TCR_Public/091206.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, December 6, 2009, Vol. 13, No. 337

                            Headlines



ALTERNATIVE LOAN: S&P Junks Rating on Class A 2005-58R Certs.
BANC OF AMERICA: S&P Corrects Ratings on 33 Classes of Notes
BRYAN COUNTY: Moody's Downgrades Ratings on 1990A Bonds to 'C'
CENTERLINE 2007-SRR5: S&P Downgrades Ratings on Nine Classes
CHOCTAW GENERATION: S&P Downgrades Rating on Certs. to 'BB-'

CLINTONDALE COMMUNITY: Moody's Cuts Rating on $26.4MM Bond to Ba2
COMM 2007-FL14: Moody's Reviews Ratings Three Rake Classes
FORD CREDIT: S&P Assigns Ratings on $1.6988 Bil. 2009-E Notes
GCO EDUCATION: Fitch Affirms Ratings on Senior Student Loans
IMPAC CMB: S&P Corrects Ratings on Two Classes of 2004-10 Notes

JP MORGAN: Fitch Takes Various Rating Actions on 2005-LDP5 Certs.
KEYCORP STUDENT: Fitch Downgrades Ratings on 15 Classes of Notes
KIMBERLITE CDO: Fitch Downgrades Ratings on Eight Classes of Notes
KNOWLEDGEFUNDING OF OHIO: Fitch Affirms Ratings on Student Loans
LEHMAN MORTGAGE: Fitch Changes Ratings on Four Classes of Notes

MARBLE FINANCE: S&P Corrects Rating on EUR8 Mil. Class A-1 Notes
NEW JERSEY HEALTH: Fitch Cuts Ratings on $22 Mil. Bonds to 'B-'
NCB FSB: Fitch Downgrades CMBS Master Servicer Rating to 'CMS3'
SORIN REAL: S&P Downgrades Ratings on Eight Classes of Notes
ST JOSEPH: Moody's Affirms 'Ba3' Rating on $18.6 Mil. Bonds

TAMPA HOME: Moody's Cuts Ratings on 1983 Series A Bonds to 'C'
WASHINGTON MUTUAL: Fitch Upgrades Ratings on Subordinate Classes

* S&P Downgrades Ratings on 28 Tranches From Seven CLO Deals
* S&P Downgrades Ratings on 226 Classes From 34 RMBS Transactions



                            *********

ALTERNATIVE LOAN: S&P Junks Rating on Class A 2005-58R Certs.
-------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
A certificates from Alternative Loan Trust Resecuritization 2005-
58R, a U.S. residential mortgage-backed securities resecuritized
real estate mortgage investment conduit transaction, to 'CCC' from
'AAA'.

The downgrade reflects the significant deterioration in
performance of the loans backing the underlying certificates.
This performance deterioration is so severe that the credit
enhancement for CWALT 2005-58R is insufficient to maintain the
previous rating on the re-REMIC class

CWALT 2005-58R, which closed in November 2005, is collateralized
by two underlying classes that support the class A tranche.  The
loans securing the underlying classes consist predominately of
option-arm Alternative-A mortgage loans.

Class A from CWALT 2005-58R is supported by the class 1-X
(currently rated 'CCC') and class P (currently rated 'NR') from
Countrywide Home Loans Alternative Loan Trust 2005-58.  The
performance of the loans securing this trust has declined
precipitously in recent months.  This pool had experienced losses
of 4.31% of the original pool balance as of the October 2009
distribution, and currently has approximately 55.53% of the
current pool balance in delinquent loans.  Based on the losses to
date, the current pool factor of 0.6111 (61.11%), 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 30.88%, which exceeds the level of
credit enhancement available to cover losses.

Over the past two years, S&P have 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.


BANC OF AMERICA: S&P Corrects Ratings on 33 Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on 33
classes issued by Banc of America Funding 2006-2 Trust by lowering
20 of the ratings and raising the remaining 13.  S&P released the
previous ratings on these classes on Aug. 31, 2009, as part of a
larger U.S. prime jumbo residential mortgage-backed securities
review.

Banc of America Funding 2006-2 Trust consists of two separate and
distinct structures.  One structure is rated and is made up of
five loan groups.  The other structure, which is not rated, is
made up of one loan group.  During S&P's analysis of this
transaction in August, S&P used incorrect loan groups when
determining the projected loss distribution among groups in the
rated structure, which resulted in the incorrect ratings released
on Aug. 31.  S&P subsequently reanalyzed the rated structure using
the proper loan group loss distributions, which resulted in the
rating corrections.

                        Ratings Corrected

               Banc of America Funding 2006-2 Trust

                                        Rating
                                        ------
  Class      CUSIP         Current      Aug. 31      Pre-Aug. 31
  -----      -----         -------      -------      -----------
  1-A-1      05949QAA3     AA-          BBB          AAA
  1-A-2      05949QAB1     AA-          BBB          AAA
  1-A-3      05949QAC9     AA-          BBB          AAA
  1-A-4      05949QAD7     BBB          CCC          AAA
  1-A-5      05949QAE5     AA-          BBB          AAA
  2-A-1      05949QAG0     AA+          AAA          AAA
  2-A-2      05949QAH8     AA+          AAA          AAA
  2-A-3      05949QAJ4     AA+          AAA          AAA
  2-A-4      05949QAK1     AA+          AAA          AAA
  2-A-5      05949QAL9     AA+          AAA          AAA
  2-A-6      05949QAM7     AA+          AAA          AAA
  2-A-7      05949QAN5     AA+          AAA          AAA
  2-A-8      05949QAP0     AA+          AAA          AAA
  2-A-9      05949QAQ8     AA+          AAA          AAA
  2-A-10     05949QAR6     AA+          AAA          AAA
  2-A-14     05949QAV7     AA           AAA          AAA
  2-A-16     05949QAX3     AA           AAA          AAA
  2-A-17     05949QAY1     AA+          AAA          AAA
  2-A-18     05949QAZ8     AA+          AAA          AAA
  2-A-19     05949QBA2     AA+          AAA          AAA
  2-A-20     05949QBB0     AA+          AAA          AAA
  2-A-21     05949QBC8     AA+          AAA          AAA
  2-A-22     05949QBD6     AA+          AAA          AAA
  4-A-1      05949QBG9     BBB          CCC          AAA
  4-A-2      05949QBH7     BBB+         AAA          AAA
  5-A-1      05949QBK0     BBB          CCC          AAA
  5-A-2      05949QBL8     BBB          CCC          AAA
  5-A-3      05949QBM6     BBB+         AAA          AAA
  6-A-1      05949QBN4     BBB          CCC          AAA
  6-A-2      05949QBP9     AAA          CCC          AAA
  6-A-3      05949QBQ7     BBB          CCC          AAA
  6-A-4      05949QBR5     BBB          CCC          AAA
  X-M-1      05949QBV6     B-           CCC          AA


BRYAN COUNTY: Moody's Downgrades Ratings on 1990A Bonds to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded to C from Caa3 the rating
on the Bryan County Economic Development Authority, OK, Single
Family Mortgage Revenue Refunding Bonds, Series 1990A.  The amount
of debt outstanding is $875,000.

The program consists of 32 loans with an aggregate principal
amount outstanding of $89,478 as of October 1, 2009 (un-audited).
The trustee reports that none of the loans are 60 days past due.

The C rating reflects the continued deterioration of the program's
financial strength.  This is evidenced by the asset-to-debt ratio
(PADR) which is currently 0.496, down from 0.642 in April 2008 and
0.71 as of December 2006.  Approximately 78% of the program's
assets are invested in guaranteed investment contracts whose rate
of return is less than the coupon on the bonds, resulting in
negative arbitrage.

Amount of bonds likely to be affected by a default is directly
tied to the prepayment speed of the remaining mortgage loans as
borrowers prepay on their mortgage loans, causing negative
revenues for the program.  The faster the prepayment speed, the
greater percentage of outstanding bonds that will likely receive
less than the full principal and interest amount due.

The bonds are scheduled to mature on July 1, 2010.


CENTERLINE 2007-SRR5: S&P Downgrades Ratings on Nine Classes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on nine
classes from Centerline 2007-SRR5 Ltd., a hybrid commercial real
estate collateralized debt obligation transaction.  Seven of these
ratings remain on CreditWatch with negative implications, while
S&P removed the remaining two lowered ratings from CreditWatch
negative.  At the same time, S&P affirmed its ratings on five
additional classes from this transaction.

The downgrades reflect S&P's analysis of the transaction following
S&P's rating actions on eight reference commercial mortgage-backed
securities classes.  The securities are from eight transactions
($175 million; 22% of the pool balance).  Seven ratings on
Centerline 2007-SRR5 remain on CreditWatch negative due to the
transaction's exposure to referenced CMBS collateral with ratings
on CreditWatch negative ($262.5 million, 33%).

According to the Nov. 23, 2009, trustee report, the collateral for
Centerline 2007-SRR5 consists of credit default swaps referencing
40 CMBS classes ($800 million, 100%) from 40 distinct transactions
issued between 2005 and 2007.  The CDS counterparty is Morgan
Stanley Capital Services Inc. Centerline 2007-SRR5 has significant
exposure to recently downgraded CMBS classes from these
transactions:

* Credit Suisse Commercial Mortgage Trust Series 2006-C2 (class K;
  $30 million, 3.75%);

* Bear Stearns Commercial Mortgage Securities Trust 2007-Top26
  (class K;

* $25 million, 3.1%); and

* ML-CFC Commercial Mortgage Trust 2007-5 (class H; $20 million,
  2.5%).

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
        -----            --               ----
        A-1              BBB-/Watch Neg   A-/Watch Neg
        A-2              BB+/Watch Neg    BBB+/Watch Neg
        B                BB+/Watch Neg    BBB/Watch Neg
        C                BB/Watch Neg     BBB-/Watch Neg
        D                B+/Watch Neg     BB+/Watch Neg
        E                B-/Watch Neg     BB/Watch Neg
        F                CCC/Watch Neg    B+/Watch Neg

      Ratings Lowered And Removed From Creditwatch Negative

                    Centerline 2007-SRR5 Ltd.

                                Rating
                                ------
         Class            To               From
         -----            --               ----
         G                CCC-             CCC+/Watch Neg
         H                CCC-             CCC/Watch Neg

                         Ratings Affirmed

                     Centerline 2007-SRR5 Ltd.

                     Class            Rating
                     -----            ------
                     J                CCC-
                     K                CCC-
                     L                CCC-
                     M                CCC-
                     N                CCC-


CHOCTAW GENERATION: S&P Downgrades Rating on Certs. to 'BB-'
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on U.S.
electricity generator Choctaw Generation L.P.'s amortizing pass-
through trust certificates due 2023 and 2030 (about $300 million
outstanding at June 30, 2009) to 'BB-' from 'BB'.  The outlook is
negative.

The downgrade reflects the plant's continued high heat rate in the
months since its September-October 2008 scheduled outage for the
five-year major maintenance.  The high heat rate results in
additional fuel costs beyond those paid by the electricity buyer
under Choctaw's power purchase agreement, and also increased
maintenance costs, which results in low debt service coverage.
The rating remains on negative outlook because the project has not
finalized sources of funding for this future major maintenance.
S&P expects the major maintenance to occur within about two years,
although its effect on average heat rates may not be apparent for
some time afterward.


CLINTONDALE COMMUNITY: Moody's Cuts Rating on $26.4MM Bond to Ba2
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ba2 from Baa3 the
rating assigned to Clintondale Community Schools' (MI)
$26.4 million of Moody's rated outstanding general obligation
unlimited tax debt and has assigned a negative outlook.  The bonds
are secured by the district's unlimited ad valorem tax pledge.
The rating reflects the district's consecutive years of operating
deficits that are expected to continue, declining taxable
valuations with significant auto industry presence, and high debt
burden.  The negative outlook reflects Moody's expectations that
the district's financial operation will remain challenged due to
continued budgetary pressures resulting from declining state aid
and taxable valuations and growing General Fund deficit.

        Consecutive Years of Operating Deficits Leading To
                   Negative General Fund Balance;
     Structurally Imbalanced Operations Expected To Continue

Moody's expects the district's financial position to remain
challenged in the near term due to consecutive years of operating
deficits, pressured revenues streams, and expected growing General
Fund deficit.  The district has posted consecutive years of
operating deficits since fiscal 2004 mostly due to expenditures
outpacing revenue growth.  As a result, the district's General
Fund declined from a modest $447,000 (1.3% of revenues) in fiscal
2004 to a negative $5.2 million (-16.2% of revenues) at the close
of fiscal 2009.  Such limited liquidity leaves the district with
inadequate financial measures to absorb any unforeseen budgetary
expenditures.  Per state law, the district has submitted a Deficit
Elimination Plan (DEP) in February 2009 to the state, stating a
goal of eliminating the district's deficit by fiscal 2013.
However, as property tax and state aid revenues continue to
decline, officials expect the deficit in fiscal 2010 may be
greater than originally budgeted and are planning to submit a
revised plan.  Additionally, as the General Fund deficit has been
growing, the district has increased its amount of cash flow
borrowing.  The district's cash flow borrowing nearly doubled from
$5.6 million in fiscal 2007 to $9.2 million in fiscal 2009.  Cash
flow borrowing comprised a significant 29.7% of revenues in fiscal
2009, further signifying the district's weak financial
flexibility.

Typical of Michigan school districts, state aid comprises the
majority of general operating revenues (70.3% in fiscal 2009),
followed by local property taxes (22.1%).  As state aid is per
pupil based, declining enrollment or a decrease in the per pupil
foundation allowance pressures the district's revenues.  The State
of Michigan recently announced a reduction in the per pupil
foundation allowance, reducing the funding by $165 per pupil.  As
a result, officials are expecting a loss of $750,000 in state aid
revenues in fiscal 2010.  Furthermore, the state may reduce the
per pupil foundation allowance by another $127 per pupil,
potentially effective December 2010, further pressuring the
district's revenues and operations.  Although the district's
enrollment has been modestly increasing (0.5% estimated increase
between 2009 and 2010) recently due to increased enrollment in the
adult and alternative education programs, continuing reductions in
state aid may put further pressure on the district's finances as
the district's revenue raising flexibility is limited.  Reductions
in state aid combined with declining taxable valuations will
continue to pressure the district's future budgets.  Moody's will
continue to monitor the district's General Fund position.  Failure
to regain structural balance and eliminate the substantial General
Fund deficit could exert future downward pressure on the
district's overall credit profile.

           Declining Tax Base In Southeastern Michigan

Moody's believes the district's modest $861 million tax base will
continue to decline in the near term reflecting the regional
contraction of the automotive industry and depreciation of
residential and commercial values.  Located in Macomb County (GO
rated Aaa) northeast of Detroit (GO rated Ba3 with negative
outlook) the district's taxable and full valuations began
declining in 2008.  Taxable valuation declined by 0.1% and full
valuation declined by 4.9% between 2007 and 2008.  Taxable and
full valuations declined a steeper 2.2% and 9% between 2008 and
2009.  Although officials report stable operations at the
district's local largest taxpayers and employers, of greater
concern is the significant automotive industry presence in the
regional economy, especially throughout Macomb County.  As the
domestic automotive manufacturing sector continues to experience
negative trends, the district may be adversely impacted by job and
population losses that may lead to future declining enrollment.
Macomb County's unemployment level of 18.1% is significantly
higher than the state and national averages of 14.8% and 9.5%,
respectively for September 2009.  District resident income levels
approximate state medians with per capita and median family
incomes at 99.9% and 103.8% of the state, respectively.  Moody's
expects that valuations will continue to trend downward into the
near term.

      High Debt Burden With No Additional Borrowing Planned

Moody's expects the district's debt levels to remain high given
the district's declining full valuations.  The district's direct
debt burden of 8.1% is significantly higher than the median debt
burden for Moody's rated Michigan school districts of 2.1%.  The
district has a total outstanding $45.3 million general obligation
bonds and $24.2 million borrowed from the State's School Bond Loan
Fund.  Principal amortization is rapid, with 79.3% of all debt
retired in ten years.  The district reports no major capital needs
and has no plans to issue debt in the near-term.

                             Outlook

The assignment of the negative outlook reflects Moody's
expectations that the district will continue to experience revenue
pressures, exacerbated by declining state aid, the district's
shrinking taxbase and lack of expenditure controls, resulting in a
further weakening of the district's already significantly
challenged financial operations.  Future credit reviews will focus
on the district's ability to regain structural balance and
eliminate the General Fund deficit.

What could lead to a rating upgrade (or revise the outlook to
stable):

  - Material operating surpluses, achieved through structurally
    balanced financial solutions that will carry forward to future
    budgets.

  - Sustained economic improvement coupled with revenue
    enhancements.

What could lead to a rating downgrade:

  - Continued structural imbalance resulting from negative budget
    variances yielding larger deficits in the General Fund.

  - Further economic deterioration, and reductions in state aid
    resulting in continued declining revenues and increasing
    pressure on district operations.

Key Statistics

* 2000 Census population: 11,112

* 2008 Full valuation: $861 million

* 2008 Full value per capita: $80,201

* Macomb County unemployment (9/09): 18.1%

* District per capita income: 99.9%

* District median family income: 103.8%

* Average annual enrollment (2003 - 2008): -1.0%

* Fiscal 2008 General Fund balance: -$5.2 million (-16.2% of
  General Fund revenues)

* Direct debt burden: 8.1%

* Principal payout (10 years): 79.3%

* Total general obligation unlimited tax debt outstanding:
  $45.3 million

Moody's rated general obligation unlimited tax debt outstanding:
$26.4 million

The last rating action with respect to Clintondale Community
Schools (MI) was on January 24, 2004, when its Baa3 general
obligation unlimited tax rating was affirmed.


COMM 2007-FL14: Moody's Reviews Ratings Three Rake Classes
----------------------------------------------------------
Moody's Investors Service placed three rake classes of COMM 2007-
FL14 under review for possible downgrade due to the deterioration
in performance of the Carr California Portfolio Loan.  The loan
represents a 50% pari passu interest with the Bear Stearns
Commercial Mortgage Securities Inc. Commercial Mortgage Pass-
Through Certificates, Series 2007-BBA8 transaction.  Moody's
review will focus on the performance of the loan which is secured
by two suburban office buildings located in the San Jose office
market.

Moody's rating action is:

  -- Class CA1, $964,900, Placed Under Review for Possible
     Downgrade; previously downgraded to Baa3 from A2 on 2/24/09;

  -- Class CA2, $578,940, Placed Under Review for Possible
     Downgrade; previously downgraded to Ba1 from A3 on 2/24/09;

  -- Class CA3, $385,960, Placed Under Review for Possible
     Downgrade; previously downgraded to Ba2 from Baa1 on 2/24/09


FORD CREDIT: S&P Assigns Ratings on $1.6988 Bil. 2009-E Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Ford
Credit Auto Owner Trust 2009-E's $1.6988 billion asset-backed
notes series 2009-E.

The ratings reflect S&P's opinion of:

* The availability of approximately 17.57%, 14.52%, 12.42%, and
  9.83% credit support to the class A, B, C, and D notes,
  respectively, based on stressed break-even cash flow scenarios.

* These credit support levels provide more than 5x, 4x, 3x, and 2x
  S&P's expected net loss range of 2.95%-3.25% to the class A, B,
  C, and D notes, respectively;

* The transaction's ability to withstand more than 1.5x S&P's
  expected net loss level in its "what-if" scenario analysis
  before the notes become vulnerable to a negative CreditWatch
  action and/or a potential downgrade;

* The timely interest and principal payments made under stressed
  cash flow modeling scenarios appropriate to the assigned rating
  categories;

* The characteristics of the pool being securitized;

* Ford Motor Credit Co. LLC's extensive securitization performance
  history going back to 1989; and

* The transaction's payment and legal structures.

                         Ratings Assigned

                Ford Credit Auto Owner Trust 2009-E

                             Interest    Amount      Expected legal
  Class     Rating   Type    rate        (mil. $)     final maturity date
  -----     ------   ----    --------    --------     -------------------
  A-1       A-1+     Senior   Fixed         455.00     December 2010
  A-2       AAA      Senior   Fixed         328.00     March 2012
  A-3       AAA      Senior   Fixed         602.00     January 2014
  A-4       AAA      Senior   Fixed         197.30     November 2014
  B         AA       Sub      Fixed          49.90     April 2015
  C         A        Sub      Fixed          33.30     August 2015
  D         BB+      Sub      Fixed          33.30     May 2016


GCO EDUCATION: Fitch Affirms Ratings on Senior Student Loans
------------------------------------------------------------
Fitch Ratings affirms the ratings on the senior student loan notes
and downgrades the subordinate and junior subordinate notes of the
GCO Education Loan Funding Master Trust II, removing any Rating
Watch Negative and assigning Stable Outlooks to all ratings.  The
senior parity has been increasing, helped by redemption of the
senior notes.  However, the trust's excess spread level has not
been meeting expectations, and the parities for the subordinate
and junior subordinate notes remain well below 100%.  A complete
list of rating actions is at the end of this press release.

The subordinate and junior subordinate notes were placed on Rating
Watch Negative Oct. 31, 2008 as a result of disruptions in the
auction-rate market.  A detailed review of the transactions,
applying Fitch's Global Structured Finance Rating Criteria,
revealed that the trust has not been producing sufficient excess
spread due to increased costs associated with the auction-rate
securities.  The downgrades are the result of increased
uncertainty of parity build-up that will allow the full redemption
of the subordinate and junior subordinate notes.  The parities for
the trust, as of September 2009, were 98.56%, 96.48%, and 103.84%
for the junior subordinate, subordinate, and senior notes.  Stable
Outlooks are assigned because the ratings are expected to remain
stable for the next two years.

The collateral supporting GCO ELF Master Trust II notes consist
entirely of federally guaranteed student loans originated under
the Federal Family Education Loan Program.  FFELP loans are
guaranteed at least 97% of principal and accrued interest,
depending on the loan origination date.

Fitch affirms the ratings and assigns Outlooks to these senior
classes of GCO ELF Master Trust II notes:

  -- Class A-1AR notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-1L notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-1RRN notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-2AR notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-2L notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-3AR notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-3L notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-4AR notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-4L notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-5AR notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-5L notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-6AR notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-6L notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-7AR notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-7L notes at 'AAA/LS1'; Outlook Stable;
  -- Class A-8AR notes at 'AAA/LS1'; Outlook Stable.

Fitch downgrades the ratings; removes from Rating Watch Negative;
and assigns Outlooks to these subordinate and junior subordinate
classes of GCO ELF Master Trust II notes:

  -- Class B-1AR notes to 'BBB/LS3' from 'AA+/LS3'; Outlook
     Stable;

  -- Class B-2AR notes to 'BBB/LS3' from 'AA+/LS3'; Outlook
     Stable;

  -- Class B-3AR notes to 'BBB/LS3' from 'AA+/LS3'; Outlook
     Stable;

  -- Class C-1L notes to 'BB/LS3' from 'A-/LS3'; Outlook Stable.


IMPAC CMB: S&P Corrects Ratings on Two Classes of 2004-10 Notes
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on
classes 1-A-2 and 2-A from Impac CMB Trust Series 2004-10 by
raising them to 'CC' from 'D'.

On Nov. 17, 2009, S&P incorrectly lowered its ratings on classes
1-A-2 and 2-A to 'D' based on the underlying ratings.  Financial
Guaranty Insurance Co. provides bond insurance for these classes;
S&P withdrew its rating on FGIC on April 22, 2009.  Following the
withdrawal, however, the bond insurer continued to cover losses
allocated to these classes.  Therefore, S&P should not have
lowered its long-term ratings on these classes to 'D' because the
classes did not experience principal write-downs.  The 'CC'
ratings reflect S&P's expectation of default without continued
credit support from FGIC.  However, if FGIC stops making payments
under the insurance policy and the classes experience principal
write-downs, S&P will downgrade these classes to 'D'.

                        Ratings Corrected

                  Impac CMB Trust Series 2004-10

                                       Rating
                                       ------
  Class      CUSIP       Current       11/17/09     Pre-11/17/09
  -----      -----       -------       --------     ------------
  1-A-2      45254NLK1   CC            D            CC
  2-A        45254NLL9   CC            D            CC


JP MORGAN: Fitch Takes Various Rating Actions on 2005-LDP5 Certs.
-----------------------------------------------------------------
Fitch Ratings takes various rating actions on J.P. Morgan Chase
Commercial Mortgage Securities Corp., Series 2005-LDP5, commercial
mortgage pass-through certificates.

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
3.9% for this transaction, should market conditions not recover.
The rating actions are based on losses of 3.8%, including 100% of
the losses associated with term defaults and any losses associated
with maturities within the next five years.  Fitch's actions
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.

To determine potential defaults for each loan, Fitch assumed cash
flow would decline by 10% from year-end 2008.  That is consistent
with the analysis used in its review of recent vintage
transactions whereby cash flow was assumed to decline 15% from
year-end 2007 projected over a three-year period.  If the stressed
cash flow would cause the loan to fall below 0.95 times debt
service coverage ratio, Fitch assumed the loan would default
during the term.  To determine losses, Fitch used the above
stressed cash flow and applied a market cap rate by property type,
ranging between 7.5% and 10%, to derive a value.  If the loan
balance at default is less than Fitch's derived value, the loan
would realize that amount of loss.  These loss estimates were
reviewed in more detail for loans representing 62.8% of the pool
and, in certain cases, revised based on additional information
and/or property characteristics.  Loss expectations attributed to
loans reviewed in detail represent approximately 82% of the 3.7%.

Approximately 81.1% of the mortgages mature within the next five
years: 10.9% in 2010, 1.5% in 2011 and 2.9% in 2012 and 62% in
2015.

Fitch identified 21 Loans of Concern (14%) within the pool, eight
of which (7.8%) are specially serviced.  Of the specially serviced
loans, two (4.9% of the pool) are current.  Three of the Fitch
Loans of Concern (8.1%) are within the transaction's top 15 loans,
and two (5.9%) are specially serviced.

One of the Loans of Concern (2.1%) within the top 15 loans is
assumed to default during the term, with a loss severity of
approximately 35%.  Fitch expects that the remaining 14 of the top
15 loans may default at maturity based on an insufficient accrued
equity position as calculated in Fitch's refinance test.  A loan
would pass the refinance test if the stressed cash flow would
achieve a 1.25x DSCR as calculated based on a 30-year amortization
schedule and an 8% coupon.

The largest contributors to loss are: DRA-CRT Portfolio (3.3%),
Hanover Mall (2.1%) and Raleigh Office Centre (0.8%).

The DRA-CRT portfolio is collateralized by a portfolio of 30
office properties located in Orlando, FL, Jacksonville, FL and
Memphis, TN.  The portfolio has a broad mix of national and
regional tenants.  Property performance has declined since
issuance.  As of June 30, 2009 the portfolio was 78.9% occupied
compared to 88.3% at issuance while DSCR declined to 1.65x
compared to 1.73x at issuance.  The decline in DSCR does not yet
reflect the full effect of the vacancies.  Fitch expects that the
loan may default at maturity in October 2010 based on its
refinance test which stresses the cash flow and assumes
amortization and an 8% coupon versus the 5.35% interest rate in
place.

The Hanover Mall transferred to the special servicer in November
2009 for imminent default when the borrower informed the servicer
that it would cease making payments.  The loan is currently 30
days delinquent.  The loan is collateralized by a 706,005 square
foot anchored retail center located in Hanover, MA.  Property
performance has declined over the past year.  Circuit City, KB
Toys, Ritz Camera, and Zale's Jewelers all filed bankruptcy and
closed their stores at the property during the first half of 2009.
Revenues have also been under pressure from tenants requesting
rental rate concessions to keep their stores open at the property.
As of third-quarter 2009 (3Q'09) DSCR and occupancy were 1.14x and
92.8%, respectively, compared to 1.20x and 98.2% at issuance.  As
of the 3Q'09 rent roll, base rental revenues have declined
approximately 22% compared to issuance underwriting.

The Raleigh Office Centre loan is collateralized by a 289,279 sf
office property in Southfield, MI.  As of 2Q'09, occupancy and
DSCR were 67% and 0.71x, respectively.  The property has struggled
with occupancy levels since issuance and has never performed above
a 1.0x DSCR.  The largest tenant at the property, Metropolitan
Life Insurance (40% of net rentable area) has a lease which
expires at year-end 2009.  A renewal is currently being
negotiated; however, Metropolitan Life's current rental rate is
approximately 33% above market according to the CBRE 3Q'09 Detroit
MarketView Report.  Due to the depressed economic conditions in
the area it is likely that the property will continue to struggle.

Fitch has downgraded and assigned loss severity ratings to these
classes:

  -- $299 million class A-J to 'AA/LS3' from 'AAA'; Outlook
     Stable;

  -- $26.2 million class B to 'AA/LS5' from 'AA+'; Outlook Stable.

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

  -- $73.4 million class C to 'A/LS5' from 'AA'; Outlook Stable;

  -- $42 million class D to 'A/LS5' from 'AA-'; Outlook Stable;

  -- $21 million class E to 'A/LS5' from 'A+'; Outlook Stable;

  -- $52.5 million class F to 'BBB/LS5' from 'A'; Outlook Stable;

  -- $36.7 million class G to 'BB/LS5' from 'A-'; Outlook Stable;

  -- $52.5 million class H to 'BB/LS5' from 'BBB+'; Outlook
     Stable;

  -- $42 million class J to 'BB/LS5' from 'BBB'; Outlook Stable;

  -- $63 million class K to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $26.2 million class L to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $15.7 million class M to 'B-/LS5' from 'B+'; Outlook
     Negative;

  -- $15.7 million class N to 'B-/LS5' from 'B'; Outlook Negative.

Fitch has revised the RR rating on this class:

  -- $10.5 million class Q to 'CCC/RR6' from 'CCC/RR1'.

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

  -- $5.2 million class O 'B-/LS5'; Outlook Negative;
  -- $5.2 million class P 'B-/LS5'; Outlook Negative.


Fitch also affirms these classes and assigns LS ratings as
indicated:

  -- $193.5 million class A-1 'AAA/LS1'; Outlook Stable;
  -- $200 million class A-2FL 'AAA/LS1'; Outlook Stable;
  -- $297.5 million class A-2 'AAA/LS1'; Outlook Stable;
  -- $171.5 million class A-3 'AAA/LS1'; Outlook Stable;
  -- $1,395.9 million class A-4 'AAA/LS1'; Outlook Stable;
  -- $169.5 million class A-SB 'AAA/LS1'; Outlook Stable;
  -- $445.6 million class A-1A 'AAA/LS1'; Outlook Stable;
  -- Interest only class X-1 at 'AAA'; Outlook Stable;
  -- Interest only class X-2 at 'AAA'; Outlook Stable;
  -- $419.7 million class A-M 'AAA/LS3'; Outlook Stable.

Fitch does not rate the $52.5 million class P or any of the rake
classes HG-1 through HG-5.


KEYCORP STUDENT: Fitch Downgrades Ratings on 15 Classes of Notes
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Fitch Ratings downgrades 15 classes and affirms two classes from
four KeyCorp Student Loan Transactions.  The downgrades reflect
significant deterioration of private student loan collateral.
Losses are accumulating at a faster pace than anticipated and the
loss multiples calculated were indicative of lower ratings for the
downgraded notes.

Fitch affirms the ratings on the top two senior tranches of 2004-A
because the loss multiples were higher, reflective of greater
seasoning.  Fitch has removed all ratings from Rating Watch
Negative and assigned Negative Outlooks, reflecting Fitch's
concern that the collateral performance may continue to
deteriorate and Fitch's view on the private student loan sector in
general.  The Global SF Criteria and U.S. Private SL ABS Criteria
were used to review the transaction.

Loss multiples based on the latest performance data were derived
to determine the appropriate ratings.  The projected net loss
amounts were compared to available credit enhancement to determine
the loss multiples for each rating category.  Fitch used both data
provided by KeyCorp and proxy data from other issuers to form a
loss timing curve representative of each pool depending on loan
composition.  After giving credit for seasoning of loans in
repayment, Fitch applied the trust's current cumulative gross loss
level to this loss timing curve to derive the expected gross
losses over the projected remaining life.  A recovery rate of 15%
was applied, which was the level assumed during the transaction's
initial review.  The gross loss projections ranged from 13% to 23%
against the original pool balance between the transactions.

Credit enhancement for the transactions consists of excess spread,
overcollateralization for transactions with a parity ratio of
above 100%, a reserve account, and subordination for the senior
and mezzanine notes.  Fitch assumed excess spread to be the lesser
of the average historical excess spread (earning on the assets
minus interest payments to bondholders and fees) and the most
recent 12-month average excess spread, and applied that same rate
over the remaining life.

The 2001-A transaction also benefits from a financial guaranty
provided by MBIA Insurance Corp., which is not rated by Fitch.
The analysis does not incorporate MBIA's guaranty, but MBIA still
remains obligated to insure timely interest and ultimate principal
payments on the note.

The private student loan collateral consists primarily of Key
Alternative Loans originated to undergraduate students.  The
trusts may also include a combination of graduate student loans,
career loans, consolidation loans, and CampUS$oor loans marketed
through the direct to consumer channel.  Additionally, a portion
of the collateral is guaranteed by The Education Resources
Institute.  TERI filed for chapter 11 bankruptcy protection in
April 2008.  No credit was given to the possibility of TERI making
any claim payments.

Fitch has taken these rating actions:

KeyCorp 2001-A Group II

  -- II-A-2 downgraded to 'A+' from 'AAA'; Outlook Negative.

KeyCorp 2004-A Group II

  -- II-A-2 affirmed at 'AAA'; Outlook Negative;
  -- II-B affirmed at 'AA'; Outlook Negative;
  -- II-C downgraded to 'A-' from 'A'; Outlook Negative;
  -- II-D downgraded to 'BB+' from 'BBB-'; Outlook Negative.

KeyCorp 2005-A Group II

  -- II-A-2 downgraded to 'AA' from 'AAA'; Outlook Negative;
  -- II-A-3 downgraded to 'AA' from 'AAA'; Outlook Negative;
  -- II-A-4 downgraded to 'AA' from 'AAA'; Outlook Negative;
  -- II-B downgraded to 'BBB' from 'A; Outlook Negative;
  -- II-C downgraded to 'BB' from 'BBB'; Outlook Negative.

KeyCorp 2006-A Group II

  -- II-A-1 downgraded to 'A-' from 'AAA'; Outlook Negative;
  -- II-A-2 downgraded to 'A-' from 'AAA'; Outlook Negative;
  -- II-A-3 downgraded to 'A-' from 'AAA'; Outlook Negative;
  -- II-A-4 downgraded to 'A-' from 'AAA'; Outlook Negative;
  -- II-B downgraded to 'BB-' from 'A; Outlook Negative;
  -- II-C downgraded to 'B-' from 'BBB'; Outlook Negative.


KIMBERLITE CDO: Fitch Downgrades Ratings on Eight Classes of Notes
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Fitch Ratings has downgraded eight classes and removed from Rating
Watch Negative two classes issued by Kimberlite CDO I as a result
of significant negative credit migration of the commercial
mortgage backed securities collateral within the portfolio.

The transaction entered an Event of Default on Nov. 13, 2009 when
the ratio of the net outstanding portfolio balance over the sum of
the super senior notional amount and the outstanding amount of the
class A notes failed the 100% threshold.  The test failure was due
to downgrades to the underlying collateral and the application of
the documented overcollateralization haircuts to assets rated
'BB-' and below.  Noteholders have not given direction to
accelerate the notes or liquidate the portfolio at the time of
this review.

Since Fitch's last rating action in March 2009, approximately
43.2% of the portfolio has been downgraded, and 47.2% was placed
on Rating Watch Negative.  Approximately 89.3% of the portfolio
has a Fitch derived rating below investment grade and 26.8% has a
rating in the 'CCC' rating category or lower, compared to 33.4%
and 0%, respectively, at last review.  Defaulted securities, as
defined in the transaction's governing documents, now comprise
4.7% of the portfolio, compared to 0.7% at last review.

This transaction was analyzed under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Portfolio Credit Model for projecting future default levels
for the underlying portfolio.  The degree of correlated default
risk of this collateral is high given the CMBS and vintage
concentrations.  Further, in its review, Fitch analyzed the
structure's sensitivity to the default of the distressed
collateral ('CCC' category and lower).

Fitch's loss expectation exceeds the credit enhancement available
to all classes.  Given the high probability of default of the
underlying assets and the expected limited recovery prospects upon
default, all classes have been downgraded to 'C', indicating that
default is inevitable at maturity.

While the class A and B notes are receiving timely interest
distributions, the notional balance of the super senior notes
relative to the performing portion of the portfolio makes it
unlikely for the class A to receive any principal repayment.  The
class C through H notes are receiving interest paid in kind
whereby the principal amount of the notes is written up by the
amount of interest due.  Fitch does not expect these classes to
receive any future payments.

Kimberlite CDO I is a hybrid commercial real estate collateralized
debt obligation that closed on Sept. 28, 2006.  Kimberlite CDO I
combines the use of synthetic and cash assets, as well as unfunded
and funded liabilities.  The unfunded super senior class is senior
to the funded liabilities and is not rated by Fitch.  The
portfolio is selected and managed by BlackRock Financial
Management, Inc.

Fitch has downgraded these classes as indicated:

  -- $79,375,000 class A to 'C' from 'B;
  -- $40,125,000 class B to 'C' from 'B;
  -- $46,144,111 class C to 'C' from 'CCC';
  -- $10,214,791 class D to 'C' from 'CCC';
  -- $9,841,417 class E to 'C' from 'CCC';
  -- $11,757,628 class F to 'C' from 'CCC';
  -- $12,173,541 class G to 'C' from 'CCC';
  -- $23,083,900 class H to 'C' from 'CCC'.

In addition, classes A and B have been removed from Rating Watch
Negative.

Fitch does not rate the super senior class.


KNOWLEDGEFUNDING OF OHIO: Fitch Affirms Ratings on Student Loans
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Fitch Ratings affirms the ratings on the senior student loan notes
and downgrades the subordinate bonds of the KnowledgeFunding of
Ohio 2005 Indenture of Trust; removing any ratings from Negative
Watch and assigning Stable Outlooks to all ratings.  The senior
parity has been increasing, helped by redemption of the senior
notes.  However, the trust's excess spread level has not been
meeting expectations, and the parities for the subordinate bonds
remain well below 100%.

The subordinate bonds were placed on Rating Watch Negative on
Oct. 31, 2008, as a result of disruptions in the auction-rate
market.  A detailed review of the transactions, applying Fitch's
Global Structured Finance Rating Criteria, revealed that the trust
has not been producing sufficient excess spread due to increased
costs associated with the auction-rate securities.  The downgrades
are the result of increased uncertainty of parity build-up that
will allow the full redemption of the subordinate bonds.  The
parities for the trust, as of September 2009, were 94.80% and
106.88% for the subordinate and senior bonds, respectively.
Stable Outlooks are assigned because the ratings are expected to
remain stable for the next two years.

The collateral supporting KnowledgeFunding of Ohio 2005 Indenture
of Trust consists entirely of federally guaranteed student loans
originated under the Federal Family Education Loan Program.  FFELP
loans are guaranteed at least 97% of principal and accrued
interest, depending on the loan origination date.

Fitch affirms and assigns Outlooks to these senior classes of
KnowledgeFunding of Ohio 2005 Indenture of Trust bond:

  -- 2005 class A-1 notes at 'AAA/LS1'; Outlook Stable;
  -- 2005 class A-2 notes at 'AAA/LS1'; Outlook Stable;
  -- 2005 class A-3 notes at 'AAA/LS1'; Outlook Stable;
  -- 2006 class A-1 notes at 'AAA/LS1'; Outlook Stable;
  -- 2006 class A-2 notes at 'AAA/LS1'; Outlook Stable;
  -- 2006 class A-3 notes at 'AAA/LS1'; Outlook Stable.

Fitch downgrades and removes from Rating Watch Negative, and
assigns Outlooks to these subordinate classes of KnowledgeFunding
of Ohio 2005 Indenture of Trust notes:

  -- 2005 class C-1 notes to 'BB/LS3' from 'A/LS3'; Outlook
     Stable;

  -- 2006 class C-1 notes to 'BB/LS3' from 'A/LS3'; Outlook
     Stable.


LEHMAN MORTGAGE: Fitch Changes Ratings on Four Classes of Notes
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Fitch Ratings has revised the ratings on classes 9A2, 10A4, 11A1,
and 12A4 of Lehman Mortgage Trust 2007-5.

These bonds were downgraded to 'D' on Oct. 6, 2009 following a
reported principal write-down as of the September 2009
distribution date.  Fitch periodically downgrades RMBS bonds that
incur write-downs to 'D' as part of its ongoing surveillance
process.  However, the allocation of losses to these bonds was
recently deemed incorrect and the distributions have since been
adjusted.  Since these bonds have not incurred principal write-
downs as originally reported, Fitch is revising the bonds' ratings
back to the ratings that were in place prior to the Oct. 6
downgrades.

  -- Class 9A2 revised to 'C/RR3' from 'D/RR3';
  -- Class 10A4 revised to 'C/RR3' from 'D/RR3';
  -- Class 11A1 revised to 'C/RR2' from 'D/RR2';
  -- Class 12A4 revised to 'C/RR3' from 'D/RR3'.

The Recovery Rating scale is based upon the expected relative
recovery characteristics of an obligation.  For structured
finance, Recovery Ratings are designed to estimate recoveries on a
forward-looking basis while taking into account the time value of
money.  The methodology used to assign Recovery Ratings is
described in Fitch's Aug. 17, 2009 report, 'Criteria for
Structured Finance Recovery Ratings'.


MARBLE FINANCE: S&P Corrects Rating on EUR8 Mil. Class A-1 Notes
----------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on Marble
Finance Ltd. series 2002-4's EUR8.0 million class A-1 repackaged
note by lowering it to 'D' from 'A+'.  S&P subsequently withdrew
the rating.

S&P's rating on the note is dependent on the lowest of the ratings
on (i) the underlying security, Landesbank Baden-Wurttember's 6M-
EURIBOR plus 0.04% notes due Oct. 9, 2012 ('AA+'); (ii) the
reference obligation, Marylebone Road CBO 3 B.V.'s floating-rate
class A-1 notes due Oct. 12, 2013 ('B/Watch Neg'); and (iii) the
swap guarantor, Lehman Bros. Holdings Inc.

The downgrade reflects a Nov. 27, 2008, payment default on the
note resulting from the failure of Lehman Bros. Holdings to meet
its swap obligations.  The downgrade did not occur
contemporaneously with the payment default on the note due to an
administrative error.


NEW JERSEY HEALTH: Fitch Cuts Ratings on $22 Mil. Bonds to 'B-'
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Fitch Ratings has downgraded to 'B-' from 'BBB' the outstanding
$22.7 million New Jersey Health Care Facilities Financing
Authority's revenue bonds, Deborah Heart and Lung Center, series
1993.  The Rating Outlook is revised to Negative from Stable.

The major reasons for the downgrade include the continuing large
operating losses and a further significant erosion of in DHLC's
liquidity, which had historically been weak, caused by declining
utilization, employee retirement funding and recent capital
spending.  On Sept. 30, 2009, DHLC had unrestricted cash and
investments of $4.1 million, equal to 12.2 days cash relative to
expenses, a decrease from $9.9 million as of Dec. 31, 2008, and an
outstanding balance of $3.6 million from a draw on lines of
credit.  In December 2008, DHLC elected to request a $3 million
advance from the State's Health Care Subsidy Fund in order to be
able to pay a contractor and continues to have over 90 days in
current liabilities.  Additionally, the Deborah Hospital
Foundation, which has guaranteed DHLC's payment of the 1993 bonds,
has seen a sharp decrease in its unrestricted investments to
$9 million on Sept. 30, 2009, from $33 million in 2006, both as a
result of transfers to DHLC and market losses.  Also of concern is
the delay in the release of the audit for the fiscal year ending
Dec. 31, 2008, which is required to be completed 120 days after
the close of the fiscal year, but has not yet been officially
released (Fitch was provided a draft of the audit).  Among the
reasons reported by management for the delay was a change in the
Director of Finance position and an issue regarding impairment of
the Center's assets in order to comply with FAS 144.

DHLC reported operating loss of $20.9 million for the fiscal
year ending Dec. 31, 2008 (a negative operating margin of
16.2%) and, after a $14 million contribution from the Foundation,
a bottom line loss of $15 million (a negative excess margin of
4.4%).  Fitch excludes from the above calculations the impact
of an $8.8 million loss on impairment of assets.  Management had
instituted a workforce reduction plan, including both early
retirement, as well as layoffs, resulting in a reduction of 92
Full Time Equivalents.  Coverage of maximum annual debt service
for fiscal 2008 was 1.49 times based on the bond document
calculation, which includes contributions made by the Foundation
pursuant to a subsidy agreement, whereby the Foundation is
obligated to fund DHLC's cash flow requirements.  For the nine-
month September 2009 period, operating loss was $7.4 million,
an improvement over the prior year loss for the period of
$13.9 million, but $6 million unfavorable to budget.

Despite DHLC's strong reputation as a provider of quality cardiac,
pulmonary, and vascular services in New Jersey, operations have
been affected by declining utilization leading to a decline in
revenues.  Net patient revenues decreased by 5.4% in fiscal 2008
and a further 8.6% drop was reported for the nine-month interim
period.  Overall discharges decreased by 3.3% in fiscal 2008 and
by 7.1% for the September interim period.  Open heart volume
declined by 11% in fiscal 2008 and 23% for the interim period as
less invasive modalities are employed to treat patients and due to
loss of market share.

Fitch views positively the recently signed Binding Letter of
Intent from Our Lady of Lourdes Health System, part of Catholic
Healthcare East, to provide the funds to establish and operate a
Satellite Emergency Department at the DHLC site, which management
expects to bolster utilization by acting as a feeder for DHLC's
services.  The addition of an emergency department is particularly
timely given the expected expansion of the nearby McGuire Air
Force Base, which is being converted to the nation's first Mega
Base, incorporating personnel and their families from the Army,
Navy and Coast Guard.  Fitch also views positively the fact that
management had terminated two swaps prior to the market collapse,
thus avoiding further liquidity strain.

The Negative Outlook is based on Fitch's concern with the
continuing sizeable, albeit reduced, operating loss in 2009, and a
liquidity position that provides little flexibility to fund DHLC's
liabilities and ongoing capital needs.

Deborah Heart and Lung Center is a 161-bed tertiary care cardiac,
pulmonary, and vascular care facility, which is located in Browns
Mills, NJ (approximately 20 miles from Trenton).  DHLC had total
revenues of approximately $129.7 million in fiscal 2008.  DHLC
covenants to disclose only annual audited financial information
(within 120 days) to the Municipal Securities Rulemaking Board's
EMMA system, which Fitch views negatively.  However, Fitch does
note that DHLC's bond covenants date back to documents produced in
1993 when the expectations for disclosure were not as thorough.
Currently, DHLC does provide quarterly and annual audited
information to the trustee and the New Jersey Health Care
Facilities Financing Authority as well as to bondholders upon
request.


NCB FSB: Fitch Downgrades CMBS Master Servicer Rating to 'CMS3'
---------------------------------------------------------------
Fitch Ratings downgrades NCB, FSB's commercial mortgage-backed
securities master servicer rating to 'CMS3' from 'CMS2-'.
Additionally, Fitch affirms NCB, FSB's CMBS primary servicer
rating of 'CPS2+' and National Cooperative Bank's CMBS special
servicer rating of 'CSS3'.

The master servicer rating downgrade is due to the financial
challenges facing National Consumer Cooperative Bank and its
subsidiary NCB, FSB.  On Nov. 25, 2009, Fitch downgraded the long-
term Issuer Default Rating of NCCB and NCB, FSB to 'B' from 'BB-'
following the review of the company's recent financial disclosure
showing substantial asset quality deterioration.  Both ratings
remain on Rating Watch Negative.

A company's financial condition is a particularly important factor
in the master servicer rating due to the advancing obligations
associated with CMBS master servicer responsibilities.

As of June 30, 2009, NCB, FSB's primary servicing portfolio
consisted of 4,199 loans, totaling $5.5 billion.  As of the same
date, NCB, FSB was named master servicer on 37 securitized
transactions, totaling $4.7 billion.  In addition, as of Sept. 30,
2009, the bank was named special servicer for 40 transactions
totaling $4.4 billion.

Fitch rates commercial mortgage primary, master, and special
servicers on a scale of 1 to 5, with 1 being the highest rating.
Within each of these rating levels, Fitch further differentiates
ratings by plus (+) and minus (-) as well as the flat rating.


SORIN REAL: S&P Downgrades Ratings on Eight Classes of Notes
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on eight
classes from Sorin Real Estate CDO IV Ltd.  S&P removed one of
the ratings from CreditWatch and seven ratings remain on
CreditWatch negative.  Concurrently, S&P affirmed its rating on
one class and removed it from CreditWatch negative.

The downgrades reflect S&P's analysis of the transaction
following its rating actions on the underlying commercial
mortgage-backed securities and collateralized debt obligations
assets ($81.3 million, 21.1%).  Seven of the ratings remain on
CreditWatch with negative implications because of the tranches'
exposure to CMBS collateral with ratings on CreditWatch negative
($57.6 million, 14.9%).  Sorin IV has significant exposure to
Standard & Poor's downgraded CMBS, including these:

* Wachovia Bank Commercial Mortgage Trust's series 2006-WHALE7
  (classes WB, BH4, and KH2; $25.2 million, 6.5%);

* Wachovia Bank Commercial Mortgage Trust's series 2007-C30 (class
  AM; $13 million, 3.4%);

* Wachovia Bank Commercial Mortgage Trust's series 2007-C33 (class
  AM; $13 million, 3.4%); and

* Bear Stearns Commercial Mortgage Securities Trust 2007-BBA8
  (class B; $10.8 million, 2.8%).

According to the Oct 21, 2009, trustee report, there are 10
defaulted assets ($91.4 million, 23.7%) in Sorin IV.  The amount
of defaulted assets caused three overcollateralization and two
interest coverage test failures.  The defaulted assets include:

* The Eastridge Mall B note ($20 million, 5.2%);

* Two Yellowstone Mountain Club loans totaling $16.9 million,
  4.4%;

* The Rhodes Ranch loan ($13.5 million, 3.5%);

* The Chico Mall B note ($8.5 million, 2.2%);

* The Weststate Land Partners loan ($8 million, 2.1%);

* The Flag Luxury Properties loan ($4.5 million, 1.2%); and

* Three CDO securities totaling $20.2 million, 5.2%.

Excluding the defaulted assets, the transaction's current asset
pool includes the following:

* 16 CMBS certificates ($146.5 million, 38%);
* Four mezzanine loans ($73.5 million, 19%);
* Four subordinate interest loans ($49 million, 12.7%);
* Two senior interest loans ($17.9 million, 4.6%); and
* One CDO security ($6.8 million, 1.8%).

S&P's analysis of the transaction was based on information
provided to Standard & Poor's by the collateral manager, the
trustee remittance report, and data on the underlying CMBS deals.

S&P will update or resolve the CreditWatch negative placements on
Sorin IV in conjunction with S&P's resolution of the CreditWatch
placements on the CMBS assets and/or as S&P analyze the credit
characteristics of the remaining assets.

       Ratings Lowered And Remaining On Creditwatch Negative

                   Sorin Real Estate CDO IV Ltd.

                            Rating
                            ------
           Class     To                   From
           -----     --                   ----
           A-1       A+/Watch Neg         AAA/Watch Neg
           A-2       A-/Watch Neg         AA+/Watch Neg
           A-3       BBB+/Watch Neg       AA/Watch Neg
           B         BBB/Watch Neg        AA-/Watch Neg
           C         BB-/Watch Neg        BBB-/Watch Neg
           D         B/Watch Neg          BB+/Watch Neg
           E         CCC/Watch Neg        BB-/Watch Neg

       Rating Lowered And Removed From Creditwatch Negative

                   Sorin Real Estate CDO IV Ltd.

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

      Rating Affirmed And Removed From Creditwatch Negative

                   Sorin Real Estate CDO IV Ltd.

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


ST JOSEPH: Moody's Affirms 'Ba3' Rating on $18.6 Mil. Bonds
-----------------------------------------------------------
Moody's Investors Service has affirmed St. Joseph Health Services
of Rhode Island's Ba3 bond rating.  The outlook remains negative.
The rating action affects approximately $18.6 million of Series
1999 bonds outstanding.

Legal Security: The Series 1999 bonds are secured by a pledge of
gross receipts of SJHS and a first priority mortgage and security
interest on certain of SJHS' property, including land and
buildings.

Interest Rate Derivatives: None

                            Challenges

* Although improved, operating performance remains thin and below
  budget in unaudited fiscal year 2009 with an operating deficit
  of $3.2 million (-1.8% operating margin) and operating cash flow
  of $4.2 million (2.3% operating cash flow margin) up from an
  operating deficit of $9.8 million (-5.5% operating margin) and
  negative operating cash flow of $2.4 million (-1.3% operating
  cash flow margin) in FY 2008

* Liquidity has held steady but remains below average at unaudited
  fiscal year end 2009 with an unrestricted cash balance of
  $15.3 million (31.5 days cash on hand) up from $14.0 million
  (27.9 days cash on hand) at FYE 2008

* Competitive environment in Providence and greater Rhode Island
  area, leading to challenging trends in inpatient and certain
  outpatient services (9% decline in inpatient admissions and 5.5%
  decline in outpatient surgeries in FY 2009)

* Pension plan under funded by approximately $50 million but as a
  Church Plan is not bound by ERISA regulations and therefore not
  required to make contributions to the plan although pension
  expense is expected to increase in FY 2010

                            Strengths

* Near completion of consolidation of the system's two campuses
  into the Fatima Campus (consolidation expected to be completed
  December 7th, 2009); management currently has some potential
  buyers of the St.  Joseph's campus but a final sale price has
  not been established

* Conservative investment policy with unrestricted cash invested
  in a money market fund and all fixed rate debt; net payment of
  $4 million made to the state for prior Medicaid overpayments in
  FY 2009; repayment to the state to be completed in FY 2010 with
  a $1 million remaining payment

* Presence of a fully funded debt reserve fund

* SJHS recently announced an affiliation agreement with Roger
  Williams Hospital effective January 4, 2010, whereby the two
  hospitals will operate under a single corporate parent called
  Charter Care and will retain its individual hospital licenses.
  Senior management team is currently being assembled for the new
  corporate parent.  Senior management teams of the two hospitals
  have has thus far identified $7 million in combined savings
  related to consolidation of certain shared services and
  personnel and is finalizing additional savings with the help of
  consultants.  Moody's believe that over the longer-term the
  affiliation should have favorable benefits for SJHS.

                   Recent Developments/Results

In October 2009, SJHS and Roger Williams Hospital (not rated by
Moody's) announced that it has entered into an affiliation
agreement under a new corporate parent called Charter Care
effective January 4, 2010.  Under the terms of the agreement, both
hospitals will retain their individual hospital licenses and all
assets, liabilities, and revenues will not be commingled.  The new
corporate parent will join each of the hospitals obligated groups
but there are no plans to consolidate or refinance the existing
debt of the two hospitals.  The current CEO of Roger Williams will
be the CEO of Charter Care and the CEO of SJHS will be the COO of
Charter Care while retaining their respective roles as CEO at each
hospital.  The remainder of the Charter Care senior management
team is currently being assembled.  At this time, approximately
$15 million in combined savings have been identified related to
consolidation of staff and certain shared services, improved rate
increases from commercial payors and improved group purchasing
contracts which is expected to be realized over the next two
years.  At this time, the affiliation agreement was not
incorporated into the rating as the full impact of the affiliation
is not clear.  When the agreement takes effect and specifics of
Charter Care's improvement strategies are known in detail, Moody's
will review the rating.  However, the debt obligations of each
hospital will remain separately secured.

SJHS is also near completion of the consolidation of its campus
into the Fatima facility and management expects the project to be
completed by December 7, 2009.  Only the clinic remains open at
the St.  Joseph's facility and there currently are some potential
buyers of the property.  The potential sale price has not been
confirmed but if the property is sold, management may use the
proceeds to build a new clinic or enter into a operating lease
agreement.

SJHS recorded improved operating performance in unaudited FY 2009
with operating deficit of $3.2 million (-1.8% operating margin)
and operating cash flow of $4.2 million (2.3% operating cash flow
margin) up from an operating deficit of $9.8 million (-5.5%
operating margin) and negative operating cash flow of $2.4 million
(-1.3% operating cash flow margin) in FY 2008.  The improvement in
performance in FY 2009 was driven by various turn around
initiatives including the reduction of 120 FTEs, reduction in
overtime pay, changing of health benefits, improved supply
purchasing rates, rate increases from one of the larger payors and
application of productivity tools.  However, Moody's note that
operating performance was under budget by $1 million due to
$1.6 million pension curtailment expense, below budget outpatient
volumes, and a delay in the implementation of FTE reductions.
Patient volumes were also below budget and below prior year levels
with a significant 9% decline in medical/surgical inpatient
admissions (6,980 admissions in FY 2009 from 7,833 admissions in
FY 2008) and a 5% decline in outpatient surgeries (12,583
surgeries in FY 2009 from 13,316 admissions in FY 2008).
According to management, the decline in admissions was driven by
the current recession and campus consolidation efforts.  In FY
2010, management is budgeting to have break even performance with
an operating income of $507 thousand (0.3% operating margin) and
operating cash flow of $7.9 million (4.3% operating cash flow
margin).  The continued improvement will be driven by rate
increases from commercial payors; volume growth particularly in
psychiatry, rehab, and ED visits; benefits from the completion of
the campus consolidation project; and improved productivity.  The
budget does not include any potential benefits from the
affiliation agreement with Roger Williams.  Management is
confident the budget will be achieved with the near completion of
the campus consolidation project and the absence of upcoming union
negotiations but volume recovery will remain a challenge as the
state of Rhode Island has been one of the hardest hit states by
the current recession (unemployment rate of 12.9% as of October
2009).

After three consecutive years of liquidity declines, unrestricted
cash and investments at unaudited FYE 2009 has improved slightly
from FYE 2008 levels with an unrestricted cash balance of
$15.3 million (31.5 days cash on hand) at unaudited FYE 2009 up
from $14.0 million (27.9 days cash on hand) at FYE 2008 driven by
improved operating cash flow levels, capital spending below
depreciation, and a conservative investment allocation (all
investments in money market funds).  In FY 2009, approximately
$4 million in net payments to the state were maid for prior years
Medicaid overpayments made to the system and currently has
$1 million left to pay in FY 2010.  Cash to debt remains thin at
65.4% at FYE 2009 but in line for the rating category (Median cash
to debt was 62.9% in FY 2008) and up from 55.2% at FYE 2008.
Moody's also note favorably that SJHS's debt is all fixed rate.
SJHS decided to no longer keep its $4 million line of credit after
the local bank required collateral equal to the line of credit
available and the fact that the line has never been drawn on.

According to management, the defined benefit pension plan was
$50 million under funded at FYE 2009 but as a Church Plan, SJHS is
not required to make pension contributions.  However, pension
expense is expected to increase to $5.4 million in FY 2010 from
$3.6 million in FY 2009, but would have been higher if the plan
was not frozen for new employees.  While there is no required
funding by ERISA, the need to fund adequately the pension is an
obligation of the hospital.

                             Outlook

Moody's negative outlook reflects concerns over the challenges
management faces in reversing negative volume trends of recent
years and the ability to reach the FY 2010 budget.

                 What could change the rating -- UP

Significant gains in operating performance and rapid growth in
liquidity excluding funds due to Medicaid; patient volume gains;
successful implementation of initiatives related to the
affiliation with Roger Williams

               What could change the rating -- DOWN

Decline in liquidity; continued decline in volumes; continued weak
operating cash flow

                          Key Indicators

Assumptions & Adjustments:

  -- Based on financial statements for St. Joseph Health Services
     of Rhode Island

  -- First number reflects audit year ended September, 30, 2008

  -- Second number reflects unaudited financial statements ended
     September 30, 2009

  -- Investment returns normalized at 6% unless otherwise noted

* Inpatient admissions: 7,633; 6,980 (medical/surgical admissions
  only)

* Total operating revenues: $189.9 million; $180.1 million

* Moody's-adjusted net revenue available for debt service:
  $-1.5 million; $5.2 million

* Total debt outstanding: $25.4 million; $23.4 million

* Maximum annual debt service: $3.5 million; $3.5 million

* Moody's-adjusted MADS Coverage with normalized investment
  income: -0.44 times; 1.49 times

* Debt-to-cash flow: -8.67 times; 6.08 times

* Days cash on hand: 27.9 days; 31.5 days (excluding amounts due
  to State: 16.2 days; 27.9 days respectively)

* Cash-to-debt: 55.2%; 65.4% (excluding amounts due to State: 32%;
  61% respectively)

* Operating margin: -5.5%; -1.8%

* Operating cash flow margin: -1.3%; 2.3%

The last rating action was on December 17, 2008, when the bond
rating of St. Joseph Health Services of Rhode Island was confirmed
at Ba3 and taken off of Watchlist for further downgrade with a
negative outlook.


TAMPA HOME: Moody's Cuts Ratings on 1983 Series A Bonds to 'C'
--------------------------------------------------------------
Moody's Investors Service has downgraded the rating on the Tampa
Home Mortgage Revenue Bonds, 1983 Series A to C from Caa3.  The
rating downgrade affects approximately $2.73 million in
outstanding bonds.  The rating outlook is stable.

The C rating reflects the program's continuing financial
deterioration as evidenced by a program-asset-to-debt ratio of
0.47 as of November 16, 2009 (unaudited), down from 0.68, as of
August 1, 2005 (unaudited).  The continued financial erosion is
the result of the negative spread between the interest rate earned
on the mortgage loans, reserves and the rate accruing on the
outstanding debt.

The outstanding bonds are municipal multipliers maturing 2014 with
mandatory sinking funds that started in April 2004.  The C rating
reflects Moody's expectation that a portion of the remaining debt
outstanding will default.  The amount of bonds likely to be
affected by a default is directly tied to the prepayment speed of
the remaining mortgage loans.  A slow prepayment speed will mean
more of the remaining bonds will be paid in full but those
remaining bondholders who are not paid in full will get very
little, while a rapid prepayment speed will mean that more of the
remaining bonds will default (assuming no outside infusion of
money) but that recovery could be as high as the current rate of
forty-seven cents on each dollar of remaining bond accretion
amount.


WASHINGTON MUTUAL: Fitch Upgrades Ratings on Subordinate Classes
----------------------------------------------------------------
Fitch Ratings has upgraded the ratings on the subordinate classes
of WaMu Card Series notes issued from the Washington Mutual Master
Note Trust.  Fitch had placed these ratings on Rating Watch
Positive after all accounts originated by Washington Mutual Bank
were removed in a non-random manner on May 19, 2009, leaving the
trust with only Chase Bank USA, N.A. (Chase Bank USA)-originated
receivables.  That removal also removed delinquent loans, which
caused a significant increase in excess spread.  For more details
please refer to the press release, 'Fitch Places 14 Classes of
Washington Mutual Master Note Trust on Watch Positive', dated
May 29, 2009.

However, the WMMNT no longer receives sale treatment for GAAP
purposes and is considered an on-balance sheet trust from an
accounting perspective.  As a result, the recent clarification by
the FDIC on the safe harbor issue is not applicable.  There is
risk that there could be a stay applied against trust assets in
the event of a takeover of the originating entity, Chase Bank USA,
by the FDIC, which would disrupt cash flow to investors.  There
are no structural provisions in the trust that would mitigate such
a stay.  Hence, Fitch's ratings on the class A notes are
unchanged, reflecting alignment between the asset-backed
securities rating and that of Chase Bank USA (rated 'AA-/F1+' by
Fitch).  Fitch's rating actions are listed at the end of this
press release.

Fitch's rating actions on the subordinated notes are driven
primarily by the change in the collateral composition relative to
the available credit enhancement in WMMNT.  In its analysis, Fitch
considered the current and expected performance for a fully
seasoned pool of Chase collateral with similar characteristics,
which was used as a proxy to determine the performance for WMMNT
in the future.  According to the November 2009 remittance report,
the trust reported a 60+ day delinquency rate of 2.66% and net
chargeoffs of 2.12%.  While current chargeoff performance is
exceptionally better than Fitch's Prime Credit Card Index, Fitch
expects a normalization of delinquencies and chargeoffs over the
next few months, which will compress excess spread to levels seen
on other prime trusts.

The monthly payment rate for the month for the November
distribution date was 17.51% and gross yield was at 14.91%.  One-
month and three-month average excess spread registered at 9.89%
and 10.6%, respectively.

Fitch has taken these rating actions on the WaMu Card Series
notes:

  -- Class 2006-A2 affirmed at 'AA-'; Outlook Stable;
  -- Class 2007-A1 affirmed at 'AA-'; Outlook Stable;
  -- Class 2007-A2 affirmed at 'AA-'; Outlook Stable;
  -- Class 2007-A4 affirmed at 'AA-'; Outlook Stable;
  -- Class 2007-A5 affirmed at 'AA-'; Outlook Stable;
  -- Class 2007-B1 upgraded to 'A+' from 'BBB'; Outlook Stable;
  -- Class 2006-C1 upgraded to 'BBB' from 'BB+'; Outlook Stable;
  -- Class 2006-C2 upgraded to 'BBB' from 'BB+'; Outlook Stable;
  -- Class 2007-C1 upgraded to 'BBB' from 'BB+'; Outlook Stable;
  -- Class 2005-D2 upgraded to 'BB-' from 'B'; Outlook Stable.

In addition, Fitch has removed all class A notes from Rating Watch
Positive.


* S&P Downgrades Ratings on 28 Tranches From Seven CLO Deals
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 28
tranches from seven U.S. collateralized loan obligation
transactions and removed them from CreditWatch with negative
implications.  The affected tranches had a total issuance amount
of $1.991 billion.  S&P also affirmed its ratings on 19 tranches
from six transactions and removed them from CreditWatch negative.

The downgrades reflect two primary factors:

* The application of S&P's new corporate collateralized debt
  obligation criteria; and

* For some of the transactions, deterioration in the credit
  quality of the collateral supporting the CLO tranches due to
  increased exposure to obligors that have either defaulted or
  experienced downgrades into the 'CCC' range.

The downgrades of four classes from three transactions resulted
from S&P's application of the largest-obligor default test, which
is one of the supplemental stress tests that S&P introduced as
part of its criteria update.

S&P will continue to review the remaining transactions placed on
CreditWatch following its corporate CDO criteria update and
resolve the CreditWatch status of the affected tranches.

                         Rating Actions

                                                     Rating
                                                     ------
  Transaction                            Class     To      From
  -----------                            -----     --      ----
  Clydesdale Strategic CLO I, Ltd.       A-1       AA+     AAA/Watch Neg
  Clydesdale Strategic CLO I, Ltd.       A-2       A+      AA/Watch Neg
  Clydesdale Strategic CLO I, Ltd.       B         BBB+    A/Watch Neg
  Clydesdale Strategic CLO I, Ltd.       C-1       B+      BBB/Watch Neg
  Clydesdale Strategic CLO I, Ltd.       C-2       B+      BBB/Watch Neg
  Clydesdale Strategic CLO I, Ltd.       D         CCC-    BB/Watch Neg
  Denali Capital CLO IV Ltd              A         AA      AAA/Watch Neg
  Denali Capital CLO IV Ltd              B         BBB+    A/Watch Neg
  Denali Capital CLO IV Ltd              C         BB+     BBB/Watch Neg
  Denali Capital CLO IV Ltd              D         B+      BB/Watch Neg
  Goldentree Loan Opportunties IV, Ltd   A-1a      AA+     AAA/Watch Neg
  Goldentree Loan Opportunties IV, Ltd   A-1b      AA+     AAA/Watch Neg
  Goldentree Loan Opportunties IV, Ltd   A-1cJ     AA+     AAA/Watch Neg
  Goldentree Loan Opportunties IV, Ltd   A-1cS     AA+     AAA/Watch Neg
  Goldentree Loan Opportunties IV, Ltd   C         BBB-    BBB/Watch Neg
  Landmark IX CDO Ltd                    A-2       AA      AAA/Watch Neg
  Landmark IX CDO Ltd                    B         A+      AA/Watch Neg
  Landmark IX CDO Ltd                    C         BBB     A/Watch Neg
  Landmark IX CDO Ltd                    D         BB+     BBB/Watch Neg
  Landmark IX CDO Ltd                    E         B       BB/Watch Neg
  Marathon CLO I, Ltd.                   D         BB+     BBB/Watch Neg
  Oak Hill Credit Partners V Ltd         A-1       AA+     AAA/Watch Neg
  Oak Hill Credit Partners V Ltd         B         A-      A/Watch Neg
  Oak Hill Credit Partners V Ltd         C         BB+     BBB-/Watch Neg
  Silverado CLO 2006-I Limited           A-1       AA+     AAA/Watch Neg
  Silverado CLO 2006-I Limited           A-1-J     AA+     AAA/Watch Neg
  Silverado CLO 2006-I Limited           C         BBB-    BBB/Watch Neg
  Silverado CLO 2006-I Limited           D         B+      BB/Watch Neg

      Ratings Affirmed And Removed From Creditwatch Negative

                                                    Rating
                                                    ------
  Transaction                           Class     To      From
  -----------                           -----     --      ----
  Goldentree Loan Opportunties IV, Ltd  A-2       AA      AA/Watch Neg
  Goldentree Loan Opportunties IV, Ltd  B         A       A/Watch Neg
  Goldentree Loan Opportunties IV, Ltd  D         BB      BB/Watch Neg
  Landmark IX CDO Ltd                   A-1       AAA     AAA/Watch Neg
  LightPoint CLO 2004-1, Ltd            A-1A      AAA     AAA/Watch Neg
  LightPoint CLO 2004-1, Ltd            A-1B      BBB     BBB/Watch Neg
  LightPoint CLO 2004-1, Ltd            B         BB      BB/Watch Neg
  LightPoint CLO 2004-1, Ltd            C         B-      B-/Watch Neg
  LightPoint CLO 2004-1, Ltd            D         CCC     CCC/Watch Neg
  LightPoint CLO 2004-1, Ltd            X         B+      B+/Watch Neg
  Marathon CLO I, Ltd.                  A-1       AAA     AAA/Watch Neg
  Marathon CLO I, Ltd.                  A-2       AAA     AAA/Watch Neg
  Marathon CLO I, Ltd.                  B         AA      AA/Watch Neg
  Marathon CLO I, Ltd.                  C         A       A/Watch Neg
  Marathon CLO I, Ltd.                  E         BB      BB/Watch Neg
  Oak Hill Credit Partners V Ltd        A-2       AA      AA/Watch Neg
  Silverado CLO 2006-I Limited          A-1-S     AAA     AAA/Watch Neg
  Silverado CLO 2006-I Limited          A-2       AA      AA/Watch Neg
  Silverado CLO 2006-I Limited          B         A       A/Watch Neg

                          Other Ratings

    Transaction                             Class     Rating
    -----------                             -----     ------
    LightPoint CLO 2004-1, Ltd              E         CC


* S&P Downgrades Ratings on 226 Classes From 34 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 226
classes from 34 residential mortgage-backed securities
transactions backed by U.S. Alternative-A mortgage loan collateral
issued between 2002 and 2004.  S&P removed 55 of the lowered
ratings from CreditWatch with negative implications.  S&P also
affirmed its ratings on 235 classes from the 34 downgraded
transactions and four additional Alt-A deals.  S&P removed 19 of
the affirmed ratings from CreditWatch with negative implications.

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, because of
increases in delinquencies and the current negative condition of
the housing market.

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.  For
mortgage pools that continue to report increasing delinquencies,
S&P increased its cash flow stresses to account for potential
increases in monthly losses.  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 its base-case loss
assumptions 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 115% of its
base-case loss assumptions to maintain a 'BB' rating, while S&P
would assess whether a different class could withstand
approximately 125% of its 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 S&P's base-case loss
assumptions under its analysis.

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.

A combination of subordination, excess spread, and
overcollateralization provide credit support for the affected
transactions.  The underlying collateral for these deals consists
of fixed- and adjustable-rate U.S. Alt-A mortgage loans secured by
first liens on one- to four-family residential properties.

                          Rating Actions

                  Alternative Loan Trust 2004-15
                        Series    2004-15

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      12667FPV1     BBB-                 AAA
        1-A-2      12667FPW9     CCC                  AAA
        2-A-1      12667FPX7     BB                   AAA
        2-A-2      12667FPY5     CCC                  AAA
        M          12667FQA6     CC                   CCC
        B-1        12667FQB4     CC                   CCC

                 Alternative Loan Trust 2004-17CB
                       Series    2004-17CB

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      12667FNW1     B+                   AAA
        2-A-1      12667FNX9     B+                   AAA
        3-A-1      12667FNY7     BBB+                 AAA
        A-M        12667FNZ4     B+                   AA+
        M          12667FPB5     CCC                  BBB
        B-1        12667FPC3     CC                   CCC
        B-2        12667FPD1     CC                   CCC

                  Alternative Loan Trust 2004-33
                        Series    2004-33

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      12667FA21     AA-                  AAA
        2-A-1      12667FA39     AA-                  AAA
        3-A-1      12667FA47     B-                   AAA
        3-A-2      12667FA54     B                    AAA
        3-A-3      12667FC52     B-                   AAA
        3-X        12667FA62     B                    AAA
        4-A-1      12667FA70     B-                   AAA
        I-M-1      12667FA96     CC                   B
        II-M-1     12667FB46     CC                   CCC
        I-B-1      12667FB20     CC                   CCC

           Banc of America Alternative Loan Trust 2003-1
                         Series    2003-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        05948KAN9     BB-                  BBB+

               Banc of America Funding 2004-4 Trust
                         Series    2004-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-3      05946XKR3     AA                   AAA
        30-B-2     05946XLF8     B-                   A
        30-B-3     05946XLG6     CCC                  BBB
        30-B-4     05946XLL5     CC                   BB
        30-B-5     05946XLM3     CC                   CCC

               Banc of America Funding 2004-B Trust
                         Series    2004-B

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A-1      05946XHV8     A-                   AAA/Watch Neg
    1-A-2      05946XHW6     A-                   AAA/Watch Neg
    2-A-1      05946XHZ9     AAA                  AAA/Watch Neg
    2-A-2      05946XJA2     AAA                  AAA/Watch Neg
    3-A-1      05946XJB0     BB+                  AAA/Watch Neg
    3-A-2      05946XJC8     BB+                  AAA/Watch Neg
    4-A-1      05946XJJ3     A                    AAA/Watch Neg
    4-A-2      05946XJK0     A                    AAA/Watch Neg
    5-A-1      05946XJN4     A                    AAA/Watch Neg
    6-A-1      05946XJP9     CCC                  AAA/Watch Neg
    7-A-1      05946XJR5     AAA                  AAA/Watch Neg
    1-X-1      05946XHX4     A-                   AAA/Watch Neg
    1-X-2      05946XHY2     A-                   AAA/Watch Neg
    3-X-1      05946XJG9     BB+                  AAA/Watch Neg
    3-X-2      05946XJH7     BB+                  AAA/Watch Neg
    4-X-1      05946XJL8     A                    AAA/Watch Neg
    4-X-2      05946XJM6     A                    AAA/Watch Neg
    CB-1       05946XJS3     CCC                  AA/Watch Neg
    CB-2       05946XJT1     CC                   A/Watch Neg
    CB-3       05946XJU8     CC                   BBB/Watch Neg
    DB-1       05946XJV6     CC                   AA/Watch Neg
    DB-2       05946XJW4     CC                   A/Watch Neg
    6-B-1      05946XJY0     CCC                  AA/Watch Neg
    6-B-2      05946XJZ7     CC                   A/Watch Neg
    6-B-3      05946XKA0     CC                   BBB/Watch Neg
    7-M-1      05946XKB8     AA                   AA/Watch Neg
    7-M-2      05946XKC6     BBB-                 A/Watch Neg
    7-M-3      05946XKD4     CCC                  BBB/Watch Neg

               Banc of America Funding 2004-C Trust
                         Series    2004-C

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    2-A-1      05946XLW1     AA                   AAA/Watch Neg
    2-A-2      05946XLX9     AA                   AAA/Watch Neg
    3-A-1      05946XLZ4     AAA                  AAA/Watch Neg
    CB-1       05946XMG5     CCC                  AA/Watch Neg
    CB-2       05946XMH3     CC                   A/Watch Neg
    CB-3       05946XMJ9     CC                   BBB/Watch Neg
    4-A-1      05946XMA8     A                    AAA
    4-A-2      05946XMB6     AA-                  AAA
    4-A-3      05946XMC4     BB                   AAA
    4-M-1      05946XMK6     CCC                  AA
    4-M-2      05946XML4     CC                   A
    4-B-1      05946XMM2     CC                   BBB
    4-B-2      05946XMN0     CC                   BBB-

                 Bella Vista Mortgage Trust 2004-2
                         Series    2004-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        07820QAY1     BB+                  AAA/Watch Neg
    A-2        07820QAZ8     AA+                  AAA/Watch Neg
    A-3        07820QBJ3     BB+                  AAA/Watch Neg
    A-4        07820QBK0     CCC                  AAA/Watch Neg
    X          07820QBA2     AA+                  AAA/Watch Neg
    M          07820QBB0     CCC                  AA/Watch Neg
    B-1        07820QBC8     CC                   A/Watch Neg
    B-2        07820QBD6     CC                   BBB/Watch Neg

             CHL Mortgage Pass-Through Trust 2004-25
                        Series    2004-25

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-2      12669GJZ5     BBB+                 AAA
        1-A-4      12669GKB6     BBB+                 AAA
        1-A-5      12669GKC4     BBB+                 AAA
        1-A-6      12669GKD2     CCC                  AAA
        2-A-2      12669GKG5     BBB                  AAA
        2-A-3      12669GKH3     BBB                  AAA
        2-A-4      12669GKJ9     CCC                  AAA
        3-A-1      12669GKL4     CCC                  AAA
        M-X        12669GKN0     CCC                  AAA
        M-1        12669GKY6     CCC                  AA+
        M-2        12669GKZ3     CCC                  AA+
        M-3        12669GLA7     CCC                  AA
        M-4        12669GLB5     CCC                  AA
        M-5        12669GLC3     CC                   A
        M-6        12669GLD1     CC                   BB
        M-7        12669GLE9     CC                   B
        M-8        12669GLF6     CC                   CCC
        B-1        12669GKP5     CC                   CCC
        B-2        12669GKQ3     CC                   CCC

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2002-AR13

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        V-B        22540VX56     CCC                  BBB

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2002-AR21

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        C-B-1      22540V5C2     CC                   AAA
        C-B-2      22540V5D0     CC                   AA+
        C-B-3      22540V5E8     CC                   BBB+
        IV-B       22540V5F5     CC                   BBB

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2002-AR28

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        C-B-1      22541NPA1     CC                   AAA
        C-B-2      22541NPB9     CC                   AA+
        C-B-3      22541NPC7     CC                   A-
        III-M-2    22541NNZ8     CC                   A+

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2003-AR5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        III-M-2    22541NC23     CC                   BBB
        C-B-1      22541NC31     BB                   AAA
        C-B-2      22541NC49     CCC                  BBB
        C-B-3      22541NC56     CC                   B
        C-B-4      22541NC72     CC                   CCC

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2003-AR20

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        IV-M-2     22541QLE0     BBB+                 A+
        IV-M-3     22541QLF7     CCC                  A-
        C-B-1      22541QLG5     BB                   AA+
        C-B-2      22541QLH3     CCC                  A+
        C-B-3      22541QLJ9     CC                   BBB+
        C-B-4      22541QLL4     CC                   BB+
        C-B-5      22541QLN0     CC                   B

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2004-AR2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      22541Q6Y3     AAA                  AAA/Watch Neg
    II-A-1     22541Q6Z0     AAA                  AAA/Watch Neg
    III-A-1    22541Q7A4     AAA                  AAA/Watch Neg
    IV-A-1     22541Q7B2     AAA                  AAA/Watch Neg
    V-A-1      22541Q7C0     AAA                  AAA/Watch Neg
    C-B-1      22541Q7L0     CCC                  AA/Watch Neg
    VI-M-2     22541Q7J5     BBB                  A+
    VI-M-3     22541Q7K2     CC                   A
    C-B-2      22541Q7M8     CC                   A/Watch Neg
    C-B-3      22541Q7N6     CC                   BBB/Watch Neg

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2004-AR7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    6-A-1      22541SRT7     AAA                  AAA/Watch Neg
    6-A-2      22541SRU4     AAA                  AAA/Watch Neg
    6-A-4      22541SRW0     AAA                  AAA/Watch Neg
    6-A-5      22541SRX8     AAA                  AAA/Watch Neg
    C-B-1      22541SSC3     BB                   AA
    C-B-1X     22541SSF6     BB                   AA
    C-B-2      22541SSD1     B                    A
    C-B-3      22541SSE9     CC                   BBB-
    C-B-4      22541SRJ9     CC                   B
    6-M-1      22541SRY6     CCC                  A/Watch Neg

Deutsche Mortgage Securities Inc Mortgage Loan Trust Series 2004-1
                         Series    2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        III-M-1    251563CD2     BB                   AA
        III-M-2    251563CE0     CCC                  A+
        III-M-3    251563CF7     CC                   BBB+

                       GSAA Trust 2004-CW1
                       Series    2004-CW1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B1         36228FT97     BBB                  AA
        B2         36228FU20     CCC                  A
        B3         36228FU38     CC                   CCC

              HarborView Mortgage Loan Trust 2004-10
                        Series    2004-10

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        X-3        41161PJR5     B-                   AAA
        B-1        41161PJT1     B-                   AA+
        B-2        41161PJU8     CC                   BB
        B-3        41161PJV6     CC                   CCC

              HarborView Mortgage Loan Trust 2004-11
                        Series    2004-11

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A        41161PJX2     BB-                  AA
        2-A1A      41161PJY0     BB-                  A
        2-A1B      41161PJZ7     CCC                  BBB
        2-A2B      41161PKB8     CCC                  BBB
        2-A3       41161PKC6     CCC                  BBB
        3-A1A      41161PKD4     BB-                  AA
        3-A1B      41161PKE2     CCC                  BBB
        3-A2B      41161PKG7     CCC                  BBB
        3-A3       41161PKH5     CCC                  BBB
        3-A4       41161PKJ1     CCC                  BBB
        X-1        41161PKK8     BB-                  AA
        X-3        41161PKM4     A                    AA
        X-B        41161PKN2     CC                   CCC
        B-1        41161PKQ5     CC                   CCC
        B-2        41161PKR3     CC                   CCC
        B-3        41161PKS1     CC                   CCC

                      Impac CMB Trust 2004-5
                         Series    2004-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-M-5      45254NJP3     BBB+                 AA
        1-M-6      45254NJQ1     B                    AA-

            IndyMac INDX Mortgage Loan Trust 2004-AR14
                       Series    2004-AR14

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1A     45660LAA7     B-                   A
        1-A-1B     45660LAB5     CCC                  B
        2-A-1A     45660LAC3     B-                   AA
        2-A-1B     45660LAD1     CCC                  B
        2-A-2A     45660LAE9     BB                   AAA
        2-A-2B     45660LAF6     CCC                  B
        A-X-2      45660LAH2     CCC                  AAA
        B-1        45660LAK5     CC                   CCC
        B-2        45660LAL3     CC                   CCC

            IndyMac INDX Mortgage Loan Trust 2004-AR7
                        Series    2004-AR7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        45660NT88     B+                   AAA/Watch Neg
    A-2        45660NT96     BBB+                 AAA/Watch Neg
    A-3        45660NU29     B+                   AAA/Watch Neg
    A-5        45660NU45     B+                   AAA/Watch Neg
    A-X        45660NY82     BBB+                 AAA/Watch Neg
    B-1        45660NU52     CCC                  AA/Watch Neg
    B-2        45660NU60     CC                   A/Watch Neg
    B-3        45660NU78     CC                   BBB/Watch Neg

            IndyMac INDX Mortgage Loan Trust 2004-AR8
                        Series    2004-AR8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      45660N2H7     CCC                  B
        2-A-1      45660N2L8     CCC                  B
        2-A-2A     45660N2J3     BB                   BBB
        2-A-2B     45660N2K0     CCC                  B
        A-X-2      45660N2N4     CCC                  BBB
        B-1        45660N2Q7     CC                   CCC
        B-2        45660N2R5     CC                   CCC

           MASTR Adjustable Rate Mortgages Trust 2003-7
                         Series    2003-7

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-4        576433HY5     CCC                  BB

               MASTR Alternative Loan Trust 2003-4
                         Series    2003-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        576434EW0     BBB-                 AA+
        B-2        576434EX8     BB                   AA-
        B-3        576434EY6     B-                   BBB+
        B-4        576434EZ3     CCC                  BB
        B-5        576434FA7     CC                   B

               MASTR Alternative Loan Trust 2004-6
                         Series    2004-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        576434SW5     B                    AA
        B-2        576434SX3     CCC                  A
        B-3        576434SY1     CC                   BBB
        B-4        576434SZ8     CC                   BB
        B-5        576434TA2     CC                   CCC

                     MortgageIT Trust 2004-2
                         Series    2004-2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        61913PAM4     B                    AAA
        M-2        61913PAN2     CCC                  AA
        B-1        61913PAK8     CC                   A
        B-2        61913PAL6     CC                   BBB

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                        Series    2004-AR2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        65535VEW4     BBB                  AA
        M-2        65535VEX2     CCC                  BBB
        M-3        65535VEY0     CC                   BB+
        M-4        65535VEZ7     CC                   B

                    RALI Series 2004-QA4 Trust
                        Series    2004-QA4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        NB-I-1     76110HZF9     A-                   AAA
        M-1        76110HZP7     A-                   AA
        M-2        76110HZQ5     CCC                  A
        M-3        76110HZR3     CC                   CCC

                    RALI Series 2004-QA5 Trust
                        Series    2004-QA5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-I        76110HC72     B-                   AAA
        A-II       76110HC98     A                    AAA
        A-III-1    76110HD22     BBB                  AAA
        A-III-IO-1 76110HD30     BBB                  AAA
        A-III-2    76110HD48     BBB                  AAA
        A-III-3    76110HD55     BBB                  AAA
        A-III-IO-2 76110HD63     BBB                  AAA
        M-1        76110HD97     CCC                  AA
        M-2        76110HE21     CC                   CCC

                    RALI Series 2004-QA6 Trust
                        Series    2004-QA6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        CB-1       76110HG94     B-                   AAA
        NB-1       76110HH28     CCC                  AAA
        CB-II      76110HH36     BBB-                 AAA
        NB-II      76110HH44     B+                   AAA
        NB-III-1   76110HH51     B-                   AAA
        NB-III-2   76110HH69     B-                   AAA
        NB-III-3   76110HH77     B-                   AAA
        NB-IV      76110HH85     BB+                  AAA
        M-1        76110HJ26     CCC                  BBB
        M-2        76110HJ34     CC                   CCC

                 Structured Asset Securities Corp.
                       Series    2004-23XS

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    1-A3A      86359BT68     AAA                  AAA/Watch Neg
    1-A3B      86359BT76     AAA                  AAA/Watch Neg
    1-A3C      86359BT84     AAA                  AAA/Watch Neg
    1-A3D      86359BT92     AAA                  AAA/Watch Neg
    1-A4       86359BU25     AAA                  AAA/Watch Neg
    2-A1       86359BU33     BBB+                 AAA/Watch Neg
    2-A2       86359BU41     A+                   AAA/Watch Neg
    2-A3       86359BU58     BBB+                 AAA/Watch Neg
    2-AIO      86359BU66     A+                   AAA/Watch Neg
    M1         86359BU74     CCC                  AA/Watch Neg
    M2         86359BU82     CC                   A/Watch Neg

             Structured Asset Securities Corporation
                       Series    2004-21XS

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-M1       86359BQ20     CCC                  AA
        1-M2       86359BQ38     CC                   B

                         Ratings Affirmed

          Banc of America Alternative Loan Trust 2003-1
                         Series    2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        05948KAA7     AAA
                  A-2        05948KAB5     AAA
                  A-3        05948KAC3     AAA
                  A-4        05948KAD1     AAA
                  A-5        05948KAE9     AAA
                  A-6        05948KAF6     AAA
                  A-WIO      05948KAJ8     AAA
                  A-PO       05948KAK5     AAA
                  B-1        05948KAL3     AA+
                  B-2        05948KAM1     A+

               Banc of America Funding 2004-4 Trust
                         Series    2004-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      05946XKP7     AAA
                  1-A-2      05946XKQ5     AAA
                  1-A-4      05946XKS1     AAA
                  1-A-5      05946XKT9     AAA
                  1-A-6      05946XKU6     AAA
                  1-A-7      05946XKV4     AAA
                  30-IO      05946XKW2     AAA
                  2-A-1      05946XKZ5     AAA
                  3-A-1      05946XLA9     AAA
                  15-IO      05946XLB7     AAA
                  X-PO       05946XLC5     AAA
                  15-PO      05946XLD3     AAA
                  30-B-1     05946XLE1     AA
                  15-B-1     05946XLH4     AA
                  15-B-3     05946XLK7     BBB

               Banc of America Funding 2004-C Trust
                        Series    2004-C

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      05946XLS0     AAA
                  1-B-1      05946XMD2     AA
                  1-B-2      05946XME0     A
                  1-B-3      05946XMF7     BBB
                  1-B-4      05946XMP5     BB
                  1-B-5      05946XMQ3     B

              CHL Mortgage Pass-Through Trust 2004-25
                        Series    2004-25

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      12669GJY8     AAA
                  1-A-3      12669GKA8     AAA
                  1-X        12669GKE0     AAA
                  2-A-1      12669GKF7     AAA
                  2-X        12669GKK6     AAA

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2002-AR17

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      22540VS78     AAA
                  2-A-1      22540VS94     AAA
                  1-X        22540VS86     AAA
                  2-X        22540VT36     AAA
                  C-B-1      22540VT51     AAA
                  C-B-2      22540VT69     AAA
                  C-B-3      22540VT77     AA+

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2002-AR13

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A        22540VW24     AAA
                  II-A       22540VW32     AAA
                  III-A      22540VW40     AAA
                  III-X      22540VW73     AAA
                  IV-A       22540VW57     AAA
                  C-B-1      22540VX23     AAA
                  C-B-2      22540VX31     AA+
                  C-B-3      22540VX49     AA-
                  V-M-2      22540VW99     AA

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2002-AR21

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      22540V4R0     AAA
                  II-A-1     22540V4S8     AAA
                  III-A-3    22540V4V1     AAA
                  I-X        22540V4X7     AAA
                  II-X       22540V4Y5     AAA
                  III-X      22540V4Z2     AAA
                  IV-M-2     22540V5B4     AA+

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2002-AR28

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      22541NNM7     AAA
                  I-A-2      22541NNN5     AAA
                  II-A-1     22541NNP0     AAA
                  II-A-2     22541NNQ8     AAA
                  II-A-3     22541NNR6     AAA
                  II-A-4     22541NPJ2     AAA
                  I-X        22541NNV7     AAA
                  II-X       22541NNW5     AAA

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2003-AR5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      22541NA90     AAA
                  I-A-2      22541NB24     AAA
                  II-A-1     22541NB32     AAA
                  II-A-2     22541NB40     AAA
                  II-A-3     22541NB57     AAA
                  I-X        22541NB73     AAA
                  II-X       22541NB81     AAA
                  III-M-1    22541NB99     AA+

       Credit Suisse First Boston Mortgage Securities Corp.
                       Series    2003-AR20

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      22541QKW1     AAA
                  II-A-1     22541QKX9     AAA
                  II-A-2     22541QKY7     AAA
                  II-A-3     22541QKZ4     AAA
                  II-A-4     22541QNF5     AAA
                  III-A-1    22541QLA8     AAA
                  IV-A-1     22541QLB6     AAA
                  II-X       22541QLC4     AAA
                  IV-M-1     22541QLD2     AA

       Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2004-AR2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  VI-M-1     22541Q7H9     AA+

        Credit Suisse First Boston Mortgage Securities Corp.
                        Series    2004-AR7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      22541SRN0     AAA
                  2-A-1      22541SRP5     AAA
                  3-A-1      22541SRQ3     AAA
                  4-A-1      22541SRR1     AAA
                  5-A-1      22541SRS9     AAA

Deutsche Mortgage Securities Inc Mortgage Loan Trust Series 2004-1
                         Series    2004-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      251563CG5     AAA
                  I-A-X      251563CH3     AAA
                  I-A-PO     251563CJ9     AAA
                  II-A-1     251563CK6     AAA
                  II-A-2     251563CV2     AAA
                  II-A-3     251563CW0     AAA
                  II-A-X     251563CL4     AAA
                  II-A-PO    251563CM2     AAA
                  III-A-5    251563CA8     AAA
                  III-A-6    251563CB6     AAA
                  M          251563CN0     AA
                  B-1        251563CP5     A
                  B-2        251563CQ3     BBB
                  B-3        251563DA7     BB
                  B-4        251563DC3     B

                       GSAA Trust 2004-CW1
                        Series    2004-CW1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A-1      36228FT48     AAA
                  II-A-1     36228FT55     AAA
                  II-A-2     36228FT63     AAA
                  II-A-3     36228FV45     AAA
                  A-P        36228FT71     AAA
                  A-X        36228FT89     AAA

              HarborView Mortgage Loan Trust 2004-10
                        Series    2004-10

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      41161PJH7     AAA
                  1-A-2A     41161PJJ3     AAA
                  1-A-2B     41161PJW4     AAA
                  2-A        41161PJK0     AAA
                  3-A-1A     41161PJL8     AAA
                  3-A-1B     41161PJM6     AAA
                  4-A        41161PJN4     AAA
                  X-1        41161PJP9     AAA
                  X-2        41161PJQ7     AAA

              HarborView Mortgage Loan Trust 2004-11
                         Series    2004-11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  2-A2A      41161PKA0     AAA
                  3-A2A      41161PKF9     A
                  X-2        41161PKL6     AAA

                      Impac CMB Trust 2004-3
                         Series    2004-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  3-A        45254NHN0     AAA
                  3-M-1      45254NHP5     AA
                  3-M-2      45254NHQ3     A
                  3-B        45254NHR1     BBB

                     Impac CMB Trust 2004-5
                        Series    2004-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      45254NJG3     AAA
                  I-A-2      45254NJH1     AAA
                  1-A-3      45254NJJ7     AAA
                  1-M-1      45254NJK4     AAA
                  1-M-2      45254NJL2     AA+
                  1-M-3      45254NJM0     AA+
                  1-M-4      45254NJN8     AA
                  2-A        45254NJR9     AAA

                  Impac CMB Trust Series 2003-11
                        Series    2003-11

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      45254NFY8     AAA
                  1-A-2      45254NFZ5     AAA
                  2-A-1      45254NGA9     AAA
                  1-M-1      45254NGB7     AA+
                  1-M-2      45254NGC5     AA
                  1-M-3      45254NGD3     AA
                  2-M-1      45254NGE1     AA
                  2-M-2      45254NGF8     A
                  2-B-1      45254NGG6     BBB

                   Impac CMB Trust Series 2003-8
                         Series    2003-8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      45254NFA0     AAA
                  1-A-2      45254NFB8     AA+
                  2-A-1      45254NFG7     AAA
                  1-M-1      45254NFC6     AA
                  1-M-2      45254NFD4     A+
                  1-M-3      45254NFE2     A
                  1-M-4      45254NFF9     A
                  2-M-1      45254NFH5     AA
                  2-M-2      45254NFJ1     A
                  2-B-1      45254NFK8     BBB

           MASTR Adjustable Rate Mortgages Trust 2003-7
                         Series    2003-7

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      576433HF6     AAA
                  1-A-X      576433HG4     AAA
                  2-A-1      576433HH2     AAA
                  2-A-X      576433HJ8     AAA
                  3-A-1      576433HK5     AAA
                  3-A-X      576433HL3     AAA
                  4-A-1      576433HM1     AAA
                  4-A-X      576433HN9     AAA
                  B-1        576433HV1     AAA
                  B-2        576433HW9     AA-
                  B-3        576433HX7     A-
                  5-M-1      576433HS8     AAA

                MASTR Alternative Loan Trust 2003-4
                         Series    2003-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      576434EJ9     AAA
                  2-A-1      576434EK6     AAA
                  3-A-1      576434EL4     AAA
                  4-A-1      576434EM2     AAA
                  5-A-1      576434EQ3     AAA
                  15-A-X     576434ER1     AAA
                  15-PO      576434ES9     AAA
                  30-PO      576434EU4     AAA
                  4-A-2      576434EN0     AAA
                  4-A-3      576434EP5     AAA
                  30-A-X     576434ET7     AAA

                MASTR Alternative Loan Trust 2004-6
                         Series    2004-6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      576434SC9     AAA
                  1-A-2      576434SD7     AAA
                  2-A-1      576434SE5     AAA
                  3-A-1      576434SF2     AAA
                  4-A-1      576434SG0     AAA
                  5-A-1      576434SH8     AAA
                  6-A-1      576434SJ4     AAA
                  7-A-1      576434SK1     AAA
                  8-A-1      576434SL9     AAA
                  9-A-1      576434SM7     AAA
                  10-A-1     576434SN5     AAA
                  15-PO      576434SP0     AAA
                  30-PO      576434SQ8     AAA
                  15-A-X     576434SR6     AAA
                  30-AX-1    576434SS4     AAA
                  30-AX-2    576434ST2     AAA

                     MortgageIT Trust 2004-2
                         Series    2004-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        61913PAG7     AAA
                  A-2        61913PAH5     AAA

    Nomura Asset Acceptance Corporation Alternative Loan Trust
                        Series    2004-AR2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A        65535VER5     AAA
                  III-A-1    65535VET1     AAA
                  III-A-2    65535VEU8     AAA
                  III-A-3    65535VEV6     AAA

                    RALI Series 2004-QA4 Trust
                        Series    2004-QA4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  CB-I       76110HZE2     AAA
                  NB-II-1    76110HZH5     AAA
                  NB-II-2    76110HZJ1     AAA
                  NB-II-3    76110HZK8     AAA
                  NB-III     76110HZL6     AAA

              Structured Asset Securities Corporation
                        Series    2004-21XS

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A3       86359BN56     AAA
                  1-A4       86359BN64     AAA
                  1-A5       86359BN72     AAA
                  2-A3       86359BP39     AAA
                  2-A4A      86359BP47     AAA
                  2-A4B      86359BP54     AAA
                  2-A5A      86359BP62     AAA
                  2-A5B      86359BP70     AAA
                  2-A6A      86359BP88     AAA
                  2-6B       86359BP96     AAA
                  2-M1       86359BQ46     CCC
                  2-M2       86359BQ53     CCC



                           *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com/

On Thursdays, the TCR delivers a list of recently filed
Chapter 11 cases involving less than $1,000,000 in assets and
liabilities delivered to nation's bankruptcy courts.  The list
includes links to freely downloadable images of these small-dollar
petitions in Acrobat PDF format.

Each Friday's edition of the TCR includes a review about a book of
interest to troubled company professionals.  All titles are
available at your local bookstore or through Amazon.com.  Go to
http://www.bankrupt.com/books/to order any title today.

Monthly Operating Reports are summarized in every Saturday edition
of the TCR.

The Sunday TCR delivers securitization rating news from the week
then-ending.

For copies of court documents filed in the District of Delaware,
please contact Vito at Parcels, Inc., at 302-658-9911.  For
bankruptcy documents filed in cases pending outside the District
of Delaware, contact Ken Troubh at Nationwide Research &
Consulting at 207/791-2852.

                           *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland,
USA.  Marites Claro, Joy Agravante, Rousel Elaine Tumanda, 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.

                  *** End of Transmission ***