and
historical data are also available at 'www.fitchratings.com'.

Fitch takes these rating actions on Ridgeway Court Funding II,
Ltd.:

  -- $836,511,227 class A-1A notes downgraded to 'D' from 'BB';
     removed from Rating Watch Negative;

  -- $657,258,821 class A-1B notes downgraded to 'D' from 'CCC';

  -- $448,131,014 class A-1C notes downgraded to 'D' from 'CCC';

  -- $300,000,000 class A-1X notes downgraded to 'D' from 'CC';

  -- $225,000,000 class A-2 notes downgraded to 'D' from 'CC';

  -- $225,000,000 class A-3 notes downgraded to 'D' from 'C';

  -- $126,000,000 class A-4 notes downgraded to 'D' from 'C';

  -- $80,000,000 class A-5 notes downgraded to 'D' from 'C';

  -- $40,490,267 class B notes affirmed at 'C';

  -- $39,681,002 class C notes affirmed at 'C'.


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

  -- US$538,000,000 Class A-1LA Floating Rate Extendable Notes Due
     August 2021 (current balance of $524,288,138), Downgraded to
     Ba1; previously on March 25, 2009 Downgraded to A1 and Placed
     Under Review for Possible Downgrade;

  -- US$96,000,000 Class A-1LB Floating Rate Extendable Notes Due
     August 2021, Downgraded to Caa1; previously on March 25, 2009
     Downgraded to Ba1 and Placed Under Review for Possible
     Downgrade;

  -- US$76,000,000 Class A-2L Floating Rate Extendable Notes Due
     August 2021, Downgraded to Caa3; previously on March 25, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$36,500,000 Class A-3L Floating Rate Extendable Notes Due
     August 2021, Downgraded to Ca; previously on March 25, 2009
     Downgraded to Caa3 and Placed Under Review for Possible
     Downgrade;

  -- US$21,000,000 Class B-1L Floating Rate Extendable Notes Due
     August 2021 (current balance of $21,179,716), Downgraded to
     C; previously on March 25, 2009 Downgraded to Ca;

  -- US$14,000,000 Class X Floating Rate Notes Due August 2013
     (current balance of $9,333,334), Downgraded to A1;
     previously on March 25, 2009 Aaa 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 A and Class B-1L Overcollateralization Tests.  In
particular, the weighted average rating factor has increased
over the last year and is currently 2982 versus a test level of
2210 as of the last trustee report, dated August 21, 2009.
Based on the same report, defaulted securities currently held
in the portfolio total about $76.6 million, accounting for roughly
9.2% of the collateral balance, and securities rated Caa1 or lower
make up approximately 9.9% of the underlying portfolio.  The Class
A Overcollateralization Ratio was reported at 102.69% versus a
test level of 107.00%, and the Class B-1L Overcollateralization
Ratio was reported at 91.68% versus a test level of 106.00%.
Additionally, interest payments on the Class B-1L Notes are
presently being deferred as a result of the failure of the Class A
Overcollateralization Test.

Moody's also observes that the transaction is exposed to a 30%
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.  Additionally, Moody's noted
that the portfolio includes a material concentration in CLO
securities that are issued by affiliates of the collateral
manager, which Moody's views as potentially exposing the notes to
additional correlation risk.

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.

Moody's notes that the rating action taken on the Class X
notes reflects increased concerns about the uncertainties
arising from the potential for acceleration of the Notes or
liquidation of the collateral should an Event of Default occur
and continue.  In Moody's view, there is a potential for an
Event of Default arising from the failure to maintain a Senior
Class A Overcollateralization Ratio greater than or equal to 100%,
as described in Section 5.1 of the Indenture, dated May 10, 2006.
As provided in Section 5.2 of the Indenture, during the occurrence
and continuance of an Event of Default, 60% of the Class A-1LA
Notes and Class X Notes, voting together as a single class, may
vote to accelerate the payments on the Notes by declaring the
principal of all the Notes to be immediately due and payable.  In
addition, the holders of the Class A-1LA Notes and Class X Notes
may direct the trustee to proceed with the sale and liquidation of
the collateral, provided that the acceleration resulted from a
payment default or that the collateral is sold at or above par
value.  If the collateral is sold below par value and the
acceleration was the result of any other Event of Default, the
holders of 100% of the Notes may direct the trustee to liquidate.
The severity of any potential losses to the Notes may depend on
the timing and choice of these remedies following an Event of
Default.  In an acceleration, interest payments to the Class A-1LA
Notes, the Class A-1LB Notes, and the Class X Notes are pari passu
and are distributed on a pro rata basis.  Principal payments to
the Class A-1LA Notes and the Class X Notes also are pari passu,
and are paid junior to the aforementioned interest payments.  As a
result of these uncertainties, the Class X Notes were downgraded
from Aaa to A1.

Rockwall CDO Ltd., issued in 2006, is a collateralized loan
obligation backed primarily by a portfolio of senior secured
loans.

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


ROCKWALL CDO: Moody's Downgrades Ratings on Seven Classes
---------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of these notes issued by Rockwall CDO II Ltd.:

  -- US$635,000,000 Class A-1LA Floating Rate Extendable Notes Due
     2024 (current balance of $623,339,243), Downgraded to Ba2;
     previously on March 25, 2009 Downgraded to Baa1 and Placed
     Under Review for Possible Downgrade;

  -- US$115,000,000 Class A-1LB Floating Rate Extendable Notes Due
     2024, Downgraded to Caa2; previously on March 25, 2009
     Downgraded to Ba2 and Placed Under Review for Possible
     Downgrade;

  -- US$76,000,000 Class A-2L Floating Rate Extendable Notes Due
     2024, Downgraded to Caa3; previously on March 25, 2009
     Downgraded to B1 and Placed Under Review for Possible
     Downgrade;

  -- US$48,000,000 Class A-3L Floating Rate Extendable Notes Due
     2024, Downgraded to Ca; previously on March 25, 2009
     Downgraded to Caa2 and Placed Under Review for Possible
     Downgrade;

  -- US$36,000,000 Class B-1L Floating Rate Extendable Notes Due
     2024 (current balance of $36,611,621), Downgraded to C;
     previously on March 25, 2009 Downgraded to Ca;

  -- US$26,000,000 Class B-2L Floating Rate Extendable Notes Due
     2024 (current balance of $25,568,375), Downgraded to C;
     previously on March 25, 2009 Downgraded to Ca;

  -- US$10,000,000 Combination Notes due August 2024 (current
     rated balance of $8,435,621), Downgraded to C; previously on
     March 25, 2009 Downgraded to Ca.

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 failures of the Class A Overcollateralization
Ratio, the Class B-1L Overcollateralization Ratio and the Class B-
2L Overcollateralization Ratio.  In particular, the weighted
average rating factor has increased over the last year and is
currently 2580 versus a test level of 2310 as of the last trustee
report, dated September 22, 2009.  Based on the same report,
defaulted securities currently held in the portfolio total about
$134 million, accounting for roughly 13% of the collateral
balance, and securities rated Caa1 or lower make up approximately
7% of the underlying portfolio.  The Class A Overcollateralization
Ratio was reported at 100.40% versus a test level of 107.00%, the
Class B-1L Overcollateralization Ratio was reported at 96.31%
versus a test level of 106.00% and the Class B-2L
Overcollateralization Ratio was reported at 87.97% versus a test
level of 103.63%.  Additionally, interest payments on the Class B-
1L and Class B-2L notes are presently being deferred as a result
of the failure of the Class A overcollateralization test.

Moody's also observes that the transaction is exposed to a 35%
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.  Additionally, Moody's noted
that the portfolio includes a material concentration in CLO
securities that are issued by affiliates of the collateral
manager, which Moody's views as potentially exposing the notes to
additional correlation 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 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 notes that the rating actions also consider increased
concerns about the uncertainties arising from the potential for
acceleration of the Notes or liquidation of the collateral should
an Event of Default occur and continue.  In Moody's view, there is
a potential for an Event of Default arising from the failure to
maintain a Senior Class A Overcollateralization Ratio greater than
or equal to 100%, as described in Section 5.1 (f) of the
Indenture, dated May 9, 2007.  As provided in Section 5.2 of the
Indenture, during the occurrence and continuance of an Event of
Default, the Requisite Noteholders may vote to accelerate the
payments on the Notes by declaring the principal of all the Notes
to be immediately due and payable.  In addition, 50% of the Class
A-1LA, Class A-1LB and Class A-2L Noteholders (or 60% of the Class
A-1LA Noteholders if the Senior Class A Overcollateralization
Ratio is less than 85%) may direct the trustee to proceed with the
sale and liquidation of the collateral.  The severity of any
potential losses to the notes may depend on the timing and choice
of these remedies following an Event of Default.

Rockwall CDO II Ltd., issued on May 9, 2007, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans, with a significant concentration in structured finance
securities.

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.


SEAWALL SPC: S&P Downgrades Ratings on Two Series of Notes
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
notes issued by Seawall SPC's series CSMC 2007-C4 and 2008 CMBS
CDO-4 and removed them from CreditWatch with negative
implications.  Both deals are U.S. synthetic collateralized debt
obligation transactions.

The ratings on the two U.S. synthetic CDO tranches are directly
linked to the rating on the class AJ certificates from Credit
Suisse Commercial Mortgage Trust Series 2007-C4, which S&P lowered
in conjunction with S&P's actions affecting rated commercial
mortgage-backed securities on Oct. 5, 2009.

      Ratings Lowered And Removed From Creditwatch Negative

                            Seawall SPC
    $31,062,982 series CSMC 2007-C4 class AJ floating-rate notes

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

                            Seawall SPC
   $62,125,964 series 2008 CMBS CDO-4 class A floating-rate notes


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


SIERRA KINGS: Moody's Downgrades Ratings on GO Bonds to 'Ba2'
-------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2, from Baa3, Sierra
Kings Health Care District's general obligation bond rating.  The
rating has also been placed on Watchlist for possible further
downgrade.  This rating action reflects the district's imminent
filing of a petition for chapter 9 bankruptcy protection.  The
district's financial operations have been severely strained in
recent years as it endeavored to upgrade its facilities, and the
district may not be able to meet its contractual obligations
related to these facility improvements.  This development appears
to have been due in part to the district's use of some revenue
bond and general obligation bond proceeds to pay for operating
costs rather than construction costs.  While continued district
operations are not necessary for general obligation bond debt
service to be levied, collected, and paid, it does raise the
specter of a possible temporary disruption of debt service
payments.  Moody's note that district management does intend to
continue operating while in bankruptcy.

The district made its most recent general obligation bond debt
service payment in August 2009, as scheduled.  The next payment is
due February 1, 2010.  As is the usual practice, the levy to make
this payment is already in place and the related property taxes
will be collected and held by the county prior to remittance to
the paying agent for the general obligation bonds.  The Bank of
New York Mellon Trust Company acts as the bonds' paying agent.

The district's financial operations have also been severely
disrupted by the termination of the district's CFO and the
placement of its CEO on unpaid leave of absence.  The positions
are now held on an interim basis by personnel under contract with
the district.

The last rating action was on August 6, 2009, when the ratings of
the district were downgraded to Baa3 from Baa1.


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

  -- US$358,000,000 Class A-1L Floating Rate Notes Due April 2021
     (current balance of $355,829,203), Downgraded to Aa1;
     previously on February 8, 2007 Assigned Aaa;

  -- Up To US$50,000,000 Class A-1LV Floating Rate Revolving Notes
     Due April 2021 (current balance of $49,696,816), Downgraded
     to Aa1; previously on February 8, 2007 Assigned Aaa;

  -- US$33,000,000 Class A-2L Floating Rate Notes Due April 2021,
     Downgraded to A2; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$21,000,000 Class B-2L Floating Rate Notes Due April 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$33,000,000 Class A-3L Floating Rate Notes Due April 2021,
     Confirmed at Baa3; previously on March 13, 2009 Downgraded to
     Baa3 and Placed Under Review for Possible Downgrade;

  -- US$20,000,000 Class B-1L Floating Rate Notes Due April 2021,
     Confirmed at Ba3; previously on March 13, 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-2L overcollateralization
test.  In particular, the weighted average rating factor has
increased over the last year and is currently 2465 as of the last
trustee report, dated September 15, 2009.  Based on the same
report, defaulted securities currently held in the portfolio total
about $15.9 million, accounting for roughly 3% of the collateral
balance, and securities rated Caa1 or lower make up approximately
9.747% of the underlying portfolio.  The Class B-2L
overcollateraliztion ratio was reported at 100.581% versus a test
level of 100.73%.

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 Daytona CLO, Ltd., issued on February 8, 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.


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

  -- US$60,000,000 Class A-1 Floating Rate Notes Due 2020,
     Downgraded to Aa1; previously on August 24, 2006 Assigned
     Aaa;

  -- US$54,500,000 Class A-2b Floating Rate Notes Due 2020,
     Downgraded to Aa3; previously on March 4, 2009 Aa1 Placed
     Under Review for Possible Downgrade;

  -- US$43,000,000 Class A-3 Floating Rate Notes Due 2020,
     Downgraded to A3; previously on March 4, 2009 Aa2 Placed
     Under Review for Possible Downgrade;

  -- US$29,000,000 Class C-1 Floating Rate Notes Due 2020,
     Downgraded to B1; previously on March 17, 2009 Downgraded to
     Ba3 and Placed Under Review for Possible Downgrade;

  -- US$2,500,000 Class C-2 Fixed Rate Notes Due 2020, Downgraded
     to B1; previously on March 17, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade;

  -- US$24,000,000 Class D Floating Rate Notes Due 2020,
     Downgraded to Caa3; previously on March 17, 2009 Downgraded
     to B3 and Placed Under Review for Possible Downgrade;

  -- US$4,500,000 Class J Blended Securities (current balance of
     $3,046,171), Downgraded to B1; previously on March 4, 2009
     Baa2 Placed Under Review for Possible Downgrade.

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

  -- US$36,000,000 Class B Deferrable Floating Rate Notes Due
     2020, Confirmed at Baa3; previously on March 17, 2009
     Downgraded to Baa3 and Placed Under Review for Possible
     Downgrade.

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 2443 as of the last
trustee report, dated September 10, 2009.  Based on the same
report, defaulted securities currently held in the portfolio total
about $19.9 million, accounting for roughly 2.6% of the collateral
balance, and securities rated Caa1 or lower make up approximately
5.63% 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 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.

Stone Tower CLO V, Ltd., issued in August 2006, is a
collateralized loan obligation backed primarily by a portfolio of
senior secured loans.

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


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

  -- US$60,000,000 Class A-2 Second Priority Senior Secured
     Floating Rate Notes Due 2021, Downgraded to Aa2; previously
     on March 4, 2009 Aaa Placed Under Review for Possible
     Downgrade;

  -- US$27,200,000 Class B Third Priority Senior Secured Floating
     Rate Notes Due 2021, Downgraded to A2; previously on March 4,
     2009 Aa2 Placed Under Review for Possible Downgrade;

  -- US$16,000,000 Class E Sixth Priority Mezzanine Secured
     Floating Rate Deferrable Interest Notes Due 2021, Downgraded
     to Caa2; previously on March 23, 2009 Downgraded to B3 and
     Placed Under Review for Possible Downgrade;

  -- US$43,300,000 Subordinated Notes Due 2021 (current rated
     balance of $20.9 million), Downgraded to Ca; previously on
     March 23, 2009 Downgraded to Caa2 and Placed Under Review for
     Possible Downgrade.

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

  -- US$22,000,000 Class C Fourth Priority Mezzanine Secured
     Floating Rate Deferrable Interest Notes Due 2021, Confirmed
     at Baa3; previously on March 23, 2009 Downgraded to Baa3 and
     Placed Under Review for Possible Downgrade;

  -- US$22,000,000 Class D Fifth Priority Mezzanine Secured
     Floating Rate Deferrable Interest Notes Due 2021, Confirmed
     at Ba3; previously on March 23, 2009 Downgraded to Ba3 and
     Placed Under Review for Possible Downgrade.

According to Moody's, the rating actions taken on the notes are a
result of credit deterioration of the underlying portfolio.  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.  As of the latest
trustee report, dated August 31, 2009, defaulted securities
currently held in the portfolio total about $24.8 million,
accounting for roughly 6.1% of the collateral balance, and
securities rated Caa1 or lower make up approximately 11.9% of the
underlying portfolio.  Moody's also notes that the weighted
average rating factor is 3142 based on the same report.

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.

TELOS CLO 2006-1, issued in November of 2006, is a collateralized
loan obligation backed primarily by a portfolio of senior secured
loans of middle market issuers.

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



WACHOVIA BANK: S&P Puts Ratings on Certs. on CreditWatch Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on 15
classes of commercial mortgage pass-through certificates from
Wachovia Bank Commercial Mortgage Trust's series 2007-ESH on
CreditWatch with negative implications due to S&P's expectation of
significant interest shortfalls on the next remittance date.

This expectation is based on a notice posted on the trustee's Web
site on Oct. 13, 2009, indicating that adequate protection
payments being made pursuant to the order entered by the
bankruptcy court will be set aside in a reserve account and not
remitted to bondholders.  Extended Stay Inc., Homestead Village
LLC, and their affiliates filed for Chapter 11 bankruptcy on
June 15, 2009.  Although S&P expects Wachovia Bank N.A., the
servicer, to advance debt service payments, any advances will
likely be reduced by an outstanding appraisal reduction amount of
$1.57 billion.  A related appraisal subordinated entitlement
reduction amount approaching $7 million will likely occur,
prompting shortfalls on all classes subordinate to class A-3.
Class A-3 will also be susceptible to future liquidity
interruptions.

S&P will resolve or update the CreditWatch placements after S&P
further examines the impact on the cash flow waterfall and review
the next remittance report.  Prolonged interest shortfalls will
likely cause downgrades of several classes, some of which could be
lowered to 'D'.

              Ratings Placed On Creditwatch Negative

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2007-ESH

                                  Rating
                                  ------
               Class      To                  From
               -----      --                  ----
               A-3        AA-/Watch Neg       AA-
               A-4FL      BB+/Watch Neg       BB+
               A-4FX      BB+/Watch Neg       BB+
               B          BB-/Watch Neg       BB-
               CFL        B-/Watch Neg        B-
               CFX        B-/Watch Neg        B-
               D          CCC+/Watch Neg      CCC+
               E          CCC/Watch Neg       CCC
               F          CCC-/Watch Neg      CCC-
               G          CCC-/Watch Neg      CCC-
               H          CCC-/Watch Neg      CCC-
               J          CCC-/Watch Neg      CCC-
               K          CCC-/Watch Neg      CCC-
               L          CCC-/Watch Neg      CCC-
               M          CCC-/Watch Neg      CCC-


WACHOVIA BANK: S&P Downgrades Ratings on 18 2006-C27 Securities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 18
classes of commercial mortgage-backed securities from Wachovia
Bank Commercial Mortgage Trust's series 2006-C27 and removed them
from CreditWatch with negative implications.  S&P also affirmed
its ratings on five additional classes.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions.  The downgrades of the mezzanine and
subordinate classes also reflect the credit support erosion S&P
anticipate will occur upon the eventual resolution of seven of the
transaction's nine specially serviced assets.  S&P's analysis
included a review of the credit characteristics of all of the
assets in the pool.  Using servicer-provided financial
information, S&P calculated an adjusted debt service coverage of
1.38x and a loan-to-value ratio of 107.2%.  S&P further stressed
the loans' cash flows under S&P's 'AAA' scenario to yield a
weighted average DSC of 0.87x and an LTV of 145.4%.  The implied
defaults and loss severity under the 'AAA' scenario were 94.2% and
34.8%, respectively.  All of the DSC and LTV calculations noted
above exclude seven ($149.7 million, 4.9%) of the nine specially
serviced assets.  S&P separately estimated losses for these seven
assets and included them 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
ratings on the IO certificates S&P affirmed.

                         Credit Concerns

Nine assets ($201.4 million, 6.6%) in the pool, including the
ninth-largest exposure (which S&P discuss in more detail below),
are with the special servicer, LNR Partners Inc. One
($29.0 million, 1.0%) of the specially serviced assets was
transferred to the special servicer after the September 2009
remittance report date.  Two ($15.0 million, 0.5%) of the
specially serviced assets are real estate owned (REO); two
($73.8 million, 2.4%) are in foreclosure; one ($11.5 million,
0.4%) is 90-plus days delinquent; one ($19.9 million, 0.7%) is 60
days delinquent; two ($52.2 million, 1.7%) are 30 days delinquent;
and one ($29.0 million, 1.0%) is late, but less than 30 days
delinquent.  Appraisal reduction amounts totaling $27.1 million
are in effect against three of the specially serviced assets.

                       Transaction Summary

As of the September 2009 remittance report date, the collateral
pool has an aggregate trust balance of $3.05 billion, which is 99%
of the aggregate trust balance at issuance.  The pool consists of
159 loans and two REO assets, down from 162 loans at issuance.
The master servicer for the transaction is Wachovia Bank N.A.  The
master servicer provided financial information for 98.9% of the
pool, and 98.6% of the servicer-provided information was full-year
2008 or interim 2009 data.  S&P calculated a weighted average DSC
of 1.38x for the pool based on the reported figures.  S&P's
adjusted DSC and LTV were 1.38x and 107.2%, respectively.

S&P's adjusted DSC and LTV figures exclude seven ($149.7 million,
4.9%) of the nine specially serviced assets.  S&P separately
estimated losses for these seven assets.  Servicer-reported
financial information was available for all seven of these assets,
and based on this information, the weighted average DSC for these
exposures was 0.76x.  To date, the transaction has experienced
realized losses in the amount of $35,303 on one asset.

The master servicer reported a watchlist of 26 loans
($631.1 million, 20.7%), including two of the top 10 exposures.
One ($29.0 million, 1.0%) of the loans reported on the watchlist
was transferred to the special servicer after the September 2009
remittance report date.  Six exposures ($87.9 million, 2.9%) in
the pool have reported DSC between 1.00x and 1.10x, and 18
exposures ($311.3 million, 10.2%) have reported DSC of less than
1.00x.

                 Summary of Top 10 Loan Exposures

The top 10 loan exposures have an aggregate outstanding balance of
$1.20 billion (39.5%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.45x for the top 10 loans.
S&P's adjusted DSC and LTV for the top 10 loans were 1.44x and
101.1%, respectively.  These calculations exclude the Bacara and
Montelena at the Canyons loan, which is a top 10 loan that is
currently with the special servicer.  The DSC for this loan was
0.63x as of year-end 2008.  Two ($288.9 million, 9.5%) of the top
10 loans appear on the master servicer's watchlist.  These two
loans, as well as the top 10 loan with the special servicer, are
discussed below.

The Bacara and Montelena at the Canyons loan is the ninth-largest
loan in the pool and the largest loan with the special servicer.
The loan has a balance of $63.0 million (2.1%) and is secured by a
629-unit multifamily complex in Phoenix, Ariz.  The asset is in
foreclosure.  DSC and occupancy as of year-end 2008 were 0.63x and
78.1%, respectively.  The loan was transferred to the special
servicer in March 2009 for payment default.  An order to appoint a
receiver was entered in July 2009.  A $15.8 million ARA is
currently in effect against the asset.  Per the transaction
documents, the ARA is calculated as 25% of the loan's balance.
The ARA is subject to revision once the trust receives an updated
appraisal.  At this time, Standard & Poor's expects a significant
loss upon the resolution of this loan.

The RLJ Hotel Pool loan is the fourth-largest loan in the pool and
the largest loan on the master servicer's watchlist.  The loan has
a trust balance of $146.1 million (4.8%) and is secured by 43
lodging properties across the U.S. comprising 5,429 rooms.  The
asset appears on the watchlist due to deferred maintenance issues
at nine of the 43 collateral properties, including cracks in the
parking lot and facade repairs.  DSC and occupancy at year-end
2008 were 1.57x and 66.1%, respectively.

The BlueLinx Holdings Pool loan is the fifth-largest loan in the
pool and the second-largest loan on the master servicer's
watchlist.  The loan has a trust balance of $142.8 million (4.7%)
and is secured by 58 industrial properties across the U.S.
comprising 9,003,865 sq. ft.  According to comments in the master
servicer's watchlist, the properties are all master-leased to
BlueLinx Corp., which is experiencing financial difficulties;
however, the loan is current despite these issues.  DSC and
occupancy at year-end 2008 were 1.48x and 100.0%, respectively.

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-C27

                Rating
                ------
  Class     To           From               Credit enhancement (%)
  -----     --           ----               ----------------------
A-3         AA           AAA/Watch Neg                       30.34
A-1A        AA           AAA/Watch Neg                       30.34
A-M         A            AAA/Watch Neg                       20.23
A-J         BBB          AAA/Watch Neg                       12.89
B           BB+          AA/Watch Neg                        10.62
C           BB           AA-/Watch Neg                        9.61
D           BB-          A+/Watch Neg                         9.35
E           B+           A/Watch Neg                          8.09
F           B+           A-/Watch Neg                         7.21
G           B            BBB+/Watch Neg                       5.94
H           B            BBB/Watch Neg                        4.80
J           B-           BBB-/Watch Neg                       3.67
K           CCC+         BB+/Watch Neg                        3.03
L           CCC          BB/Watch Neg                         2.78
M           CCC-         BB-/Watch Neg                        2.27
N           CCC-         B+/Watch Neg                         2.15
O           CCC-         B/Watch Neg                          1.77
P           CCC-         B-/Watch Neg                         1.52

                         Ratings Affirmed

              Wachovia Bank Commercial Mortgage Trust
   Commercial mortgage pass-through certificates series 2006-C27

    Class              Rating             Credit enhancement (%)
    -----              ------             ----------------------
    A-1                AAA                                 30.34
    A-2                AAA                                 30.34
    A-PB               AAA                                 30.34
    X-P                AAA                                   N/A
    X-C                AAA                                   N/A

                       N/A - Not applicable.


WACHOVIA BANK: S&P Junks Rating on Class PP 2004-C14 Certificates
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
PP commercial mortgage pass-through certificates from Wachovia
Bank Commercial Mortgage Trust's series 2004-C14 to 'CCC-' from
'BBB-'.

The class PP raked certificate derives 100% of its cash flow from
a subordinate note ($37.2 million) secured by the Park Place Mall.
The Park Place Mall is a General Growth Property asset.  The
subordinate note was transferred to the special servicer,
CWCapital Asset Management LLC, on April 21, 2009, following GGP's
bankruptcy filing.  Following discussions with CWCapital, it is
S&P's understanding that the subordinate note's interest payments
are being diverted to repay the principal balance of the senior
note.  This is primarily due to two factors: first, the bankruptcy
court ruled that, for the time being, GGP need only make interest
payments on its loans; and, second, the B-note is fully
subordinate to a $139.2 million senior note that is also secured
by the Park Place Mall.  This loan is also with the special
servicer, and the principal reduction to this note is due, in
part, to the interest payments being made to the subordinate note.

The last three remittance reports have reflected the interest
shortfalls on the class PP raked certificates.  The class received
95.3% of its optimal interest on the last remittance report, which
reflected an accumulated shortfall of $36,239.  If the shortfalls
continue for an extended period of time, S&P may further lower its
rating on the class PP raked certificates to 'D'.

The senior and junior participation interests total
$176.4 million.  The whole loan is secured by 467,141 sq. ft. of a
1.05 million-sq.-ft. regional mall in Tucson, Arizona.  As of
Dec. 31, 2008, the reported DSC for the property was 1.96x, and
occupancy was 99.0%.

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


WACHOVIA COMMERCIAL: Fitch Puts Ratings on 2003-C9 Certs. on Watch
------------------------------------------------------------------
Fitch Ratings places six classes of Wachovia Commercial Mortgage
Securities, Inc., commercial mortgage pass-through certificates,
series 2003-C9, on Rating Watch Negative:

  -- $8.6 million class J 'BB+';
  -- $5.7 million class K 'BB';
  -- $4.3 million class L 'BB-';
  -- $4.3 million class M 'B+';
  -- $5.7 million class N 'B';
  -- $2.9 million class O 'B-'.

The classes have been identified by Fitch's downgrade screener due
to delinquencies.  Currently, there are four loans (8.8%) in
special servicing.  The largest specially serviced loan is Park
City Center (6.8%).  The loan is sponsored by General Growth
Properties (GGP) and the borrowing entity was included in GGP's
Chapter 11 bankruptcy filing in April 2009.  The loan is current,
and the servicer reported a year-end 2008 debt service coverage
ratio and occupancy of 2.3 times and 97%, respectively.

Fitch expects to resolve the Rating Watch status of these classes
as more information on the potential workout and valuation of the
assets becomes available.


* Moody's Adjusts Ratings on 44 Tranches From Eight Option Deals
----------------------------------------------------------------
Moody's Investors Service has adjusted the ratings of 44 tranches
from 8 Option ARM transactions issued in 2006 and 2007.
Previously, certain loss and principal allocation features of the
transactions were not accurately accounted for in some of the
tranches impacted by the actions.  Ratings have been adjusted to
reflect the fact that after the depletion of the subordinated
certificates, principal distribution for certain tranches will
remain sequential while losses are first allocated to senior
support certificates.  Moody's has also updated the expected loss
on the transactions to reflect continued deterioration in
performance

The actions listed below reflect Moody's updated expected losses
on the transaction and the corrected sequential payment structure.

Complete rating actions are:

Issuer: GreenPoint Mortgage Funding Trust 2006-AR5

* Pool current expected loss: 42% of original balance

  -- Cl. 1-A2B, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A3A1, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3A2U, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3A2, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3B, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A4, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 2-A, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

Issuer: GreenPoint Mortgage Funding Trust 2006-AR6

* Pool current expected loss: 41% of original balance

  -- Cl. 1-A3A, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3BU, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3B, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Ca

  -- Cl. 1-A4, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 2-A1, Downgraded to Caa2; previously on Feb. 20, 2009
     Downgraded to B3

Issuer: GreenPoint Mortgage Funding Trust 2006-AR7

* Pool current expected loss: 45% of original balance

  -- Cl. 1-A3A1, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3A2, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3B, Current Rating at Aa3 On Review for Possible
     Downgrade; previously on May 20, 2009 Aa3 Placed Under Review
     for Possible Downgrade

  -- Cl. 1-A3B, Underlying Rating: Downgraded to C; previously on
     Feb. 20, 2009 Downgraded to Ca

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

Issuer: GreenPoint Mortgage Funding Trust 2006-AR8

* Pool current expected loss: 45% of original balance

  -- Cl. 1-A2A, Upgraded to Caa2; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A3A, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A3B, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Ca

Issuer: Greenpoint Mortgage Funding Trust 2007-AR1

* Aggregate Pool 1 and Pool 2 current expected loss: 44% of
  original balance

* Pool 3 current expected loss: 42% of original balance

  -- Cl. 1-A2A, Downgraded to Caa3; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A3, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 2-A1A, Downgraded to Caa2; previously on Feb. 20, 2009
     Downgraded to B3

  -- Cl. 3-A2, Downgraded to Caa3; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 3-A3, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa2

Issuer: IndyMac INDX Mortgage Loan Trust 2006-AR14

* Pool current expected loss: 40% of original balance

  -- Cl. 1-A1A, Upgraded to B3; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A1AU, Upgraded to B3; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. 1-A2A, Upgraded to Caa2; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A2AU, Upgraded to Caa2; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A3A, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A3B, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Ca

  -- Cl. 1-A3AU, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A4A, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-A4AU, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 1-AX, Upgraded to B3; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 2-A, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. 2-AX, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

Issuer: IndyMac INDX Mortgage Loan Trust 2007-FLX2

* Pool current expected loss: 30% of original balance

  -- Cl. A-1-A, Downgraded to B3; previously on Feb. 20, 2009
     Downgraded to B1

  -- Cl. A-1-B, Downgraded to B2; previously on Feb. 20, 2009
     Downgraded to B1

  -- Cl. A-1-C, Downgraded to Caa1; previously on Feb. 20, 2009
     Downgraded to B1

  -- Cl. A-2, Downgraded to Caa3; previously on Feb. 20, 2009
     Downgraded to Caa1

Issuer: Lehman XS Trust Series 2006-18N

* Pool current expected loss: 38% of original balance

  -- Cl. A1A, Downgraded to B2; previously on Feb. 20, 2009
     Downgraded to Ba3

  -- Cl. A3, Downgraded to Ca; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. A4, Downgraded to C; previously on Feb. 20, 2009
     Downgraded to Caa3

  -- Cl. A5A, Downgraded to Caa3; previously on Feb. 20, 2009
     Downgraded to Caa2

  -- Cl. AX, Downgraded to B2; previously on Feb. 20, 2009
     Downgraded to Ba3

The collateral backing these transactions consists primarily of
first-lien, adjustable-rate, negative amortization, Alt-A mortgage
loans.  Moody's final rating actions are based on current ratings,
level of credit enhancement, collateral performance and updated
pool-level loss expectations relative to current level of credit
enhancement.  Moody's took into account credit enhancement
provided by seniority, cross-collateralization, excess spread,
time tranching, and other structural features within the senior
note waterfalls.

Loss estimates are subject to variability and are sensitive to
assumptions used; as a result, realized losses could ultimately
turn out higher or lower than Moody's current expectations.
Moody's will continue to evaluate performance data as it becomes
available and will assess the pattern of potential future defaults
and adjust loss expectations accordingly as necessary.


* S&P Affirms Ratings on 17 Tranches From Two Market Value CDOs
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings on 17
tranches from two market value collateralized debt obligation
transactions and removed five of them from CreditWatch with
negative implications.  The rating actions follow S&P's monthly
review of market value CDO performance.

The affirmations and CreditWatch removals reflect several months
of stable or improving overcollateralization ratios for these
classes as a result of increases in loan prices.

S&P will continue to monitor market value transactions through
S&P's monthly review process.  S&P will take negative rating
actions if S&P sees declines in the O/C levels, and S&P will
remove ratings from CreditWatch if the tranches reestablish an
appropriate cushion above the minimum O/C requirement for several
consecutive months.

                          Rating Actions

                                                      Rating
                                                      ------
Transaction                              Class      To    From
-----------                              -----      --    ----
Highland Credit Opportunities CDO Ltd.   C 2006     BB    BB/Watch Neg
McDonnell Loan Opportunity Ltd.          MzTmLn06-1 A     A/Watch Neg
McDonnell Loan Opportunity Ltd.          C-1 2006-1 A     A/Watch Neg
McDonnell Loan Opportunity Ltd.          C-2 2006-2 A     A/Watch Neg
McDonnell Loan Opportunity Ltd.          MzTmLn06-2 A     A/Watch Neg

                         Ratings Affirmed

  Transaction                              Class        Rating
  -----------                              -----        ------
  Highland Credit Opportunities CDO Ltd.   A-1 2006     A
  Highland Credit Opportunities CDO Ltd.   A-2 2006     A
  Highland Credit Opportunities CDO Ltd.   B 2006       BBB
  McDonnell Loan Opportunity Ltd.          A-1 2006-1   AAA
  McDonnell Loan Opportunity Ltd.          A-2 2006-1   AAA
  McDonnell Loan Opportunity Ltd.          A-3 2006-1   AAA
  McDonnell Loan Opportunity Ltd.          2SrTmLn06-1  AA
  McDonnell Loan Opportunity Ltd.          A-5 2006-2   AAA
  McDonnell Loan Opportunity Ltd.          A-6 2006-2   AAA
  McDonnell Loan Opportunity Ltd.          A-7 2006-2   AAA
  McDonnell Loan Opportunity Ltd.          B-1 2006-2   AA
  McDonnell Loan Opportunity Ltd.          2dSrLn06-2   AA


* S&P Cuts Ratings on 31 Classes of Notes From Two RMBS to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings to 'D' on
31 classes of notes from two cash flow and two hybrid
collateralized debt obligation transactions following the
liquidation of the collateral in their portfolios.  S&P
subsequently withdrew its ratings on these tranches.

The affected tranches have a combined issuance amount of
$3.64 billion.  S&P lowered its ratings on the cash flow CDO
transactions to 'D' because the proceeds from the liquidation have
not been sufficient to make par payments to the rated notes.  S&P
lowered its ratings on the hybrid CDO transactions to 'D' because
the transactions did not have proceeds to pay back par payments to
the noteholders after making the termination payments on the
credit default swap contracts.

The two hybrid CDOs are backed predominantly by high-grade
residential mortgage-backed securities and CDOs of corporate CDOs,
and the two cash flow CDOs are backed predominantly by mezzanine
RMBS securities and CDOs of structured finance CDOs.  The deals
triggered events of default, after which the controlling
noteholders voted to accelerate the maturity of the notes and
liquidate the collateral assets.

The rating actions follow notice from the trustees that the
liquidation of the portfolio assets is complete and that the
available proceeds have been distributed to the noteholders.

                           Rating Actions

                                                     Ratings
                                                     -------
   Deal                          Class     From           Interim   To
   ----                          -----     ----           -------   --
   Le Monde CDO I PLC            A-1       CC             D         NR
   Le Monde CDO I PLC            A-1R(USD) CC             D         NR
   Le Monde CDO I PLC            A-1R(EUR) CC             D         NR
   Le Monde CDO I PLC            A-2MML    CC             D         NR
   Le Monde CDO I PLC            A-2       CC             D         NR
   Le Monde CDO I PLC            A-3MML    CC             D         NR
   Le Monde CDO I PLC            A-3(EUR)  CC             D         NR
   Le Monde CDO I PLC            A-4       CC             D         NR
   Le Monde CDO I PLC            B         CC             D         NR
   Le Monde CDO I PLC            C         CC             D         NR
   Le Monde CDO I PLC            D         CC             D         NR
   Le Monde CDO I PLC            E         CC             D         NR
   Marathon Structured Fin CDO I A-1Draw   CCC-/Watch Neg D         NR
   Marathon Structured Fin CDO I A-1       CCC-/Watch Neg D         NR
   Marathon Structured Fin CDO I  A-2      CC             D         NR
   Marathon Structured Fin CDO I  B        CC             D         NR
   Marathon Structured Fin CDO I  C        CC             D         NR
   Marathon Structured Fin CDO I  D        CC             D         NR
   Marathon Structured Fin CDO I  E        CC             D         NR
   TABS 2005-3 Ltd                A-1      CC             D         NR
   TABS 2005-3 Ltd                A-2      CC             D         NR
   TABS 2005-3 Ltd                B        CC             D         NR
   TABS 2005-3 Ltd                C        CC             D         NR
   TABS 2005-3 Ltd                D        CC             D         NR
   Tigris CDO 2007-1 Ltd          A-1A     CCC-/Watch Neg D         NR
   Tigris CDO 2007-1 Ltd          A1-B     CC             D         NR
   Tigris CDO 2007-1 Ltd          S        CC             D         NR
   Tigris CDO 2007-1 Ltd          A-2      CC             D         NR
   Tigris CDO 2007-1 Ltd          B        CC             D         NR
   Tigris CDO 2007-1 Ltd          C        CC             D         NR
   Tigris CDO 2007-1 Ltd          D        CC             D         NR

                          NR - Not rated.


* S&P Downgrades Ratings on 75 Classes From Eight RMBS Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 75
classes from eight residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2006 and 2007.  S&P removed 45 of the lowered ratings
from CreditWatch with negative implications.  In addition, S&P
raised its ratings on classes 1X-PPP and 2X-PPP issued by WaMu
Mortgage Pass-Through Certificates Series 2007-OA2 Trust.
Furthermore, S&P affirmed its ratings on four classes from three
of the transactions with lowered ratings.

Standard & Poor's has established loss projections for each Alt-A
transaction rated in 2006 and 2007.  S&P derived these losses
using the criteria that S&P outlined in "Standard & Poor's Revises
U.S. Subprime And Alternative-A RMBS Loss Assumptions For
Transactions Issued In 2005, 2006, And 2007," published July 6,
2009.  S&P's lifetime projected loss has changed for one of the
transactions in this release:

                                     Orig. bal.       Lifetime
  Transaction                       (mil. $) exp.    loss (%)
  -----------                        -------------    --------
Lehman Mortgage Trust 2007-2            316           23.07

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.

Classes 1X-PPP and 2X-PPP from WaMu Mortgage Pass-Through
Certificates Series 2007-OA2 are interest-only classes, which
receive interest from the group 1 and group 2 certificates,
respectively, for this transaction.  Therefore, S&P link the
ratings on these IO classes to the highest rating among the group
1 and group 2 classes, respectively.  As a result, S&P raised the
ratings on class 1X-PPP and class 2X-PPP to 'AA+' from 'BBB'.

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 an '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 its 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
compares 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 consist of different combinations
of fixed- and adjustable-rate, hybrid, and option adjustable-rate
mortgage Alt-A mortgage loans.

                          Rating Actions

                Bear Stearns ALT-A Trust II 2007-1
                           Series 2007-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      07389KAA9     CCC                  AA/Watch Neg
    I-A-2      07389KAB7     CCC                  B/Watch Neg
    I-X-1      07389KAC5     CCC                  AA
    II-A-1     07389KAD3     CCC                  AAA/Watch Neg
    II-A-2     07389KAE1     CCC                  B/Watch Neg
    II-X-1     07389KAF8     CCC                  AAA
    III-A-1    07389KAG6     CCC                  BB/Watch Neg
    III-A-2    07389KAH4     CCC                  B/Watch Neg
    III-X-1    07389KAJ0     CCC                  BB
    B-1        07389KAK7     CC                   CCC
    B-2        07389KAL5     CC                   CCC
    B-3        07389KAM3     CC                   CCC

     IndyMac INDX Mortgage Loan Grantor Trust 2006-AR14 1-A1A
                         Series 2006-AR14

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1A                    CCC                  AAA/Watch Neg

     IndyMac INDX Mortgage Loan Grantor Trust 2006-AR14 1-A2A
                         Series 2006-AR14

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A2A                    CCC                  AAA/Watch Neg

                   Lehman Mortgage Trust 2007-2
                          Series 2007-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A1       52521DAA0     CC                   BB/Watch Neg
    1-A2       52521DAB8     CC                   BB/Watch Neg
    2-A1       52521DAC6     CC                   BB/Watch Neg
    2-A2       52521DAD4     CCC                  AAA/Watch Neg
    2-A3       52521DAE2     CC                   BB/Watch Neg
    2-A4       52521DAF9     CCC                  AAA/Watch Neg
    2-A5       52521DAG7     CC                   BB/Watch Neg
    2-A6       52521DAH5     CCC                  AAA
    2-A7       52521DAJ1     CCC                  AAA/Watch Neg
    2-A8       52521DAK8     CC                   BB/Watch Neg
    2-A-9      52521DAL6     CCC                  AAA
    2-A-10     52521DAM4     CCC                  AAA/Watch Neg
    2-A11      52521DAN2     CC                   BB/Watch Neg
    2-A12      52521DAP7     CCC                  AAA
    2-A13      52521DAQ5     CCC                  AAA
    M          52521DAR3     CC                   CCC
    B1         52521DAS1     CC                   CCC

     Structured Asset Mortgage Investments II Trust 2006-AR4
                         Series 2006-AR4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      86360QAA3     CCC                  BB+/Watch Neg
    II-A-1     86360QAB1     BB                   AAA
    II-A-2     86360QAC9     CCC                  AAA/Watch Neg
    II-A-3     86360QAD7     CCC                  BB+/Watch Neg
    III-A-1    86360QAE5     BBB                  AAA
    III-A-2    86360QAF2     CCC                  AAA/Watch Neg
    III-A-3    86360QAG0     CCC                  BB+/Watch Neg
    III-X      86360QAH8     BBB                  AAA
    IV-A-1     86360QAJ4     B-                   AAA
    IV-A-2     86360QAK1     CCC                  AAA/Watch Neg
    IV-A-3     86360QAL9     CCC                  BB+/Watch Neg
    V-A-1      86360QAM7     B-                   AAA
    V-A-2      86360QAN5     CCC                  AAA/Watch Neg
    V-A-3      86360QAP0     CCC                  BB+/Watch Neg
    V-X        86360QAQ8     B-                   AAA
    B-1        86360QAR6     CC                   B+/Watch Neg
    B-2        86360QAS4     CC                   B/Watch Neg
    B-3        86360QAT2     CC                   CCC

  WaMu Mortgage Pass-Through Certificates Series 2007-OA1 Trust
                          Series 2007-OA1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1A       92926WAA5     BBB-                 AAA/Watch Neg
    A-1B       92926WAB3     CCC                  AAA/Watch Neg
    A-1C       92926WAC1     CCC                  BB/Watch Neg
    X-1-PPP    92926WAD9     BBB-                 AAA
    X-2        92926WAE7     BBB-                 AAA
    B-1        92926WAF4     CCC                  B/Watch Neg
    B-2        92926WAG2     CC                   CCC
    B-3        92926WAH0     CC                   CCC
    B-4        92926WAJ6     CC                   CCC
    B-5        92926WAK3     CC                   CCC

    WaMu Mortgage Pass-Through Certificates Series 2007-OA2 Trust
                         Series 2007-OA2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A         933635AA2     AA+                  AAA/Watch Neg
    2A         933635AB0     AA+                  AAA/Watch Neg
    CA-1B      933635AC8     BB-                  AAA/Watch Neg
    CA-1C      933635AD6     CCC                  BBB/Watch Neg
    1X-PPP     933635AE4     AA+                  BBB
    1X-2       933635AF1     AA+                  AAA
    2X-PPP     933635AG9     AA+                  BBB
    B-1        933635AH7     CCC                  BB/Watch Neg
    B-2        933635AJ3     CCC                  B/Watch Neg
    B-4        933635AL8     CC                   CCC
    B-5        933635AM6     CC                   CCC
    B-6        933635AN4     CC                   CCC
    B-7        933635AP9     CC                   CCC

  WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust
                         Series 2007-OA5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1A-1B      93364BAB6     BB                   AAA/Watch Neg
    2A         93364BAC4     BB                   AAA/Watch Neg
    CA-1B      93364BAD2     CCC                  AA/Watch Neg
    CA-1C      93364BAE0     CCC                  BB/Watch Neg
    B-1        93364BAH3     CCC                  B/Watch Neg

                         Ratings Affirmed

                   Lehman Mortgage Trust 2007-2
                           Series 2007-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-I01      52521DAT9     CCC

  WaMu Mortgage Pass-Through Certificates Series 2007-OA2 Trust
                          Series 2007-OA2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-3        933635AK0     CCC

   WaMu Mortgage Pass-Through Certificates Series 2007-OA5 Trust
                          Series 2007-OA5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A         93364BAA8     AAA
                  B-2        93364BAJ9     CCC


* S&P Downgrades Ratings on 121 Classes From 18 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 121
classes from 18 residential mortgage-backed securities
transactions backed by U.S. subprime mortgage loan collateral
issued in 2005 and 2006.  S&P removed 48 of the lowered ratings
from CreditWatch with negative implications.  S&P also downgraded
six of these classes to 'D'.  In addition, S&P affirmed its
ratings on 38 classes from 11 of the transactions with lowered
ratings and two additional transactions and removed 14 of the
affirmed ratings from CreditWatch negative.

Standard & Poor's has established loss projections for each
subprime transaction S&P rated in 2005 and 2006.  S&P derived
these losses using the criteria that S&P outlined in "Standard &
Poor's Revises U.S. Subprime And Alternative-A RMBS Loss
Assumptions For Transactions Issued In 2005, 2006, And 2007,"
published July 6, 2009.  S&P's lifetime projected loss has changed
for certain transactions in this release:

                                              Orig.    Lifetime
                                              bal.     exp.
  Transaction                                 (mil. $) loss (%)
  -----------                                 -------- --------
  2005-CB1 Trust                               410     6.10
  Accredited Mortgage Loan Trust 2005-2        1,008   9.73
  ASCO Home Equity Loan Trust 2006-CW1         442     36.79
  Bear Stearns ABS I Trust 2006-HE7 (Group 1)  187     45.89
  Bear Stearns ABS I Trust 2006-HE7 (Group 2)  414     43.92
  CWABS Asset Backed Certs Trust 2005-IM2      715     18.80
  CWABS Asset-Backed Certs Trust 2006-12       1,300   37.74
  FFMLT Trust 2006-FF3                         992     28.15
  First NLC Trust 2005-1                       739     16.58
  Fremont Home Loan Trust 2006-B (Group 1)     1,014   46.82
  Fremont Home Loan Trust 2006-B (Group 2)     288     71.16
  Mid-State Capital Corporation 2005-1 Trust   288     8.83
  RASC Series 2005-AHL2 Trust                  447     22.94
  SASCO Mortgage Loan Trust 2006-EQ1           1,525   34.39
  Structured Asset Inv Loan Trust 2005-HE2     842     17.77
  Structured Asset Inv Loan Trust 2005-HE1     1,724   14.50
  SURF Trust, Series 2005-AB3                  315     17.21
  Terwin Mortgage Trust 2006-1 (Group 1)       225     23.88
  Terwin Mortgage Trust 2006-1 (Group 2)       250     49.41

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 S&P's
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 S&P's analysis.

S&P also lowered its ratings on certain senior classes due to
principal shortfalls/write-downs in the final period of particular
cash flow scenarios.  These classes may not have experienced any
principal shortfalls/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(es), interest
shortfalls may occur due to a group collateral balance that is
insufficient to produce 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, 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 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 issue due to the fact that structures may pay
principal pro rata with senior support classes.  Although the
enior class was not exposed to a write-down in any of the prior
periods, the senior class 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 (prior to its depletion) and excess spread.
The underlying pool of loans backing these transactions consist of
fixed- and adjustable-rate U.S. subprime mortgage loans that are
secured by first and second liens on one- to four-family
residential properties.

                          Rating Actions

                          2005-CB1 Trust
                       Series      2005-CB1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        12673TAM9     B+                   BBB
        B-3        12673TAN7     CCC                  BBB-
        B-4        12489WKB9     CC                   B-

              Accredited Mortgage Loan Trust 2005-2
                        Series      2005-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        004375CZ2     AAA                  AAA/Watch Neg
    A-2B       004375DB4     AAA                  AAA/Watch Neg
    A-2C       004375DC2     AAA                  AAA/Watch Neg
    M-1        004375DD0     AA+                  AA+/Watch Neg
    M-2        004375DE8     AA                   AA/Watch Neg
    M-3        004375DF5     A+                   AA-/Watch Neg
    M-4        004375DG3     BBB+                 A+/Watch Neg
    M-5        004375DH1     B+                   A/Watch Neg
    M-6        004375DJ7     CCC                  A-/Watch Neg
    M-7        004375DK4     CC                   BBB+/Watch Neg
    M-8        004375DL2     CC                   BBB+/Watch Neg
    M-9        004375DM0     D                    BBB/Watch Neg

    Ace Securities Corp. Home Equity Loan Trust Series 2006-CW1
                       Series      2006-CW1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        00441QAA7     CCC                  AAA/Watch Neg
    A-2B       00441QAC3     AAA                  AAA/Watch Neg
    A-2C       00441QAD1     CCC                  AAA/Watch Neg
    A-2D       00441QAE9     CCC                  AAA/Watch Neg
    M-1        00441QAF6     CCC                  AA+/Watch Neg
    M-2        00441QAG4     CCC                  BBB/Watch Neg
    M-3        00441QAH2     CCC                  BB/Watch Neg
    M-4        00441QAJ8     CCC                  B/Watch Neg
    M-5        00441QAK5     CC                   B-/Watch Neg
    M-6        00441QAL3     CC                   CCC
    M-7        00441QAM1     CC                   CCC
    M-8        00441QAN9     CC                   CCC

               Aegis Asset Backed Securities Trust
                        Series      2005-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        IA3        00764MHB6     AA+                  AAA
        IA4        00764MHC4     AA-                  AAA
        M1         00764MHE0     B+                   AAA
        M2         00764MHF7     CCC                  A
        M-3        00764MHG5     CCC                  BB
        M4         00764MHH3     CCC                  B-
        M5         00764MHJ9     CC                   CCC

            American General Mortgage Loan Trust 2006-1
                        Series      2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-2        02639MAH9     AAA                  AAA/Watch Neg
    A-3        02639MAJ5     AAA                  AAA/Watch Neg
    A-4        02639MAK2     AAA                  AAA/Watch Neg
    A-5        02639MAL0     AAA                  AAA/Watch Neg
    M-1        02639MAM8     AA                   AA/Watch Neg
    M-2        02639MAN6     A                    A/Watch Neg
    M-3        02639MAP1     BBB                  BBB/Watch Neg

       Bear Stearns Asset Backed Securities I Trust 2006-HE7
                       Series      2006-HE7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        II-1A-2    07388HAP4     CCC                  A
        II-1A-3    07388HAQ2     CCC                  A
        II-2A      07388HAR0     CCC                  A
        II-M-1     07388HAS8     CCC                  B
        II-M-2     07388HAT6     CC                   CCC
        II-M-3     07388HAU3     CC                   CCC

          CWABS Asset Backed Certificates Trust 2005-IM2
                      Series      2005-IM2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-3        126670FB9     CCC                  AAA
        A-3M       126670FR4     CCC                  AA
        A-4        126670FC7     CCC                  A
        M-1        126670FE3     CC                   CCC
        M-2        126670FF0     CC                   CCC
        M-3        126670FG8     CC                   CCC

          CWABS Asset-Backed Certificates Trust 2006-12
                       Series      2006-12

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A        12667AAA4     CCC                  AAA/Watch Neg
    2-A-2      12667AAC0     CCC                  AAA/Watch Neg
    2-A-3      12667AAD8     CCC                  AAA/Watch Neg
    M-1        12667AAE6     CCC                  AA+/Watch Neg
    M-2        12667AAF3     CCC                  A/Watch Neg
    M-3        12667AAG1     CCC                  BBB/Watch Neg
    M-4        12667AAH9     CC                   BB/Watch Neg
    M-5        12667AAJ5     CC                   B/Watch Neg
    M-6        12667AAK2     CC                   CCC

                       FFMLT Trust 2006-FF3
                       Series      2006-FF3

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        362334AS3     CCC                  AA-/Watch Neg
    A-2B       362334AU8     CCC                  AA/Watch Neg
    A-2C       362334AV6     CCC                  A/Watch Neg
    M-1        362334AW4     CCC                  BB/Watch Neg
    M-2        362334AX2     CC                   B/Watch Neg
    M-3        362334AY0     CC                   CCC
    M-4        362334AZ7     CC                   CCC

                      First NLC Trust 2005-1
                        Series      2005-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A          32113JAA3     A                    AAA/Watch Neg
    M1         32113JAB1     BB+                  AAA/Watch Neg
    M2         32113JAC9     B+                   AA+/Watch Neg
    M3         32113JAD7     CCC                  AA+/Watch Neg
    M4         32113JAE5     CCC                  AA/Watch Neg
    M5         32113JAF2     CCC                  AA/Watch Neg
    M6         32113JAG0     CCC                  AA/Watch Neg
    M7         32113JAH8     CCC                  AA-/Watch Neg
    M8         32113JAJ4     CC                   A+/Watch Neg
    M9         32113JAK1     CC                   A+/Watch Neg
    M10        32113JAL9     CC                   A/Watch Neg
    M11        32113JAM7     CC                   A/Watch Neg
    M12        32113JAN5     CC                   A-/Watch Neg

                  Fremont Home Loan Trust 2006-B
                        Series      2006-B

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A        35729QAA6     CCC                  B
        2-A-2      35729QAC2     CCC                  AAA
        2-A-3      35729QAD0     CCC                  B
        2-A-4      35729QAE8     CCC                  B
        M-1        35729QAF5     CC                   CCC
        M-2        35729QAG3     D                    CC
        M-3        35729QAH1     D                    CC

        IndyMac Residential Mortgage-Backed Trust 2005-L1
                       Series      2005-L1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          456606HF2     BB                   BBB-

                   RASC Series 2005-AHL2 Trust
                      Series      2005-AHL2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        76110W5H5     BB                   AA
        M-2        76110W5J1     CCC                  B
        M-3        76110W5K8     CCC                  B-
        M-5        76110W5M4     CC                   CCC

                    RASC Series 2005-KS8 Trust
                       Series      2005-KS8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        76110W3S3     A-                   AA
        M-3        76110W3T1     BB                   AA
        M-4        76110W3U8     B-                   A
        M-5        76110W3V6     CCC                  BB
        M-6        76110W3W4     CCC                  B
        M-8        76110W3Y0     CC                   CCC
        M-9        76110W3Z7     D                    CCC

       Specialty Underwriting and Residential Finance Trust
                       Series      2005-AB3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1A       84751PJD2     BBB                  AAA
        A-2B       84751PJF7     A                    AAA
        A-2C       84751PJG5     BBB                  AAA
        M-1        84751PJH3     CCC                  A
        M-2        84751PJJ9     CC                   BB
        M-3        84751PJK6     CC                   B
        M-4        84751PJL4     CC                   B-
        M-5        84751PJM2     CC                   CCC
        M-6        84751PJN0     CC                   CCC

         Structured Asset Investment Loan Trust 2005-HE1
                       Series      2005-HE1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M2         86358EUW4     B                    A
        M3         86358EUX2     CCC                  BB
        M4         86358EUY0     CC                   CCC
        M5         86358EUZ7     CC                   CCC

         Structured Asset Investment Loan Trust 2005-HE2
                       Series      2005-HE2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M1         86358EVM5     BBB                  A
        M2         86358EVN3     CCC                  BB
        M3         86358EVP8     CCC                  B
        M4         86358EVQ6     CC                   CCC

    Structured Asset Securities Corporation Mortgage Loan Trust
                      Series      2006-EQ1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A1         86360RAA1     CCC                  AAA/Watch Neg
    A3         86360RAC7     AAA                  AAA/Watch Neg
    A4         86360RAD5     B                    AAA/Watch Neg
    A5         86360RAE3     CCC                  AAA/Watch Neg
    M1         86360RAF0     CCC                  AA/Watch Neg
    M2         86360RAG8     CCC                  BBB/Watch Neg
    M3         86360RAH6     CC                   BB/Watch Neg
    M4         86360RAJ2     CC                   B/Watch Neg
    M5         86360RAK9     CC                   CCC
    M6         86360RAL7     CC                   CCC

                   Terwin Mortgage Trust 2006-1
                        Series      2006-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A-3      881561M27     A                    AAA
        I-M-1      881561M35     CCC                  A
        I-M-2      881561M43     CCC                  BB
        I-M-3      881561M50     CC                   B
        I-M-4      881561M68     CC                   CCC
        I-M-5      881561M76     D                    CC
        I-M-6      881561M84     D                    CC

                         Ratings Affirmed

                          2005-CB1 Trust
                       Series      2005-CB1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M-1        12673TAH0     AA
                 M-2        12673TAJ6     A
                 M-3        12673TAK3     A-
                 B-1        12673TAL1     BBB+

                Aegis Asset Backed Securities Trust
                        Series      2005-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 IIA        00764MHD2     AAA

       Bear Stearns Asset Backed Securities I Trust 2006-HE7
                       Series      2006-HE7

                 Class      CUSIP         Rating
                 -----      -----         ------
                 II-1A-1    07388HAN9     AAA

            Mid-State Capital Corporation 2005-1 Trust
                        Series      2005-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A          595481AA0     AAA
                 M-1        595481AB8     AA
                 M-2        595481AC6     A
                 B          595481AD4     BBB

                   RASC Series 2005-AHL2 Trust
                      Series      2005-AHL2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-2        76110W5F9     AAA
                 A-3        76110W5G7     AAA
                 M-4        76110W5L6     CCC

                    RASC Series 2005-KS8 Trust
                      Series      2005-KS8

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A-4        76110W3Q7     AAA
                 M-1        76110W3R5     AA+
                 M-7        76110W3X2     CCC

          Structured Asset Investment Loan Trust 2005-HE1
                       Series      2005-HE1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A6         86358EUS3     AAA
                 A7         86358EUT1     AAA
                 A8         86358EUU8     AAA
                 M1         86358EUV6     AA

          Structured Asset Investment Loan Trust 2005-HE2
                       Series      2005-HE2

                 Class      CUSIP         Rating
                 -----      -----         ------
                 A3         86358EVL7     AAA

                   Terwin Mortgage Trust 2006-1
                        Series      2006-1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-A-2      881561L93     AAA
                 II-A-1a    881561H80     CCC
                 II-A-X     881561J21     CCC


* S&P Downgrades Ratings on 150 Classes From 10 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 150
classes from 10 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued in 2005, 2006, and 2007.  S&P removed 94 of the lowered
ratings from CreditWatch with negative implications.  In addition,
S&P affirmed its ratings on 46 classes from four of the
transactions with lowered ratings and from three additional
transactions.  S&P removed 11 of the affirmed ratings were removed
from CreditWatch negative.

Below are S&P's revised loss projections that S&P used in this
analysis for five of the 13 affected transactions:

                                        Original        Loss
Transaction                            bal. (mil. $)   proj. (%)
-----------                            -------------   ---------
Banc of America Funding 2006-D Trust   604.5           24.82

Banc of America Funding 2006-D Trust   465.8           5.14

Banc of America Funding 2006-D Trust   449.4           21.20

Banc of America Funding 2006-D Trust   267.6           7.05

Merrill Lynch Alternative Asset Trust,
Series 2007-OAR2                       611.9           21.13
Morgan Stanley Mortgage Loan Trust     230.3           33.64
2006-8AR
Morgan Stanley Mortgage Loan Trust     144.8           37.33
2006-8AR
Morgan Stanley Mortgage Loan Trust     416.9           2.26
2006-8AR
Morgan Stanley Mortgage Loan Trust
2007-12                                516.2           13.77
Prime Mortgage Trust 2005-1            183.5           0.58

The Alt-A downgrades reflect S&P's opinion that projected credit
support for the affected classes is insufficient to maintain the
previous ratings, given S&P's current projected losses.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  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 S&P's analysis.

S&P also lowered its ratings on certain senior classes due to
principal shortfalls/write-downs in the final period of particular
cash flow scenarios.  These classes may not have experienced any
principal shortfalls/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(es), interest
shortfalls may occur due to a group collateral balance that is
insufficient to produce 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, 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 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 issue 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, the senior class 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 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, while Prime
Mortgage Prime Mortgage Trust 2005-1 consists of prime jumbo
collateral.

                          Rating Actions

               Banc of America Funding 2006-D Trust
                        Series      2006-D

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      058933AA0     BBB                  AAA
        1-A-2      058933AB8     CCC                  B
        1-A-3      058933AC6     CC                   CCC
        2-A-1      058933AE2     CCC                  AAA
        2-A-2      058933AF9     CCC                  BBB
        3-A-1      058933AG7     CCC                  AAA
        3-A-2      058933AH5     CCC                  BBB
        4-A-4      058933AM4     CCC                  BBB
        5-A-1      058933AN2     B                    AAA
        5-A-2      058933AP7     B                    AAA
        5-A-3      058933AQ5     B                    AAA
        5-A-4      058933AR3     CCC                  B
        5-A-X      058933AS1     B                    AAA
        6-A-1      058933AT9     CC                   B
        6-A-2      058933AU6     CC                   CCC
        6-A-3      058933AV4     CC                   B
        6-A-4      058933AW2     CC                   CCC
        6-B-1      058933BK7     CC                   CCC
        6-B-2      058933BL5     CC                   CCC
        6-B-3      058933BM3     D                    CC
        6-B-4      058933BN1     D                    CC
        6-B-5      058933BP6     D                    CC

                MASTR Alternative Loan Trust 2005-5
                        Series      2005-5

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      576434S62     BB                   AAA/Watch Neg
    15-A-X     576434T95     BB                   AAA
    15-PO      576434U44     BB-                  AAA/Watch Neg
    2-A-2      576434S88     BB                   AAA/Watch Neg
    2-A-3      576434S96     BB                   AAA/Watch Neg
    3-A-2      576434T38     BB                   AAA/Watch Neg
    30-PO      576434U51     BB-                  AAA/Watch Neg
    4-A-1      576434T46     BB-                  AAA/Watch Neg
    5-A-1      576434T53     BB-                  AAA
    5-A-2      576434T61     BB-                  AAA/Watch Neg
    B-1        576434U69     CCC                  AA/Watch Neg
    B-2        576434U77     CCC                  A/Watch Neg
    B-3        576434U85     CC                   BB/Watch Neg
    B-4        576434U93     CC                   B/Watch Neg

   Merrill Lynch Alternative Note Asset Trust, Series 2007-OAR2
                       Series      2007-OAR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        59024BAA1     B                    AAA
    A-2        59024BAB9     CCC                  AAA/Watch Neg
    A-3        59024BAC7     CCC                  BBB/Watch Neg
    M-1        59024BAD5     CC                   BB/Watch Neg
    M-2        59024BAE3     CC                   BB-/Watch Neg
    M-3        59024BAF0     CC                   B+/Watch Neg
    M-4        59024BAG8     CC                   B/Watch Neg
    M-5        59024BAH6     CC                   B-/Watch Neg
    M-6        59024BAJ2     CC                   CCC
    B-1        59024BAK9     CC                   CCC
    B-2        59024BAL7     CC                   CCC
    B-3        59024BAM5     CC                   CCC

           Morgan Stanley Mortgage Loan Trust 2006-12XS
                      Series      2006-12XS

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        61749EAA5     AAA                  AAA/Watch Neg
    A-2A       61749EAB3     B-                   AAA/Watch Neg
    A-2B       61749EAC1     CCC                  BB/Watch Neg
    A-3        61749EAD9     CCC                  B/Watch Neg
    A-4        61749EAE7     CCC                  B/Watch Neg
    A-5A       61749EAF4     CCC                  AAA/Watch Neg
    A-5B       61749EAG2     CCC                  B/Watch Neg
    A-6A       61749EAH0     CCC                  AA/Watch Neg
    A-6B       61749EAJ6     CCC                  B/Watch Neg
    M-2        61749EAL1     CC                   CCC
    M-3        61749EAM9     CC                   CCC
    M-4        61749EAN7     CC                   CCC
    M-5        61749EAP2     D                    CCC
    M-6        61749EAQ0     D                    CCC

           Morgan Stanley Mortgage Loan Trust 2006-8AR
                       Series      2006-8AR

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      61749LAA9     CCC                  BB/Watch Neg
    1-A-2      61749LAB7     CCC                  AA/Watch Neg
    1-A-3      61749LAC5     CCC                  BB/Watch Neg
    1-A-4      61749LAD3     CCC                  AAA/Watch Neg
    1-A-5      61749LAE1     CCC                  BB/Watch Neg
    1-M-1      61749LBN0     CC                   B/Watch Neg
    1-M-2      61749LBP5     D                    CCC
    1-M-3      61749LBQ3     D                    CCC
    1-M-4      61749LAS0     D                    CC
    1-M-5      61749LAT8     D                    CC
    1-M-6      61749LAU5     D                    CC
    1-B-1      61749LAV3     D                    CC
    1-B-2      61749LAW1     D                    CC
    2-A-1      61749LAF8     CC                   A/Watch Neg
    2-A-2      61749LAG6     CC                   B/Watch Neg
    3-A        61749LAH4     CC                   B/Watch Neg
    II-B-1     61749LAY7     D                    CCC
    4-A-1      61749LAJ0     AAA                  AAA/Watch Neg
    4-A-2      61749LAK7     AAA                  AAA/Watch Neg
    5-A-1      61749LAL5     AAA                  AAA/Watch Neg
    5-A-2      61749LAM3     AAA                  AAA/Watch Neg
    5-A-3      61749LAN1     AAA                  AAA/Watch Neg
    5-A-4      61749LAP6     AAA                  AAA/Watch Neg
    5-A-5      61749LAQ4     AAA                  AAA/Watch Neg
    6-A-1      61749LAR2     AAA                  AAA/Watch Neg
    6-A-2      61749LBM2     AAA                  AAA/Watch Neg
    III-B-1    61749LBR1     BB                   AA/Watch Neg
    III-B-2    61749LBS9     CCC                  A/Watch Neg
    III-B-3    61749LBT7     CCC                  BBB/Watch Neg
    III-B-4    61749LBG5     CC                   BB/Watch Neg
    III-B-5    61749LBH3     CC                   B/Watch Neg

            Morgan Stanley Mortgage Loan Trust 2007-12
                       Series      2007-12

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      61755GAA1     CC                   BBB/Watch Neg
    1-A-2      61755GAB9     CCC                  AAA/Watch Neg
    1-A-3      61755GAC7     CC                   BBB/Watch Neg
    1-A-P      61755GAD5     CC                   BBB/Watch Neg
    2-A-1      61755GAE3     CC                   BBB/Watch Neg
    2-A-2      61755GAF0     CCC                  AAA/Watch Neg
    2-A-3      61755GAG8     CC                   BBB/Watch Neg
    2-A-X      61755GAH6     CCC                  AAA
    3-A-1      61755GAJ2     CCC                  AAA/Watch Neg
    3-A-2      61755GAK9     CC                   BBB/Watch Neg
    3-A-3      61755GAL7     CCC                  AAA/Watch Neg
    3-A-4      61755GAM5     CC                   BBB/Watch Neg
    3-A-6      61755GAP8     CCC                  BBB/Watch Neg
    3-A-7      61755GAQ6     CCC                  AAA/Watch Neg
    3-A-8      61755GAR4     CCC                  AAA/Watch Neg
    3-A-9      61755GAS2     CCC                  AAA/Watch Neg
    3-A-10     61755GAT0     CC                   BBB/Watch Neg
    3-A-11     61755GAU7     CCC                  AAA/Watch Neg
    3-A-12     61755GAV5     CCC                  AAA/Watch Neg
    3-A-13     61755GAW3     CCC                  AAA/Watch Neg
    3-A-14     61755GAX1     CCC                  AAA/Watch Neg
    3-A-15     61755GAY9     CCC                  AAA/Watch Neg
    3-A-16     61755GAZ6     CCC                  AAA/Watch Neg
    3-A-17     61755GBA0     CCC                  AAA/Watch Neg
    3-A-18     61755GBB8     CCC                  AAA/Watch Neg
    3-A-19     61755GBC6     CCC                  AAA/Watch Neg
    3-A-20     61755GBD4     CCC                  AAA/Watch Neg
    3-A-21     61755GBE2     CCC                  AAA/Watch Neg
    3-A-22     61755GBF9     CCC                  AAA/Watch Neg
    3-A-23     61755GBG7     CCC                  AAA/Watch Neg
    3-A-24     61755GBH5     CCC                  AAA
    3-A-25     61755GBJ1     CCC                  BBB/Watch Neg
    3-A-26     61755GBK8     CCC                  AAA/Watch Neg
    3-A-27     61755GBL6     CCC                  AAA/Watch Neg
    3-A-28     61755GBM4     CCC                  AAA
    3-A-29     61755GBN2     CCC                  AAA/Watch Neg
    3-A-30     61755GBP7     CCC                  AAA/Watch Neg
    3-A-31     61755GBQ5     CCC                  AAA
    3-A-32     61755GBR3     CCC                  AAA/Watch Neg
    3-A-33     61755GBS1     CCC                  AAA/Watch Neg
    3-A-34     61755GBT9     CCC                  AAA
    3-A-35     61755GBU6     CCC                  BBB/Watch Neg
    3-A-36     61755GBV4     CCC                  AAA/Watch Neg
    3-A-37     61755GBW2     CCC                  AAA/Watch Neg
    3-A-38     61755GBX0     CCC                  AAA
    3-A-39     61755GBY8     CCC                  AAA/Watch Neg
    3-A-40     61755GBZ5     CCC                  AAA
    3-A-41     61755GCA9     CCC                  AAA/Watch Neg
    3-A-42     61755GCB7     CCC                  AAA/Watch Neg
    3-A-P      61755GCC5     CC                   BBB/Watch Neg
    4-A-1      61755GCD3     CC                   BBB/Watch Neg
    4-A-2      61755GCE1     CC                   BBB
    4-A-3      61755GCF8     CCC                  AAA/Watch Neg
    4-A-4      61755GCG6     CC                   BBB/Watch Neg
    4-A-5      61755GCH4     CC                   BBB
    4-A-X      61755GCJ0     CCC                  AAA
    B1         61755GCK7     CC                   CCC
    B2         61755GCL5     CC                   CCC
    B3         61755GCM3     CC                   CCC

                    Prime Mortgage Trust 2005-1
                        Series      2005-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-3      74160MGL0     AAA                  AAA/Watch Neg

             RALI Grantor Trust I-A, Series 2006-QO9
                       Series      2006-QO9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A1B      75114PAA7     CCC                  AAA/Watch Neg
    I-A2A      75114PAB5     CCC                  AAA/Watch Neg
    I-A3A      75114PAC3     CCC                  AAA/Watch Neg
    I-A3B      75114PAD1     CCC                  AAA/Watch Neg
    I-A4A      75114PAE9     CCC                  AAA/Watch Neg

            RALI Grantor Trust I-A2A, Series 2006-QO8
                       Series      2006-QO8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A2A      75115FAC4     CC                   AAA/Watch Neg

            RALI Grantor Trust I-A5A, Series 2006-QO8
                      Series      2006-QO8

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A5A      75115FAS9     CC                   AAA/Watch Neg

                    RALI Series 2005-QS3 Trust
                       Series      2005-QS3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A2-1     76110HU72     CCC                  AAA

                         Ratings Affirmed

               Banc of America Funding 2006-D Trust
                        Series      2006-D

                  Class      CUSIP         Rating
                  -----      -----         ------
                  4-A-1      058933AJ1     AAA
                  4-A-2      058933AK8     AAA
                  4-A-3      058933AL6     AAA

                   GSAA Home Equity Trust 2007-5
                        Series      2007-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1AV1       3622ECAA4     CCC
                  1AF2A      3622ECAD8     CCC
                  1AF2B      3622ECAE6     CCC
                  1AF3A      3622ECAG1     B+
                  1AF3B      3622ECAH9     CCC
                  1AF4A      3622ECAK2     CCC
                  1AF4B      3622ECAL0     CCC
                  1AF5A      3622ECAM8     CCC
                  1AF5B      3622ECAN6     CCC
                  1AF6       3622ECAP1     CCC
                  1AF7A      3622ECBW5     B+
                  1AF7B      3622ECBX3     CCC
                  2A1A       3622ECAB2     CCC
                  2A1B       3622ECBU9     CCC
                  2A2A       3622ECAC0     CCC
                  2A2B       3622ECBV7     CCC
                  2A3A       3622ECAF3     CCC
                  2A3B       3622ECAJ5     CCC

                MASTR Alternative Loan Trust 2005-5
                        Series      2005-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A-1      576434S70     AAA
                  20-A-X     576434U28     AAA
                  3-A-1      576434T20     AAA
                  30-A-X     576434U36     AAA

           Morgan Stanley Mortgage Loan Trust 2006-12XS
                      Series      2006-12XS

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        61749EAK3     CCC

                   Prime Mortgage Trust 2005-1
                        Series      2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      74160MGJ5     AAA
                  I-A-2      74160MGK2     AAA
                  I-A-4      74160MGM8     AAA
                  I-A-5      74160MGN6     AAA
                  I-A-6      74160MGP1     AAA
                  I-A-7      74160MGQ9     AAA
                  I-A-8      74160MGZ9     AAA
                  I-PO       74160MGR7     AAA

             RALI Grantor Trust 1-A1A, Series 2006-QO8
                       Series      2006-QO8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A1A      75115FAA8     CCC


* S&P Downgrades Ratings on 171 Certs. From 65 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 171
classes of mortgage pass-through certificates from 65 U.S.
residential mortgage-backed securities transactions following the
recent downgrade of MBIA Insurance Corp.  S&P placed nine of the
lowered ratings on CreditWatch with negative implications.  In
addition, S&P placed its ratings on 45 classes from 29
transactions on CreditWatch negative, and 70 other ratings remain
on CreditWatch negative.  S&P also affirmed its ratings on 44
classes from 35 deals.  MBIA provides financial guarantee
insurance policies on all of the affected classes guaranteeing
full payments of principal and interest to the noteholders.

The downgrades follow the Sept. 28, 2009, lowering of S&P's
financial strength rating on MBIA to BB+/Negative/--.

The current ratings on the insured classes reflect the higher of
the rating on the bond insurer and Standard & Poor's underlying
rating (SPUR) on the securities.  The affirmed ratings reflect the
associated SPURs on the respective classes, which, in accordance
with S&P's criteria, were higher than or equal to its rating on
MBIA at the time of review and therefore were unaffected.  The
ratings currently on CreditWatch negative will remain on
CreditWatch until S&P complete its reviews of the underlying
credit enhancement in each associated transaction.  Standard &
Poor's will continue to monitor its ratings on all U.S. RMBS
classes that MBIA insures and take rating actions as S&P deem
appropriate.


* S&P Downgrades Ratings on 390 Classes From 27 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 390
classes from 27 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued from 2005-2007.  S&P removed 176 of the lowered ratings
from CreditWatch with negative implications.  S&P downgraded 13 of
these classes to 'D'.  In addition, S&P affirmed its ratings on 77
classes from 15 of these transactions and removed 32 of the
affirmed ratings from CreditWatch negative.

Standard & Poor's has established loss projections for Alt-A
transactions rated from 2005-2007.  S&P's lifetime projected
losses have changed for each of the transactions in this release:

                                         Orig. bal.       Lifetime
  Transaction                            (mil. $) exp.    loss (%)
  -----------                            -------------    --------
CSMC Mortgage Backed Trust 2007-7           142          40.48
CSMC Mortgage Backed Trust 2007-7           148           8.45
CSFB Mortgage-Backed Trust 2005-6           215          11.30
CSFB Mortgage-Backed Trust 2005-9           323           2.50
CSFB Mortgage-Backed Trust 2005-9           493          10.14
CSFB Mortgage-Backed Trust 2005-11          369           1.46
CSFB Mortgage-Backed Trust 2005-12          418           9.88
CSFB Mortgage-Backed Trust 2005-12          518          20.22
HomeBanc Mortgage Trust 2007-1               55          21.68
RALI Trust 2005-Q04                         797          21.93
WaMu Mtg Pass-Through Cert. Tr. 2006-AR11   580          19.32
WaMu Mtg Pass-Through Cert. Tr. 2006-AR11 1,057          17.18
WMALT Series Trust 2005-AR1                 447          24.96

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' are the result of principal write-downs or
reflect S&P's assessment of interest shortfalls that were
consistently sustained by the affected classes during previous
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 S&P's
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 an '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 its 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 consist of different combinations
of fixed- and adjustable-rate, hybrid, and option adjustable-rate
mortgage Alt-A mortgage loans.

                          Rating Actions

              Citigroup Mortgage Loan Trust 2006-AR5
                         Series 2006-AR5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1A      17309FAA6     CCC                  AA/Watch Neg
   1-A1B      17309FAB4     CCC                  BBB-/Watch Neg
   1-AIO      17309FAC2     CCC                  AA/Watch Neg
   1-A2A      17309FAD0     CCC                  AA/Watch Neg
   1-A3A      17309FAE8     CCC                  AA/Watch Neg
   1-23B      17309FAF5     CCC                  BBB-/Watch Neg
   1-A4A      17309FAG3     BB                   AA/Watch Neg
   1-A5A      17309FAH1     CCC                  AA/Watch Neg
   1-45B      17309FAJ7     CCC                  BBB-/Watch Neg
   1-A6A      17309FAK4     AA                   AA/Watch Neg
   1-A7A      17309FAL2     AA                   AA/Watch Neg
   1-67B      17309FAM0     CCC                  BBB-/Watch Neg
   1-B1       17309FAN8     CC                   B/Watch Neg
   1-B2       17309FAP3     CC                   CCC
   1-B3       17309FAQ1     CC                   CCC
   2-A1A      17309FAS7     CC                   AAA/Watch Neg
   2-A1B      17309FAT5     CC                   BB/Watch Neg
   2-A2A      17309FAU2     CC                   AAA/Watch Neg
   2-A3A      17309FAV0     CC                   AAA/Watch Neg
   2-23B      17309FAW8     CC                   B/Watch Neg
   2-A4A      17309FAX6     CC                   AAA/Watch Neg
   2-A5A      17309FAY4     CCC                  AAA/Watch Neg
   2-45B      17309FAZ1     CC                   AAA/Watch Neg
   2-A6A      17309FBA5     CC                   AAA/Watch Neg
   2-A7A      17309FBB3     CCC                  AAA/Watch Neg
   2-67B      17309FBC1     CC                   B/Watch Neg
   2-B1       17309FBD9     D                    CCC

             CSFB Mortgage-Backed Trust Series 2005-11
                           Series 2005-11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      2254W0NE1     CC                   BBB/Watch Neg
   2-A-1      2254W0NF8     CC                   BBB/Watch Neg
   3-A-1      2254W0NG6     CC                   BBB/Watch Neg
   3-A-2      2254W0NH4     CC                   BBB
   3-A-3      2254W0NJ0     CC                   BBB/Watch Neg
   3-A-4      2254W0NK7     CC                   BBB/Watch Neg
   3-A-5      2254W0NL5     CC                   BBB/Watch Neg
   3-A-7      2254W0NN1     CC                   BBB/Watch Neg
   4-A-1      2254W0NP6     CC                   A/Watch Neg
   7-A-1      2254W0PC3     CCC                  AA
   7-A-2      2254W0PD1     CC                   BBB/Watch Neg
   D-X        2254W0PR0     CC                   AA
   A-P        2254W0PT6     CC                   BBB
   D-B-1      2254W0PX7     CC                   CCC
   D-B-2      2254W0PY5     D                    CCC
   5-A-2      2254W0NR2     A                    AAA
   5-A-3      2254W0NS0     A                    AAA
   5-A-4      2254W0NT8     A                    AAA
   6-A-1      2254W0NU5     A                    AAA
   6-A-2      2254W0NV3     A                    AAA
   6-A-3      2254W0NW1     A                    AAA
   6-A-4      2254W0NX9     A                    AAA
   6-A-5      2254W0NY7     A                    AAA
   6-A-6      2254W0NZ4     A                    AAA
   6-A-7      2254W0PA7     A                    AAA
   6-A-8      2254W0PB5     A                    AAA
   8-A-1      2254W0PE9     A                    AAA
   8-A-2      2254W0PF6     A                    AAA
   8-A-3      2254W0PG4     A                    AAA
   8-A-4      2254W0PH2     A                    AAA
   8-A-5      2254W0PJ8     A                    AAA
   8-A-6      2254W0PK5     A                    AAA
   8-A-7      2254W0PL3     A                    AAA
   8-A-8      2254W0PM1     A                    AAA

             CSFB Mortgage-Backed Trust Series 2005-12
                          Series 2005-12

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      225470RS4     CCC                  AAA/Watch Neg
   4-A-1      225470RV7     CCC                  AAA/Watch Neg
   5-A-1      225470RW5     AA                   AAA/Watch Neg
   5-A-2      225470RX3     CCC                  AAA/Watch Neg
   D-X-1      225470SD6     CC                   AAA/Watch Neg
   D-X-2      225470SE4     CC                   AAA/Watch Neg
   A-P        225470SF1     CCC                  AAA/Watch Neg
   2-A-1      225470RT2     CC                   AAA/Watch Neg
   3-A-1      225470RU9     CC                   AAA/Watch Neg
   6-A-1      225470RY1     CC                   AAA/Watch Neg
   6-A-2      225470RZ8     CC                   AAA/Watch Neg
   7-A-1      225470SA2     CC                   AAA/Watch Neg
   8-A-1      225470SB0     CC                   AAA/Watch Neg
   A-X        225470SC8     CC                   AAA/Watch Neg
   D-B-1      225470SG9     CC                   AA/Watch Neg
   B-1        225470SM6     D                    AA/Watch Neg
   D-B-2      225470SH7     D                    A/Watch Neg

             CSFB Mortgage-Backed Trust Series 2005-6
                          Series 2005-6

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-2      225458XG8     AAA                  AAA/Watch Neg
   I-A-3      225458XH6     AAA                  AAA/Watch Neg
   I-A-4      225458XJ2     AAA                  AAA/Watch Neg
   I-M-1      225458YH5     AA                   AA/Watch Neg
   I-M-2      225458YJ1     CCC                  BB/Watch Neg
   II-A-1     225458XK9     AAA                  AAA/Watch Neg
   II-A-2     225458XL7     AAA                  AAA/Watch Neg
   II-A-3     225458XM5     AAA                  AAA/Watch Neg
   II-A-4     225458XN3     AAA                  AAA/Watch Neg
   II-A-5     225458XP8     AAA                  AAA/Watch Neg
   II-A-6     225458XQ6     AAA                  AAA/Watch Neg
   II-A-7     225458XR4     AAA                  AAA/Watch Neg
   II-A-8     225458B64     AAA                  AAA/Watch Neg
   II-A-9     225458B72     AAA                  AAA/Watch Neg
   III-A-1    225458XS2     AAA                  AAA/Watch Neg
   IV-A-1     225458XT0     AAA                  AAA/Watch Neg
   VIII-A-1   225458YA0     AAA                  AAA/Watch Neg
   A-X        225458YC6     AAA                  AAA/Watch Neg
   C-X        225458YD4     AAA                  AAA/Watch Neg
   D-X        225458YE2     AAA                  AAA/Watch Neg
   A-P        225458YF9     AAA                  AAA/Watch Neg
   C-B-1      225458YM4     AA                   AA/Watch Neg
   C-B-2      225458YN2     BBB                  A/Watch Neg
   C-B-3      225458YP7     B                    BBB/Watch Neg
   C-B-4      225458YY8     CCC                  BB/Watch Neg
   C-B-5      225458YZ5     CC                   B/Watch Neg
   V-A-1      225458XU7     AAA                  AAA/Watch Neg
   V-A-2      225458XV5     AAA                  AAA/Watch Neg
   V-A-3      225458XW3     AAA                  AAA/Watch Neg
   V-A-4      225458B80     AAA                  AAA/Watch Neg
   VI-A-1     225458XX1     AA                   AAA/Watch Neg
   VI-A-2     225458XY9     AA                   AAA/Watch Neg
   IX-A-1     225458YB8     AAA                  AAA/Watch Neg
   D-B-1      225458YQ5     B                    AA/Watch Neg
   D-B-2      225458YR3     CCC                  A/Watch Neg
   D-B-3      225458YS1     CC                   BBB/Watch Neg
   D-B-4      225458YV4     D                    BB/Watch Neg

             CSFB Mortgage-Backed Trust Series 2005-9
                           Series 2005-9

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      2254585N4     A                    AAA
   I-A-2      2254585P9     A                    AAA
   I-A-4      225458T32     A                    AAA
   I-A-5      225458T57     A                    AAA
   I-A-6      225470AJ2     A                    AAA
   II-A-1     2254585R5     A                    AAA
   II-A-2     2254585S3     A                    AAA
   III-A-1    2254585T1     CCC                  AA/Watch Neg
   III-A-2    225470AB9     CCC                  AAA
   III-A-3    225470AC7     CCC                  AA/Watch Neg
   IV-A-1     2254585U8     BBB                  AAA
   IV-A-2     2254585V6     BBB                  AAA
   IV-A-3     2254585W4     CCC                  AA/Watch Neg
   IV-A-4     2254585X2     BBB                  AAA
   IV-X       225470AG8     BBB                  AAA
   A-P        2254586K9     A                    AA/Watch Neg
   V-A-1      2254585Y0     CCC                  AA/Watch Neg
   V-A-2      2254585Z7     CCC                  AA
   V-A-3      2254586A1     CCC                  AA/Watch Neg
   V-A-4      2254586B9     CCC                  AAA
   V-A-6      2254586D5     CCC                  AA/Watch Neg
   V-A-7      2254586000     CCC                  AAA
   V-A-8      2254586F0     CCC                  AA/Watch Neg
   V-A-9      2254586G8     CCC                  AAA
   V-A-10     225470AD5     CCC                  AA/Watch Neg
   V-A-12     225470AF0     CCC                  AA/Watch Neg
   D-X        2254586J2     CC                   AAA
   C-B-1      2254586L7     CC                   AA
   D-B-1      2254586P8     CC                   CCC
   D-B-2      2254586Q6     D                    CCC
   C-B-3      2254586N3     CC                   BBB
   C-B-4      2254586U7     CC                   BB
   C-B-5      2254586V5     D                    B
   C-B-2      2254586M5     CC                   A

                CSMC Mortgage Backed Trust 2007-7
                           Series 2007-7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      12638DAA4     CCC                  BB
        1-A-2      12638DAB2     CCC                  B
        1-A-3      12638DAC0     CCC                  B
        1-P        12638DBG0     CCC                  B
        1-X        12638DBD7     CCC                  BB
        D-B-4      12638DAW6     D                    CC
        D-B-5      12638DAX4     D                    CC
        2-A-1      12638DAD8     CCC                  A
        2-A-2      12638DAE6     CCC                  B+
        2-A-3      12638DAF3     CCC                  B
        2-A-4      12638DBL9     CCC                  B+
        3-A-1      12638DAG1     CCC                  A
        3-A-2      12638DAH9     CCC                  B+
        3-A-3      12638DAJ5     CCC                  B
        3-A-4      12638DBM7     CCC                  B+
        AM         12638DBN5     CCC                  B
        2-X        12638DBE5     CCC                  A
        3-X        12638DBF2     CCC                  A
        2-P        12638DBH8     CCC                  B
        3-P        12638DBJ4     CCC                  B
        C-B-1      12638DAQ9     CC                   CCC
        C-B-3      12638DAS5     D                    CC

              Harborview Mortgage Loan Trust 2005-15
                          Series 2005-15

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1A      41161PXF5     CCC                  AAA/Watch Neg
   1-A1B      41161PXG3     CCC                  AAA/Watch Neg
   2-A1A1     41161PXH1     A                    AAA/Watch Neg
   2-A1A2     41161PXJ7     A                    AAA/Watch Neg
   2-A1B      41161PXK4     B-                   AAA/Watch Neg
   2-A1C      41161PXL2     CCC                  AAA/Watch Neg
   3-A1A1     41161PXM0     CCC                  AAA/Watch Neg
   3-A1A2     41161PXN8     CCC                  AAA/Watch Neg
   3-A1B      41161PXP3     CCC                  AAA/Watch Neg
   3-A1C      41161PXQ1     CCC                  AAA/Watch Neg
   X-1        41161PXR9     CCC                  AAA/Watch Neg
   X-2        41161PXS7     A                    AAA/Watch Neg
   X-3A       41161PXT5     CCC                  AAA/Watch Neg
   X-3B       41161PXU2     CCC                  AAA/Watch Neg
   X-B        41161PXV0     CCC                  AAA/Watch Neg
   PO-1       41161PXW8     CCC                  AAA/Watch Neg
   PO-2       41161PXX6     CCC                  AAA/Watch Neg
   PO-3A      41161PXY4     CCC                  AAA/Watch Neg
   PO-3B      41161PXZ1     CCC                  AAA/Watch Neg
   PO-B       41161PYA5     CC                   AAA/Watch Neg
   B-1        41161PYC1     CCC                  AA+/Watch Neg
   B-2        41161PYD9     CC                   AA+/Watch Neg
   B-3        41161PYE7     CC                   AA/Watch Neg
   B-4        41161PYF4     CC                   AA/Watch Neg

                  HomeBanc Mortgage Trust 2007-1
                          Series 2007-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-1A-1     43741BAA7     CCC                  BB
        I-1A-2     43741BAB5     CC                   CCC
        I-1X       43741BAK5     CCC                  BB
        I-2A-1     43741BAC3     CCC                  B-
        I-2A-2     43741BAD1     CC                   CCC
        I-2X       43741BAL3     CCC                  B-
        I-3A-1     43741BAE9     CCC                  B-
        I-3A-2     43741BAF6     CC                   CCC
        I-3X       43741BAM1     CCC                  B-
        I-B-1      43741BAG4     CC                   CCC
        I-B-2      43741BAH2     D                    CC
        I-B-3      43741BAJ8     D                    CC
        II-M-2     43741BAQ2     BB                   A
        II-B       43741BAR0     CC                   BBB

                    Lehman XS Trust 2007-10H
                         Series 2007-10H

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-AIO      525237AF0     CC                   CCC
        I-A1-1     525237BF9     CC                   CCC
        I-A1-2     525237BG7     CC                   CCC
        I-A2       525237AB9     CC                   CCC
        I-A3       525237AC7     CC                   CCC
        I-A4-1     525237BH5     CC                   CCC
        II-AIO     525237AV5     CCC                  A
        II-A1      525237AR4     CCC                  A
        II-A2      525237AS2     CCC                  A
        II-A4      525237AU7     CC                   CCC
        II-M1      525237AW3     CC                   CCC

                 Lehman XS Trust Series 2007-15N
                          Series 2007-15N

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A1       52524VAA7     CCC                  AAA
   1-A2       52524VAB5     CCC                  AAA/Watch Neg
   1-A3       52524VAC3     CC                   AAA/Watch Neg
   1C-A1      52524VAD1     CCC                  AAA
   1C-A2      52524VAE9     CCC                  AAA/Watch Neg
   1C-A3      52524VAF6     CC                   AAA/Watch Neg
   2-A1       52524VAG4     CCC                  AAA
   2-A2       52524VAH2     CCC                  AAA/Watch Neg
   2-A3       52524VAJ8     CC                   AAA/Watch Neg
   AF2        52524VAK5     CCC                  AAA/Watch Neg
   AF3        52524VAL3     CC                   AAA/Watch Neg
   AP-I       52524VBZ1     CC                   AAA
   M1-I       52524VBM0     CC                   AA+/Watch Neg
   M2-I       52524VBN8     CC                   AA/Watch Neg
   M3-I       52524VBP3     CC                   AA-/Watch Neg
   M4-I       52524VBQ1     CC                   A+/Watch Neg
   M5-I       52524VBR9     CC                   A/Watch Neg
   M6-I       52524VBS7     CC                   A-/Watch Neg
   M7-I       52524VBT5     CC                   BBB+/Watch Neg
   M8-I       52524VBU2     CC                   BBB/Watch Neg
   M9-I       52524VCH0     D                    BB-/Watch Neg
   3-A1       52524VAM1     CCC                  AAA
   3-A2       52524VAN9     CC                   AAA/Watch Neg
   3-AX       52524VAP4     CCC                  AAA
   4-A1       52524VAQ2     CCC                  AAA
   4-A2A      52524VAR0     CCC                  AAA/Watch Neg
   4-A2B      52524VAS8     CCC                  AAA/Watch Neg
   4-A3       52524VAT6     CC                   AAA/Watch Neg
   4-AX       52524VAU3     CCC                  AAA
   4-A1A      52524VAV1     CCC                  AAA
   4-A1B      52524VAW9     CCC                  AAA
   4-A1C      52524VAX7     CCC                  AAA
   4-A1D      52524VAY5     CCC                  AAA
   4-A1E      52524VAZ2     CCC                  AAA
   4-A1F      52524VBA6     CCC                  AAA
   4-A1G      52524VBB4     CCC                  AAA
   4-A1H      52524VBC2     CCC                  AAA
   4-A1IA     52524VBD0     CCC                  AAA
   4-A1IB     52524VBE8     CCC                  AAA
   4-A1IC     52524VBF5     CCC                  AAA
   4-A1ID     52524VBG3     CCC                  AAA
   4-A1IE     52524VBH1     CCC                  AAA
   4-A1IF     52524VBJ7     CCC                  AAA
   4-A1IG     52524VBK4     CCC                  AAA
   4-A1IH     52524VBL2     CCC                  AAA
   3-AP       52524VCP2     CC                   AAA
   4-AP       52524VCN7     CC                   AAA

                    RALI Series 2005-QO4 Trust
                         Series 2005-QO4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A-1      761118NL8     CCC                  A
        I-A-2      761118NM6     CC                   CCC
        II-A-1     761118NN4     CCC                  AAA
        II-A-2     761118NP9     CCC                  BB
        II-A-3     761118NQ7     CC                   CCC
        X-IO       761118NR5     CCC                  AAA
        X-PO       761118NS3     CC                   CCC
        M-1        761118NV6     CC                   CCC

  Structured Asset Mortgage Investments II Grantor Trust 2006-AR1
                          Series 2006-AR1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   3A-2B                    CCC                  AAA/Watch Neg

     Structured Asset Mortgage Investments II Trust 2006-AR1
                          Series 2006-AR1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1A-1       86359LTA7     BB-                  AAA
   1A-2       86359LTB5     CCC                  AAA/Watch Neg
   1A-3       86359LTC3     CCC                  AAA/Watch Neg
   2A-1       86359LTD1     BB-                  AAA
   2A-2       86359LTE9     CCC                  AAA/Watch Neg
   2A-3       86359LTF6     CCC                  AAA/Watch Neg
   3A-1       86359LTG4     BB-                  AAA
   3A2-2A     86359LTH2     CCC                  AAA/Watch Neg
   3A-3       86359LTK5     CCC                  AAA/Watch Neg
   3X         86359LTL3     BB-                  AAA/Watch Neg
   B-1        86359LTM1     CC                   BBB/Watch Neg
   B-2        86359LTN9     CC                   BB/Watch Neg
   B-3        86359LTP4     CC                   BB/Watch Neg
   B-4        86359LTQ2     CC                   B/Watch Neg

     Structured Asset Mortgage Investments II Trust 2006-AR2
                         Series 2006-AR2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        86359LSM2     B-                   AAA
   A-2        86359LSN0     CCC                  AAA
   A-3        86359LSP5     CCC                  BBB/Watch Neg
   B-1        86359LSQ3     CCC                  B/Watch Neg
   B-2        86359LSR1     CC                   CCC
   B-3        86359LSS9     CC                   CCC

                   Terwin Mortgage Trust 2006-7
                           Series 2006-7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A-1      88156PAA9     A                    AA-
        I-A-2b     88156PAC5     BBB                  AA
        I-A-2c     88156PAD3     BBB                  A-
        I-M-1      88156PAE1     CCC                  BB
        I-M-2      88156PAF8     CC                   CCC
        II-A-2     88156PAY7     BB                   AAA

   WaMu Mortgage Pass-Through Ceritifcates Series 2006-AR3 Trust
                          Series 2006-AR3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1A       92925CDA7     AA                   AAA
   A-1B       92925CDB5     BB-                  AAA
   A-1C       92925CDC3     CCC                  AAA
   X          92925CDE9     CCC                  AAA
   B-1        92925CDF6     CCC                  AA+/Watch Neg
   B-2        92925CDG4     CCC                  AA/Watch Neg
   B-3        92925CDH2     CC                   A/Watch Neg
   B-4        92925CDJ8     CC                   BB/Watch Neg
   B-5        92925CDK5     CC                   B+/Watch Neg
   B-6        92925CDL3     CC                   B/Watch Neg
   B-7        92925CDM1     CC                   B-/Watch Neg
   B-8        92925CDN9     CC                   CCC
   B-9        92925CDP4     CC                   CCC
   B-10       92925CEB4     CC                   CCC

   WaMu Mortgage Pass-Through Certificates Series 2006-AR1 Trust
                          Series 2006-AR1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1A-1A      92925CCC4     BBB+                 AAA
        1A-1B      92925CCD2     B                    BB
        2A-1B      92925CCF7     AA                   AAA
        2A-1C      92925CCG5     B                    BB
        X          92925CCH3     B                    BB

  WaMu Mortgage Pass-Through Certificates Series 2006-AR11 Trust
                         Series 2006-AR11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1A         93363TAA0     CCC                  BB
        2A-1B      93363TAC6     CCC                  BB
        CA-1B2     93363TAH5     CC                   CCC
        CA-1B3     93363TAJ1     CC                   CCC
        CA-1B4     93363TAK8     CC                   CCC
        3A-1A      93363TAD4     CCC                  BB
        3A-1C      93363TAF9     CC                   CCC


   WaMu Mortgage Pass-Through Certificates Series 2006-AR4 Trust
                          Series 2006-AR4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1A-1B      93934FPP1     A                    AAA
        1A-1C3     93934FPS5     CCC                  B
        2A-1A      93934FPT3     B-                   AAA
        2X         93934FPW6     B-                   B
        B-3        93934FPZ9     CC                   CCC
        B-4        93934FQA3     CC                   CCC

  WaMu Mortgage Pass-Through Certificates Series 2006-AR5 Trust
                         Series 2006-AR5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1A       93362YAA0     B                    AAA
   A-1A2A     93362YAB8     A-                   AAA
   A-1A2B     93362YAC6     B                    AAA
   A-1B2      93362YAE2     CCC                  AAA/Watch Neg
   A-1B3      93362YAF9     CCC                  AAA/Watch Neg
   X          93362YAG7     A-                   AAA
   B-1        93362YAH5     CC                   A+/Watch Neg
   B-2        93362YAJ1     CC                   B+/Watch Neg
   B-3        93362YAK8     CC                   B-/Watch Neg
   B-4        93362YAL6     CC                   CCC
   B-5        93362YAM4     CC                   CCC
   B-6        93362YAN2     CC                   CCC
   B-7        93362YAP7     CC                   CCC
   B-8        93362YAQ5     CC                   CCC

    Washington Mutual Mortgage Pass Through Certificates WMALT
                           Series 2005-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-2      939336200     AA+                  AAA
   1-A-6      9393362J1     AA+                  AAA
   2-A        9393362K8     AA+                  AAA
   5-A-2      9393362P7     AA+                  AAA
   6-A-2      9393362R3     AA+                  AAA
   7-A-1      9393362S1     AA+                  AAA
   7-A-2      9393362T9     AA+                  AAA
   7-A-3      9393362U6     AA+                  AAA
   7-A-4      9393362V4     AA+                  AAA
   C-P        9393362Y8     AA+                  AAA
   B-1        9393363A9     CCC                  AA/Watch Neg
   B-2        9393363B7     CCC                  A/Watch Neg
   B-3        9393363C5     CC                   BBB/Watch Neg
   B-4        93933630      CC                   BB/Watch Neg

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                           Series 2005-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      93934FBC5     BBB-                 AAA
   1-A-2      93934FBD3     CCC                  AAA/Watch Neg
   1-A-3      93934FBE1     CCC                  AAA
   1-A-4      93934FBF8     CCC                  AAA/Watch Neg
   1-A-5      93934FBG6     CCC                  AAA/Watch Neg
   1-A-6      93934FBH4     CCC                  AAA/Watch Neg
   1-A-7      93934FBJ0     CCC                  AAA/Watch Neg
   1-A-8      93934FBK7     CCC                  AAA/Watch Neg
   2-CB-1     93934FBL5     B-                   AAA
   2-CB-2     93934FBM3     CCC                  AAA/Watch Neg
   20CB-3     93934FBN1     CCC                  AAA/Watch Neg
   2-CB-4     93934FBP6     B-                   AAA
   2-CB-5     93934FBQ4     B-                   AAA
   2-CB-6     93934FBR2     CCC                  AAA/Watch Neg
   2-CB-7     93934FBS0     CCC                  AAA/Watch Neg
   3-CB       93934FBT8     CCC                  AAA/Watch Neg
   4-CB       93934FBU5     CCC                  AAA/Watch Neg
   C-X        93934FBV3     BBB-                 AAA
   C-P        93934FBW1     CCC                  AAA/Watch Neg
   B-1        93934FBX9     CCC                  A/Watch Neg
   B-2        93934FBY7     CC                   CCC
   B-3        93934FBZ4     CC                   CCC

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                         Series 2005-AR1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1A       93934FHC9     CCC                  A
        X-1        93934FHF2     CCC                  A
        X-2        93934FHG0     CCC                  A
        X-3        93934FHH8     CCC                  A

       Washington Mutual Mortgage Pass-Through Certificates
                           Series 2005-8

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   1-A-1      93934FCE0     BBB                  AAA/Watch Neg
   1-A-2      93934FCF7     CCC                  AAA/Watch Neg
   1-A-3      93934FCG5     CCC                  AAA/Watch Neg
   1-A-4      93934FCH3     CCC                  AAA/Watch Neg
   1-A-5      93934FCJ9     CCC                  AAA/Watch Neg
   1-A-6      93934FCK6     CCC                  AAA/Watch Neg
   1-A-7      93934FCL4     CCC                  AAA/Watch Neg
   1-A-8      93934FCM2     CCC                  AAA/Watch Neg
   1-A-9      93934FDH2     CCC                  AAA/Watch Neg
   2-CB-1     93934FCN0     AAA                  AAA/Watch Neg
   2-CB-2     93934FCP5     CCC                  AAA/Watch Neg
   2-CB-3     93934FCQ3     AAA                  AAA/Watch Neg
   2-CB-4     93934FCR1     AAA                  AAA/Watch Neg
   2-CB-5     93934FCS9     CCC                  AAA/Watch Neg
   3-CB-1     93934FDF6     CCC                  AAA/Watch Neg
   3-CB-2     93934FDG4     CCC                  AAA/Watch Neg
   4A         93934FCU4     CCC                  AAA/Watch Neg
   C-X        93934FCW0     AAA                  AAA/Watch Neg
   C-P        93934FCX8     CCC                  AAA/Watch Neg
   B-1        93934FCY6     CC                   AA/Watch Neg
   B-2        93934FCZ3     CC                   A/Watch Neg
   B-3        93934FDA7     CC                   BBB/Watch Neg

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                          Series 2006-AR1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1A       93934FJQ6     B-                   AAA
        A-1B       93934FJR4     CCC                  B
        X-1        93934FJT0     B-                   AAA
        X-2        93934FJU7     CCC                  AAA

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                         Series 2006-AR2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1A       93934FMN9     B                    AA
        A-1B       93934FMP4     CCC                  B+
        A-1C       93934FMQ2     CCC                  B
        X          93934FMR0     B                    AA

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                          Series 2006-AR3


                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1A       93934FQP0     B-                   AAA
        A-1B       93934FQQ8     CCC                  B
        X-2        93934FQT2     B-                   AAA
        X-3        93934FQU9     B-                   AAA

                         Ratings Affirmed

            CSFB Mortgage-Backed Trust Series 2005-11
                          Series 2005-11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  3-A-6      2254W0NM3     AA
                  5-A-1      2254W0NQ4     AAA
                  5-X        2254W0PS8     AAA
                  8-A-9      2254W0PN9     AAA
                  8-A-10     2254W0PP4     AAA
                  A-X        2254W0PQ2     AAA

             CSFB Mortgage-Backed Trust Series 2005-9
                          Series 2005-9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-3      2254585Q7     AAA
                  A-X        2254586H6     AAA

                  HomeBanc Mortgage Trust 2007-1
                          Series 2007-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A       43741BAN9     AAA
                  II-M-1     43741BAP4     AA

                     Lehman XS Trust 2007-10H
                          Series 2007-10H

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A3      525237AT0     CCC

                   Terwin Mortgage Trust 2006-7
                           Series 2006-7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-2a     88156PAB7     AAA
                  II-A-1     88156PAX9     AAA
                  II-A-3     88156PAZ4     CCC

   WaMu Mortgage Pass-Through Certificates Series 2006-AR1 Trust
                          Series 2006-AR1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2A-1A      92925CCE0     AAA
                  B-1        92925CCJ9     CCC
                  B-2        92925CCK6     CCC
                  B-3        92925CCL4     CCC

  WaMu Mortgage Pass-Through Certificates Series 2006-AR11 Trust
                         Series 2006-AR11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2A         93363TAB8     AA
                  CA-1B1     93363TAG7     BBB
                  1X-PPP     93363TAL6     CCC
                  2X-PPP     93363TAM4     CCC
                  3A-1B      93363TAE2     CCC
                  3X-PPP     93363TAN2     CCC

  WaMu Mortgage Pass-Through Certificates Series 2006-AR4 Trust
                         Series 2006-AR4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A-1A      93934FPN6     AAA
                  1A-1C2     93934FPR7     BB
                  1X-1A      93934FPU0     B
                  1X-1B      93934FPV8     B
                  B-1        93934FPX4     CCC
                  B-2        93934FPY2     CCC

    Washington Mutual Mortgage Pass Through Certificates WMALT
                          Series 2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      9393362D4     AAA
                  1-A-3      9393362F9     AAA
                  1-A-4      9393362G7     AAA
                  1-A-5      9393362H5     AAA
                  3-A        9393362L6     AAA
                  4-A        9393362M4     AAA
                  5-A-1      9393362N2     AAA
                  6-A-1      9393362Q5     AAA
                  C-X        9393362W2     AAA
                  D-X        9393362X0     AAA
                  3-P        9393362Z5     AAA

    Washington Mutual Mortgage Pass-Through Certificates WMALT
                         Series 2005-AR1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1B       93934FHD7     CCC

       Washington Mutual Mortgage Pass-Through Certificates
                          Series 2006-AR1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1C       93934FJS2     CCC

       Washington Mutual Mortgage Pass-Through Certificates
                          Series 2006-AR3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1C       93934FQR6     CCC
                  B-1        93934FQV7     CCC


* S&P Raises Ratings on Two Emerging Market Synthetic SFs
---------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
emerging market synthetic structured financing securitizations and
removed the ratings from CreditWatch with positive implications,
where they were placed Aug. 28, 2009.

The rating actions follow the Oct. 8, 2009, raising of S&P's long-
term corporate credit rating on Cemex S.A.B. de C.V. to 'B' from
'B-' and its removal of that rating from CreditWatch positive.

Emblem Finance Co. No. 2 Ltd.'s series 3 notes and UDICX Bonos'
series 2008-1 certificates are synthetic structured financings
with a first-to-default structure that is credit-linked to Cemex.
The series 3 notes are collateralized by Chilean peso-denominated
and inflation-adjusted Republic of Chile (foreign currency rating,
A+/Stable/A-1; local currency rating, AA/Stable/A-1+) sovereign
bonds and have exposure to JPMorgan Chase Bank N.A. (AA-
/Negative/A-1+), the swap counterparty.  The series 2008-1
certificates have exposure to Merrill Lynch & Co. Inc.
(A/Stable/A-1), the issuer of the underlying collateral and the
swap guarantor.

If a credit event occurs regarding Cemex, the series 3 noteholders
and the series 2008-1 certificateholders will receive a cash
settlement amount that is calculated according to the market value
of the reference obligation and the swap, and the amount of
liquidation proceeds realized from the collateral.

S&P will continue to surveil the ratings on these asset-backed
transactions and revise the ratings as necessary to reflect any
changes in the transactions' underlying credit quality.

           Ratings Raised And Removed From Creditwatch

                                         Rating
                                         ------
  Transaction              Series   To                From
  -----------              ------   --                ----
Emblem Finance Co. No. 2 3        B                 B-/Watch Pos
UDICX Bonos              2008-1   mxBB+             mxBB/Watch Pos



                           *********

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.

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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.  Howard C. Tolentino, Joseph Medel C. Martirez, Denise Marie
Varquez, Philline Reluya, Ronald C. Sy, Joel Anthony G. Lopez,
Cecil R. Villacampa, Sheryl Joy P. Olano, Carlo Fernandez,
Christopher G. Patalinghug, and Peter A. Chapman, Editors.

Copyright 2009.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR subscription rate is $775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

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