TCR_Public/100117.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, January 17, 2010, Vol. 14, No. 16

                            Headlines



ABSPOKE 2005-X: Fitch Cuts & Withdraws Rating on JPY2BB Notes
ALADDIN SYNTHETIC: S&P Downgrades Ratings on Two Notes to 'CC'
ASSET-BACKED FUNDING: Fitch Takes Affirms Rating on 2001-AQ1 Notes
BANC OF AMERICA: Fitch Takes Rating Actions on 2005-1 Certs.
BCAP LLC: S&P Downgrades Ratings on Six 2008-IND1 Certificates

BEAR STEARNS: Fitch Takes Rating Actions on 2005-Top20 Certs.
BIRCH REAL: Fitch Downgrades Ratings on Five Classes of Notes
C-BASS CBO: Fitch Affirms Ratings on Two Classes of Notes
CAPITAL AUTO: Fitch Upgrades Ratings on Three Classes of Notes
CBA COMMERCIAL: S&P Downgrades Rating on Class M-6 Cert. to 'D'

CBA COMMERCIAL: S&P Downgrades Rating on Class M-6 Cert. to 'D'
CREDIT GENESIS: Moody's Upgrades Rating on Class B to 'B1'
CREDIT SUISSE: Moody's Reviews Ratings on 12 2004-C4 Certificates
CREDIT SUISSE: S&P Downgrades Ratings on 17 2006-C1 Secutrities
FORD AUTO: S&P Assigns 'BB+' Rating on Class D 2010-R1 Notes

FORD CREDIT: Fitch Upgrades Ratings on Three Classes of Notes
FOUNDATION RE: S&P Assigns 'BB+' Rating on Series 2010-1 Notes
GE COMMERCIAL: Fitch Takes Rating Actions on 2005-C2 Certs.
GMAC INC: Moody's Upgrades Ratings on 13 Classes of Notes
GOLDMAN SACHS: Fitch Affirms Ratings on Four Classes of Notes

GS MORTGAGE: S&P Puts Ratings on 2007-EOP Certs. on Negative Watch
HEARTLAND FUNDING: S&P Downgrades Rating on 2007-2 Notes to 'CC'
HELIOS FINANCE: Fitch Takes Rating Actions on 2007-S1 Notes
INDEPENDENCE IV: Fitch Downgrades Ratings on Five Classes
INDUSTRIAL DEVELOPMENT: Fitch Assigns 'BB+' Rating on B Bonds

INDYMAC RESIDENTIAL: S&P Downgrades Ratings on 11 Securities
IOWA HIGHER: Fitch Downgrades Rating on 2005A Bonds to 'BB'
JP MORGAN: Fitch Corrects Rating on Class A-J 2005-CIBC13 Notes
JP MORGAN: Fitch Takes Rating Actions on 2005-CIBC13 Certs.
JPMORGAN AUTO: Fitch Affirms Ratings on Seven Classes of Notes

JPMORGAN MORTGAGE: S&P Downgrades Ratings on 50 2007-A1 Certs.
LB-UBS COMMERCIAL: Fitch Takes Rating Actions on 2005-C2 Certs.
LB-UBS COMMERCIAL: Fitch Takes Rating Actions on 2005-C7 Certs.
MORGAN STANLEY: Fitch Takes Rating Actions on 2005-TOP17 Certs.
MORGAN STANLEY: Fitch Takes Rating Actions on 21 2005-TOP19 Certs.

MORGAN STANLEY: S&P Corrects Rating on Class A-1 Certs. to 'BB'
MORGAN STANLEY: S&P Downgrades Ratings on 16 2006-HQ9 Securities
NEW YORK STATE DORMITORY: Fitch Puts 'BB' Rating on Bonds
NEWCASTLE IV: Fitch Downgrades Ratings on Eight Classes of Notes
NEWSTAR COMMERCIAL: Moody's Assigns Ratings on Three 2009-1 Notes

PENNSYLVANIA ECONOMIC: S&P Cuts Rating on $34.4 Mil. Bonds to 'BB'
PREFERRED TERM: Moody's Cuts Ratings on Two Classes of Notes
PREFERRED TERM: Moody's Downgrades Rating on Two Classes of Notes
PRIMORIS SPC: Fitch Takes Rating Actions on Various Classes
REDWOOD CAPITAL: Moody's Assigns 'B1' Rating on Class A Notes

REGIONAL DIVERSIFIED: Moody's Cuts Ratings on Two 2004-1 Notes
REVE SPC: S&P Corrects Ratings on Two 2006-MB1 Notes to 'BB'
SOLAR TRUST: Moody's Affirms Ratings on 10 2001-1 Certificates
SOUTHEAST HOUSING: S&P Downgrades Ratings on Class III to 'BB'
STANTON CDO: Moody's Downgrades Ratings on Six Classes of Notes

WACHOVIA BANK: Fitch Takes Rating Actions on 2005-C22 Certs.

* Moody's Changes Loss Projections on US Alt-A RMBS Issuances
* Moody's Changes Loss Projections on US Subprime RMBS Deals
* Moody's Reviews Ratings on 38 RMBS Resecuritization Tranches
* S&P Downgrades Ratings on 105 Classes From 66 RMBS Transactions
* S&P Downgrades Ratings on 75 Classes From 14 RMBS Transactions

* S&P Downgrades Ratings on 99 Classes From Six RMBS Transactions



                            *********

ABSPOKE 2005-X: Fitch Cuts & Withdraws Rating on JPY2BB Notes
-------------------------------------------------------------
Fitch Ratings has downgraded and withdrawn the rating on the class
of notes issued by ABSpoke 2005-X.

This rating action is a result of the exercise of the Optional
Termination.  The Credit Default Swap was terminated on June 24,
2009.  The principal amount of the notes redeemed was JPY0.  The
notes have sustained a complete loss and accordingly, the rating
has been downgraded to 'D' and subsequently withdrawn.

ABSpoke 2005-X was an unfunded managed synthetic collateralized
debt obligation that references a portfolio of various asset
backed security assets that closed on Dec. 7, 2005.  The
transaction was designed to provide credit protection for realized
losses on the referenced portfolio through a credit default swap
between the issuer and the swap counterparty.

Fitch has downgraded and withdrawn this rating:

  -- JPY2,000,000,000 variable floating rate notes to 'D' from
     'CC'.


ALADDIN SYNTHETIC: S&P Downgrades Ratings on Two Notes to 'CC'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on the
notes from Aladdin Synthetic CDO II SPC's series B-1 and C-1 to
'CC' from 'CCC-'.

The downgrades follow a number of credit events within the
underlying portfolios, which S&P expects to cause the notes to
incur principal losses.

                         Ratings Lowered

                   Aladdin Synthetic CDO II SPC

                                  Rating
                                  ------
                      Series    To      From
                      ------    --      ----
                      B-1       CC      CCC-
                      C-1       CC      CCC-


ASSET-BACKED FUNDING: Fitch Takes Affirms Rating on 2001-AQ1 Notes
------------------------------------------------------------------
Fitch Ratings has taken this rating action on one class in Asset-
Backed Funding Corporation 2001-AQ1.

  -- Class notes (04542JAA3) affirmed at 'C/RR6'.

The rating action reflects the actual pay-down performance of the
Net Interest Margin (NIM) security to date and the future
projected cash flows of the underlying collateral.  The rating of
'C' indicates that Fitch projects the bond will not receive enough
cash flow from the underlying supporting transaction to pay off
the outstanding balance of the NIM bond.  In this instance the
underlying transaction has suffered significant losses and there
will be no additional excess cash flow available to the NIM.

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' and Fitch's Dec. 16, 2009
report, 'U.S. RMBS Criteria for Recovery Ratings'.


BANC OF AMERICA: Fitch Takes Rating Actions on 2005-1 Certs.
------------------------------------------------------------
Fitch Ratings takes various rating actions on Banc of America
Commercial Mortgage, series 2005-1 commercial mortgage pass-
through certificates including downgrades of 12 classes.

The downgrades are the result of Fitch's loss expectations and its
prospective views regarding cash flow declines and commercial real
estate market values.  Fitch forecasts potential losses of 4.6%
for this transaction, should market conditions not recover.  The
rating actions are based on the full losses of 4.6% as a majority
of loans mature in the next five years.  The bonds with Negative
Rating 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 DSCR,
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 71.8% of the pool and, in certain cases,
revised based on additional information and/or property
characteristics.

Approximately 89% of the mortgages mature within the next five
years: 24.1% in 2010, 18.4% in 2012, 0.2% in 2013, 17.8% in 2014
and 29.6% in 2015.

Fitch identified 43 Loans of Concern (36%) within the pool, seven
of which (11.4%) are specially serviced.  Two of the Fitch Loans
of Concern (6.5%) are within the transaction's top 15 loans.

Fitch expects that 12 of the top 15 loans may default at maturity
based on an insufficient accrued equity position as calculated in
Fitch's refinance test.  While defaults are expected, additional
losses are not anticipated on most of them based on derived values
being higher than the current loan amounts.  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.  One loan within the top 15 is expected to incur a loss
at maturity, Parkway Portfolio (2.6%).

The two specially serviced loans within the transaction's top 15
include Western Asset Plaza (3.9%) and Parkway Portfolio (2.6%).

Western Asset Plaza consists of a 256,703 sf office property in
Pasadena, CA, approximately 10 miles northeast of downtown Los
Angeles.  The loan recently transferred to special servicing for
anticipated maturity default at the loan's expiration on Jan. 1,
2010.  The sponsor, Robert Maguire, previously submitted an
extension request; however, the special servicer did not accept
the requested terms.  The special servicer has requested that the
borrower re-submit its proposal to address an equity contribution.
However, the property is performing well with a DSCR of 2.07x and
an occupancy of 100% as of June 2009.  Fitch expects minimal
losses on this loan due to the stable performance and low
leverage.  Fitch will continue to monitor the work out.

The Parkway Portfolio consists of five cross-collateralized, cross
defaulted office properties located in Charlotte, NC, and Atlanta,
GA.  The portfolio transferred to special servicing in November
2009 for imminent default.  During the third quarter of 2009, six
tenants comprising 21% of the net rentable area vacated and/or
stopped paying rent.  Two additional tenants comprising an
additional 1.2% of NRA have given notice of intent to vacate.
Property cash flows have deteriorated significantly, and annual
revenue is expected to decline approximately 40% in 2010.  In
addition, a rent abatement and leasing costs associated with a new
tenant will put additional pressure on property cash flow.  The
special servicer is discussing workout options with the borrower.

Other significant contributors to loss include Terminal Tower
(1.9%), and Ashford Perimeter (1.8%).

Terminal Tower consists of a 576,620 sf office complex in
Cleveland, OH.  The property's occupancy has suffered as a result
of the weak economy's negative impact on the Cleveland office
market.  Additional rollover will occur in 2010, and coupled with
a reduction in asking rental rates and increase in market vacancy,
cash flow is expected to experience further declines.

Ashford Perimeter consists of a 288,175 sf office property in
Atlanta, GA.  The loan, which transferred to special servicing in
June 2009 for imminent default, is under review for a modification
which potentially includes an extension to the original term,
bifurcation of the loan into a senior and junior component, and an
additional equity investment by the sponsor.  The special servicer
and the sponsor are expected to reach an agreement on the terms of
the modification shortly.

Fitch has downgraded and assigned LS Ratings and Outlooks to these
classes:

  -- $20.3 million Class C to 'A/LS5' from 'AA-'; Outlook Stable;
  -- $43.5 million Class D to 'BBB/LS5' from 'A'; Outlook Stable.

In addition, Fitch has downgraded, removed from Rating Watch
Negative, and assigned LS Ratings, Recovery Ratings and Outlooks
to these classes as indicated:

  -- $20.3 million Class E to 'BBB-/LS5' from 'A-'; Outlook
     Stable;

  -- $26.1 million Class F to 'BB/LS5' from 'BBB+'; Outlook
     Stable;

  -- $20.3 million Class G to 'BB/LS5' from 'BBB'; Outlook
     Negative;

  -- $34.8 million Class H to 'B-/LS5' from 'BBB-'; Outlook
     Negative;

  -- $5.8 million Class J to 'B-/LS5' from 'BB+'; Outlook
     Negative;

  -- $8.7 million Class K to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $8.7 million Class L to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $2.9 million Class M to 'B-/LS5' from 'B+'; Outlook Negative;

  -- $5.8 million Class N to 'B-/LS5' from 'B'; Outlook Negative;

  -- $11.6 million Class O to 'CCC/RR6' from 'B-'.

In addition, Fitch affirms these classes and Outlooks and assigns
LS ratings as indicated:

  -- $209.4 million class A-1A at 'AAA/LS1'; Outlook Stable;
  -- $386.8 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $343.1 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $101.6 million class A-SB at 'AAA/LS1'; Outlook Stable;
  -- $381.2 million class A-5 at 'AAA/LS1'; Outlook Stable;
  -- $168.3 million class A-J at 'AAA/LS3'; Outlook Stable;
  -- Interest-only class XW at 'AAA'; Outlook Stable;
  -- $61 million class B at 'AA/LS4'; Outlook Stable;
  -- $2.1 million class SM-A at 'BB+/LS5'; Outlook Stable;
  -- $2.1 million class SM-B at 'BB+/LS5'; Outlook Stable;
  -- $6.4 million class SM-C at 'BB/LS5'; Outlook Stable;
  -- $2.6 million class SM-D at 'BB-/LS5'; Outlook Stable;
  -- $2 million class SM-E at 'BB-/LS5'; Outlook Stable;
  -- $4.9 million class SM-F at 'B+/LS5'; Outlook Stable;
  -- $4.2 million class SM-G at 'B/LS5'; Outlook Stable;
  -- $5.5 million class SM-H at 'B-/LS5'; Outlook Stable.

Fitch does not rate the SM-J, LM, and P classes.  Classes A-1, A-
2, FM-A, FM-B, FM-C, and FM-D have paid in full.


BCAP LLC: S&P Downgrades Ratings on Six 2008-IND1 Certificates
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on six
classes of certificates from BCAP LLC Trust 2008-IND1 and removed
them from CreditWatch with negative implications.  S&P's ratings
on the other Standard & Poor's rated classes within this
transaction remain at 'D'.

Five of the downgrades reflect S&P's opinion that projected credit
support for the affected classes is insufficient to maintain the
previous ratings, given its current projected loss.  S&P
downgraded class B-2 to 'D' as a result of a principal write-down.

When projecting the loss for BCAP LLC Trust 2008-IND1, S&P applied
its default curve for transactions that contain negative
amortization Alternative-A mortgage loans.  BCAP LLC Trust 2008-
IND1, which closed in February 2008, contained negative
amortization Alt-A collateral with approximately 20 months of
weighted average seasoning at the close of the transaction.  As a
result, S&P incorporated this seasoning when applying its loss
severity and default assumptions for negative amortization Alt-A
mortgage loan collateral.  After applying S&P's methodology and
assumptions, S&P derived a projected lifetime loss for this
transaction of 29.25%, as a percent of the original balance.

Subordination provides credit support for this transaction, and
the underlying mortgage loans are primarily adjustable-rate,
negative amortization Alt-A mortgage loans secured by first-liens
on residential properties.

      Ratings Lowered And Removed From Creditwatch Negative

                     BCAP LLC Trust 2008-IND1
                         Series 2008-IND1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        05531CAA8     BB                   AAA/Watch Neg
    A-2        05531CAB6     CCC                  AAA/Watch Neg
    A-3        05531CAC4     CC                   AAA/Watch Neg
    A-X        05531CAD2     CC                   AAA/Watch Neg
    B-1        05531CAF7     CC                   AA/Watch Neg
    B-2        05531CAG5     D                    A/Watch Neg


BEAR STEARNS: Fitch Takes Rating Actions on 2005-Top20 Certs.
-------------------------------------------------------------
Fitch Ratings takes various rating actions on Bear Stearns
Commercial Mortgage Securities Trust, 2005-Top20 commercial
mortgage pass-through certificates, including downgrades of 13
classes.

The downgrades are the result of Fitch's loss expectations and its
prospective views regarding cash flow declines and commercial real
estate market values.  Fitch forecasts losses of 2% for this
transaction, should market conditions not recover.  The rating
actions are based on these full losses as a majority of loans
mature in the next 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 Fitch's 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 DSCR,
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 12%, 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 53% of the pool and, in certain cases,
revised based on additional information and/or property
characteristics.

Approximately 83% of the mortgages mature within the next five
years: 8.2% in 2010, 6.9% in 2012, 3.2% in 2014 and 64.3% in 2015.

Fitch identified 29 Loans of Concern (19.4%) within the pool, two
of which (0.1%) are specially serviced.  Four of the Fitch Loans
of Concern (11.8%) are within the transaction's top 15 loans.

Fitch expects that 14 of the top 15 loans may default at maturity
based on an insufficient accrued equity position as calculated in
Fitch's refinance test.  While defaults are expected, additional
losses are not anticipated on most of them based on derived values
being higher than the current loan amounts.  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.  Two loans within the top 15 are expected to incur a
term loss: Park N' Fly Portfolio (2.4%), and Circuit City
Headquarters (1.6%).

Park N' Fly consists of a four-property portfolio of parking
garages, located in Atlanta, Dallas, Cleveland, and Houston,
totaling 8,818 spaces.  The properties are proximate to major
airports in their respective markets.  In 2009, the portfolio
experienced a significant decline in performance, largely due to
lower demand for parking.  Airline travel remains well below peak
levels as the weak economy continues to influence the use of
greater discretion in both business and leisure travel spending.
The servicer-reported debt service coverage ratio as of June 2009
was 1.29x, compared with 2.34x at year-end 2008.  It is expected
the portfolio will continue to face challenges as air travel
remains low, and losses are expected.

Circuit City Headquarters consists of a 368,255 sf office property
in Richmond, VA.  The property formerly served as the headquarters
to Circuit City.  Following Circuit City's bankruptcy and
liquidation, the property has been vacant since April 2009.  The
loan remains current, but there is concern with the existing
operation's ability to continue to pay rent.  Fitch performed a
market value analysis in its determination of losses.

Fitch downgrades and assigns LS Ratings and Outlooks to these
classes as indicated:

  -- $147.7 million class A-J to 'AA/LS2' from 'AAA'; Outlook
     Stable;

  -- $15.5 million Class B to 'AA/LS4' from 'AA+'; Outlook Stable;

  -- $20.7 million Class C to 'A/LS3' from 'AA'; Outlook Stable;

  -- $15.5 million Class D to 'A/LS4' from 'AA-'; Outlook Stable;

  -- $18.1 million Class F to 'BBB/LS4' from 'A-'; Outlook Stable;

  -- $18.1 million Class G to 'BBB-/LS4' from 'BBB+'; Outlook
     Stable;

  -- $23.3 million Class H to 'BB/LS3' from 'BBB'; Outlook Stable;

  -- $18.1 million Class J to 'B/LS4' from 'BBB-'; Outlook
     Negative;

  -- $5.2 million Class K to 'B/LS5' from 'BB+'; Outlook Negative;

  -- $7.8 million Class L to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $7.8 million Class M to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $2.6 million Class N to 'B-/LS5' from 'B+'; Outlook Negative;

  -- $2.6 million Class O to 'B-/LS5' from 'B'; Outlook Negative.

In addition, Fitch affirms these classes and assigns Outlooks and
LS ratings as indicated:

  -- $28.5 million Class E at 'A/LS3'; Outlook Stable;
  -- $5.2 million Class P at 'B-/LS5'; Outlook Negative;
  -- $20 million Class LF at 'B/LS5'; Outlook Negative.

In addition, Fitch affirms these classes and Outlooks and assigns
LS ratings as indicated:

  -- $16.2 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $189.5 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $176 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $142.6 million class A-AB at 'AAA/LS1'; Outlook Stable;
  -- $955 million class A-4A at 'AAA/LS1'; Outlook Stable;
  -- $130.8 million class A-4B at 'AAA/LS1'; Outlook Stable;
  -- Interest-only class X at 'AAA'; Outlook Stable.

Fitch does not rate class Q.


BIRCH REAL: Fitch Downgrades Ratings on Five Classes of Notes
-------------------------------------------------------------
Fitch Ratings has affirmed one class and downgraded five classes
of notes issued by Birch Real Estate CDO I, Ltd.

As of the Dec. 1, 2009 trustee report, the current balance of the
portfolio is approximately $75.5 million.  Approximately 21.9% of
the portfolio has been downgraded since Fitch's last rating action
in February 2009, resulting in approximately 43% of the portfolio
with a Fitch derived rating below investment grade and 40.4% with
a rating in the 'CCC' rating category or below compared to 39.2%
and 25.6%, respectively, at last review.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Structured Finance Portfolio Credit Model for projecting
future default levels for the underlying portfolio.  These default
levels were then compared to the breakeven levels generated by
Fitch's cash flow model of the CDO under the various default
timing and interest rate stress scenarios, as described in the
report 'Global Criteria for Cash Flow Analysis in Corporate CDOs -
Amended' for the class A-1L and class A-1 notes.  Based on this
analysis, the breakeven rates for those classes are generally
consistent with the ratings assigned below.

The Outlook on the class A-1L notes remains Stable because Fitch
expects the notes to be paid in full in the next one to two years.
The class A-1L notes are amortizing due to the class A coverage
tests failing their respective covenants.  The class A-1 notes
will begin to amortize after class A-1L has been repaid.  Given
the negative outlook to the performance of the underlying assets,
Fitch has revised the Outlook to Negative for the class A-1 notes.
Fitch does not assign Outlooks to tranches rated 'CCC' and below.

The Loss Severity ratings of 'LS5' assigned to the class A-1L and
class A-1 notes indicate the tranches' potential loss severity
given default, as evidenced by the ratio of tranche size to the
base-case loss expectation for the collateral, as explained in
Fitch's 'Criteria for Structured Finance Loss Severity Ratings'.
The LS rating should always be considered in conjunction with the
notes' long-term credit rating.  Fitch does not assign LS ratings
to tranches rated 'CCC' and below.

The breakeven levels were lower than a 'CCC' default expectation
for the class A-2L, class A-2, class A-3L and class B-1 notes.
For these classes, Fitch compared the respective credit
enhancement levels to the amount of underlying assets considered
distressed (rated 'CCC' and lower).  These assets have a high
probability of default and low expected recoveries upon default.

While the class A-2L, class A-2 and class A-3L notes are still
receiving timely interest distributions, on the most recent
payment date in November 2009, a portion of the class A-2L and
class A-2 accrued interest and the entire class A-3L accrued
interest amounts were paid from the principal collections account
because interest collections were insufficient.  This shortage of
interest proceeds also occurred in May 2009, and is expected to
continue until the interest rate swap expires in November 2012.
The ongoing erosion of the principal to pay interest combined with
a high proportion of distressed assets has resulted in an
increased probability of default for the class A-2L, class A-2 and
class A-3L notes, and the downgrades as indicated below.

The class B-1 notes are downgraded to 'C' because they are no
longer receiving distributions due to the failing class A coverage
tests and are unlikely to receive any payments going forward.

Birch CDO I is a structured finance collateralized debt obligation
(SF CDO) that closed on Dec. 20, 2002.  The static portfolio of
collateral was selected by Bears Stearns & Co. Inc. and is now
composed of residential mortgage-backed securities (76.3%),
commercial mortgage-backed securities (19.2%) and commercial
asset-backed securities (4.5%).

Fitch has affirmed, downgraded, assigned LS ratings and revised
Rating Outlooks as indicated:

  -- $3,402,795 class A-1L notes affirmed at 'AAA/LS5'; Outlook
     Stable;

  -- $10,000,000 class A-1 notes downgraded to 'AA/LS5' from
     'AAA'; Outlook to Negative from Stable;

  -- $26,000,000 class A-2L notes downgraded to 'CCC' from 'BBB-';

  -- $5,000,000 class A-2 notes downgraded to 'CCC' from 'BBB-';

  -- $10,000,000 class A-3L notes downgraded to 'CC' from 'B-';

  -- $11,040,000 class B-1 notes downgraded to 'C' from 'CC'.


C-BASS CBO: Fitch Affirms Ratings on Two Classes of Notes
---------------------------------------------------------
Fitch Ratings has affirmed two and downgraded two classes of notes
issued by C-BASS CBO V, Ltd./Corp.

As of the December 2009 trustee report, the current balance of the
portfolio is $69.2 million, of which $1.1 million consists of
defaulted securities, as defined in the transaction's governing
documents.  Approximately 37.6% of the portfolio has been
downgraded since Fitch's last rating action in May 2009, resulting
in 37.7% of the portfolio with a Fitch derived rating below
investment grade and 33.6% with a rating in the 'CCC' rating
category or below, as compared to 25.8% and 1.8%, respectively, at
last review.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Structured Finance Portfolio Credit Model for projecting
future default levels for the underlying portfolio.  These default
levels were then compared to the breakeven levels generated by
Fitch's cash flow model of the CDO under various default timing
and interest rate stress scenarios, as described in the report
'Global Criteria for Cash Flow Analysis in CDOs - Amended'.  Based
on this analysis, the class B, class C, and class D-1 and D-2
(class D) notes' breakeven rates are generally consistent with the
rating assigned below.

As of the December 2009 distribution date, the class A notes have
been paid in full, and approximately 43.2% of the class B notes'
original balance has delevered.  As a result, the credit
enhancement available to the class B notes increased from 14.5%,
at closing, to 66.5%.  Similarly, the credit enhancement for the
class C notes increased from 13.1% to 59.3%.  However, given the
negative outlook to the performance of the underlying assets,
Fitch revised the Rating Outlook to Negative for the class B and
class C notes.

Additionally, the class B and class C notes are assigned Loss
Severity ratings of 'LS4' and 'LS5', respectively.  The LS rating
indicates a tranche's potential loss severity given default, as
evidenced by the ratio of tranche size to the base-case loss
expectation for the collateral, as explained in 'Criteria for
Structured Finance Loss Severity Ratings'.  Currently, for the
class B notes this ratio falls in the range of 0.51 to 1.0,
whereas for the class C notes it falls below 0.5.  The LS rating
should always be considered in conjunction with the probability of
default for tranches.

While the transaction continues to experience interest shortfall
resulting in the class D notes deferring a portion of their
interest payments, the class D Interest Coverage ratio has
increased to 82.4% from 73.4%, at last review.  Fitch projects
that compensating interest and principal will ultimately be
received by the class D notes.  Fitch does not assign Outlooks to
tranches rated 'CCC' and below.  The Outlook for the class D notes
was Stable prior to the downgrades.

C-BASS V is a structured finance collateralized debt obligation
that closed on Dec.  20, 2002 and is monitored by C-BASS
Investment Management LLC.  The portfolio is composed primarily of
residential mortgage-backed securities 77.4%, asset-backed
securities 14.5%, and CDOs 8.1%.

Fitch has taken rating actions on the classes listed below.  The
actions include affirmations, downgrades, assignment of LS ratings
and revision of Outlooks as indicated:

  -- $23,131,920 class B notes affirmed at 'AAA/LS4'; Outlook to
     Negative from Stable;

  -- $5,000,000 class C notes affirmed at 'AA+/LS5'; Outlook to
     Negative from Stable;

  -- $8,923,395 class D-1 notes downgraded to 'CCC' from 'BBB+';

  -- $8,656,605 class D-2 notes downgraded to 'CCC' from 'BBB+'.

The class A notes are paid in full.  The Outlook for class D-1 and
class D-2 was Stable prior to the downgrades.


CAPITAL AUTO: Fitch Upgrades Ratings on Three Classes of Notes
--------------------------------------------------------------
Fitch Ratings upgrades three and affirms four classes of the
Capital Auto Receivables Asset Trust 2007-1 transaction as part of
its ongoing surveillance process.

The upgrade is a result of continued available credit enhancement
in excess of stressed remaining losses.  The collateral continues
to perform within Fitch's base case expectations.  Currently,
under the credit enhancement structure, the securities can
withstand stress scenarios consistent with the higher rating
categories and still make full payments of interest and principal
in accordance with the terms of the documents.

Fitch upgraded these classes:

  -- Class B notes to 'AA' from 'A'; Outlook Stable;
  -- Class C notes to 'A' from 'BBB'; Outlook Stable;
  -- Class D notes to 'BBB' from 'BB'; Outlook Stable.

In addition, Fitch affirms these:

  -- Class A-3a notes at 'AAA'; Outlook Stable;
  -- Class A-3b notes at 'AAA'; Outlook Stable;
  -- Class A-4a notes at 'AAA'; Outlook Stable;
  -- Class A-4b notes at 'AAA'; Outlook Stable.


CBA COMMERCIAL: S&P Downgrades Rating on Class M-6 Cert. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
M-6 commercial mortgage pass-through certificate from CBA
Commercial Assets' series 2006-2 to 'D' from 'CCC-'.

The downgrade of the class M-6 certificate reflects a $247,887
principal loss to the outstanding principal balance of the
security due to the liquidation of three assets.  The remaining
principal balance of the certificate was $2,362,112 as of the
Dec. 28, 2009, remittance report.

Details of the three liquidated assets are:

* The 317 14th Street asset had a total principal balance of
  $102,458 and was secured by a 2,071-sq-ft. retail property in
  Ambridge, Pa.  According to the Dec. 28, 2009, trustee
  remittance report, the property was liquidated with a 100% loss
  severity, resulting in a $102,458 realized loss to the trust.

* The 64-66 Seventh Avenue asset had a total principal balance of
  $323,065 and was secured by a six-unit multifamily property in
  Woonsocket, R.I.  According to the Dec. 28, 2009, trustee
  remittance report, the property was liquidated with a 71.8% loss
  severity, resulting in a $231,929 realized loss to the trust.

* The 20 North Sarnoff Drive asset had a total principal balance
  of $313,485 and was secured by a 2,860-sq.-ft. retail property
  in Tucson.  According to the Dec. 28, 2009, trustee remittance
  report, the property was liquidated with a 58.2% loss severity,
  resulting in a $182,568 realized loss to the trust.

As of the Dec. 28, 2009, remittance report, the collateral pool
consisted of 216 loans and five real estate owned assets with an
aggregate trust balance of $101.1 million, down from 294 loans
totaling $130.5 million at issuance.  There are currently 61 loans
totaling $33.3 million (32.9%) with the special servicer.  Five of
the assets in the pool are REO (3.1%), 28 are in foreclosure
(15.9%), five are 90-plus-days delinquent (2.4%), seven are 60-
plus-days delinquent (4.1%), and six are 30-plus-days delinquent
(1.6%).  To date, the trust has experienced losses on 17 loans.
Class M-6 experienced its first losses in December 2009.  The
total losses to the trust are $2.9 million.

                          Rating Lowered

                      CBA Commercial Assets
    Commercial mortgage pass-through certificates series 2006-2

                    Rating
                    ------
    Class       To          From             Credit enhancement
    -----       --          ----             ------------------
    M-6         D           CCC-                            N/A

                       N/A - Not applicable.


CBA COMMERCIAL: S&P Downgrades Rating on Class M-6 Cert. to 'D'
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the class
M-6 commercial mortgage pass-through certificate from CBA
Commercial Assets 2005-1 to 'D' from 'CCC-'.

The downgrade of the class M-6 certificate reflects a $33,004
principal loss to the outstanding principal balance of the
security due to the liquidation of one asset.  The remaining
principal balance of the certificate was $1,306,995 as of the
Dec. 28, 2009, remittance report.

The liquidated asset, 5930 Preston View Boulevard, had a total
principal balance of $816,138 and was secured by a 10,891-sq.-ft.
office building in Dallas.  According to the Dec. 28, 2009,
trustee remittance report, the property was liquidated with a
45.7% loss severity, resulting in a $372,655 realized loss to the
trust.

As of the Dec. 28, 2009, remittance report, the collateral pool
consisted of 280 loans and nine real estate owned assets with an
aggregate trust balance of $104.3 million, down from 572 loans
totaling $214.9 million at issuance.  There are currently 63 loans
totaling $21.6 million (10.1%) with the special servicer.  Nine of
the assets in the pool are REO (1.6%), 35 are in foreclosure
(5.3%), 57 are 90-plus-days delinquent (8.8%), nine are 60-plus-
days delinquent (1.8%), and three are 30-plus-days delinquent
(0.3%).  To date, the trust has experienced losses on 39 loans.
Class M-6 experienced its first losses in December 2009.  The
total losses to the trust are $8.9 million.

                          Rating Lowered

                   CBA Commercial Assets 2005-1
    Commercial mortgage pass-through certificates series 2005-1

                  Rating
                  ------
    Class       To          From             Credit enhancement
    -----       --          ----             ------------------
    M-6         D           CCC-                            N/A

                       N/A - Not applicable.


CREDIT GENESIS: Moody's Upgrades Rating on Class B to 'B1'
----------------------------------------------------------
Moody's Investors Service announced that it has upgraded its
rating of this class of notes issued by Credit Genesis CLO 2005-1
Ltd.:

  -- US$23,000,000 Class B Term Notes (current balance of
     $2,520,154), Upgraded to B1; previously on December 23, 2008
     Downgraded to B3 and Remained Under Review for Possible
     Downgrade.

Credit Genesis CLO 2005-1 Ltd. is a market value collateralized
loan obligation transaction backed primarily by bank loans.
Credit Genesis CLO 2005-1's debt was accelerated in January 2009
following the occurrence of an event of default caused by the
failure of the transaction to comply with certain
overcollateralization tests in December 2008.  Class B Term Notes
became the controlling class of the transaction following a
redemption in full of the Class A Notes in December 2008.  Under
the transaction's governing documents, the controlling class has
control over the timing of the liquidation of the transaction's
collateral and all proceeds from the underlying assets are used to
pay the notes.

According to Moody's, the upgrade is a result of the liquidation
of the portfolio and the deleveraging of the Class B notes.
According to the trustee's report, the outstanding liability of
the Class B notes decreased from $23,000,000 in January 2009 to
$2,520,154 in December 2009 and the subordinated over-
collateralization test level increased from 90.8% to 140.0% during
the same period.

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


CREDIT SUISSE: Moody's Reviews Ratings on 12 2004-C4 Certificates
-----------------------------------------------------------------
Moody's Investors Service placed 12 classes of Credit Suisse First
Boston Mortgage Securities Corp., Commercial Mortgage Pass-Through
Certificates, Series 2004-C4 on review for possible downgrade due
to higher expected losses for the pool resulting from anticipated
losses from loans in special servicing and a decline in
performance of the remainder of the pool.  The rating action is
the result of Moody's on-going surveillance of commercial mortgage
backed securities transactions.

As of the December 17, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by 19% to $924 million
from $1.1 billion at securitization.  The Certificates are
collateralized by 162 mortgage loans ranging in size from less
than 1% to 9% of the pool, with the top ten non-defeased loans
representing 33% of the pool.  Nine loans, representing 23% of the
pool, have defeased and are collateralized with U.S. Government
securities.  Seventy-eight loans, representing 15% of the pool,
are secured by residential co-op loans and have underlying ratings
of Aaa.

Twenty-two loans, representing 11% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

Three loans have been liquidated from the pool, resulting in an
aggregate realized loss of $660,000.  Seven loans, representing
13% of the pool, are currently in special servicing.  The largest
specially serviced loan is the Village on the Parkway Loan
($45.7 million -- 4.9% of the pool), which is secured by a 381,000
square foot retail center in Addison, Texas.  This loan is
currently 60 days delinquent.  The remaining five specially
serviced loans are secured by a mix of multifamily, manufactured
home parks and retail properties.

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

Moody's rating action is:

  -- Class B, $39,832,000, currently rated Aa1, on review for
     possible downgrade; previously upgraded to Aa1 from Aa2 on
     3/1/2007

  -- Class C, $25,607,000, currently rated A2, on review for
     possible downgrade; previously assigned A2 on 11/12/2004

  -- Class D, $9,958,000, currently rated A3, on review for
     possible downgrade; previously assigned A3 on 11/12/2004

  -- Class E, $12,804,000, currently rated Baa1, on review for
     possible downgrade; previously assigned Baa1 on 11/12/2004

  -- Class F, $8,535,000, currently rated Baa2, on review for
     possible downgrade; previously assigned Baa2 on 11/12/2004

  -- Class G, $14,226,000, currently rated Baa3, on review for
     possible downgrade; previously assigned Baa3 on 11/12/2004

  -- Class H, $2,845,000, currently rated Ba1, on review for
     possible downgrade; previously assigned Ba1 on 11/12/2004

  -- Class J, $4,268,000, currently rated Ba2, on review for
     possible downgrade; previously assigned Ba2 on 11/12/2004

  -- Class K, $5,691,000, currently rated Ba3, on review for
     possible downgrade; previously assigned Ba3 on 11/12/2004

  -- Class L, $4,267,000, currently rated B1, on review for
     possible downgrade; previously assigned B1 on 11/12/2004

  -- Class M, $2,846,000, currently rated B2, on review for
     possible downgrade; previously assigned B2 on 11/12/2004

  -- Class N, $4,267,000, currently rated B3, on review for
     possible downgrade; previously assigned B3 on 11/12/2004


CREDIT SUISSE: S&P Downgrades Ratings on 17 2006-C1 Secutrities
---------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 17
classes of commercial mortgage-backed securities from Credit
Suisse Commercial Mortgage Trust Series 2006-C1, and removed them
from CreditWatch with negative implications.  In addition, S&P
affirmed its ratings on eight other classes from the same
transaction.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions on the senior classes.  The
downgrades of the subordinate classes also reflect credit support
erosion S&P anticipate will occur upon the eventual resolution of
several specially serviced loans, as well as S&P's analysis of
four assets that S&P deem to be credit-impaired.  S&P's analysis
included a review of the credit characteristics of all of the
loans in the pool.  Using servicer-provided financial information,
S&P calculated an adjusted debt service coverage of 1.50x and a
loan-to-value ratio of 98.7%.  S&P further stressed the loans'
cash flows under S&P's 'AAA' scenario to yield a weighted average
DSC of 1.00x and an LTV ratio of 135.7%.  The implied defaults and
loss severity under the 'AAA' scenario were 56.3% and 38.7%,
respectively.

S&P's weighted average DSC and LTV calculations exclude nine
($56.2 million, 1.9%) of the 17 specially serviced assets, four
loans that S&P deemed to be credit-impaired ($13.2 million, 0.5%),
67 cooperative apartment loans ($137.8 million; 4.8%), and two
defeased loans ($9.3 million, 0.3%).  S&P separately estimated
losses for the nine specially serviced and four credit-impaired
assets, which S&P included in its 'AAA' scenario implied default
and loss severity figures.  S&P excluded the cooperative apartment
loans, as they did not default under the 'AAA' scenario due to
extremely low leverage.

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

                      Credit Considerations

As of the December 2009 remittance report, 17 assets
($249.2 million, 8.6%) in the pool were with the special
servicers, Helios AMC LLC and Berkadia Commercial Mortgage LLC.  A
breakdown of the specially serviced assets by payment status is:
three are current (6.3%), one is less than 30 days delinquent
(0.04%), two are 30 days delinquent (0.3%), 10 are 90-plus-days
delinquent (2.0%), and one is in foreclosure (0.1%).  Seven of the
specially serviced assets have appraisal reduction amounts in
effect totaling $17.4 million.

The second-largest loan in the pool, the Saint Louis Galleria loan
($167.5 million, 5.8%), is specially serviced by Berkadia.  The
loan is secured by a first mortgage encumbering 470,045 sq.  ft.
of a two- and three-level enclosed super-regional mall in Saint
Louis, Mo.  The loan was transferred to the special servicer on
April 20, 2009, due to the bankruptcy filing of the borrower,
General Growth Properties.  As of year-end 2008, the reported
DSC was 2.0x and occupancy was 93%.  On Dec. 15, 2009, the
bankruptcy court confirmed a modification plan for 85 GGP loans,
including the Saint Louis Galleria loan.  The special servicer has
confirmed that the maturity date of this loan was extended 78
months, until Jan. 3, 2017.

The Core Club loan ($18.0 million 0.6%), is the second-largest
loan in special servicing.  The loan is secured by a 27,976-sq.-
ft. single tenant office/retail property in Manhattan.  The loan
was transferred to the special servicer on April 14, 2009, due to
payment default caused by the rent nonpayment from the property's
sole tenant, and is now more than 90 days delinquent.  S&P expects
a significant loss upon the eventual resolution of this asset.

The third-largest loan in special servicing is the Hilton Rialto
Place Melbourne loan ($16.1 million, 0.6%).  This loan was
transferred to the special servicer on July 15, 2009, due to
payment default and is more than 90 days delinquent.  The loan is
secured by a 237-room full-service hotel built in 1985 in
Melbourne, Fla.  Reported occupancy at the property over the past
six months is averaging less than 50%.  S&P expects a moderate
loss upon the eventual resolution of this asset.

The 14 remaining specially serviced loans ($47.6 million, 1.7%)
have balances that individually represent less than 0.4% of the
total pool balance.  S&P estimated losses for seven of these 14
loans resulting in a weighted average loss severity of 26.2%.

The four loans ($13.2 million, 0.5%) that S&P deemed to be credit-
impaired are all reported delinquent and have balances that
individually represent less than 0.15% of the total pool balance.
S&P estimated losses for these four loans, resulting in a weighted
average loss severity of 18.9%.

                       Transaction Summary

As of the December 2009 remittance report, the collateral pool had
an aggregate trust balance of $2.89 billion, which is
approximately 96.2% of the balance at issuance.  The pool consists
of 411 assets, down from 418 at issuance.  The master servicers
for the transaction are Berkadia, KeyCorp Real Estate Capital
Markets Inc., and NCB FSB.  The master servicers provided
financial information for 99.4% of the pool; 96.8% of the
financial information was full-year 2008 data or interim-2009
data.  S&P calculated a weighted average DSC of 1.60x for the pool
based on the servicer-reported figures.  S&P's adjusted DSC and
LTV were 1.50x and 98.7%, respectively.  S&P's adjusted figures
exclude nine specially serviced assets ($56.2 million, 1.9%), four
loans that S&P deemed to be credit-impaired ($13.2 million, 0.5%),
67 cooperative loans ($137.8 million; 4.8%), and two defeased
loans ($9.3 million, 0.3%).  Ninety loans ($551.0 million, 19.1%)
are on the master servicers' watchlists.  Eighty-four loans
($398.4 million, 13.8%) have a reported DSC of less than 1.10x,
and 60 of these loans ($287.0 million, 9.9%) have a reported DSC
of less than 1.0x.  The transaction has not experienced any losses
to date.

                     Summary of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$990.9 million (34.3%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.68x for the top 10 loans.
Two of the top 10 loans appear on the master servicers' watchlists
and are discussed below.  S&P's adjusted DSC and LTV for the top
10 loans are 1.65x and 87.7%, respectively.

The 8201 Greensboro Drive loan ($76.0 million, 2.6%) is the
fourth-largest loan in the pool and the largest loan on the master
servicers' watchlists.  Debt service payments on the loan were
current as of the December 2009 remittance report.  The loan is
secured by a 360,854'sq.-ft. class A office building in McLean,
Va.; the building has an attached five-story parking garage.  The
loan appears on the watchlist because of a decrease in occupancy
at the property.  The master servicer reported occupancy at the
property had dropped to 75% in November 2009 from 85.7% in
September 2008, and 95.4% in September 2007.  Based on net cash
flow, the reported DSC was 1.31x as of June 2009, down from 1.57x
as of September 2008.

The Lane Portfolio loan ($41.3 million, 1.4%) is the eighth-
largest loan in the pool and the second-largest loan on the master
servicers' watchlists.  Debt service payments on the loan are
current as of the December 2009 remittance report.  The loan is
secured by three hotel properties in Annapolis, Md., Durham, N.C.,
and Kentwood, Mich.  The loan appears on the watchlist due to a
decrease in DSC.  Based on net cash flow, the reported DSC as of
September 2009 was 0.85x, down from 1.10x at year-end 2008, and
1.43x at issuance.

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

      Ratings Lowered And Removed From Creditwatch Negative

      Credit Suisse Commercial Mortgage Trust Series 2006-C1
          Commercial mortgage pass-through certificates

                 Rating
                 ------
      Class     To     From            Credit enhancement (%)
      -----     --     ----            ----------------------
      A-M       AA-    AAA/Watch Neg                   20.78
      A-J       A-     AAA/Watch Neg                   12.60
      B         BBB+   AA+/Watch Neg                   11.95
      C         BBB    AA/Watch Neg                    10.65
      D         BBB-   AA-/Watch Neg                    9.48
      E         BB+    A+/Watch Neg                     8.70
      F         BB     A/Watch Neg                      7.53
      G         BB-    A-/Watch Neg                     6.49
      H         B+     BBB+/Watch Neg                   5.32
      J         B+     BBB/Watch Neg                    4.29
      K         B      BBB-/Watch Neg                   2.99
      L         B      BB/Watch Neg                     2.47
      M         B-     BB-/Watch Neg                    2.08
      N         CCC+   B/Watch Neg                      1.69
      O         CCC+   B-/Watch Neg                     1.56
      P         CCC    CCC+/Watch Neg                   1.43
      Q         CCC-   CCC/Watch Neg                    1.17

                         Ratings Affirmed

      Credit Suisse Commercial Mortgage Trust Series 2006-C1
          Commercial mortgage pass-through certificates

            Class     Rating    Credit enhancement (%)
            -----     ------    ----------------------
            A-1       AAA                        31.17
            A-2       AAA                        31.17
            A-3       AAA                        31.17
            A-AB      AAA                        31.17
            A-4       AAA                        31.17
            A-1A      AAA                        31.17
            A-X       AAA                          N/A
            A-Y       AAA                          N/A

                       N/A - Not applicable.


FORD AUTO: S&P Assigns 'BB+' Rating on Class D 2010-R1 Notes
------------------------------------------------------------
Standard & Poor's Ratings Services assigned its preliminary
ratings to Ford Auto Securitization Trust's C$375.175 million
asset-backed notes series 2010-R1.

The preliminary ratings are based on information as of Jan. 12,
2010.  Subsequent information may result in the assignment of
final ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

* The availability of approximately 13.3%, 10.5%, 8.6%, and 6.8%
  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 coverage of
  S&P's expected net loss range of 2.05%-2.25% for 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 becoming 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 preliminary
  rating categories;

* The characteristics of the pool being securitized; and

* The transaction's legal structure.

                   Preliminary Ratings Assigned

          Ford Auto Securitization Trust - Series 2010-R1

                               Interest  Amount      Expected legal final
Class  Rating   Type          rate      (mil. C$)*  final maturity date
-----  ------   ----          --------  ----------  --------------------
A-1     AAA      Senior        Fixed      183.882    October 2012
A-2     AAA      Senior        Fixed       78.952    October 2013
A-3     AAA      Senior        Fixed       86.594    December 2014
B       AA       Subordinate   Fixed       11.035    February 2015
C       A        Subordinate   Fixed        7.356    August 2015
D       BB+      Subordinate   Fixed        7.356    July 2016

* The actual size of these tranches will be determined on the
  pricing date.


FORD CREDIT: Fitch Upgrades Ratings on Three Classes of Notes
-------------------------------------------------------------
Fitch Ratings upgrades three and affirms seven classes of two Ford
Credit Auto Owner Trusts as part of its ongoing surveillance
process.

The collateral continues to perform within Fitch's base case
expectations.  Currently, under the credit enhancement structure,
the securities can withstand stress scenarios consistent with the
rating categories and still make full payments of interest and
principal in accordance with the terms of the documents.

As before, the ratings reflect the quality of Ford Motor Credit
Co.'s retail auto loan originations, the sound financial and legal
structure of the transactions, and servicing provided by FMCC.

The rating actions are:

2006-A

  -- Class A-4 notes affirmed at 'AAA'; Outlook Stable;
  -- Class B notes affirmed at 'AAA'; Outlook Stable;
  -- Class C notes affirmed at 'AAA'; Outlook Stable;
  -- Class D notes affirmed at 'AA'; Outlook Positive.

2008-A

  -- Class A-3a notes affirmed at 'AAA'; Outlook Stable;
  -- Class A-3b notes affirmed at 'AAA'; Outlook Stable;
  -- Class A-4 notes affirmed at 'AAA'; Outlook Stable;
  -- Class B notes upgraded to 'AA' from 'A'; Outlook Positive;
  -- Class C notes upgraded to 'A' from 'BBB'; Outlook Positive;
  -- Class D notes upgraded to 'BBB' from 'BB'; Outlook Positive.


FOUNDATION RE: S&P Assigns 'BB+' Rating on Series 2010-1 Notes
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it assigned its 'BB+'
rating to Foundation Re III Ltd.'s proposed Series 2010-1
principal-at-risk variable-rate notes.  These notes will be
exposed to losses from hurricanes in the covered area.

Foundation Re III is a special-purpose Cayman Islands exempted
company licensed as a Class B insurer in the Cayman Islands.  HSBC
Bank (Cayman) Ltd., as share trustee, will hold all of Foundation
Re III's issued and outstanding share capital under a declaration
of trust for certain charitable purposes.

The insurer financial strength ratings on Hartford Fire Insurance
Co., the ceding insurer, and its intercompany pool members
(collectively referred to as Hartford) reflect Hartford's strong
competitive position in the property/casualty market, strong
underwriting performance, and strong capitalization.  Somewhat
offsetting these positive factors are the group's large exposure
to asbestos claims, though this risk is decreasing; reserve
releases of long-tail lines of businesses that might not recur in
future years and could result in lower earnings; and costs
associated with runoff operations.

                           Ratings List

                            New Rating

                      Foundation Re III Ltd.

            $100M Series 2010-1 notes             BB+


GE COMMERCIAL: Fitch Takes Rating Actions on 2005-C2 Certs.
-----------------------------------------------------------
Fitch Ratings takes various actions on several classes of GE
Commercial Mortgage Corporation commercial mortgage pass-thru
certificates, series 2005-C2.

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
5.4% for this transaction, should market conditions not recover.
The rating actions are based on losses of 5.4%, as a majority of
the loans mature in the next five years.  The bonds with Negative
Outlooks indicate classes that may be downgraded in the future
should full potential losses be realized.

To determine potential defaults for each loan Fitch assumed cash
flow would decline by 10% from year-end 2008, which 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, 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, ranging between 7.5% and 9.5%, 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 54.3% 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 93%
of the recognized losses.

Approximately 90% of the mortgages mature within the next five
years: 19.4% in 2010, 6.4% in 2011, 4.2% in 2012 and 59.9% in
2015.

Fitch identified 34 Loans of Concern (26%) within the pool, 8 of
which (7%) are specially serviced.  Of the specially serviced
loans, five (6%) are current.

Losses are expected on four (6.8%%) of the Top 15: three are
expected to default during the term, while one, with losses of one
(1.5%) is expected to default at maturity.  Loss severities
associated with these loans range from 21% to 49%.  The largest
overall contributors to deal loss are: Lodge at Kingwood (1.5%),
Extra Space Portfolio (0.8%), and Melrose (0.7%).

Lodge at Kingwood is a garden-style multifamily property
consisting of 312 units, located in Kingwood, TX.  The property
has experienced declines in performance due to weak market, and
occupancy declines in 2006 and 2007.  The most recent servicer
reported debt-service coverage ratio as of year-end 2008 was 1.16x
with occupancy of 94.2% compared to 1.32x and 95% occupancy at
issuance.  Fitch expects that the loan may default at the May 2010
maturity as cash flow is not expected to increase to a level that
would meet Fitch's refinance criteria.

Extra Space Portfolio consists of three self-storage facilities
totaling 197,403 square feet located in IL, and two properties
located in NJ.  The portfolio performance has declined since
issuance as a result of lower occupancy as well as current
economic and market conditions.  The most recent servicer reported
DSCR as of September 2009 is 1.27x and 84% occupancy.  Fitch
expects that the loan may default at maturity as cash flow is not
expected to increase to a level that would meet Fitch's refinance
criteria.

Melrose is a multifamily student-housing property consisting of
271 units, located in Urbana, IL.  The property suffers from
increased competition in the area as a result of new rooms built
at the University of Illinois in addition to current economic
conditions and a soft market.  The property is 66% occupied as of
Nov. 6, 2009.  The most recent servicer reported DSCR as of
September 2009 is 0.14x.  Fitch expects that the loan may default
prior to maturity given the decline in performance.

Fitch downgrades, removes from Rating Watch Negative, assigns
Outlooks and LS ratings:

  -- $149.1 million class A-J to 'AA/LS3' from 'AAA'; Outlook
     Stable;

  -- $14 million class B to 'AA/LS5' from 'AAA'; Outlook Stable;

  -- $30.3 million class C to 'A/LS5' from 'AA'; Outlook Stable;

  -- $16.3 million class D to 'BBB/LS5' from 'AA-'; Outlook
     Stable;

  -- $25.6 million class E to BB/LS5' from 'A'; Outlook Stable;

  -- $16.3 million class F to 'BB/LS5' from 'A-'; Outlook Stable;

  -- $21 million class G to 'B/LS5' from 'BBB+'; Outlook Negative;

  -- $16.3 million class H to 'B-/LS5' from 'BBB'; Outlook
     Negative;

  -- $21 million class J to 'B-/LS5' from 'BB+'; Outlook Negative;

  -- $9.3 million class K to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $7 million class L to 'B-/LS5' from 'B+'; Outlook Negative;

In addition, Fitch affirms these classes, assigns Rating Outlooks,
and LS Ratings:

  -- $132.6 million class A-2 at 'AAA/LS1'; Outlook Negative;

  -- $132.4 million class A-3 at 'AAA/LS1'; Outlook Negative;

  -- $72.4 million class A-AB at 'AAA'/LS1; Outlook Negative;

  -- $445.4 million class A-4 at 'AAA/LS1'; Outlook Negative;

  -- $409.5 million class A-1A at 'AAA/LS1'; Outlook Negative;

  -- Interest-only class X-P at 'AAA'; Outlook Negative;

  -- Interest-only class X-C at 'AAA'; Outlook Negative;

  -- $9.3 million class M to 'B-/LS5' from 'BB-'; Outlook
     Negative.

Fitch does not rate classes N, O, P and Q certificates.  Class A-1
has paid off in full.


GMAC INC: Moody's Upgrades Ratings on 13 Classes of Notes
---------------------------------------------------------
Moody's Investors Service has upgraded the ratings of thirteen
classes of notes issued from nine auto lease securitizations
sponsored by GMAC Inc.  The rating actions reflect the continued
improvement in performance, particularly with recoveries on
residual value from terminated leases.  Furthermore, the ratings
account for the emergence from bankruptcy of General Motors
Company, the manufacturer of the underlying vehicles, and reduced
uncertainty surrounding the future of GMAC, the servicer of the
transactions; both lowering the potential for volatility of future
performance.

Weaker than expected residual value realization had motivated the
previous downgrades of these transactions.  The concerns centered
around (1) the affect of a prolonged contentious GM bankruptcy on
the recoveries of the vehicles backing the underlying lease pool
and (2) the ability of GMAC, given its linkage to GM as its
captive finance arm, to effectively remarket the leases without
any meaningful disruption.  The lack of historical precedents for
a bankruptcy of such size in the industry added to the
uncertainty.  Positive residual value realization trends have
enabled the affected securities to build substantial credit
enhancement.  At the same time, the financial and operational
restructuring of GM and GMAC have alleviated immediate concerns
about the operational risk of these entities and its impact on the
performance of the transactions, though both firms continue to
face longer-term operating challenges.

General Motors Corporation ("Old GM") filed Chapter 11 bankruptcy
on June 11, 2009.  Moody's, however, did not observe any material
adverse impact of the Old GM bankruptcy on residual values.
Residual values experienced unprecedented volatility at various
points during the last fifteen months due to the broader
macroeconomic environment and the deteriorating financial
condition of the auto industry.  They stabilized for GM as well as
the industry during first half of 2009 and improved further into
the second half of the year.  The swift and successful emergence
of New GM from bankruptcy on July 10 through support from the U.S.
government seems to have mitigated downward pressure on GM
residual values.  Other factors that could have contributed to the
improving trends include increased consumer demand for used
vehicles as a cheaper alternative to buying a new vehicle.

Uncertainties relating to the role of GMAC as the servicer,
particularly its ability to remarket a sizeable number of off-
lease vehicles in a short period of time, were mitigated by the
U.S. government's support and increasing stake in the company that
have improved its liquidity and capital positions.  The agreement
with Chrysler LLC to provide financing to Chrysler dealers and
customers further strengthened GMAC's competitive position in the
market.

The senior securities that were upgraded to Aaa are expected to
withstand residual value loss per vehicle of approximately 50% or
higher during the peak period of lease maturities.  This level is
roughly twice the average peak residual value loss levels
experienced by the sector during the second half of 2008, when
losses were at their highest.  Residual value losses on turned-in
vehicles fluctuated from low-to-mid single digits from the second
quarter of 2008 to mid 20% range during the last quarter.  The
senior securities that were upgraded to Aa are expected to
withstand residual value loss per vehicle of approximately 40% to
50% during the peak period of lease maturities.  Moody's also took
the distribution of lease maturities into consideration in
deriving the final ratings.  The transactions where leases are
expected to mature in the near term are more likely to benefit
from the current rebound in the vehicle market.  Conversely,
transactions where lease maturities are further out into 2011 are
subject to greater uncertainty.

The complete rating actions are:

Issuer: Capital Auto Receivables Asset Trust 2007-SN2

  -- Cl. A-3, Upgraded to Aaa; previously on 7/30/2009, Baa1
     Placed on Review for Possible Upgrade

  -- Cl. A-4, Upgraded to Aaa; previously on 7/30/2009, Baa1
     Placed on Review for Possible Upgrade

  -- Cl. B, Upgraded to Aa2; previously on 7/30/2009, Baa3 Placed
     on Review for Possible Upgrade

  -- Cl. C, Upgraded to A2; previously on 7/30/2009, Ba3 Placed on
     Review for Possible Upgrade

  -- Cl. D, Upgraded to Baa2; previously on 7/30/2009, B3 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2007-SNE

  -- Cl. A, Upgraded to Aa1; previously on 7/30/2009, Baa1 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2007-SNG

  -- Cl. A, Upgraded to Aa2; previously on 7/30/2009, Baa1 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2008-SNA

  -- Cl. A, Upgraded to Aa2; previously on 7/30/2009, Baa1 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2008-SNB

  -- Cl. A, Upgraded to Aa2; previously on 7/30/2009, Baa1 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2008-SND

  -- Cl. A, Upgraded to Aa2; previously on 7/30/2009, Baa1 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2008-SNE

  -- Cl. A, Upgraded to Aa3; previously on 7/30/2009, Baa1 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2008-SNF

  -- Cl. A, Upgraded to Aa3; previously on 7/30/2009, Baa1 Placed
     on Review for Possible Upgrade

Issuer: Capital Auto Receivables Asset Trust 2008-SNH

  -- Cl. A, Upgraded to Aaa; previously on 7/30/2009, A2 Placed on
     Review for Possible Upgrade

                             Servicer

GMAC provides wholesale, retail, and lease financing, primarily to
General Motors Company and Chrysler dealers and is one of the
world's largest auto finance companies.  GMAC's senior unsecured
rating was upgraded from C to Ca on June 10, 2009.  The rating
remains under review for further possible upgrade.  The upgrade
and the review reflect the firm's lower bankruptcy risk resulting
from the U.S. government's support of the firm, including
significant capital injections that have improved its liquidity
and capital positions; U.S. government ownership of approximately
56% of common equity; and GMAC's role in the U.S. government's
efforts to reinvigorate the U.S. domestic auto industry.  General
Motors Company ("New GM"), headquartered in Detroit, Michigan, is
one the world's largest auto manufacturers.


GOLDMAN SACHS: Fitch Affirms Ratings on Four Classes of Notes
-------------------------------------------------------------
Fitch Ratings affirms Goldman Sachs Auto Loan Trust 2006-1, and
revises the Outlooks.

The collateral continues to perform within Fitch's base case
expectations.  Currently, under the credit enhancement structure,
the securities can withstand stress scenarios consistent with the
ratings assigned and still make full payments of interest and
principal in accordance with the terms of the documents.

As before, the ratings on the notes are based on their respective
levels of credit.  The securities are backed by a pool of prime
retail installment sales contracts secured by new and used
automobiles and light duty trucks from a diverse pool of
manufacturers.  All ratings reflect the transaction's sound legal
structure and the high quality of the retail auto receivables
originated by Huntington National Bank, Ford Motor Credit Co., and
Ohio Savings Bank.

Fitch has taken these rating actions:

  -- Class A-4 affirmed at 'AAA'; Outlook Stable;

  -- Class B affirmed at 'A+'; Outlook revised to Stable from
     Positive;

  -- Class C affirmed at 'BBB+'; Outlook revised to Stable from
     Positive;

  -- Class D affirmed at 'BB+'; Outlook revised to Stable from
     Positive.


GS MORTGAGE: S&P Puts Ratings on 2007-EOP Certs. on Negative Watch
------------------------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on eight
classes of pass-through certificates from GS Mortgage Securities
Corp. II's series 2007-EOP on CreditWatch with negative
implications.  Concurrently, the rating on the class L certificate
from the same transaction remains on CreditWatch negative.  The
collateral for this transaction consists of one floating-rate
interest-only loan.

The CreditWatch placements follow S&P's preliminary analysis of
the borrower's financial statements and rent rolls for the office
properties that serve as collateral for the sole mortgage loan in
the transaction.  The financial statements S&P reviewed are for
the trailing 12 months ended Sept. 30, 2009, and the rent rolls
S&P reviewed are as of Sept. 30, 2009.  Based on S&P's preliminary
review of this information, which was provided by the master
servicer, Bank of America N.A., the office properties securing
this loan have, in general, experienced net cash flow declines.
S&P primarily attribute these declines to lower overall occupancy
for the portfolio; occupancy had fallen to 82% as of September
2009 from 92% at issuance.  The September 2009 occupancy excludes
certain tenants (representing 2% of the net rentable area {NRA})
that have lease expirations at the end of 2009 or early 2010.  The
borrower has indicated that these tenants will vacate the
properties upon their lease expiration dates.  S&P expects to
resolve the CreditWatch placements after completing S&P's analysis
of the property cash flows.

According to the Jan. 6, 2010, trustee remittance report, the
mortgage loan has a trust and whole-loan balance of $4.94 billion,
which is currently secured by 99 office properties totaling
34.2 million sq. ft. in 10 U.S. states.  Since issuance, 36 office
properties have been released from the collateral pool, resulting
in a $1.93 billion paydown of the senior loan balance.  The
floating-rate interest-only loan matures on Feb. 1, 2010.  Bank of
America indicated that the borrower has given notice to exercise
one of its two remaining one-year extension options.  In addition,
the equity interests of the borrower secure five mezzanine loans
totaling $2.06 billion, down from $3.94 billion at issuance.  The
mezzanine loans are held outside the trust.  The current
collateral for the loan consists of these:

* First mortgage liens on 79 office properties totaling
  23.1 million sq. ft.;

* Cash flow pledges of the borrower's joint venture interests in
  13 office properties totaling 7.5 million sq. ft.;

* Equity pledges of the borrower's joint venture interests in
  three properties totaling 1.6 million sq. ft.; and

* Other collateral including covenants to apply proceeds and
  collateral note assignments with respect to four properties
  totaling 2.0 million sq. ft.

The top five geographic concentrations for the loan collateral
are:

* Boston (36% of NRA), Northern California (34% of NRA), Southern
  California (16% of NRA), Manhattan (4% of NRA), and New Orleans
  (4% of NRA).

              Ratings Placed On Creditwatch Negative

                 GS Mortgage Securities Corp. II
            Pass-through certificates series 2007-EOP

                                 Rating
                                 ------
           Class          To                      From
           -----          --                      ----
           C              AAA/Watch Neg           AAA
           D              AAA/Watch Neg           AAA
           E              AAA/Watch Neg           AAA
           F              AA+/Watch Neg           AA+
           G              AA-/Watch Neg           AA-
           H              A/Watch Neg             A
           J              BBB+/Watch Neg          BBB+
           K              BBB/Watch Neg           BBB

             Rating Remaining On Creditwatch Negative

                 GS Mortgage Securities Corp. II
            Pass-through certificates series 2007-EOP

                 Class             Rating
                 -----             ------
                 L                 BB+/Watch Neg


HEARTLAND FUNDING: S&P Downgrades Rating on 2007-2 Notes to 'CC'
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its rating on the notes
from Heartland Funding PLC's series 2007-2 to 'CC' from 'CCC-'.

The downgrade follows a number of credit events within the
underlying portfolio, which S&P expects to cause the class of
notes to incur a principal loss.


HELIOS FINANCE: Fitch Takes Rating Actions on 2007-S1 Notes
-----------------------------------------------------------
Fitch Ratings downgrades one class and affirms six classes of
asset-backed notes of HELIOS Finance Limited Partnership 2007-S1.

The class B-4 notes have been downgraded because the revised
lifetime cumulative net losses of the transaction would result in
a principal loss for this tranche.  Additionally, the class B-3
notes have been assigned a Recovery Rating of 3 (51%-70%
recoveries) under Fitch's analysis.

The rating action reflects the continued weaker than expected
performance of 2007-S1 above Fitch's original base case
expectations for cumulative net losses.  Through month 21 (the
December collection period), total 30+ days delinquencies stood at
6.13% and CNL were at 4.88%.  Fitch expects lifetime CNL in the
5%-6% range which is approximately 25%-50% higher than Fitch's
original base case CNL proxy for the transaction.

Fitch's current analysis of the transaction incorporated updated
stresses of the revised base case CNL assumptions, the timing of
the remaining losses, and various prepayment assumptions.  Based
on these new expectations, Fitch believes that the current credit
enhancement available supports multiples consistent with the
affirmed and downgraded ratings.

The rating actions are:

  -- Class A-1 affirmed at 'AAA'; Outlook Stable;
  -- Class A-2 affirmed at 'AA'; Outlook Stable;
  -- Class A-3 affirmed at 'A'; Outlook Stable;
  -- Class B-1 affirmed at 'BBB'; Outlook Stable;
  -- Class B-2 affirmed at 'BB'; Outlook Stable;
  -- Class B-3 downgraded to 'C/RR3' from 'CCC/RR3';
  -- Class B-4 affirmed at 'C/RR6'.


INDEPENDENCE IV: Fitch Downgrades Ratings on Five Classes
---------------------------------------------------------
Fitch Ratings has downgraded five classes and affirmed one class
of notes issued by Independence IV CDO Ltd./Inc. as a result of
continued credit deterioration in the portfolio since Fitch's last
rating action in August 2008.  Approximately 74% of the portfolio
has been downgraded since the last review.  The details of the
rating action follow at the end of this release.

As of the December 2009 trustee report, the current balance of the
portfolio is $132.7 million.  Defaulted securities, as defined in
the transaction's governing documents, now comprise 39.3% of the
portfolio, compared to 16.9% at last review.  The downgrades to
the portfolio have left approximately 71% of the portfolio
(including defaults) with a Fitch derived rating below investment
grade and 48.5% with a rating in the 'CCC' rating category or
lower, compared to 52.5% and 40.1%, respectively at last review.

This review was conducted under the framework described in the
report 'Global Rating Criteria for Structured Finance CDOs' using
the Structured Finance Portfolio Credit Model for projecting
future default levels for the underlying portfolio.  Due to the
significant collateral deterioration, credit enhancement levels
available to all classes of notes are exceeded by the 'CCC' rating
loss rate, the lowest rating level loss projected by SF PCM.
Given this, Fitch believes that the likelihood of default for all
classes of notes in this transaction can be assessed without
performing cash flow model analysis under the framework described
in the 'Global Criteria for Cash Flow Analysis in CDOs' report.

Fitch compared the respective credit enhancement levels for each
rated class of notes with the amount of underlying assets
considered distressed (rated 'CCC' and lower).  These assets have
a high probability of default and low expected recoveries upon
default.  The class A-1, A-2, A-3 and B notes have the credit
enhancement levels of 28.4%, 6.9%, -13.7% and -35.2%,
respectively, as compared to the 48.5% of the portfolio considered
distressed.  These classes all continue to receive timely
interest; however, all of the interest due is being fulfilled
through principal proceeds.  Fitch believes that default is
inevitable for these classes at or prior to maturity.  Therefore,
these classes have been downgraded to 'C'.

The class C notes are no longer receiving interest distributions
and are not expected to receive any proceeds going forward.
Therefore, the class C notes have been affirmed at 'C' to indicate
Fitch's belief that default is inevitable at or prior to maturity.

Independence IV is a cash flow structured finance collateralized
debt obligation that closed on June 26, 2003.  The portfolio is
monitored by Declaration Management & Research LLC.  The portfolio
is composed of residential mortgage-backed securities (62.8%),
commercial mortgage-backed securities (17.8%), CDOs (9.7%), asset-
backed securities (5.5%), real estate investment trusts (2.2%),
and corporate bonds (2%).

Fitch has downgraded and affirmed these ratings as indicated:

  -- $48,354,851 class A-1 notes (series 1) downgraded to 'C' from
     'BB';

  -- $48,613,920 class A-1 notes (series 2) downgraded to 'C' from
     'BB';

  -- $29,235,208 class A-2 notes downgraded to 'C' from 'B';

  -- $27,773,448 class A-3 notes downgraded to 'C' from 'CCC';

  -- $29,235,208 class B notes downgraded to 'C' from 'CC';

  -- $27,922,190 class C notes affirmed at 'C'.


INDUSTRIAL DEVELOPMENT: Fitch Assigns 'BB+' Rating on B Bonds
-------------------------------------------------------------
Fitch Ratings has assigned a 'BB+' rating to the upcoming
reoffering of The Industrial Development Authority of the County
of Pima's (the Authority) $130 million industrial development
revenue bonds, 2008 series B (Tucson Electric Power Co. Project)
due Sept. 1, 2029.  The reoffered IDRBs will be the tax-exempt,
fixed-rate, senior unsecured obligations of TEP.  The Rating
Outlook is Positive.

Since their original issuance on June 1, 2008, interest on the
IDRBs has been reset on a weekly basis.  The variable-rate bonds
were backed by a $132 million letter of credit secured by a pledge
of first mortgage bonds.  TEP has exercised its right under the
indenture to convert the interest rate on the bonds to a term rate
through maturity in 2029.  Proceeds from the anticipated
reoffering will be used to pay the purchase price of the bonds due
to prior holders upon the interest rate conversion.  Upon
completion of the $130 million bond reoffering, the $132 million
LOC facility will expire.  Fitch believes the reduction in TEP's
variable-rate debt component as the result of this transaction is
a modestly constructive credit development.

Fitch affirmed TEP's ratings on Nov.  27, 2009 and revised the
Rating Outlook to Positive from Stable.  The Positive Outlook
primarily reflects TEP's stronger and more stable prospective
earnings, primarily due to an Arizona Corporation Commission
(ACC)-approved rate increase and the adoption of a purchase power
and fuel adjustment clause in the utility's last general rate
case.  A final order was issued in the fourth quarter of 2008 in
the GRC.  With a higher and more predictable cash flow stream,
Fitch believes the need for future bank waivers to avoid violation
of loan covenants, as experienced in 2008, is reduced.  This
combined with projected TEP debt-to-EBITDA and EBITDA-to-interest
ratios of better than 4 times in 2009-2010 supports the Positive
Outlook and represents a significant improvement from 2008 debt-
to-EBITDA and EBITDA-to-interest ratio levels of 5.3x and 2.4x,
respectively.  The ratings also recognize TEP's competitive rates,
relatively low-cost generating resource mix, historic, above-
industry-average service territory growth and significant debt
reduction in recent years.

In addition to higher fuel and base rates authorized in its last
GRC, TEP's year-to-date 2009 earnings have benefited from warmer-
than-normal weather as evidenced by higher cooling degree days
compared to its 10-year average and year ago levels.  Fitch
believes higher TEP fuel and base rates support prospective
earnings consistent with or higher than current trailing 12 month
levels and a potential future credit rating upgrade.  Fitch
expects TEP's operating cash flow to be sufficient to meet its
capital investment and dividend requirements, reflecting higher
rates and reduced capital expenditures, during 2009-2013.

The ACC order in TEP's GRC increased the utility's base rates
$50 million (6%) effective Dec. 1, 2008.  The ACC order also
authorized implementation of a PPFAC Jan. 1, 2009 that allows TEP
to defer and recover 100% of the difference in the actual net
power supply costs from amounts reflected in rates.  Rates are to
be reset annually to collect deferral balances and prospective
power supply costs.  In addition, the settlement includes a
moratorium that effectively freezes base rates through 2012.
However, the agreement does not preclude the company from filing
to recover costs related to the imposition of future federal
carbon emission regulations.  Fitch believes the adoption of the
PPFAC by the ACC is a constructive development for TEP that will
result in relatively predictable earnings and cash flows and a
meaningfully lower business risk profile compared to its pre-rate
case business model.

Credit concerns for TEP investors include: regulatory lag; frozen
non-fuel rates; covenants in the company's bank facilities that
limit prospective mortgage debt issuance; and, a relatively high
degree of variable-rate debt.

In 2008, TEP amended and restated its secured credit facilities
modifying the maximum allowable leverage ratio contained therein
from 4.0x to 4.50x from July 1, 2008 through Sept. 30, 2008; 4.75x
from Oct. 1, 2008 through Dec. 31, 2008; 4.50x from Jan. 1, 2009
through June 30, 2009; and 4.0x after June 30, 2009.  The
amendment became necessary due to the negative impact of high net
power supply costs in the first half of 2008 combined with the
absence of a PPFAC, frozen rates and other operating factors.  As
the result of the implementation of the PPFAC and $50 million rate
hike, Fitch expects TEP EBITDA to be reasonably stable at higher
levels in 2009 and beyond compared to 2008.

Maturities are manageable with no TEP long-term debt scheduled to
mature in 2009-2013.  As of Sept. 30, 2009, TEP had cash and cash
equivalents totaling $14 million and $124 million of borrowing
capacity available under its $150 million secured revolving credit
facility.  TEP has a total of $623 million of secured bank
facilities including a $150 million revolver used to meet day-to-
day working capital requirements and two secured LOC facilities
totaling $473 million that support outstanding tax-exempt,
variable-rate industrial revenue bonds.  Upon completion of the
planned $130 million IDRB reoffering, TEP's $132 million LOC
facility will terminate.  TEP's remaining $491 million credit
facility, which is comprised of a $150 million revolver and
$341 million LOC facility, matures in August 2011.

The credit implications of TEP's status as a subsidiary utility
operating company within the UniSource Energy corporate complex
are also factored into TEP's credit ratings.  Fitch notes that the
amount of dividends TEP is permitted to upstream to UNS is limited
under the Federal Power Act.  UNS owns the much smaller, UniSource
Energy Services, Inc., an intermediate holding company which owns
two Arizona-based operating utility subsidiaries, UNS Gas, a
wholly-owned natural gas distribution company serving 146,000
customers and UNS Electric, a wholly-owned electric distribution
utility serving 90,000 customers.  UNS also owns UniSource Energy
Development Company and Millennium Energy Holdings, Inc.

UED developed and owns a natural gas-fired combustion turbine in
Northern Arizona that supplies energy to UES' electric utility
subsidiary.  Millennium has existing investment in unregulated
businesses that represent 1% of UNS' total assets as of Dec. 31,
2008.  There are no cross-defaults or guarantees between TEP and
its corporate parent or affiliate companies.


INDYMAC RESIDENTIAL: S&P Downgrades Ratings on 11 Securities
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 11
classes from seven residential mortgage-backed securities
transactions issued by IndyMac Residential Mortgage Backed Trust
and backed by U.S. residential lot loan collateral issued between
2004 and 2007 and removed them from CreditWatch with negative
implications.  In addition, S&P affirmed its ratings on two
classes from one additional transaction.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given its current projected losses.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in 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 110% of S&P's base-case loss assumptions to maintain
a 'BB' rating, while S&P would assess whether a different class
could withstand approximately 120% of 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 its 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.

Subordination provides credit support for the affected
transactions.  In addition, some classes also benefit from
overcollateralization (prior to its depletion) and excess spread.

The senior classes of series 2004-L1, 2005-L2, 2005-L3, and 2006-
L2 are insured by FGIC Corp. (financial strength rating: 'NR'),
and the senior classes of series 2006-L1, 2006-L3, 2006-L4, and
2007-1 are insured by Ambac Assurance Corp. (financial strength
rating: 'CC').  FGIC has stopped making claim payments; however,
Ambac continues to pay.  Although the bond-insured classes from
series 2005-L3 and 2006-L2 no longer have any subordination, they
can not be written down, as specified by the transaction
documents.  Series 2005-L3 and 2006-L2 are undercollateralized,
yet they continue to receive their scheduled interest payments.
The ratings on the bond-insured classes reflect the higher of (i)
Standard & Poor's Underlying Rating (SPUR) and (ii) the rating on
the bond insurer.

The underlying pool of loans backing these transactions consists
of residential lot loans, which generally have two- or five- year
terms with a balloon payment due upon maturity.  These loans
provide financing for borrowers who intend to build a home and are
secured by a parcel of land that has been improved for residential
use; that is, it is legally accessible by street, and sewer,
electricity, and water are available to the site.

                          Rating Actions

     INDYMAC Residential Mortgage Backed Trust Series 2005-L2
                       Series      2005-L2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        456606HK1     CCC                  BBB-/Watch Neg
   A-2        456606HL9     CCC                  BBB-/Watch Neg

     IndyMac Residential Mortgage Backed Trust Series 2006-L1
                       Series      2006-L1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2        456606LM2     CCC                  BBB-/Watch Neg
   A-3        456606LN0     CCC                  BBB-/Watch Neg

     IndyMac Residential Mortgage Backed Trust Series 2006-L4
                       Series      2006-L4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          45660AAA1     CCC                  BBB/Watch Neg

     IndyMac Residential Mortgage-Backed Trust Series 2007-L1
                       Series      2007-L1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          45668QAA8     CCC                  BBB-/Watch Neg

    IndyMac Residential Mortgage-Backed Trust Series 2005-L3
                       Series      2005-L3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          456606JY9     CC                   BBB-/Watch Neg

     IndyMac Residential Mortgage-Backed Trust Series 2006-L2
                       Series      2006-L2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2        45661FAB7     CCC                  BB/Watch Neg
   A-3        45661FAC5     CCC                  BB/Watch Neg

     IndyMac Residential Mortgage-Backed Trust Series 2006-L3
                       Series      2006-L3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-2        45667HAB7     CCC                  BBB-/Watch Neg
   A-3        45667HAC5     CCC                  BBB-/Watch Neg

                         Ratings Affirmed

                    IndyMac Loan Trust 2004-L1
                       Series      2004-L1

                 Class      CUSIP         Rating
                 -----      -----         ------
                 M          45660YAJ0     BBB
                 B          45660YAK7     BB


IOWA HIGHER: Fitch Downgrades Rating on 2005A Bonds to 'BB'
-----------------------------------------------------------
Fitch Ratings has downgraded the rating on the Iowa Higher
Education Loan Authority's private facility revenue bonds series
2005A (Wartburg College Project) issued on behalf of Wartburg
College (Wartburg) to 'BB' from 'BBB-'.  The Rating Outlook is
revised to Negative.

Rating Rationale:

  -- The rating downgrade reflects a substantially weakened credit
     profile characterized by volatile operating margins which are
     becoming increasingly negative and more recent declines in
     available funds due to financial market turbulence.

  -- The Negative Outlook reflects the financial stress created by
     Wartburg's extremely limited ability to raise revenue
     sufficient to meet increasing principal and interest
     requirements, coupled with its materially weakened financial
     cushion, which cannot be relied upon indefinitely in the
     absence of available surpluses to meet debt service.  Without
     stabilization of operating margins to at least break even and
     the gradual restoration of available funds closer to
     historical levels, additional negative rating action is
     likely.

What Could Trigger A Downgrade:

  -- Failure to stabilize operating performance to a level
     sufficient to cover outstanding debt service by 1.0 times(x).

  -- Inability to gradually restore available funds to levels in
     line with historical values.

Security:

The series 2005A bonds are a general obligation of the college and
are further secured by a lien on revenues and a mortgage on the
core campus.  The rate covenant for the 2005A bonds requires the
college to generate net income available for debt service equal to
1.1 times (debt service coverage ratio) or maintain total cash and
investments equal to or greater than 75% of total debt (liquidity
ratio).  The failure to meet both tests constitutes a rate
covenant violation.

Credit Summary:

Fitch anticipated enrollment and revenue growth would stabilize
operating performance and help the college meet debt service
requirements.  Enrollment levels have remained stable with a five-
year enrollment FTE growth rate of 0.17%.  While stable
enrollments are essential to Wartburg's operating performance, the
college has limited ability to increase tuition and fees to
address financial deficits.  Additionally, anticipated revenues
from the Wellness Center (financed by the 2005B bonds) have not
materialized as quickly as expected placing added strain on the
college's operations to fund debt service.

The operating margin for Wartburg was negative 17.3% in fiscal
2009 (year ended May 31) versus negative 11.6% in fiscal 2008, and
has been negative since fiscal 2005.  The negative operating
margins were anticipated, primarily related to increased
depreciation and interest expense.  However, the recent results
are more negative than originally expected.  Fitch does not
include the college's endowment draw, which is not available in
the audit, for the calculation of the operating margin.  If the
estimated endowment draws were to be included, operations would
still produce negative margins for three out of the past five
years.  Fitch notes, however, that the college is proactively
taking steps to strengthen operating performance for fiscal 2010,
reducing contribution rates for benefits and operating
expenditures among other cost cutting measures.

Available funds, a measure of balance sheet resources, declined
sharply, to $14 million, at the end of fiscal 2009.  These balance
sheet resources cover total debt ($85 million) and operating
expenses ($50 million) for fiscal 2009 by a weak 16.5% and 28%,
respectively.  The decline was due largely to a 30% market driven
loss in investment value.  While Fitch notes similar declines were
experienced by other institutions, Wartburg's losses are
exacerbated by the college's weak operating profile.  The college
reports that the investment market values have increased by
approximately $6 million since the end of fiscal 2009.  Wartburg
is between capital campaigns and plans on initiating a new capital
campaign in the next 18 months.  Portions of the funds received
through the campaign may be applied by the college to build
balance sheet resources.

The college's debt burden is high with pro-forma maximum annual
debt service comprising 14.6% of unrestricted revenues in fiscal
2009.  Debt service coverage, as calculated by Fitch, has been
less than 1x for the past two fiscal years.  Additionally, the
college did not meet its bond rate covenant for fiscal 2009 and as
a result is required to retain a consultant to make operational
recommendations.  Based on market improvements and other
operational adjustments, the college reports that the rate
covenant will be met for fiscal 2010.

Wartburg is a private four-year college located in Waverly, IA and
serves predominantly in-state undergraduate students.  Established
in 1852, the college is recognized as a liberal arts college of
the Evangelical Lutheran Church in America, with a fall 2009
enrollment of 1,799.


JP MORGAN: Fitch Corrects Rating on Class A-J 2005-CIBC13 Notes
---------------------------------------------------------------
Fitch Ratings has published a correction to a release that went
out earlier.  It corrects the Rating Outlook on the class A-J to
Negative.

Fitch takes various actions on J.P. Morgan Chase Commercial
Mortgage Securities Corp., Series 2005-CIBC13 commercial mortgage
pass-through certificates.

The downgrades are the result of Fitch's loss expectations and its
prospective views regarding cash flow declines and commercial real
estate market values.  The rating actions are based on the full
losses of 9.8% as a majority of loans mature in the next 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 10.0%, 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 45.9% 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 70.7% of the
9.8%.

Approximately 93.5% of the mortgages mature within the next five
years: 15.0% in 2010, 0% in 2011, 10.9% in 2012, 0% in 2013, 0% in
2014, and 67.6% in 2015.  All losses associated with these loans
are fully recognized in the rating actions.

Fitch identified 44 Loans of Concern (27.3%) within the pool, 18
of which (18.3%) are specially serviced, five of which are current
(3.4%).

Fitch's analysis resulted in loss expectations for seven of the
top 15 loans.  Four of which (14.0%) are assumed to default during
the loan term, as the stressed cash flow is below 0.95x DSCR.
Three additional loans (10.0%) are assumed to incur losses at
maturity based on their balloon loan balance being greater than
the implied value of the properties.  Fitch expects that eight of
the top 15 loans may default at maturity based on an insufficient
accrued equity position as calculated in Fitch's refinance test;
however, Fitch's analysis did not result in a loss for these eight
loans based on its derived values being higher than the current
loan amounts.  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 I (6.9%),
The Shore Club (4.3%) and Osceola Village (0.7%).

The DRA-CRT Portfolio I loan is collateralized by four office
parks, consisting of 16 buildings located across three states and
four submarkets.  The office properties total 1.47 million square
feet and are located in Orlando, FL, Jacksonville, FL, Rockville,
MD, and Charlotte, NC.  The loan transferred to the special
servicer in November 2009 due to monetary default and is a loan of
concern due to its poor performance and delinquent status (90
Days).  The servicer reported September 2009 DSCR and occupancy
were 0.95 times and approximately 75%, respectively.  As the loan
is in special servicing, Fitch assumed losses prior to the loan's
maturity in 2010.

The Shore Club loan is collateralized by a 322-room lodging
property located in the South Beach area of Miami, FL.  The loan
transferred to the special servicer in September 2009 due to
imminent default.  The special servicer is currently in
negotiations with the borrower and the loan is 90 days delinquent.
The servicer reported September 2009 DSCR and RevPAR were 0.69x
and $183 compared to the issuance DSCR and 2007 RevPAR of 1.34x
and $284, respectively.  As the loan is in special servicing,
Fitch assumed losses prior to the loan's maturity in 2010.

Osceola Village is a 278 unit student housing property located in
Tallahassee, FL.  The loan transferred to the special servicer in
August 2007 and is now real estate owned.  Significant losses are
expected.

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

  -- $187 million class A-J to 'BB/LS4' from 'AAA'; Outlook
     Negative;

  -- $54.4 million class B to 'BB/LS5' from 'AA'; Outlook
     Negative;

  -- $23.8 million class C to 'B/LS5' from 'AA-'; Outlook
     Negative;

  -- $44.2 million class D to 'B-/LS5' from 'A'; Outlook Negative;

  -- $34 million class E to 'B-/LS5' from 'A-'; Outlook Negative;

  -- $37.4 million class F to 'B-/LS5' from 'BBB'; Outlook
     Negative.

Fitch has downgraded, removed from Rating Watch Negative and
assigned Recovery Ratings:

  -- $30.6 million class G to 'CCC/RR6' from 'BBB-';
  -- $34 million class H to 'CCC/RR6' from 'BB';
  -- $10.2 million class J to 'CCC/RR6' from 'B+';
  -- $17 million class K to 'CCC/RR6' from 'B';
  -- $10.2 million class L to 'CCC/RR6' from 'B-'.

Fitch has affirmed and revised Recovery Ratings:

  -- $6.8 million class M to 'CCC/RR6' from 'CCC';
  -- $10.2 million class N to at 'CC'; RR to 'RR6' from 'RR3'.

Also, Fitch affirms and assigns Rating Outlooks and LS ratings for
these classes:

  -- $10.9 million class A-1 at 'AAA/LS2'; Outlook Stable;
  -- $282.9 million class A-1A at 'AAA/LS2'; Outlook Stable;
  -- $130.2 million class A-2 at 'AAA/LS2'; Outlook Stable;
  -- $250 million class A-2FL at 'AAA/LS2'; Outlook Stable;
  -- $206.4 million class A-3A1 at 'AAA/LS2'; Outlook Stable;
  -- $25 million class A-3A2 at 'AAA/LS2'; Outlook Stable;
  -- $751.7 million class A-4 at 'AAA/LS2'; Outlook Stable;
  -- $135.1 million class A-SB at 'AAA/LS2'; Outlook Stable;
  -- $272.1 million class A-M at 'AAA/LS4'; Outlook Negative;
  -- Interest only class X-1 at 'AAA'; Outlook Stable;
  -- Interest only class X-2 at 'AAA'; Outlook Stable;
  -- $6.8 million class P at 'C/RR6'.

The $34 million class NR is not rated by Fitch.


JP MORGAN: Fitch Takes Rating Actions on 2005-CIBC13 Certs.
-----------------------------------------------------------
Fitch Ratings takes various actions on J.P. Morgan Chase
Commercial Mortgage Securities Corp., Series 2005-CIBC13
commercial mortgage pass-through certificates.

The downgrades are the result of Fitch's loss expectations and its
prospective views regarding cash flow declines and commercial real
estate market values.  The rating actions are based on the full
losses of 9.8% as a majority of loans mature in the next 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 10.0%, 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 45.9% 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 70.7% of the
9.8%.

Approximately 93.5% of the mortgages mature within the next five
years: 15.0% in 2010, 0% in 2011, 10.9% in 2012, 0% in 2013, 0% in
2014, and 67.6% in 2015.  All losses associated with these loans
are fully recognized in the rating actions.

Fitch identified 44 Loans of Concern (27.3%) within the pool, 18
of which (18.3%) are specially serviced, five of which are current
(3.4%).

Fitch's analysis resulted in loss expectations for seven of the
top 15 loans.  Four of which (14.0%) are assumed to default during
the loan term, as the stressed cash flow is below 0.95x DSCR.
Three additional loans (10.0%) are assumed to incur losses at
maturity based on their balloon loan balance being greater than
the implied value of the properties.  Fitch expects that eight of
the top 15 loans may default at maturity based on an insufficient
accrued equity position as calculated in Fitch's refinance test;
however, Fitch's analysis did not result in a loss for these eight
loans based on its derived values being higher than the current
loan amounts.  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 I (6.9%),
The Shore Club (4.3%) and Osceola Village (0.7%).

The DRA-CRT Portfolio I loan is collateralized by four office
parks, consisting of 16 buildings located across three states and
four submarkets.  The office properties total 1.47 million square
feet and are located in Orlando, FL, Jacksonville, FL, Rockville,
MD, and Charlotte, NC.  The loan transferred to the special
servicer in November 2009 due to monetary default and is a loan of
concern due to its poor performance and delinquent status (90
Days).  The servicer reported September 2009 DSCR and occupancy
were 0.95 times and approximately 75%, respectively.  As the loan
is in special servicing, Fitch assumed losses prior to the loan's
maturity in 2010.

The Shore Club loan is collateralized by a 322-room lodging
property located in the South Beach area of Miami, FL.  The loan
transferred to the special servicer in September 2009 due to
imminent default.  The special servicer is currently in
negotiations with the borrower and the loan is 90 days delinquent.
The servicer reported September 2009 DSCR and RevPAR were 0.69x
and $183 compared to the issuance DSCR and 2007 RevPAR of 1.34x
and $284, respectively.  As the loan is in special servicing,
Fitch assumed losses prior to the loan's maturity in 2010.

Osceola Village is a 278 unit student housing property located in
Tallahassee, FL.  The loan transferred to the special servicer in
August 2007 and is now real estate owned.  Significant losses are
expected.

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

  -- $187 million class A-J to 'BB/LS4' from 'AAA'; Outlook
     Stable;

  -- $54.4 million class B to 'BB/LS5' from 'AA'; Outlook
     Negative;

  -- $23.8 million class C to 'B/LS5' from 'AA-'; Outlook
     Negative;

  -- $44.2 million class D to 'B-/LS5' from 'A'; Outlook Negative;

  -- $34 million class E to 'B-/LS5' from 'A-'; Outlook Negative;

  -- $37.4 million class F to 'B-/LS5' from 'BBB'; Outlook
     Negative.

Fitch has downgraded, removed from Rating Watch Negative and
assigned Recovery Ratings:

  -- $30.6 million class G to 'CCC/RR6' from 'BBB-';
  -- $34 million class H to 'CCC/RR6' from 'BB';
  -- $10.2 million class J to 'CCC/RR6' from 'B+';
  -- $17 million class K to 'CCC/RR6' from 'B';
  -- $10.2 million class L to 'CCC/RR6' from 'B-'.

Fitch has affirmed and revised Recovery Ratings:

  -- $6.8 million class M to 'CCC/RR6' from 'CCC';
  -- $10.2 million class N to at 'CC'; RR to 'RR6' from 'RR3'.

Also, Fitch affirms and assigns Rating Outlooks and LS ratings for
these classes:

  -- $10.9 million class A-1 at 'AAA/LS2'; Outlook Stable;
  -- $282.9 million class A-1A at 'AAA/LS2'; Outlook Stable;
  -- $130.2 million class A-2 at 'AAA/LS2'; Outlook Stable;
  -- $250 million class A-2FL at 'AAA/LS2'; Outlook Stable;
  -- $206.4 million class A-3A1 at 'AAA/LS2'; Outlook Stable;
  -- $25 million class A-3A2 at 'AAA/LS2'; Outlook Stable;
  -- $751.7 million class A-4 at 'AAA/LS2'; Outlook Stable;
  -- $135.1 million class A-SB at 'AAA/LS2'; Outlook Stable;
  -- $272.1 million class A-M at 'AAA/LS4'; Outlook Negative;
  -- Interest only class X-1 at 'AAA'; Outlook Stable;
  -- Interest only class X-2 at 'AAA'; Outlook Stable;
  -- $6.8 million class P at 'C/RR6'.

The $34 million class NR is not rated by Fitch.


JPMORGAN AUTO: Fitch Affirms Ratings on Seven Classes of Notes
--------------------------------------------------------------
Fitch Ratings upgrades one and affirms seven classes of two
JPMorgan Auto Receivables Trusts.

The securities issued from the owner trust structure are backed by
a pool of retail installment sales contracts secured by new and
used automobiles and light-duty trucks.

The collateral continues to perform within Fitch's expectations.
Currently under the credit enhancement structure, the securities
can withstand stress scenarios consistent with the rating
categories and still make full payments of interest and principal
in accordance with the term of the documents.  The ratings of the
notes reflect the high quality of the underlying retail
installment sales contracts, available credit enhancement and the
sound legal and cash flow structure.

The rating actions are:

2006-A

  -- Class A-4 affirmed at 'AAA'; Outlook Stable;
  -- Class B affirmed at 'A'; Outlook Stable;
  -- Class C affirmed at 'BBB'; Outlook Stable.

2007-A

  -- Class A-3 affirmed at 'AAA'; Outlook Stable;
  -- Class A-4 affirmed at 'AAA'; Outlook Stable;
  -- Class B affirmed at 'AA'; Outlook Stable;
  -- Class C upgraded to 'A' from 'BBB+'; Outlook Stable;
  -- Certificates affirmed at 'BB'; Outlook Stable.


JPMORGAN MORTGAGE: S&P Downgrades Ratings on 50 2007-A1 Certs.
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 20
classes of residential mortgage-backed certificates issued by
JPMorgan Mortgage Trust 2007-A1.  S&P affirmed its ratings on nine
classes from the same transaction.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given its current projected losses in light of increased
delinquencies.

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 prime
jumbo transactions, in order to maintain a 'B' rating on a class,
S&P assessed whether, in its view, a class could absorb the base-
case loss assumptions S&P used in its analysis.  In order to
maintain a rating higher than 'B', S&P assessed whether the class
could withstand losses exceeding its base-case loss assumptions at
a percentage specific to each rating category, up to 235% for an
'AAA' rating.  For example, in general, S&P would assess whether
one class could withstand approximately 127% of its base-case loss
assumptions to maintain a 'BB' rating, while S&P would assess
whether a different class could withstand approximately 154% 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 235% of its 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.

Subordination provides credit support for the affected
transaction.  The underlying pool of loans backing these
transactions consists of fixed- and adjustable-rate U.S. prime
mortgage loans that are secured by first liens on one- to four-
family residential properties.

                         Ratings Lowered

                  JPMorgan Mortgage Trust 2007-A1
                          Series 2007-A1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-2      46630GAB1     CCC                  BB
        2-A-1      46630GAC9     BBB                  AAA
        2-A-3      46630GAE5     CCC                  BB
        2-A-4      46630GAF2     CCC                  BB
        3-A-1      46630GAG0     CCC                  BB
        3-A-2      46630GAH8     BB                   AAA
        3-A-4      46630GAK1     CCC                  BB
        3-A-5      46630GAL9     CCC                  BB
        4-A-3      46630GAP0     CCC                  BB
        4-A-4      46630GAQ8     CCC                  BB
        5-A-1      46630GAR6     A                    AAA
        5-A-3      46630GAT2     CCC                  BB
        5-A-4      46630GAU9     CCC                  BB
        5-A-6      46630GAW5     CCC                  BB
        6-A-2      46630GAY1     CCC                  BB
        7-A-1      46630GBB0     BBB                  AA
        7-A-2      46630GBC8     BBB                  AA
        7-A-3      46630GBD6     BBB                  AA
        7-A-4      46630GBG9     CCC                  BB
        B-1        46630GBH7     CC                   CCC

                         Ratings Affirmed

                  JPMorgan Mortgage Trust 2007-A1
                          Series 2007-A1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A-1      46630GAA3     AAA
                  2-A-2      46630GAD7     AAA
                  3-A-3      46630GAJ4     AAA
                  4-A-1      46630GAM7     AAA
                  4-A-2      46630GAN5     AAA
                  5-A-2      46630GAS4     AAA
                  5-A-5      46630GAV7     AAA
                  6-A-1      46630GAX3     AA
                  7-A-3S     46630GBF1     AA


LB-UBS COMMERCIAL: Fitch Takes Rating Actions on 2005-C2 Certs.
---------------------------------------------------------------
Fitch Ratings takes various rating actions on all rated classes of
LB-UBS Commercial Mortgage Trust 2005-C2 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
6.2% for this transaction should market conditions not recover.
The rating actions are based on the full losses of 6.2% since most
of the loans mature in the next five years.

To determine potential defaults for each loan, Fitch assumed cash
flow would decline by 10% from year-end 2008, which 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, 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, ranging between 7.5% and 11%, for each specific
property type.  If the loan balance at default is less than the
stressed cash flow, the loan would realize that loss.  These loss
estimates were reviewed in more detail for loans representing
72.8% of the pool and, in certain cases, revised based on
additional information and/or property characteristics.
Approximately 97% of the recognized losses were from loans
reviewed in detail.

Approximately 91.2% of the mortgages mature within the next five
years: 17.9% in 2010, 4.9% in 2011, 18.3% in 2012 and 50.1 % in
2015.

Fitch identified 25 Loans of Concern (26%) within the pool, 12 of
which (10.4%) are specially serviced.  Of the specially serviced
loans three (7.7%) are current.  Five of the Fitch Loans of
Concern (20.7%) are within the transaction's top 15 loans and
three (7.7%) are specially serviced.

Fitch's analysis resulted in losses on six of the Top 15 loans,
two of which are expected to default during the term and the
remainder assumed to default upon maturity.  Two of the top 15
loans are expected to pay off at maturity and the remaining seven
loans are expected to default at maturity, but not incur losses.
Fitch calculated losses ranging from 0%-73% based on stressed
values being higher than the current loan amount within the top
15.  The largest overall contributors to deal loss are: Park 80
West (5.8%), the Woodbury Office Portfolio II (9.3%), and the
Woodbury Office Portfolio I (3.7% of the pool).

Park 80 West is a two-building office complex located in Saddle
Brook, N.J. containing 490,000 square feet.  Occupancy at the
property had fallen to 78% as of June 2009 as compared to 91% at
issuance.  Additionally, approximately 25% of the net rentable
area expires through 2011.  Year-end 2008 DSCR based on servicer
reported net operating income was 1.24x and does not include the
full impact of the reduced occupancy.  This loan is considered a
Fitch Loan of Concern due to the drop in occupancy since issuance
and the upcoming rollover, which could further pressure rents and
occupancy.  Additionally, the loan transferred to the special
servicer in late December 2009 for imminent default.  Due to the
low occupancy combined with upcoming lease rollover, Fitch assumed
a term default.

The Woodbury Office Portfolio II is comprised of 22 office
properties containing just over 1 million sf, located in Long
Island, N.Y.  All of the properties within the portfolio are
cross-defaulted and cross-collateralized.  However, they are not
crossed with The Woodbury Office Portfolio I, which is discussed
below.  By YE 2009, occupancy was expected to drop from 97% in
June, to approximately 87%, primarily due to the loss of one of
the largest tenants in the portfolio, which did not renew upon its
lease expiration.  There is also an additional 38% of space that
expires through 2011, which could further stress the property's
occupancy and income depending on renewal activity.  The loan is
considered a Fitch Loan of Concern due to the drop in occupancy
and the expected drop in NOI.  Due to the low occupancy combined
with upcoming lease rollover, Fitch assumed a term default for
this loan.

The Woodbury Office Portfolio I is comprised of 10 office
properties containing 466,000 sf, located on Long Island, N.Y.
All of the properties within the portfolio are cross-defaulted and
cross-collateralized.  However, they are not crossed with The
Woodbury Office Portfolio II loan, as discussed above.  The loan
is currently on the servicer watchlist and is a Fitch Loan of
Concern due to the loss of a portion of the space leased by the
largest tenant in the portfolio, CSC, which previously occupied
approximately 25% of the NRA and renewed approximately 60% of its
space upon expiration in mid-2009.  Occupancy across the portfolio
was 78% as of June 2009, down from 89% at YE 2008.  Furthermore,
approximately 25% of additional space in the portfolio expires
through 2011.  Due to the low occupancy combined with upcoming
lease rollover, Fitch assumed a term default for this loan.

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

  -- $38.9 million class D to 'BBB/LS5' from 'AA-'; Outlook
     Stable;

  -- $41.4 million class E to 'BB/LS5' from 'A'; Outlook Stable;

  -- $17 million class F to 'BB/LS5' from 'A-'; Outlook Stable;

  -- $17 million class G to 'B/LS5' from 'BBB+'; Outlook Negative;

  -- $17 million class H to 'B-/LS5' from 'BBB'; Outlook Negative;

  -- $29.2 million class J to 'B-/LS5' from 'BBB-'; Outlook
     Negative;

  -- $17 million class K to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $7.3 million class L to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $2.4 million class M to 'B-/LS5' from 'B'; Outlook Negative.

Fitch also affirms these classes and assigns LS Ratings and
Outlooks as indicated:

  -- $390.8 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $81 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $304.7 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $76 million class A-AB at 'AAA/LS1'; Outlook Stable;
  -- $470.7 million class A-5 at 'AAA/LS1'; Outlook Stable;
  -- $121.7 million class A-J at 'AAA/LS4'; Outlook Stable;
  -- $13.9 million class B at 'AA+/LS5'; Outlook Stable;
  -- $29.2 million class C at 'AA/LS5'; Outlook Stable;
  -- Interest-only class X-CL at 'AAA'; Outlook Stable;
  -- Interest-only class X-CP at 'AAA'; Outlook Stable.

Class A-1 has been paid in full.  Fitch did not originally rate
classes N, P, Q and S.


LB-UBS COMMERCIAL: Fitch Takes Rating Actions on 2005-C7 Certs.
---------------------------------------------------------------
Fitch Ratings takes various actions on LB-UBS Commercial Mortgage
Trust, series 2005-C7 commercial mortgage pass-through
certificates.

The downgrades to the pooled classes are the result of Fitch's
loss expectations and its prospective views regarding cash flow
declines and commercial real estate market values.  Fitch
forecasts potential losses of 6.2% for this transaction, should
market conditions not recover.  The rating actions are based on
the full losses of 6.2% as a majority of loans mature in the next
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 DSCR,
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 9.5%, 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 67.9% 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 81.9% of the 6.2%.

Approximately 88.8% of the mortgages mature within the next five
years, with 15% maturing within in 2010 and the remainder in 2015.
All losses associated with these loans are fully recognized in the
rating actions.

Fitch identified 18 Loans of Concern (6%) within the pool, of
which eight(3.1%) are specially serviced, one of which is current
(1.6%) and seven (1.6%) which are 30+ days delinquent.

Fitch's analysis resulted in loss expectations for five of the top
15 loans, including the 12th largest loan, which is in special
servicing.  Fitch expects that 12 of the top 15 loans may default
at maturity based on an insufficient accrued equity position as
calculated in Fitch's refinance test; however, Fitch's analysis
resulted in a loss for only four loans based on its derived values
being higher than the current loan amounts.  A loan would pass the
refinance test if the stressed cash flow would achieve a 1.25
times debt service coverage ratio (DSCR) as calculated based on a
30-year amortization schedule and an 8% coupon.

The largest contributors to loss are: 99 High Street (8%)
Courtyard Marriott Portfolio (7.5%) and Sarasota Main Plaza
(1.6%).

99 High Street is secured by a 731,204 sf office building located
in Boston, MA.  The servicer reported June 2009 DSCR and occupancy
were 1.49x and 90.1%, respectively.  Approximately 16.5% of the
leases roll in 2010.  Fitch expects that the loan may default at
maturity as cash flow is not expected to increase to a level that
would meet Fitch's refinance criteria.

Courtyard by Marriott Portfolio is comprised of 64 Courtyard by
Marriott limited-service hotel properties consisting of 9,443
rooms located in 29 different states.  Portfolio performance has
declined since issuance due to the current economic stress on the
hotel sector and the declining market conditions in the
properties' locations.  The most recent servicer reported DSCR as
of YE 2008 was 1.73x down from 2.09x YE 2007.  As of YE 2008, the
average daily rate has increased to $115.05 from $95.55 at
issuance and revenue per available room has increased to $76.14
from $66.43 at issuance.  Fitch expects that the loan may default
at maturity as cash flow is not expected to increase to a level
that would meet Fitch's refinance criteria.

Sarasota Main Plaza is secured by a 253,000 sf mixed use
office/retail building located in downtown Sarasota, FL.  This
loan transferred to the special servicing in December 2008 due to
imminent default.  The borrower continues to work with tenants on
rent concessions and lease renewals, the largest of which (24% of
the NRA) expires in 2010, and was recently extended through 2014.
The servicer reported June 2009 DSCR and occupancy were 1.62x and
66%, respectively.  Based on current performance and anticipated
declines, losses are expected prior to the loan's maturity in
2015.

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

  -- $195.9 million class A-J to 'BBB/LS3' from 'AAA'; Outlook
     Negative;

  -- $14.2 million class B to 'BBB/LS5' from 'AA+'; Outlook
     Negative;

  -- $35.2 million class C to 'BB/LS5' from 'AA'; Outlook
     Negative;

  -- $29.3 million class D to 'BB/LS5' from 'AA-'; Outlook
     Negative;

  -- $23.5 million class E to 'B/LS5'; from 'A+'; Outlook
     Negative;

  -- $23.5 million class F to 'B-/LS5' from 'A'; Outlook Negative;

  -- $26.4 million class G to 'B-/LS5' from 'A'; Outlook Negative;

  -- $17.5 million class H to 'B-/LS5' from 'BBB+'; Outlook
     Negative;

  -- $17.5 million class J to 'B-/LS5' from 'BBB'; Outlook
     Negative;

  -- $23.4 million class K to 'B-/LS5' from 'BBB-'; Outlook
     Negative;

  -- $8.8 million class L to 'B-/LS5' from 'B+'; Outlook Negative.

Fitch has downgraded, removed from Rating Watch Negative and
assigned Recovery Ratings:

  -- $11.7 million class M to 'CCC/RR6' from 'B';
  -- $2.9 million class N to 'CCC/RR6' from 'B-'.

Fitch has downgraded and revised the Recovery Rating:

  -- $5.8 million class Q to 'CC/RR6' from 'CCC/RR2'.

Fitch has affirmed and revised the Recovery Ratings:

  -- $2.9 million class P at 'CCC'; RR to 'RR6' from 'RR1';
  -- $5.8 million class S at 'CC'; RR to 'RR6' from 'RR4'.

Also, Fitch has affirmed and assigned Loss Severity ratings to
these classes:

  -- $18.8 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $345 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $48 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $126 million class A-AB at 'AAA/LS1'; Outlook Stable;
  -- $847.9 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $166.2 million class A-1A at 'AAA/LS1'; Outlook Stable;
  -- $233.9 million class A-M at 'AAA/LS3'; Outlook Stable;
  -- Interest only class X-CP at 'AAA'; Outlook Stable;
  -- Interest only class X-CL at 'AAA'; Outlook Stable;

Also, Fitch has affirmed and revised the Outlooks of these
classes:

  -- $1 million class CM-1 at 'AA'; Outlook Negative;
  -- $5 million class CM-2 at 'A'; Outlook Negative;
  -- $960,000 class CM-3 at 'A-'; Outlook Negative;
  -- $3 million class CM-4 at 'BBB'; Outlook Negative.

The $6.4 million class T is not rated by Fitch.


MORGAN STANLEY: Fitch Takes Rating Actions on 2005-TOP17 Certs.
---------------------------------------------------------------
Fitch Ratings takes various actions on Morgan Stanley Capital I
Trust 2005-TOP17 commercial mortgage pass-through certificates.

The downgrades to the pooled classes are the result of Fitch's
loss expectations and its prospective views regarding cash flow
declines and commercial real estate market values.  Fitch
forecasts potential losses of 1.7% for this transaction, should
market conditions not recover.  The rating actions are based on
these full losses as a majority of loans mature in the next 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 9.5%, 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 55.4% 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 99% of the 1.7%.

Approximately 78% of the mortgages mature within the next five
years: 1.6% in 2010, 8.2% in 2011, 0.6% in 2012, 0.2% in 2013, and
67.4% in 2014.  All losses associated with these loans are fully
recognized in the rating actions.

Fitch identified 11 Loans of Concern (16.1%) within the pool, of
which two (0.9%) are specially serviced, one (0.7%) is 90+ days
delinquent and one (0.2%) is in foreclosure.

Fitch's analysis resulted in loss expectations for one of the top
15 loans.  Fitch expects that 13 of the top 15 loans may default
at maturity based on an insufficient accrued equity position as
calculated in Fitch's refinance test; however, Fitch's analysis
resulted in no loss for those loans based on its derived values
being higher than the current loan amounts.  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: Travis Tower (3.9%),
Butterfield Plaza Shopping Center (0.7%) and Best Western Truckee
Tahoe Inn (0.6%).

Travis Tower is a 507,247 square foot office building located in
the central business district of Houston, TX.  The property has
suffered from decrease in occupancy since the largest tenant
vacated.  Servicer reported September 2009 DSCR and occupancy were
0.04x and 38%, respectively.  Based on current performance and
anticipated declines, losses are expected prior to the loan's
maturity in 2014.

Butterfield Plaza Shopping Center is a 91,403 sf retail center
located in Benson, AZ.  This loan transferred to the special
servicing in February 2009 due to imminent default.  The loan is
now 90 days delinquent.  The special servicer continues
discussions with the borrower including property repair work and a
potential discounted payoff.  Losses are expected prior to the
loan's maturity in 2015.

Best Western Truckee Tahoe Inn is collateralized by a 100 room
hotel located in Truckee, CA, approximately 15 miles north of Lake
Tahoe.  The property has suffered a decline in performance due to
decreased travel in the area.  Servicer reported June 2009 DSCR
and occupancy were 0.61x and 44%, respectively, compared to 1.97x
and 81%.  Based on current performance and anticipated declines,
losses are expected prior to the loan's maturity in 2012.

Fitch has downgraded and assigned Rating Outlooks and Loss
Severity ratings to these classes:

  -- $74.8 million class A-J to 'AA/LS3' from 'AAA' Outlook
     Stable;

  -- $20.8 million class B to 'A/LS3' from 'AA'; Outlook Stable;

  -- $7.4 million class C to 'A/LS5' from 'AA-'; Outlook Stable;

  -- $9.8 million class E to 'BBB/LS4' from 'A-'; Outlook Stable;

  -- $6.1 million class F to 'BBB-/LS5' from 'BBB+'; Outlook
     Stable;

  -- $7.4 million class G to 'BB/LS5' from 'BBB'; Outlook Stable;

  -- $7.4 million class H to 'B/LS5' from 'BBB-'; Outlook
     Negative;

  -- $2.5 million class J to 'B/LS5' from 'BB+'; Outlook Negative;

  -- $3.7 million class K to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $3.7 million class L to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $1.2 million class M to 'B-/LS5' from 'B+'; Outlook Negative;

  -- $1.2 million class N to 'B-/LS5' from 'B'; Outlook Negative.

Also, Fitch affirms and assigns Loss Severity ratings for these
classes:

  -- $13.6 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $85.6 million class A-4 at 'AAA/LS1'; Outlook Stable;
  -- $58.2 million class A-AB at 'AAA/LS1'; Outlook Stable;
  -- $576 million class A-5 at 'AAA/LS1'; Outlook Stable;
  -- Interest-only classes X-1 at 'AAA'; Outlook Stable;
  -- Interest-only classes X-2 at 'AAA'; Outlook Stable;
  -- $11 million class D at 'A/LS4'; Outlook Stable;
  -- $2.5 million class O at 'B-/LS5'; Outlook Negative.

The $6.6 million class P is not rated by Fitch.  Classes A-1 and
A-2 have paid in full.


MORGAN STANLEY: Fitch Takes Rating Actions on 21 2005-TOP19 Certs.
------------------------------------------------------------------
Fitch Ratings has downgraded, revised and assigned Rating
Outlooks, and assigned Loss Severity ratings to 21 classes of
Morgan Stanley Capital I Trust commercial mortgage pass-through
certificates series 2005-TOP19.

The downgrades are the result of Fitch's loss expectations and its
prospective views regarding cash flow declines and commercial real
estate market values.  The rating actions are based on the full
losses of 4.1% as a majority of loans mature in the next 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, which 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, 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, ranging between 7.5% and 10%, for each specific
property type.  If the loan balance at default is less than the
stressed cash flow the loan would realize that loss.

These loss estimates were reviewed in more detail for loans
representing 41.8% of the pool and, in certain cases, revised
based on additional information and/or property characteristics.
Approximately 95% of the recognized losses were from loans
reviewed in detail.

Approximately 13.2% of the mortgages mature within the next five
years: 8.1% in 2010, 1.7% in 2011, 2.3% in 2012, 0% in 2013, and
1.1% in 2014.  All losses associated with these loans are fully
recognized in the rating actions.  Approximately 75.9% of the
loans mature in 2015 and beyond.

Fitch identified 21 Loans of Concern (10.4%) within the pool, one
of which (0.5%) is specially serviced.  The specially serviced
loan is 60 days delinquent.

Fitch expects that 13 of the top 15 loans may default at maturity
based on an insufficient accrued equity position as calculated in
Fitch's refinance test.  While defaults are expected, additional
significant losses are not anticipated on most of them based on
derived values being higher than the current loan amounts.  A loan
would pass the refinance test if the stressed cash flow would
achieve a 1.25x debt service coverage ratio as calculated based on
a 30-year amortization schedule and an 8% coupon.  Four loans
within the top 15 are expected to incur a loss at maturity: One
Buckhead (7.3%), Indian Springs Center (2.3%), Lewis crossed
portfolio (1.8%) and Shops at Kalakaua (1.6%).

The largest contributors to loss are: Hilton Del Mar (2.9%),
Doubletree Minneapolis (1.5%) and Downtown Plaza (1.1%).

Hilton Del Mar is a 257 key full service hotel located in Del Mar,
CA.  As of June 30, 2009, the reported DSCR was 0.95x compared to
2.49x at issuance.  Per the July 2009 Smith Travel Report, the
property reported a trailing twelve month occupancy, average daily
rate and revenue per available room of 66.8%, $134 and $89,
respectively, compared to 76.4%, $105 and $81, respectively, at
issuance.  Although the July 2009 TTM RevPAR has increased since
issuance, it does not fully reflect the significant drop in
performance in 2009.  The sponsor is Sunstone Hotel Investors,
Inc.

Doubletree Minneapolis is a 228 key full service hotel located in
Minneapolis, MN.  As of June 30, 2009, the reported DSCR was 0.80x
compared to 2.51x at issuance.  Per the November 2009 STR, the
property reported a TTM occupancy, ADR and RevPAR of 59.2%, $106
and $63, respectively, compared to 68%, $116 and $79, respectively
at issuance.  The sponsor is Sunstone Hotel Investors, Inc.

The Downtown Plaza is a 99,117 sf office located in Los Angeles,
CA.  As of Sept. 30, 2009, the reported DSCR and occupancy were
1.36x and 92%, respectively, compared to 2.07x and 100% as of YE
2007.  The sponsor is Behringer Harvard REIT I.

Fitch has downgraded, revised and/or assigned Rating Outlooks, and
assigned LS ratings as indicated:

  -- $87.5 million class A-J to 'AA/LS3' from 'AAA'; Outlook
     Stable;

  -- $23 million class B at 'A/LS4' from 'AA'; Outlook Stable;

  -- $12.3 million class C to 'BBB/LS5' from 'AA-'; Outlook
     Stable;

  -- $15.4 million class D to 'BBB-/LS5' from 'A'; Outlook Stable;

  -- $12.3 million class E to 'BB/LS5' from 'A-'; Outlook Stable;

  -- $9.2 million class F to 'BB/LS5' from 'BBB+'; Outlook Stable;

  -- $9.2 million class G to 'B/LS5' from 'BBB'; Outlook to
     Negative from Stable;

  -- $10.7 million class H to 'B-/LS5' from 'BBB-'; Outlook to
     Negative from Stable;

  -- $3.1 million class J to 'B-/LS5' from 'BB+'; Outlook to
     Negative from Stable;

  -- $3.1 million class K to 'B-/LS5' from 'BB'; Outlook Negative;

  -- $6.1 million class L to 'B-/LS5' from 'BB-'; Outlook
     Negative;

  -- $1.5 million class M to 'B-/LS5' from 'B+'; Outlook Negative;

  -- $3.1 million class N to 'B-/LS5' from 'B'; Outlook Negative;

  -- $3.1 million class O to 'B-/LS5' from 'B-'; Outlook Negative.

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

  -- $20.2 million class A-1 at 'AAA/LS1'; Outlook Stable;
  -- $84.6 million class A-2 at 'AAA/LS1'; Outlook Stable;
  -- $44.7 million class A-3 at 'AAA/LS1'; Outlook Stable;
  -- $84.1 million class A-AB at 'AAA/LS1'; Outlook Stable;
  -- $642.8 million class A-4A at 'AAA/LS1'; Outlook Stable;
  -- $88.1 million class A-4B at 'AAA/LS1'; Outlook Stable;
  -- Interest only Class X-1 at 'AAA'; Outlook Stable;
  -- Interest only Class X-2 at 'AAA'; Outlook Stable.

Fitch does not rate this class:

  -- $9.2 million class P.


MORGAN STANLEY: S&P Corrects Rating on Class A-1 Certs. to 'BB'
---------------------------------------------------------------
Standard & Poor's Ratings Services corrected its rating on the
class A-1 senior certificates issued by Morgan Stanley Structured
Trust I 2007-1 by raising it to 'BB' from 'CCC'.  In addition, S&P
lowered its ratings to 'CC' on classes M-2, M-3, and M-4, and to
'D' on class M-5.  Lastly, S&P affirmed its ratings on classes A-
2, A-3, A-4, and M-1 from the same transaction.

On Aug. 4, 2009, Standard & Poor's incorrectly downgraded the
class A-1 senior certificates to 'CCC' due to an error that led us
to project an overly high level of losses for this class in the
event the credit support by the subordinate classes eroded.  The
raised rating reflects S&P's current revised projected losses for
this class.

The downgrades of classes M-2 through M-4 reflect S&P's belief
that the projected credit support for these classes is
insufficient to maintain the previous ratings, given S&P's current
projected losses.  The 'D' rating on class M-5 reflects a payment
default for the December remittance period.  The affirmations
reflect S&P's belief that there is sufficient credit enhancement
to support the ratings at their current levels.

Subordination provides credit support for this transaction.  The
underlying pools of loans backing this transaction consist
primarily of fixed- and adjustable-rate U.S. subprime mortgage
loans that are secured by first liens on one- to four-family
residential properties.

                         Rating Corrected

             Morgan Stanley Structured Trust I 2007-1

                                       Rating
                                       ------
    Class    CUSIP         Current     Aug 4        Pre-Aug 4
    -----    -----         -------     -----        ---------
    A-1      61755FAA3     BB          CCC          AAA

                         Ratings Lowered

             Morgan Stanley Structured Trust I 2007-1

                                          Rating
                                          ------
         Class      CUSIP           To               From
         -----      -----           --               ----
         M-2        61755FAF2       CC               CCC
         M-3        61755FAG0       CC               CCC
         M-4        61755FAH8       CC               CCC
         M-5        61755FAJ4       D                CCC

                         Ratings Affirmed

             Morgan Stanley Structured Trust I 2007-1

                 Class      CUSIP           Rating
                 -----      -----           ------
                 A-2        61755FAB1       CCC
                 A-3        61755FAC9       CCC
                 A-4        61755FAD7       CCC
                 M-1        61755FAE5       CCC


MORGAN STANLEY: S&P Downgrades Ratings on 16 2006-HQ9 Securities
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 16
classes of commercial mortgage-backed securities from Morgan
Stanley Capital I Trust 2006-HQ9 and removed them from CreditWatch
with negative implications.  In addition, S&P affirmed its ratings
on 10 other classes from the same transaction and removed one of
them from CreditWatch with negative implications.

The downgrades follow S&P's analysis of the transaction using its
U.S. conduit and fusion CMBS criteria, which was the primary
driver of the rating actions on the senior classes.  The
downgrades of the subordinate classes also reflect credit support
erosion S&P anticipates will occur upon the eventual resolution of
several specially serviced loans.  S&P's analysis included a
review of the credit characteristics of all of the loans in the
pool.  Using servicer-provided financial information, S&P
calculated an adjusted debt service coverage of 1.59x and a loan-
to-value ratio of 89.9%.  S&P further stressed the loans' cash
flows under S&P's 'AAA' scenario to yield a weighted average DSC
of 1.05x and an LTV of 121.6%.  The implied defaults and loss
severity under the 'AAA' scenario were 62.7% and 31.4%,
respectively.  All of the DSC and LTV calculations S&P noted above
exclude 13 ($50.4 million, 2.0%) of the 16 specially serviced
loans.  S&P separately estimated losses for these 13 specially
serviced loans, which S&P included in S&P's 'AAA' scenario implied
default and loss figures.

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

                      Credit Considerations

As of the December 2009 remittance report, 16 assets
($105.8 million, 4.2%) in the pool were with the special servicer,
J.E.  Robert Co. Inc.  The specially serviced assets by payment
status are: one is 60 days delinquent (0.3%); 13 are 90-plus days
delinquent (3.2%); one is reported in bankruptcy (0.5%); and one
is in foreclosure (0.1%).  Four of the specially serviced assets
have appraisal reduction amounts in effect totaling $5.0 million.
Subsequent to the December remittance report, one additional loan,
secured by a ground lease ($1.5 million, 0.1%), was transferred to
JER for payment default.

The largest loan with JER is the Center Point Complex Portfolio
loan ($30.9 million, 1.2%).  This loan was transferred to the
special servicer on May 19, 2009, due to imminent default and is
currently 90-plus days delinquent.  The loan is secured by four
unanchored retail properties totaling 460,681 sq. ft. in High
Point, N. C.  Occupancy across the portfolio has increased since
the loan was transferred, and it is S&P's understanding that JER
is negotiating a loan modification with the borrower.

The Country Hills Plaza loan, which has a total exposure of
$13.5 million (0.5%), is the second-largest loan with the special
servicer.  The loan is secured by a 140,097-sq.-ft. anchored
retail center in Ogden, Utah.  The loan was transferred to the
special servicer on April 27, 2009, after the borrower, General
Growth Properties, filed for bankruptcy.  On Dec. 15, 2009, the
bankruptcy court confirmed a modification plan for 85 GGP loans,
including the Country Hills Plaza loan.  The special servicer has
informed us that they anticipate the maturity date for this loan
will be modified to two days after the emergence of GGP from
bankruptcy, with an outside maturity date of no later than
March 31, 2011.

The third-largest loan with JER is the Page Plaza loan
($11.0 million, 0.4%).  This loan was transferred to the special
servicer on May 11, 2009, due to payment default and is now more
than 90 days delinquent.  The loan is secured by a 41,070-sq.-ft.
retail property in Hemet, Calif.  There have been three lease
signings at the property since September 2009, and JER is
considering extending the forbearance or modifying the loan.

The 13 other specially serviced loans ($50.4 million, 2.0%), which
are all delinquent, have balances that individually represent less
than 0.4% of the total pool balance.  S&P estimated losses for
these 13 loans, resulting in a weighted average loss severity of
41.4%.

                        Transaction Summary

As of the December 2009 remittance report, the collateral pool had
an aggregate trust balance of $2.52 billion, which is
approximately 97.0% of the balance at issuance.  The pool consists
of 212 assets, down from 214 at issuance.  The master servicers
for the transaction are Wells Fargo Inc. (Wells) and Midland Loan
Services Inc.  The master servicers provided financial information
for 100% of the pool; 97.0% of the financial information was full-
year 2008 data or interim-2009 data.  S&P calculated a weighted
average DSC of 1.59x for the pool based on the servicer-reported
figures.  S&P's adjusted DSC and LTV were 1.59x and 89.9%,
respectively.  S&P's adjusted figures exclude 13 of the 16
specially serviced loans.  S&P estimated losses separately for
these loans ($50.4 million, 2.0%), which had a weighted average
servicer-reported DSC of 1.14x.  The financial data for these
loans, however, is outdated and may not be representative of
current cash flows because all of these loans are delinquent.
Fifty-seven loans ($351.4 million, 13.9%) are on the master
servicer's watchlist.  Thirty-six loans ($232.5 million, 9.2%)
have a reported DSC of less than 1.10x, and 21 of these loans
($80.2 million, 3.2%) have a reported DSC of less than 1.0x.  One
loan has experienced a $2.0 million loss to date.

                    Summary Of Top 10 Loans

The top 10 exposures have an aggregate outstanding balance of
$1.2 billion (49.7%).  Using servicer-reported numbers, S&P
calculated a weighted average DSC of 1.74x for the top 10 loans.
None of the top 10 loans appear on the master servicer's
watchlist.  S&P's adjusted DSC and LTV for the top 10 loans are
1.72x and 83.6%, respectively.

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

      Ratings Lowered And Removed From Creditwatch Negative

              Morgan Stanley Capital I Trust 2006-HQ9
           Commercial mortgage pass-through certificates

                  Rating
                  ------
       Class     To     From           Credit enhancement (%)
       -----     --     ----           ----------------------
       A-J       A      AAA/Watch Neg                   12.35
       B         A-     AA+/Watch Neg                   11.58
       C         BBB+   AA/Watch Neg                    10.18
       D         BBB    AA-/Watch Neg                    9.02
       E         BBB-   A+/Watch Neg                     8.13
       F         BB+    A/Watch Neg                      7.10
       G         BB     A-/Watch Neg                     6.08
       H         BB-    BBB+/Watch Neg                   4.93
       J         B+     BBB/Watch Neg                    3.65
       K         B+     BBB-/Watch Neg                   2.62
       L         B      BB+/Watch Neg                    2.24
       M         B-     BB/Watch Neg                     2.11
       N         CCC+   BB-/Watch Neg                    1.73
       O         CCC+   B+/Watch Neg                     1.47
       P         CCC    B/Watch Neg                      1.34
       Q         CCC-   B-/Watch Neg                     0.96

       Rating Affirmed And Removed From Creditwatch Negative

              Morgan Stanley Capital I Trust 2006-HQ9
           Commercial mortgage pass-through certificates

                  Rating
                  ------
       Class     To     From           Credit enhancement (%)
       -----     --     ----           ----------------------
       A-M       AAA    AAA/Watch Neg                   20.42

                         Ratings Affirmed

             Morgan Stanley Capital I Trust 2006-HQ9
          Commercial mortgage pass-through certificates

            Class     Rating    Credit enhancement (%)
            -----     ------    ----------------------
            A-1       AAA                        30.66
            A-1A      AAA                        30.66
            A-2       AAA                        30.66
            A-3       AAA                        30.66
            A-AB      AAA                        30.66
            A-4       AAA                        30.66
            A-4FL     AAA                        30.66
            X         AAA                          N/A
            X-MP      AAA                          N/A

                      N/A - Not applicable.


NEW YORK STATE DORMITORY: Fitch Puts 'BB' Rating on Bonds
---------------------------------------------------------
Fitch Ratings has placed on Rating Watch Evolving the 'BB' rating
on approximately $130.5 million New York State Dormitory Authority
(Lenox Hill Hospital Obligated Group) revenue bonds series 2001.

The Evolving Watch reflects Lenox Hill's strategic options process
that could lead to an affiliation or merger with another
healthcare organization.  Its board is expected to make a decision
on a partner in the very near term.  While the effect on Lenox
Hill's long-term rating will depend on the affiliation or merger
partner and the final arrangement between the two entities, Fitch
believes that should Lenox Hill affiliate or merge it may result
in an upgrade or affirmation of Lenox Hill's current rating.
Given Lenox Hill's current credit profile, there may be negative
pressure on the rating should an affiliation or merger not occur.
Fitch will take further rating action when the affiliation or
merger is announced and the 2009 audit is available.


NEWCASTLE IV: Fitch Downgrades Ratings on Eight Classes of Notes
----------------------------------------------------------------
Fitch Ratings has downgraded eight classes issued by Newcastle IV
Ltd./Corp. and removed two classes from Rating Watch Negative as a
result of significant negative credit migration of the underlying
collateral.

Since Fitch's last rating action, the Fitch derived weighted
average rating of the portfolio has deteriorated to 'BB-' from
'BB+'; currently, 26.6% is on Rating Watch Negative by at least
one rating agency.  Approximately 52.7% of the portfolio has a
Fitch derived rating below investment grade, and 16.2% has a
rating in the 'CCC' rating category or lower, compared to 32.8%
and 1.8%, respectively, at last review.  Defaulted securities, as
defined in the transaction's governing documents, now comprise 10%
of the portfolio, compared to 0% at last review.  Additionally,
3.2% of non-defaulted collateral is currently experiencing
interest shortfalls.

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 default levels were then
compared to the breakeven levels generated by Fitch's cash flow
model of the CDO under the various default timing and interest
rate stress scenarios, as described in the report 'Global Criteria
for Cash Flow Analysis in Corporate CDOs'.

Based on this analysis, the class I notes' breakeven rates are
generally consistent with the 'B' rating category.  For the class
II notes, the breakeven rates are insufficient to warrant a 'B'
rating.  The credit enhancement available to the class II notes,
provided by the class III notes and below, exceeds Fitch's loss
expectation, but is insufficient to warrant a rating higher than
'CCC', given the negative trends of the collateral.  Therefore,
the class II notes have been assigned a 'CCC', indicating that
default is possible.

Fitch's loss expectation approximates the credit enhancement
available to the class III notes and exceeds the credit
enhancement available to all other junior classes.  Fitch analyzed
each class' sensitivity to the default of the distressed
collateral compared to its credit enhancement.  Given the high
probability of default of the underlying assets and the expected
limited recovery prospects upon default, the class III notes have
been assigned a 'CC' rating, indicating that default is probable.

For the class IV and V notes, Fitch assigned the ratings based on
the amount of underlying assets experiencing interest shortfalls
and assets with a Fitch derived rating of 'CC' or lower.  These
classes of notes have been assigned a 'C' rating indicating that
default is inevitable.

While the class I notes are currently receiving interest, the
interest on the class II notes and below are being diverted to pay
principal on the class I notes due to the class I OC failure.  The
class II notes and below 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 classes IV and
below to receive any future payments as interest shortfalls and
negative migration on the underlying collateral continue to
increase.

Newcastle IV is a managed collateralized debt obligation, which
closed March 30, 2004.  The portfolio is composed of 40.5%
commercial mortgage-backed securities; 24.7% real estate
investment trust securities; 21.1% commercial real estate loans,
including single borrower 'rake' classes of CMBS; 12.2%
residential mortgage-backed securities; and 1.5% asset backed
securities.  Newcastle IV ended its reinvestment period in March
2009.

Fitch has downgraded and assigned Loss Severity ratings to these
classes as indicated:

  -- $324,911,522 class I notes to 'B/LS2' from 'BBB'; Outlook
     remains Negative;

  -- $13,000,000 class II-FL notes to 'CCC' from 'BBB-';

  -- $7,250,000 class II-FX notes to 'CCC' from 'BBB-';

  -- $7,530,858 class III-FL notes to 'CC' from 'BB';

  -- $12,239,381 class III-FX notes to 'CC' from 'BB';

  -- $8,058,471 class IV-FL notes to 'C' from 'B';

  -- $9,142,699 class IV-FX notes to 'C' from 'B';

  -- $13,792,767 class V notes to 'C' from 'CCC'.

In addition, the class IV notes have been removed from Rating
Watch Negative.  Fitch does not assign Outlooks to tranches rated
'CCC' and below.  The Outlook for classes II-FL, II-FX, III-FL,
and III-FX was Negative prior to the downgrades.


NEWSTAR COMMERCIAL: Moody's Assigns Ratings on Three 2009-1 Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has assigned these
ratings to the notes issued by NewStar Commercial Loan Trust 2009-
1:

  -- US$148,500,000 Class A Floating Rate Notes due 2018,
     assigned Aaa

  -- US$42,000,000 Class B Floating Rate Notes due 2018,
     assigned A2

  -- US$31,000,000 Class C Floating Rate Deferrable Interest
     Notes due 2018, assigned Ba2.

Moody's ratings of the notes address the expected loss posed to
noteholders.  The ratings reflect the risks due to defaults on the
underlying portfolio of loans, the transaction's legal structure,
and the characteristics of the underlying assets.

NewStar 2009-1 is a static cash-flow CLO with a six month ramp-up
period.  The transaction is collateralized primarily by small to
medium enterprise first lien senior secured corporate loans.  The
portfolio also contains a few real estate loans and loans to
financing companies.  This transaction serves as a financing
vehicle for NewStar Financial Inc.

The Moody's rating factors for the collateral loans in this
transaction are principally derived from Moody's credit estimates
rather than from Moody's public ratings.  All credit estimates
were originally assigned or reviewed within the past six months.
As part of ongoing surveillance of the transaction, Moody's will
receive financial statements and data on the collateral loans at
least every six months and credit estimates will be updated at
least every twelve months.  In addition, trustee reports will
include each obligor name, the date of the last credit estimate
update and limited financial data for each obligor.  The Servicer
and the trustee will reconcile on a daily basis certain
information related to the underlying assets.

Unrated subordinated notes were issued and the three tranches of
rated notes will be paid interest and principal prior to any
payments made to the unrated subordinated notes as per the
respective payment waterfalls.  Further, the transaction contains
both a par coverage test and interest coverage test, which, when
triggered, divert interest proceeds to pay down notes
sequentially.

The Servicer has the discretion, under limited circumstances, to
replace collateral loans deemed to be credit impaired or
materially modified with eligible performing loans.  Following
such substitution, the collateral pool's weighted average spread,
weighted average life, Moody's weighted average rating factor and
recovery rate must be maintained or improved.  The substitute loan
must also be of at least the same priority and at least the same
market value as the loan being substituted.  While the Servicer is
not required to effect par-for-par substitutions, such
substitutions may provide additional credit support to the notes.

Solely for the purpose of WARF calculations, Moody's analysis
treated ratings of the underlying collateral loans on "review for
possible downgrade" as if they were two notches lower and those
with a "negative outlook" as if they were one notch lower.
Moody's also increased its default probability assumption by a
factor of 30%.

For modeling purposes, Moody's used these base--case assumptions,
which in some cases differ from the transaction's covenanted
levels:

* Diversity of 30

* WARF (reflecting 30% default probability stress) of 4713

* Weighted Average Spread of 4.75% (exclusive of adjustments for
  loans with LIBOR floors)

* Weighted Average Recovery Rate of 44.2%

* Weighted Average Life of 4.00 years

The V Score for this transaction is Medium/High.  This V Score has
been assigned in a manner similar to the Medium/High V score
assigned for the global cash flow CLO sector, as described in the
special report titled, "V Scores and Parameter Sensitivities in
the Global Cash Flow CLO Sector".  The underlying collateral
assets for NewStar 2009-1 are primarily SME corporate loans, which
receive Moody's credit estimates rather than publicly rated
corporate loans.  This distinction is an important factor in the
determination of this transaction's V score, since loans publicly
rated by Moody's are the basis for the CLO V Score Report.
Several scores for sub-categories of the V score differ from the
CLO sector benchmark scores.  The scores for the quality of
historical data for U.S. SME loans and for disclosure of
collateral pool characteristics and collateral performance reflect
higher volatility.  This results from lack of a centralized
default database for SME loans, as well as obligor-level
information for SME loans being more limited and less frequently
provided to Moody's than that for publicly rated companies.  While
this transaction's score for market value sensitivity is the same
as that for the CLO benchmark, it is worth noting two key but
offsetting differences between this transaction and the benchmark.
On the one hand, the market value sensitivity in this transaction
is reduced, as the transaction does not contain an
overcollateralization trigger based event of default.  On the
other hand, the illiquid nature of SME loans contributes to
elevated volatility.  Finally, since the transaction is a static
financing vehicle, a better than typical alignment of interests
exists.  In combination, these characteristic result in a
composite V Score of "Medium/High" uncertainty, the same as that
of the benchmark CLO V Score.

Moody's V Scores provide a relative assessment of the quality of
available credit information and the potential variability around
the various inputs to a rating determination.  The V Score ranks
transactions by the potential for significant rating changes owing
to uncertainty around the assumptions due to data quality,
historical performance, the level of disclosure, transaction
complexity, the modeling and the transaction governance that
underlie the ratings.  V Scores apply to the entire transaction,
rather than individual tranches.


PENNSYLVANIA ECONOMIC: S&P Cuts Rating on $34.4 Mil. Bonds to 'BB'
------------------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term rating on
Pennsylvania Economic Development Financing Authority's
$34.4 million series 1998 bonds, issued for NHS Human Services
Inc.  (formerly known as Northwestern Human Services Inc.) to 'BB'
from 'BB+' due to concerns regarding NHS's weakened balance sheet
in fiscal 2009 and through the four months of fiscal 2010, related
to state payment disruptions and an overall balance sheet that has
not kept pace with the growth of the organization.  Despite the
balance sheet challenges related in part to the state's budget
delays in 2009, NHS remained solidly profitable, and operations
were sound in Standard & Poor's opinion.

The 'BB' rating reflects Standard & Poor's opinion that NHS's
management team continues to be strong and dedicated and that NHS
provides a broad range of essential services throughout the state
of Pennsylvania and beyond.  Standard & Poor's considers NHS's
operating profile since fiscal 2005 as solid.  In addition,
Standard & Poor's believes that NHS's recent $27.0 million
acquisition of the Pittsburgh-area Allegheny Valley School added
further depth and breadth to NHS's services and was accretive to
NHS's operations.  Standard & Poor's also noted NHS's maintenance
of healthy operating profitability in fiscal 2009, despite
reimbursement disruption at the state level.

Standard & Poor's is concerned about NHS's balance sheet, which it
considers very weak, characterized by 12 days' cash on hand and
extremely high leverage of 89% as of June 30, 2009, though the 30%
decrease in unrestricted cash was temporary, created by a payment
disruption that has since been resolved by the passing of the
state budget in October 2009.  Standard & Poor's also considers
NHS as highly dependent on Medicaid reimbursement, which renders
NHS vulnerable to any state budgetary changes, particularly
disruption in reimbursement payments associated with the recent
state budget pressures, though the essentiality of NHS's services
mitigate the reimbursement risk.  The 1.7x debt service coverage
in fiscal 2009 is light, though the sound operating profitability
allows for adequate debt absorption in Standard & Poor's opinion.

"The stable rating outlook reflects S&P's assessment of NHS's
strong business position, characterized by its depth and breadth
of services and geographic reach and management's recent record of
translating market strength and essentiality into healthy
operating profitability," said Standard & Poor's credit analyst
Charlene Butterfield.  "However, S&P remain concerned about the
light balance sheet metrics and substantial short-term debt, as
well as the vulnerability to state budgetary challenges and its
effect on reimbursement revenue," said Ms. Butterfield.

Standard & Poor's expects that management's continued focus on
NHS's core mission and development of key service lines will allow
for maintenance of operating profitability and coverage at current
levels or better, and produce improvement in its weak balance
sheet.  A decrease in either operating profitability or liquidity
could result in Standard & Poor's revising its outlook or rating
during the next one to two years.


PREFERRED TERM: Moody's Cuts Ratings on Two Classes of Notes
------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of two classes of notes issued by Preferred Term XVIII,
Ltd.  The downgrade actions for this Trust Preferred CDO, whose
underlying assets are trust preferred securities issued by small
to medium sized U.S. community banks and insurance companies, are
prompted by a larger than expected increase in non-performing
assets since the last rating action.

Moody's took its last rating action on this deal on March 27,
2009.  Since then, the non-performing asset amount increased by
$91.84 million.  However, the WARF improved slightly.  The current
and last rating actions' assumed defaulted amounts and model WARF
are provided in the text below.  According to the trustee report
dated December 23, 2009, the Senior Coverage Test was reported at
120.47% versus a test level of 128.00%, Class B Mezzanine Coverage
Test was reported at 102.43% versus a test level of 115.00%, Class
C Mezzanine Coverage Test was reported at 88.86% versus a test
level of 107.00% and Class D Mezzanine Coverage Test was reported
at 82.86% versus a test level of 100.25%.

Moody's notes that the ratings actions reflect the continued
pressure in this sector as the number of bank failures and
interest payment deferrals continue to increase.  According to
FDIC data, 140 U.S. banks failed in 2009, as compared to 25 in
2008.  Although U.S. banks recently benefited from a dramatic
improvement in market conditions, the banking sector outlook
remains negative.

* Current Model WARF: 1514

* Current Assumed Defaulted Amount: 145,840,000

* Model WARF for March 2009 rating actions: 1561

* Assumed Defaulted Amount for March 2009 rating actions:
  54,000,000

* US$372,100,000 Class A-1 Senior Notes (current balance of
  $360,213,008.79), Downgraded to Baa2; previously on March 27,
  2009 Downgraded to A2

* US$78,800,000 Class B Mezzanine Notes (current balance of
  $78,746,030.31), Downgraded to Caa3; previously on March 27,
  2009 Downgraded to B2

In concluding the rating analysis of these transactions, Moody's
has used a combination of these analysis: (1) Coverage level and
problem bank analysis, (2) Event of default analysis, (3) Cash-
flow modeling analysis (this includes but it is not limited to
interest rate hedging, recovery rate and correlation analysis),
(4) Pass-through of the underlying portfolio credit analysis.


PREFERRED TERM: Moody's Downgrades Rating on Two Classes of Notes
-----------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of two classes of notes issued by Preferred Term XXII, Ltd.
The downgrade actions for this Trust Preferred CDO, whose
underlying assets are trust preferred securities issued by small
to medium sized U.S. community banks and insurance companies, are
prompted by a larger than expected increase in non-performing
assets since the last rating action.

Moody's took its last rating action on this deal on March 27,
2009.  Since then, the non-performing asset amount increased by
$164.5 million.  However, the WARF improved.  The current and last
rating actions' assumed defaulted amounts and model WARF are
provided in the text below.  According to the trustee report dated
December 22, 2009, the Senior Coverage Test was reported at
114.53% versus a test level of 128.00%, Class B Mezzanine Coverage
Test was reported at 98.78% versus a test level of 115.00%, Class
C Mezzanine Coverage Test was reported at 86.26% versus a test
level of 105.50% and Class D Mezzanine Coverage Test was reported
at 79.70% versus a test level of 100.25%

Moody's notes that the ratings actions reflect the continued
pressure in this sector as the number of bank failures and
interest payment deferrals continue to increase.  According to
FDIC data, 140 U.S. banks failed in 2009, as compared to 25 in
2008.  Although U.S. banks recently benefited from a dramatic
improvement in market conditions, the banking sector outlook
remains negative.

* Current Model WARF: 966

* Current Assumed Defaulted Amount: 322,500,000

* Model WARF for March 2009 rating action: 1266

* Assumed Defaulted Amount for March 2009 rating action:
  158,000,000

* US$762,500,000 Class A-1 (current balance of $721,396,853.03),
  Downgraded to Baa1; previously on 3/27/2009 Assigned A2

* US$65,000,000 Class B-1 (current balance of $64,504,145.55),
  Downgraded to Caa2; previously on 3/27/2009 Assigned B3

* US$50,000,000 Class B-2 (current balance of $50,536,455.31),
  Downgraded to Caa2; previously on 3/27/2009 Assigned B3

* US$30,300,000 Class B-3 (current balance of $31,389,209.01),
  Downgraded to Caa2; previously on 3/27/2009 Assigned B3

In concluding the rating analysis of these transactions, Moody's
has used a combination of these analysis: (1) Coverage level and
problem bank analysis, (2) Event of default analysis, and (3)
Cash-flow modeling analysis (this includes but it is not limited
to interest rate hedging, recovery rate and correlation analysis).


PRIMORIS SPC: Fitch Takes Rating Actions on Various Classes
-----------------------------------------------------------
Fitch Ratings has downgraded one class of notes issued by Primoris
SPC Ltd. and simultaneously withdrawn the outstanding ratings on
all Primoris notes.

Following final settlement of credit events, aggregate losses have
exceeded the class B2-10-2 subordination amount, and the tranche
was written down in full in December 2009.

Fitch simultaneously withdraws the rating on all classes of
Primoris notes.  Fitch notes that while the short component of the
reference portfolio offers a possibility of additional returns to
noteholders, payments under this scenario would be minimal and
insufficient to affect the ratings.

Primoris is a synthetic securitization that consists of a long
portfolio (long component), which initially referenced mostly
investment-grade corporates, and a short portfolio (short
component), which initially referenced mostly senior-secured bank
loans at 10% of the notional amount of the long component.
Currently, the short portfolio is 9.6% of the long notional amount
and consists of senior unsecured investment grade bonds.  At
closing, the issuer entered into a portfolio credit default swap
with Deutsche Bank AG, the swap counterparty, (rated 'F1+/AA-',
Outlook Negative by Fitch), which bought protection from the
issuer on the long component of the reference portfolio and sold
protection to the issuer on the short component in exchange for a
net periodic premium.  Under the swap agreement, losses from
defaults in the long portfolio and losses from trading activity
reduce the credit enhancement of the tranches, while losses from
defaults in the short portfolio and gains from trading activity
increase the credit enhancement of the tranches.

Fitch has taken this rating action:

  -- EUR20,000,000 series B2-10-2 downgraded to 'D' from 'C/RR6';
     withdrawn;

  -- US$160,000,000 series A1-7 rated 'D'; withdrawn;

  -- US$30,000,000 series A1-7-2 rated 'D'; withdrawn;

  -- US$50,000,000 series AS1-7-2 rated 'D'; withdrawn;

  -- EUR17,500,000 series A2-7 rated 'D'; withdrawn;

  -- JPY2,000,000,000 series A3-7 rated 'D'; withdrawn;

  -- CHF10,000,000 series A5-7 rated 'D'; withdrawn;

  -- GBP10,000,000 series A6-7 rated 'D'; withdrawn;

  -- US$5,000,000 series B1-7 rated 'D'; withdrawn;

  -- US$10,000,000 series B1-7-2 rated 'D'; withdrawn;

  -- EUR300,000 series B2-7 rated 'D'; withdrawn;

  -- JPY4,100,000,000 series B3-7 rated 'D'; withdrawn;

  -- JPY500,000,000 series C3-7 rated 'D'; withdrawn;

  -- US$10,000,000 series D1-7-2 rated 'D'; withdrawn;

  -- US$10,000,000 series D1-10 rated 'D'; withdrawn;

  -- JPY1,000,000,000 series D3-10 rated 'D'; withdrawn;

  -- JPY1,000,000,000 series E3-7 rated 'D'; withdrawn;

  -- US$30,000,000 series F1-10 rated 'D'; withdrawn.


REDWOOD CAPITAL: Moody's Assigns 'B1' Rating on Class A Notes
-------------------------------------------------------------
Moody's Investors Service announced that it has assigned a rating
to notes issued by Redwood Capital XI Ltd., a Cayman Islands
exempted company.  This rating was assigned:

* B1 to the $150,000,000 Series 2009-1 Class A Principal At-Risk
  Variable Rate Notes due January 7, 2011

This transaction is a single issuance sponsored by Swiss
Reinsurance Company Ltd. offering notes that are linked to the
occurrence of certain earthquakes in California during the
specified risk period of one year.  The transaction is structured
as a catastrophe bond with index-triggered losses tied to the PCS
index.  Potential losses to noteholders are incurred based on
cumulative industry estimated losses due to the earthquakes,
including those from resulting fires following the earthquakes.

Moody's rating addresses the ultimate cash receipt of all required
interest and principal payments as provided by the governing
documents and is based on the expected loss posed to the note
holders relative to the promise of receiving the present value of
such payments.  The rating is based on Moody's analysis of the
probability of occurrence of qualifying Events, their timing and
the severity of losses experienced by investors should these
events occur during the risk period.  The rating also addresses
the effectiveness of the documentation in conveying the risks
inherent in the structure as well as the credit strength of the
Counterparty and the collateral.

Moody's evaluation included extensive review of the technical
basis, methodology and historical data used to develop the
probabilistic risk model used by EQECAT, Inc., the Modeling Agent,
for the analysis of potential losses and for its sensitivity
analysis of critical parameters of the model.  The risk analysis
developed by the Modeling Agent is expressed as an annualized
exceedance curve for the defined industry losses, which is used to
calculate potential losses resulting from Events covered by the
transaction.  In its rating analysis, Moody's used the risk
analysis results developed by EQECAT and, in addition, applied
stresses to capture uncertainties in the modeling and examine the
robustness of the ratings.  By creating a simplified model of the
transaction and using the modified results provided by the
Modeling Agent as an input, Moody's can simulate the occurrence of
multiple scenarios throughout the life of the transaction.  In
addition, counterparty and collateral default risks were included
in the model and evaluated.

The proceeds from the sale of the Notes were used to purchase
$150,000,000 in shares of U.S. Treasury Money Market Funds.  These
Directed Investments must meet specific criteria, including but
not limited to investing solely in direct government obligations
and holding principal stability ratings of Aaa or Aaa/MR1+, as
applicable.  This transaction is the first Moody's-rated
catastrophe bond to utilize this specific form of collateral in
lieu of a total return swap structure.  This approach
substantially mitigates the third party credit risk present in
total return swap structures.

Issuer and Counterparty entered into a Counterparty Contract,
which will provide for the payment by the Issuer to Counterparty
of cash settlement amounts following certain conditions to
settlement being satisfied with regard to one or more Events.  The
Counterparty payments made by Swiss Reinsurance Company Ltd. along
with the proceeds from the Directed Investments are designed to
meet the anticipated cash flows under the Notes.


REGIONAL DIVERSIFIED: Moody's Cuts Ratings on Two 2004-1 Notes
--------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
rating of two classes of notes issued by Regional Diversified
Funding 2004-1 Ltd.  The downgrade actions for this Trust
Preferred CDO, whose underlying assets are trust preferred
securities issued by small to medium sized U.S. community banks,
are prompted by a larger than expected increase in non-performing
assets and an Event of Default notice received since the last
rating action.

Moody's took its last rating action on this deal on March 27,
2009.  Since then, the non-performing asset amount increased by
$52 million, although the WARF improved slightly.  The current and
last rating actions' assumed defaulted amounts and model WARF are
provided in the text below.  According to the trustee report dated
November 1, 2009, the Senior Overcollateralization Test was
reported at 123.85% versus a test level of 125.0%, and the Senior
Subordinate Overcollateralization Test was reported at 75.28%
versus a test level of 105.57%.  Further, an Event of Default
notice was received on November 16, 2009, due to non-payment of
interest on the Class B-1 and Class B-2 Notes.  Due to the
continued credit crisis and weak economic conditions, Moody's
assumes that the controlling class would rather elect to
accelerate cash flows from the underlying performing securities.

Moody's notes that the ratings actions reflect the continued
pressure in this sector as the number of bank failures and
interest payment deferrals continue to increase.  According to
FDIC data, 140 U.S. banks failed in 2009, as compared to 25 in
2008.  Although U.S. banks recently benefited from a dramatic
improvement in market conditions, the banking sector outlook
remains negative.

* Current Model WARF: 2116

* Current Assumed Defaulted Amount: 118,000,000

* Model WARF for March 2009 rating action: 2347

* Assumed Defaulted Amount for March 2009 rating action:
  66,000,000

* US$144,000,000 Class A-1 Floating Rate Senior Notes Due 2034
  Notes, Downgraded to Ba1; previously on March 27, 2009
  Downgraded to Baa1

* US$62,000,000 Class A-2 Floating Rate Senior Notes Due 2034
  Notes, Downgraded to B1; previously on March 27, 2009 Downgraded
  to Ba3

In concluding the rating analysis of these transactions, Moody's
has used a combination of these analysis: (1) Coverage level and
problem bank analysis, (2) Event of default analysis, and (3)
Cash-flow modeling analysis (this includes but it is not limited
to interest rate hedging, recovery rate and correlation analysis).


REVE SPC: S&P Corrects Ratings on Two 2006-MB1 Notes to 'BB'
------------------------------------------------------------
Standard & Poor's Ratings Services corrected its ratings on REVE
SPC's series 2006-MB1 $2.062 million class A and B notes by
lowering them to 'BB' from 'A+' and removing them from
CreditWatch, where they were placed with negative implications on
Aug. 19, 2009.

The ratings on the class A and B notes are dependent on the rating
on the underlying security, ELM B.V.'s class A floating-rate notes
due June 20, 2013 ('BB').

On Nov. 25, 2009, S&P lowered its rating on the underlying
security to 'BB' from 'A+' and removed it from CreditWatch with
negative implications.  The rating actions did not occur
contemporaneously with the rating action on the underlying
security due to an administrative error.


SOLAR TRUST: Moody's Affirms Ratings on 10 2001-1 Certificates
--------------------------------------------------------------
Moody's Investors Service affirmed the ratings of ten classes of
Solar Trust Commercial Mortgage Pass-Through Certificates, Series
2001-1 due to overall stable pool performance and key rating
parameters, including Moody's loan to value ratio, Moody's debt
service coverage ratio and the Herfindahl Index, remaining within
acceptable ranges.  The decline in the pool's diversity, as
measured by Herf, has been largely offset by increased credit
subordination due to loan payoffs and amortization.  The rating
action is the result of Moody's on-going surveillance of
commercial mortgage backed securities transactions.

As of the December 15, 2009 distribution date, the transaction's
aggregate certificate balance has decreased by 44% to
$134.5 million from $241.2 million at securitization.  The
Certificates are collateralized by 32 mortgage loans ranging in
size from less than 1% to 21% of the pool, with the top ten loans
representing 79% of the pool.

Nine loans, representing 15% of the pool, are on the master
servicer's watchlist.  The watchlist includes loans which meet
certain portfolio review guidelines established as part of the
Commercial Mortgage Securities Association's monthly reporting
package.  As part of Moody's ongoing monitoring of a transaction,
Moody's reviews the watchlist to assess which loans have material
issues that could impact performance.

The pool has not experienced any losses since securitization.
Currently there are no loans that are delinquent or in special
servicing.  All of the loans in the pool mature within the next 24
months.  Moody's is particularly concerned about the refinancing
risk associated with two loans which represent 5% of the pool.
Both loans are secured by hotel properties that have exhibited a
decline in performance since last review.  Moody's has assumed a
high default probability for these loans and has estimated an
aggregate $1.5 million loss (20% loss severity on average) from
these troubled loans.

Moody's was provided with partial or full-year 2008 operating
results for 82% of the pool.  Excluding troubled loans, Moody's
weighted average LTV ratio is 58% compared to 63% at Moody's prior
review.

Excluding troubled loans, Moody's actual and stressed DSCRs are
1.49X and 1.90X.  Moody's stressed DSCR is based on Moody's net
cash flow and a 9.25% stressed rate applied to the loan balance.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service.

Moody's uses a variation of Herf to measure diversity of loan
size, where a higher number represents greater diversity.  Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances.  The credit neutral Herf is 40.  The pool
has a Herf of 11.

The three largest loans represent 40% of the pool.  The largest
conduit loan is the Bayview Glen Retail Centre Loan ($28.0 million
-- 21% of the pool), which is secured by a 300,000 square foot
retail center located in the Richmond Hill suburb of Toronto,
Ontario.  The property was 100% leased as of October 2008.  The
center is anchored by Famous Players, The Brick Warehouse and
Sears and is shadow anchored by Home Depot.  Performance has been
stable and the loan has benefited from principal amortization.
The property has high lease rollover exposure in 2010 with the
scheduled lease expirations of The Brick Warehouse and Sears in
March and April 2010.  The loan matures in July 2010.  Moody's LTV
and stressed DSCR are 57% and 1.75X, respectively, compared to 62%
and 1.58X at last review.

The second largest loan is the Windsor Outlet Mall Loan
($15.2 million -- 11% of the pool), which is secured by a 150,000
square foot retail center located in Windsor, Ontario.  The
property was 84% leased as of December 2008.  Performance has been
stable since securitization and the loan has benefited from
principal amortization.  The loan matures in July 2011.  Moody's
LTV and stressed DSCR are 68% and 1.51X, respectively, compared to
73% and 1.41X at last review.

The third largest loan is the Royal Host Portfolio ($10.7 million
-- 8% of the pool), which is secured by eight limited service
hotels containing a total of 657 rooms located in Alberta (4),
Ontario (3) and Saskatchewan (1).  The hotels are flagged by
Super8 (6) and Travelodge (2).  Performance has declined since
last review due to a drop in tourist and business travel, although
the decline has been partially offset by principal amortization.
The loan matures in November 2010.  Moody's LTV and stressed DSCR
are 58% and 2.38X, respectively, compared to 52% and 2.47X at last
review.

Moody's rating action is:

  -- Class A-2, $ 93,526,822, affirmed at Aaa; previously assigned
     at Aaa on 8/8/2001

  -- Class IO, Notional, affirmed at Aaa; previously assigned at
     Aaa on 8/8/2001

  -- Class B, $ 6,632,766, affirmed at Aaa; previously upgraded to
     Aaa on 4/3/2006

  -- Class C, $ 7,838,723, affirmed at Aaa; previously upgraded to
     Aaa on 11/8/2007

  -- Class D, $ 9,044,681, affirmed at A2; previously upgraded to
     A2 on 11/8/2007

  -- Class E, $ 2,411,915, affirmed at Baa1; previously upgraded
     to Baa1 on 11/8/2007

  -- Class F, $ 6,029,787, affirmed at Ba2; previously assigned at
     Ba2 on 8/8/2001

  -- Class G, $ 1,205,957, affirmed at Ba3; previously assigned at
     Ba3 on 8/8/2001

  -- Class H, $ 3,014,894, affirmed at B2; previously assigned at
     B2 on 8/8/2001

  -- Class J, $ 1,205,957, affirmed at B3; previously assigned at
     B3 on 8/8/2001


SOUTHEAST HOUSING: S&P Downgrades Ratings on Class III to 'BB'
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered its underlying ratings
on Southeast Housing LLC, Del.'s series 2007 class I bonds to 'A-'
from 'AA-', its SPUR on the class II bonds to 'BBB-' from 'A-',
and its SPUR on the class III bonds to 'BB' from 'BBB'.

In S&P's view, the rating changes reflect these factors: high
vacancy rate of 12% as of October 2009, which has led to lower-
than-expected rental revenues; higher-than-expected utility,
maintenance, and insurance expenses at the project; suspension of
planned construction in some locations at these bases: NWS
Charleston, NAS Jacksonville, Naval Station Mayport, NAS Key West,
NAS Pensacola, NAS Whiting Field, NAS Gulfport and Meridian; and
projected debt service coverage in 2009 of 1.14x, 1.05x, and 1.02x
on the class I, II, and III bonds, respectively, based on year-to-
date financial statements.

In S&P's view, the ratings also reflect these strengths: moderate-
to-high essentiality of the military installations involved in the
financing; the high quality of the assets supporting the bonds,
including the federally appropriated revenue stream and the real
estate collateral; and diverse locations of the bases, which helps
to mitigate declines in basic allowance housing at any given base.

"If the project's debt service coverage continues to decrease, the
project's high vacancy rates and the suspension of construction at
eight of the project's bases may result in further negative rating
action on the bonds," said Standard & Poor's credit analyst
Mikiyon Alexander.

Southeast Housing LLC previously issued bonds for demolition,
rehabilitation, and/or construction of units of family housing
located at 11 naval bases in the southeast (Navy Southeast).  The
project is expected to consist of 5,269 end-state units upon
completion of construction in 2013.


STANTON CDO: Moody's Downgrades Ratings on Six Classes of Notes
---------------------------------------------------------------
Moody's Investors Service announced that it has downgraded the
ratings of six classes of notes issued by STANTON CDO I S.A.:

  -- US$132,285,000 Class A-1 US$ Senior Secured Floating Rate
     Notes due 2018 (current balance of $126,402,196), Downgraded
     to Caa2; previously on March 27, 2009 Downgraded to Ba2 and
     Remained on Review for Possible Downgrade

  -- EUR15,000,000 Class A-1 EUR Senior Secured Floating Rate
     Notes due 2018 (current balance of $16,927,202), Downgraded
     to Caa2; previously on March 27, 2009 Downgraded to Ba2 and
     Remained on Review for Possible Downgrade

  -- US$150,000,000 Class A-1U Senior Secured Floating Rate Notes
     due 2018 (current balance of $143,329,398), Downgraded to
     Caa2; previously on March 27, 2009 Downgraded to Ba2 and
     Remained on Review for Possible Downgrade

  -- EUR25,000,000 Class A-2 EUR Senior Secured Fixed Rate Notes
     due 2018, Downgraded to Ca; previously on March 27, 2009
     Downgraded to Caa3 and Remained on Review for Possible
     Downgrade

  -- EUR8,000,000 Class A-2 EUR Senior Secured Floating Rate Notes
     due 2018, Downgraded to Ca; previously on March 27, 2009
     Downgraded to Caa3 and Remained on Review for Possible
     Downgrade

  -- US$56,027,000 Class A-2 US$ Senior Secured Floating Rate
     Notes due 2018, Downgraded to Ca; previously on March 27,
     2009 Downgraded to Caa3 and Remained on Review for Possible
     Downgrade

STANTON CDO I S.A. is a collateralized debt obligation issuance
backed primarily by a portfolio of CLOs.

According to Moody's, the rating downgrade actions are the result
of deterioration in the credit quality of the underlying
portfolio.  Credit deterioration is observed through numerous
factors, including a decline in the average credit rating of the
portfolio (as measured by an increase in the weighted average
rating factor), an increase in the dollar amount of defaulted
securities, and failure of the coverage tests.  The weighted
average rating factor, as reported by the trustee, has increased
from 786 in December 2008 to 2477 as of November 2009.  During the
same time, defaulted securities in the underlying portfolio
increased from $12.7 million to $72.7 million, and the Class A
Overcollateralization ratio decreased from 111.51% to 77.06%.

Moody's also notes than on May 7, 2009, the Issuer reported an
Event of Default pursuant to Condition 10(a)(iii) of the
Conditions in the Trust Deed dated October 28, 2003 due to a
failure to maintain the Class A Overcollateralisation Ratio above
100 per cent.  During the occurrence and continuance of an Event
of Default, certain parties to the transaction may be entitled to
direct the Trustee to take particular actions with respect to the
Collateral Debt Securities and the Notes, including liquidation.
The Issuer is exposed to a significant concentration of mezzanine
and junior CLO tranches in the underlying portfolio.  The majority
of these CLO tranches are currently assigned low speculative-grade
ratings and carry depressed market valuations that may herald poor
recovery prospects in a sale and liquidation of the Collateral.
Moody's notes that approximately 68% of the underlying assets are
rated Ba2 or below and approxiamtely $81mm in underlying assets
are rated B3 and below.  The actions consider the risk that
liquidation of the Collateral may be selected as the post-Event of
Default remedy.  The severity of losses of certain tranches may be
different depending on the timing and outcome of a liquidation.

In deriving its ratings, Moody's uses the collateral instrument's
current rating-based expected loss, Moody's recovery rate table,
and the original rating of the instrument along with its average
life to infer an unadjusted default probability.  In addition to
the quantitative factors that are explicitly modeled, qualitative
factors are part of rating committee considerations.  These
qualitative factors include the structural protections in each
transaction, the recent deal performance in the current market
environment, the legal environment, and specific documentation
features.  All information available to rating committees,
including macroeconomic forecasts, input from other Moody's
analytical groups, market factors, and judgments regarding the
nature and severity of credit stress on the transactions, may
influence the final rating decision.


WACHOVIA BANK: Fitch Takes Rating Actions on 2005-C22 Certs.
------------------------------------------------------------
Fitch Ratings takes various rating actions on Wachovia Bank
Commercial Mortgage Trust series 2005-C22, 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
9.2% for this transaction should market conditions not recover.
The rating actions are based on the full losses of 9.2% as a
majority of loans mature in the next 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 10% from
year-end 2008 projected over a three-year period.  If the stressed
cash flow would cause the loan to fall below 0.95 times (x) 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 70% 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 89% of the 9.2%.

Approximately 97.5% of the mortgages mature within the next five
years: 1.9% in 2010, 6.6% in 2012 and 88.9% in 2015.

Fitch identified 26 Loans of Concern (28.5%) within the pool, 11
of which (12.1%) are specially serviced.  Of the specially
serviced loans, four (5.9%) are current.  Six of the Fitch Loans
of Concern (15.2%) are within the transaction's top 15 loans, and
three (5.3%) are specially serviced.

Five of the Loans of Concern (13.6%) within the top 15 loans are
assumed to default during the term with loss severities ranging
from 22% to 50%.  The largest contributors to loss are: Westin
Casuarina Hotel & Spa (6.2%), Birtcher Portfolio (2.1%), and
Britannia Business Center (1.7%).

Fitch expects that the remaining 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 Westin Casuarina Hotel and Spa loan is collateralized by an
826 room full-service hotel located a quarter of a mile east of
the Las Vegas Strip.  The property was constructed in 1977 and
underwent an extensive repositioning and a $90 million renovation
in 2002, when it was reopened under the Westin flag.  As of the
trailing 12 months ended June 2009 occupancy was 61.5% and DSCR
was 1.03x compared to issuance underwriting of 75.5% and 1.66x.
As of the TTM June 2009 ADR, Occupancy and RevPAR were $118.67,
61.5% and $72.98, respectively.  This represents a RevPar decline
of 26% since YE 2008.  The borrower has requested a modification
due to the decline in performance of the hotel, and it is likely
that the loan will transfer to special servicing in the near
future.

Fitch considers the loan to have a higher probability of
defaulting during the term due to the significant decline in
property performance over the last 12 months.

The partial interest-only Britcher Portfolio loan is
collateralized by a portfolio of six office properties located in
Phoenix and Tempe, AZ.  The loan will begin to amortize on a 30-
year schedule in October 2010.  Major tenants include TriWest
Healthcare Alliance (31.5% of NRA, expiring 2011), AIG (28%,
2015), and Garmin International (2%, 2011).  Approximately 3% of
the space rolls in 2010 and 35% in 2011.

Fitch considers the loan to be a Fitch Loan of Concern due to the
decline in occupancy, which has been especially acute over the
last year.  As of September 2009 occupancy was 68% compared to 98%
at issuance.  Two of the buildings have been completely vacant
since their single tenants vacated in mid 2007 and mid 2008
respectively.  Another building had occupancy drop from 92% to 26%
when the largest tenant vacated upon lease expiration in early
2009.  As of June 2009 DSCR remained at 1.31x compared to 1.30x at
issuance, however, this figure does not take into account the
recently vacated space.  DSCR based on the leases in-place is
approximately 0.79x on an interest-only basis and 0.65x on an
amortizing basis.

Fitch considers the loan to have a higher probability of
defaulting during the term due to the significant increase in
vacancy and the lack of progress in leasing previously vacated
space.

The partial interest-only Brittania Business Center loan is
collateralized by a 276,210 office property located in Pleasanton,
CA.  The property was built in 1993.  The loan begins to amortize
on a 30-year schedule in October 2010.  The loan transferred to
the special servicer in May 2009 due to imminent default when the
largest tenant (51% of NRA) vacated its space at YE 2008 leaving
the property 43% occupied.  The borrower has indicated that due to
a soft leasing market they are having difficulty leasing the
vacant space.  The loan is delinquent and the special servicer is
pursuing foreclosure.

Major tenants include Robert Half International (34% of NRA,
expiring June 2010), Microchip Biotechnologies (6%, 2014) and
Chrysler Motors, LLC (5%, 2011).  There is significant near-term
lease rollover 34% expiring in 2010 and 5% expiring in 2011 in
addition to the 51% of the space that is already vacant.  Robert
Half International has indicated that it will be vacating all of
its space in an adjacent property when the lease expires in 2010,
but has not stated its intentions for the space at the subject
property.  The loan defaulted during the term and remains with the
special servicer.  Losses are calculated based on a recent
appraised value.

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

  -- $152 million class A-J to 'BBB/LS4' from 'AAA'; Outlook
     Stable;

  -- $22.2 million class B to 'BB/LS5' from 'AA+'; Outlook
     Negative;

  -- $31.7 million class C to 'BB/LS5' from 'AA'; Outlook
     Negative;

  -- $25.3 million class D to 'BB/LS5' from 'AA-'; Outlook
     Negative;

  -- $47.5 million class E to 'B/LS5' from 'A'; Outlook Negative;

  -- $31.7 million class F to 'B-/LS5' from 'A-'; Outlook
     Negative;

  -- $28.5 million class G to 'B-/LS5' from 'BBB+'; Outlook
     Negative;

  -- $28.5 million class H to 'B-/LS5' from 'BBB'; Outlook
     Negative;

  -- $34.8 million class J to 'B-/LS5' from 'BBB-'; Outlook
     Negative;

  -- $15.8 million class K to 'B-/LS5' from 'BB'; Outlook
     Negative;

  -- $12.7 million class L to 'CCC/RR6' from 'BB-'; Outlook
     Negative;

  -- $12.7 million class M to 'CCC/RR6' from 'B+'; Outlook
     Negative;

  -- $6.3 million class N to 'CCC/RR6' from 'B'; Outlook Negative;

  -- $6.3 million class O to 'CCC/RR6' from 'B-'; Outlook
     Negative.

Fitch has revised the Recovery Rating on this class:

  -- $9.5 million class P to 'CCC/RR6' from 'CCC/RR1'.

Fitch also has affirmed these classes and assigned LS ratings as
indicated:

  -- $56.7 million class A-2 at 'AAA/LS2'; Outlook Stable;
  -- $164.6 million class A-3 at 'AAA/LS2'; Outlook Stable;
  -- $148.5 million class A-PB at 'AAA/LS2'; Outlook Stable;
  -- $941 million class A-4 at 'AAA/LS2'; Outlook Stable;
  -- $374.3 million class A-1A at 'AAA/LS2'; Outlook Stable;
  -- $253.4 million class A-M at 'AAA/LS4'; Outlook Stable;
  -- Interest-only class IO at 'AAA'; Outlook Stable;

Class A-1 has paid in full.

Fitch does not rate the $41.2 million class Q.


* Moody's Changes Loss Projections on US Alt-A RMBS Issuances
-------------------------------------------------------------
Moody's Investors Service has revised its loss projections for US
Alternative-A residential mortgage backed securities issued from
2005 through 2007.  On average, Moody's is now projecting
cumulative losses of 14% for 2005 securitizations, 29% for 2006
securitizations and 35% for 2007 securitizations, reported as a
percentage of original balance.  As a result of the revision,
Moody's has now placed 10,330 tranches of Alt-A RMBS with an
original balance of $572.7 billion and current outstanding balance
of $330.1 billion, on review for possible downgrade.

Moody's has already taken widespread rating actions on deals
backed by Alt-A collateral from the 2005-2007 vintages in the
first quarter of 2009.  The updated loss projections will have the
greatest impact on senior securities issued in 2005.

On October 29, 2009, Moody's announced that it would update
certain assumptions underlying loss projections for each of the
major RMBS sectors.  The continued deterioration in performance of
Alt-A pools in conjunction with macroeconomic conditions that
remain under duress prompted the announcement.  Since the first
quarter of 2009, when Moody's last announced a revision to its
Alt-A loss projections, serious delinquencies (loans that are 60
or more days delinquent, including loans in foreclosure and homes
that are held for sale) on Alt-A mortgage pools backing 2005 to
2007 securitizations have increased markedly.  Since March 2009,
serious delinquencies for the 2005, 2006 and 2007 vintages have
increased to 18.9% from 15.0%, 32.6% from 26.6% and 32.5% from
25.5% respectively (reported as a percentage of outstanding pool
balance).  In the meantime, cumulative losses realized on the
pools have more than doubled from 1.4% to 2.8%, 3.1% to 6.4% and
2.2% to 5.7% for the 2005, 2006 and 2007 vintages respectively.

Even though the Case-Shiller index in recent months has reported
very modest home price gains, Moody's believes the overhang of
impending foreclosures will impact home prices negatively in the
coming months.  Moody's Economy.com expects home prices to fall by
an additional 11% to reach a peak-to-trough decline of
approximately 37%.  Adding to borrowers' financial pressure,
unemployment is now projected to peak at around 10.5%.  Both
measures are expected to reach their peaks in the second half of
2010, after which recovery is expected to be slow.

                       Estimation of Losses

To estimate losses, Moody's first projected delinquencies through
the second half of 2010.  Moody's estimated that the proportion of
contractually current or 30-day delinquent loans that will become
seriously delinquent by the second half of 2010 will be 10.1%,
19.7% and 21.6% for the 2005, 2006 and 2007 vintages,
respectively.

Growth in new delinquency levels beyond the second half of 2010 is
expected to decline with improving economic and housing
conditions.  To estimate delinquencies beyond 2010, Moody's
applied a reduction to the new delinquency rates of 20% for 2011,
35% for 2012 and 45% for 2013 and beyond.  This deceleration
reflects home price and unemployment projections by MEDC for years
beyond 2010.

To calculate the default rate on the projected delinquencies,
Moody's assumed an average roll rate (probability of transition
from delinquency into default) of 95%.  The loss on the loan upon
default (severity of loss) is expected to be around 60% on
average, in line with recently observed severities.

The updated loss estimates incorporate a less that 2% benefit to
projected losses across vintages to reflect the government's
effort to curb loan defaults and foreclosures through loan
modification.  The minimal modification benefit reflects the
limited success of modification efforts to date in general as well
as the smaller universe of eligible loans in Alt-A pools given the
high investor concentration.

Moody's will release a special report in the coming weeks that
will detail its methodology for determining revised loss
projections for Alt-A transactions issued from 2005 to 2007.

                          Rating Actions

To assess the rating implications of the updated loss levels on
Alt-A RMBS, Moody's will analyze each transaction through a
variety of scenarios in the Structured Finance Workstation, the
cash flow engine provided by Moody's Wall Street Analytics.  The
scenarios incorporate ninety-six different combinations of loss
levels, default timing and prepayment curves.

On senior securities, the extent of rating actions due to the
revised loss projections will vary by vintage.  Currently, over
30% of the senior securities issued in 2005 maintain investment
grade ratings.  Moody's anticipates a majority of these ratings to
migrate to B/Caa rating levels.  However, over 95% of the senior
securities issued in 2006 and 2007 are already rated below
investment grade and 85% are rated Caa or lower.  Consequently,
the ratings migration for the 2006 and 2007 vintages is expected
to be smaller.  In general, bonds that have a short estimated life
or are adequately supported by other senior securities will likely
be confirmed or see smaller rating transitions.  The majority of
rated subordinated tranches from 2005 to 2007 vintages have
already been downgraded to impairment ratings.

Moody's rates securities B2 or higher if they are likely to be
paid off under an expected scenario.  If a security is likely to
take a loss under an expected scenario, it will typically be rated
B3 or lower.  Securities with expected recoveries of 65% to 95%
are rated in the Caa range.  Securities with expected recoveries
of 35% to 65% are rated Ca, while securities with expected
recoveries below 35% are rated C.


* Moody's Changes Loss Projections on US Subprime RMBS Deals
------------------------------------------------------------
Moody's Investors Service has revised its loss projections for US
subprime residential mortgage backed securities issued between
2005 and 2007.  On average, Moody's is now projecting cumulative
losses of 18.7% for 2005 securitizations, 38.4% for 2006
securitizations, and 48.1% for 2007 securitizations, reported as a
percentage of original balance.  As a result of the revision,
Moody's has now placed 5,698 tranches of subprime RMBS with an
original balance of $584 billion and outstanding balance of
$319 billion, on review for possible downgrade.

On October 29, 2009, Moody's announced that it would update
certain assumptions underlying loss projections for each of the
major RMBS sectors.  Since March 2009, when Moody's last announced
a revision to its subprime loss projections, serious delinquencies
(loans that are 60 or more days delinquent, including loans in
foreclosure and homes that are held for sale) in subprime pools
from 2005, 2006, and 2007 have increased to 48% from 43%, 56% from
51%, and 55% from 47%, respectively (reported as a percentage of
outstanding pool balance).

Even though the Case-Shiller index in recent months has reported
very modest home price gains, Moody's believes the overhang of
impending foreclosures will impact home prices negatively in the
coming months.  Moody's Economy.com expects home prices to fall by
an additional 11% to reach a peak-to-trough decline of
approximately 37%.  Adding to borrowers' financial pressure,
unemployment is now projected to peak at around 10.5%.  Both
measures are expected to reach their peaks sometime in the second
half of 2010, after which recovery is expected to be slow.

                      Estimation of Losses

To estimate losses, Moody's first projected delinquencies through
the second half of 2010.  Moody's estimated that the proportion of
contractually current or 30-day delinquent loans that will become
seriously delinquent by the second half of 2010 will be 23%, 35%,
and 35%, for the 2005, 2006, and 2007 vintages, respectively.

Growth in new delinquency levels beyond the second half of 2010 is
expected to decline with improving economic and housing
conditions.  To estimate delinquencies beyond 2010, Moody's
applied a reduction to the new delinquency rate of 25% for 2011,
40% for 2012, 50% for 2013, and 50% for 2014 and beyond.  This
deceleration reflects home price and unemployment projections by
MEDC for years beyond 2010.

To calculate the default rate on the projected delinquencies,
Moody's assumed an average roll rate (probability of transition
from delinquency into default) of 95%.  The loss on the loan upon
default (severity of loss) is expected to be around 70% on
average.

In addition, the government's effort to curb loan defaults and
foreclosures through loan modification has failed to gain
traction; prompting Moody's to reduce the average modification
benefit to projected losses across vintages from 15% in March to
less than 5% going forward.

Moody's will release a special report in the coming weeks that
will detail its methodology for determining revised loss
projections for subprime transactions issued from 2005 to 2007.

                          Rating Actions

To assess the rating implications of the updated loss levels on
subprime RMBS, Moody's will analyze each transaction through a
variety of scenarios in the Structured Finance Workstation, the
cash flow engine provided by Moody's Wall Street Analytics.  The
scenarios incorporate ninety-six different combinations of loss
levels, loss timing and prepayment curves.

The announced review impacts all securities within the subprime
RMBS sector issued from 2005 to 2007 and currently rated Ca and
above, excluding well-enhanced bonds expected to pay off in the
next few months.  The anticipated actions will vary, and certain
bonds placed on review may have their rating confirmed to the
extent credit support and/or payment priority offer sufficient
protection against updated loss projections to maintain their
current ratings.  Moody's expects that upon conclusion of this
review, a large majority of 2006 and 2007 senior bonds will be
rated Caa or lower, although transitions for most of these bonds
will be muted since over 40% are already at these rating levels.
Ratings on 2005 vintage senior bonds are expected to see
substantial downgrades but will maintain generally higher ratings
relative to the 2006 and 2007 vintages.

Moody's rates securities B2 or higher if they are likely to be
paid off under an expected scenario.  If a security is likely to
take a loss under an expected scenario, it will typically be rated
B3 or lower.  Securities with expected recoveries of 65% to 95%
are rated in the Caa range.  Securities with expected recoveries
of 35% to 65% are rated Ca, while securities with expected
recoveries below 35% are rated C.


* Moody's Reviews Ratings on 38 RMBS Resecuritization Tranches
--------------------------------------------------------------
Moody's Investors Service has placed 38 RMBS resecuritization
tranches with current outstanding balance of $1.8 billion, on
watch for possible downgrade.  The rating is triggered by a
downgrade watch on the underlying ratings of the securities
backing these resecuritization tranches.

The resecuritization bonds are backed by jumbo RMBS bonds issued
between 2005 and 2008.  On Dec 17, 2009, Moody's placed 4474
tranches of jumbo RMBS issued between 2005 and 2008 on review for
possible downgrade due to an upward revision of loss projections
on collateral backing these transactions.  On average, Moody's is
now projecting cumulative losses of 3.8% for 2005 jumbo
securitizations, 8.0% for 2006 jumbo securitizations, 10.9% for
2007 jumbo securitizations and 12.3% for 2008 jumbo
securitizations reported as a percentage of original balance.

Most resecuritization deals are structured as pass-through
structures with payments received on the underlying certificates
passed through to the resecuritization bonds.  However, the
resecuritization deals typically build-in additional support for
the senior bonds issued in the transaction with certain junior
bonds taking losses ahead of the senior bonds.  Increased losses
on the underlying certificates are thus likely to affect the
principal recovery on the junior resecuritization bonds and some
senior resecuritization bonds as well.

As such, in assigning ratings on the notes in the
resecuritization, Moody's evaluates:

      (i) The updated expected loss of the pool of loans backing
          the underlying securities portfolio and the updated
          ratings on the underlying securities portfolio given
          credit enhancement available to them, and

     (ii) The structure of the resecuritization transaction,
          including the cashflow allocation and the loss
          allocation amongst the bonds issued.

Because the ratings on the notes in the resecuritization are
linked to the ratings on the underlying securities and their
mortgage pool performance, any rating action on the underlying
securities may trigger a further review of the ratings on the
notes in the resecuritization.

Complete Rating Actions are:

Issuer: BCAP 2006-RR1

  -- Cl. PA, Aaa Placed Under Review for Possible Downgrade;
     previously on Jan 4, 2007 Assigned Aaa

  -- Cl. PB, Aa1 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa1

  -- Cl. PC, Aa2 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa2

  -- Cl. PD, Aa3 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa3

  -- Cl. PE, Aa3 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa3

  -- Cl. TA, Aa2 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa2

  -- Cl. WZ, Aa2 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa2

  -- Cl. CF, Aa2 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa2

  -- Cl. CS, Aa2 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Aa2

Issuer: Bear Stearns ARM Trust 2006-3

  -- Cl. A-1, A3 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to A3

  -- Cl. A-2, B2 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to B2

Issuer: Bear Stearns Structured Products Inc. Trust 2007-R6

  -- Cl. II-A-1, Caa1 Placed Under Review for Possible Downgrade;
     previously on May 29, 2009 Downgraded to Caa1

Issuer: CSMC Resecuritization Trust 2006-1R

  -- Cl. 1-A-1, Baa1 Placed Under Review for Possible Downgrade;
     previously on Jun 22, 2009 Downgraded to Baa1

  -- Cl. 1-A-2, Baa1 Placed Under Review for Possible Downgrade;
     previously on Jun 22, 2009 Downgraded to Baa1

Issuer: CSMC Series 2008-3R

  -- Cl. 2-A-1, Aa3 Placed Under Review for Possible Downgrade;
     previously on Jun 2, 2009 Downgraded to Aa3

Issuer: Citigroup Mortgage Loan Trust Inc. Re-REMIC Trust
Certificates, Series 2006-8

  -- Cl. A-1, Baa1 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to Baa1

  -- Cl. A-2, Baa1 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to Baa1

  -- Cl. A-3, Baa1 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to Baa1

  -- Cl. A-4, Baa1 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to Baa1

Issuer: Deutsche Mortgage Securities, Inc. Re-REMIC Trust
Certificates, Series 2005-WF1

  -- Cl. I-A-2, B3 Placed Under Review for Possible Downgrade;
     previously on Jul 13, 2009 Downgraded to B3

  -- Cl. I-A-3, Caa1 Placed Under Review for Possible Downgrade;
     previously on Jul 13, 2009 Downgraded to Caa1

  -- Cl. I-A-4, A3 Placed Under Review for Possible Downgrade;
     previously on Jul 13, 2009 Downgraded to A3

  -- Cl. I-A-X, A3 Placed Under Review for Possible Downgrade;
     previously on Jul 13, 2009 Downgraded to A3

  -- Cl. II-A-1, B3 Placed Under Review for Possible Downgrade;
     previously on Jul 13, 2009 Downgraded to B3

Issuer: GSMSC Pass-Through Trust 2008-2R

  -- Cl. 1A-1, B3 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to B3

  -- Cl. 2A-1, B3 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to B3

Issuer: J.P. Morgan Mortgage Trust, Series 2008-R1

  -- Cl. 1-A-1, B3 Placed Under Review for Possible Downgrade;
     previously on Jun 22, 2009 Downgraded to B3

Issuer: J.P. Morgan Mortgage Trust, Series 2008-R3

  -- Cl. 1-A-1, B1 Placed Under Review for Possible Downgrade;
     previously on Jul 22, 2009 Downgraded to B1

Issuer: J.P. Morgan Mortgage Trust, Series 2008-R4

  -- Cl. 1-A-1, B2 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to B2

  -- Cl. 1-A-2, Caa2 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to Caa2

  -- Cl. 2-A-1, B3 Placed Under Review for Possible Downgrade;
     previously on Jul 15, 2009 Downgraded to B3

Issuer: MASTR Adjustable Rate Mortgages Trust 2005-4

  -- Cl. A-1, Aaa Placed Under Review for Possible Downgrade;
     previously on Jun 27, 2005 Assigned Aaa

  -- Cl. A-2, Aa2 Placed Under Review for Possible Downgrade;
     previously on Jul 30, 2009 Downgraded to Aa2

  -- Cl. A-3, Ba3 Placed Under Review for Possible Downgrade;
     previously on Jul 30, 2009 Downgraded to Ba3

  -- Cl. A-X, Aaa Placed Under Review for Possible Downgrade;
     previously on Jun 27, 2005 Assigned Aaa

Issuer: Residential Mortgage Securities Funding 2008-3, Ltd.

  -- Notes, Baa3 Placed Under Review for Possible Downgrade;
     previously on Jul 13, 2009 Downgraded to Baa3

Issuer: Residential Mortgage Securities Funding 2008-6, Ltd.

  -- The Notes, Ba2 Placed Under Review for Possible Downgrade;
     previously on Jun 22, 2009 Downgraded to Ba2

Issuer: Residential Mortgage Securities Funding 2008-7, Ltd.

  -- Secured Floating Rate Notes, Caa1 Placed Under Review for
     Possible Downgrade; previously on Jun 22, 2009 Downgraded to
     Caa1


* S&P Downgrades Ratings on 105 Classes From 66 RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 105
classes from 66 residential mortgage-backed securities
transactions backed by U.S. closed-end second-lien, home equity
line of credit, and second-lien high combined loan to value
mortgage loan collateral issued from 1997-2007, and removed 42 of
them from CreditWatch negative.  S&P lowered nine of these ratings
to 'D' due to interest shortfall amounts that have not been
recovered.  In addition, S&P affirmed its ratings on 314 classes
from 134 transactions and removed 97 of them from CreditWatch
negative.

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given its current projected losses, because of increased
delinquencies.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in its
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.  In order to maintain a rating higher than 'B',
S&P assessed whether the class could withstand losses exceeding
its base-case loss assumptions at a percentage specific to each
rating category, up to 150% for a 'AAA' rating.  For example, in
general, S&P would assess whether one class could withstand
approximately 110% of its base-case loss assumptions to maintain a
'BB' rating, while S&P would assess whether a different class
could withstand approximately 120% of its base-case loss
assumptions to maintain a 'BBB' rating.  Each class with an
affirmed 'AAA' rating can, in S&P's view, withstand approximately
150% of its 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 pool of loans backing these
transactions consist of fixed- and adjustable-rate mortgage loans
that are secured by second liens on one- to four-family
residential properties.

                          Rating Actions

    ACE Securities Corp. Home Equity Loan Trust Series 2005-SL1
                        Series    2005-SL1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        004421RV7     AA                   AA/Watch Neg

   Ace Securities Corp. Home Equity Loan Trust Series 2006-ASL1
                        Series    2006-ASL1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          00442AAA1     CCC                  B

    ACE Securities Corp. Home Equity Loan Trust Series 2006-SL3
                        Series    2006-SL3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        004423AA7     CCC                  B
        A-2        004423AB5     CCC                  B

                  Alliance Bancorp Trust 2007-S1
                        Series    2007-S1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        01853GAA8     D                    CCC
        A-2        01853GAB6     D                    CCC
        A-3        01853GAC4     D                    CCC
        A-4        01853GAD2     D                    CC

                          C-BASS 2006-SL1
                        Series    2006-SL1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        14983AAA7     CCC                  B
        A-2        14983AAB5     CCC                  B
        A-3        14983AAC3     CCC                  B

                        CWABS Master Trust
                         Series  2002-E

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      126671RJ7     BBB                  BBB/Watch Neg

                        CWABS Master Trust
                         Series  2002-F

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      126671SX5     BBB                  BBB/Watch Neg

                        CWABS Master Trust
                        Series  2002-G

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      126671TH9     BBB-                 BBB-/Watch Neg

                        CWABS Master Trust
                          Series  2002-H

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      126671TX4     BBB-                 BBB-/Watch Neg

                        CWABS Master Trust
                          Series  2003-A

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      126671XC5     BBB-                 BBB-/Watch Neg

                        CWABS Master Trust
                          Series  2003-B

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      1266719F0     BBB-                 BBB-/Watch Neg

                        CWABS Master Trust
                        Series  2003-C

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      126671YH3     BBB-                 BBB-/Watch Neg

                        CWABS Master Trust
                        Series  2003-D

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      126671ZJ8     BBB                  BBB/Watch Neg

                            CWABS Inc.
                       Series  2002-S2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-5        126671QN9     AAA                  AAA/Watch Neg
   A-IO       126671QP4     AAA                  AAA/Watch Neg
   M-1        126671QQ2     CC                   AA/Watch Neg

                            CWABS Inc.
                         Series  2003-S1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        126671ZT6     CC                   A

                            CWABS Inc.
                       Series  2003-SC1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          126671V45     B                    BBB-

                            CWABS Inc.
                        Series  2004-S1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-3        126673TD4     AAA                  AAA/Watch Neg
   A-IO       126673TE2     AAA                  AAA/Watch Neg
   M-1        126673TF9     BBB-                 AA/Watch Neg
   M-2        126673TG7     CC                   A/Watch Neg

       CWHEQ Revolving Home Equity Loan Trust Series 2006-A
                         Series    2006-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          126685CE4     CC                   B
        M-1        126685CG9     CC                   B-

                       FFMLT Trust 2005-FFA
                        Series    2005-FFA

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-4        362341HG7     CC                   BBB

             Fifth Third Home Equity Loan Trust 2003-1
                         Series    2003-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      31678UAA7     BBB                  BBB/Watch Neg

           First Franklin Mortgage Loan Trust 2003-FFC
                        Series    2003-FFC

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        32027NCP4     CC                   AA
        M-2        32027NCQ2     CC                   A
        M-3        32027NCR0     CC                   BBB+

           First Franklin Mortgage Loan Trust 2004-FFB
                        Series    2004-FFB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-4        22541SRC4     A                    A/Watch Neg
   M-5        22541SRD2     CC                   A-

           First Franklin Mortgage Loan Trust 2004-FFC
                        Series    2004-FFC

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   B-1        32027NPX3     A                    A/Watch Neg
   B-2        32027NPY1     BBB                  BBB/Watch Neg
   B-3        32027NQA2     BBB-                 BBB-/Watch Neg

                First-Citizens HELOC Trust 2005-1
                         Series    2005-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          31959AAA1     A                    A/Watch Neg

              GMACM Home Equity Loan Trust 2001-HE3
                        Series    2001-HE3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        361856BR7     B-                   BBB/Watch Neg
   A-2        361856BS5     CCC                  BBB/Watch Neg

               GMACM Home Equity Loan Trust 2004-HE1
                        Series    2004-HE1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-3        361856CV7     CC                   CCC
        VPRN       76112B3V0     CC                   CCC

              GMACM Home Equity Loan Trust 2004-HE2
                        Series    2004-HE2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        361856DE4     BB+                  AA-

              GMACM Home Equity Loan Trust 2007-HE3
                        Series    2007-HE3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-A-1      36186MAA9     B-                   BB
        I-A-2      36186MAB7     CCC                  BB
        II-A-1     36186MAC5     B                    BB
        II-A-2     36186MAD3     CCC                  BB
        M-2        36186MAF8     CC                   CCC

             GreenPoint Home Equity Loan Trust 2004-2
                         Series    2004-2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        395385AT4     CC                   BBB/Watch Neg
   A-2        395385AU1     CC                   BBB/Watch Neg

             GreenPoint Home Equity Loan Trust 2004-3
                         Series    2004-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          395385AW7     CCC                  BB/Watch Neg

            Greenpoint Mortgage Funding Trust 2005-HE1
                        Series    2005-HE1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-4        39538WAJ7     BB-                  BBB
        M-5        39538WAK4     CC                   BB

            Greenpoint Mortgage Funding Trust 2005-HE4
                        Series    2005-HE4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M3         39538WDK1     CC                   B
        M4         39538WDL9     CC                   B-

                  GSAA Home Equity Trust 2006-S1
                         Series    2006-S1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1      40051CAA5     CCC                  BB/Watch Neg
   II-M-1     40051CAR8     AA+                  AA+/Watch Neg
   II-M-2     40051CAS6     A-                   AA-/Watch Neg
   II-M-3     40051CAT4     B-                   A/Watch Neg

                        GSR Trust 2005-HEL1
                        Series    2005-HEL1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        362341N39     CCC                  B/Watch Neg

  Home Equity Mortgage Loan Asset-Backed Trust Series INDS 2006-A
                         Series    2006-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          43709UAA5     CCC                  B

                Home Equity Mortgage Trust 2004-1
                         Series    2004-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          22541Q5X6     B-                   BBB

                 Home Equity Mortgage Trust 2004-2
                         Series    2004-2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-2        22541SES3     A                    A/Watch Neg
   B-1        22541SET1     BBB+                 BBB+/Watch Neg
   B-2        22541SEU8     B-                   BBB/Watch Neg

                Home Equity Mortgage Trust 2004-3
                         Series    2004-3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-3        22541SLU0     A+                   A+/Watch Neg
   M-4        22541SLV8     A                    A/Watch Neg
   M-5        22541SLW6     A-                   A-/Watch Neg

                Home Equity Mortgage Trust 2004-4
                         Series    2004-4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-3        22541SYL6     AA-                  AA-/Watch Neg
   M-4        22541SYM4     A+                   A+/Watch Neg
   M-5        22541SYN2     A                    A/Watch Neg
   M-6        22541SYP7     B-                   A-/Watch Neg
   B-1        22541SYQ5     CC                   BBB+/Watch Neg

                 Home Equity Mortgage Trust 2004-5
                        Series    2004-5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   P          22541SK64     AAA                  AAA/Watch Neg
   M-1        22541SJ90     AA+                  AA+/Watch Neg
   M-2        22541SK23     A                    A/Watch Neg
   B-1        22541SK31     CC                   BBB+/Watch Neg

                Home Equity Mortgage Trust 2004-6
                        Series    2004-6

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   P          22541S3J5     AAA                  AAA/Watch Neg
   M-2        22541S3C0     A+                   A+/Watch Neg
   M-3        22541S3D8     B                    BBB+/Watch Neg
   M-4        22541S3E6     CC                   BBB/Watch Neg

                Home Equity Mortgage Trust 2005-1
                         Series    2005-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-5        225458CW6     A                    A/Watch Neg
   M-6        225458CX4     A-                   A-/Watch Neg
   M-7        225458CY2     BBB+                 BBB+/Watch Neg

                 Home Equity Mortgage Trust 2005-4
                         Series    2005-4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-3        2254584V7     AAA                  AAA/Watch Neg
   A-4        2254584W5     AAA                  AAA/Watch Neg
   M-1        2254584D7     AA+                  AA+/Watch Neg

                 Home Equity Mortgage Trust 2005-5
                         Series    2005-5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1A       225470QV8     AAA                  AAA/Watch Neg
   A-1F1      225470QW6     AAA                  AAA/Watch Neg
   A-1F2      225470RR6     AAA                  AAA/Watch Neg
   A-2A       225470QX4     CCC                  AAA/Watch Neg
   A-2F       225470QY2     CCC                  AAA/Watch Neg

                Home Equity Mortgage Trust 2005HF-1
                        Series    2005-HF1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        2254W0LE3     AAA                  AAA/Watch Neg
   A-2B       2254W0MB8     AAA                  AAA/Watch Neg
   A-3B       2254W0MC6     AAA                  AAA/Watch Neg
   G          2254W0LW3     AAA                  AAA/Watch Neg
   M-1        2254W0LH6     AA+                  AA+/Watch Neg
   M-2        2254W0LJ2     B+                   AA/Watch Neg
   M-3        2254W0LK9     CC                   AA-/Watch Neg

                Home Equity Mortgage Trust 2006-1
                         Series    2006-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1A2      225470XG3     AA                   AA/Watch Neg
   A-1B       225470XH1     AA                   AA/Watch Neg
   A-1F       225470XJ7     AA                   AA/Watch Neg
   A-2        225470XK4     AA                   AA/Watch Neg
   A-3        225470XL2     CCC                  AA/Watch Neg

                Home Equity Mortgage Trust 2006-6
                         Series    2006-6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        2A-1       43709YAB5     D                    CC
        2A-2       43709YAC3     D                    CC
        2A-3       43709YAD1     D                    CC

                     Home Loan Trust 2002-HI5
                        Series    2002-HI5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          76110VLR7     B-                   B

                    Home Loan Trust 2003-HI1
                        Series    2003-HI1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B          76110VML9     CC                   BB

                     Home Loan Trust 2006-HI1
                        Series    2006-HI1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-8        76110VUE6     BBB-                 BBB
        M-9        76110VUF3     B-                   BBB-

      IndyMac Residential Asset-Backed Trust Series 2004-LH1
                        Series    2004-LH1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          456606GK2     B                    B/Watch Neg

                  MASTR Second Lien Trust 2005-1
                         Series    2005-1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        57644DAB9     B-                   BBB

  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-A
                         Series    2007-A

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        59025QAB5     CCC                  B
        A-3        59025QAC3     CCC                  B
        M-1        59025QAD1     CC                   CCC

              Merrill Lynch Mortgage Investors Trust
                       Series  2006-SL1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          59020U2N4     AAA                  AAA/Watch Neg

      Merrill Lynch Mortgage Investors Trust Series 2004-SL2
                        Series    2004-SL2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-3        59020UKK0     CC                   BBB-

      Merrill Lynch Mortgage Investors Trust Series 2005-NCA
                        Series    2005-NCA

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-2        59020UZU2     A                    A/Watch Neg

      Merrill Lynch Mortgage Investors Trust Series 2005-NCB
                        Series    2005-NCB

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        59020UT88     CC                   A/Watch Neg

      Merrill Lynch Mortgage Investors Trust Series 2005-SL3
                        Series    2005-SL3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        59020UK38     AAA                  AAA/Watch Neg
   A-2B       59020UN76     AAA                  AAA/Watch Neg
   M-1        59020UK46     BBB+                 A/Watch Neg

      Merrill Lynch Mortgage Investors Trust Series 2007-SL1
                        Series    2007-SL1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        59025AAA2     D                    CC

            Morgan Stanley Mortgage Loan Trust 2005-8SL
                        Series    2005-8SL

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        61748HQK0     D                    BB

           Morgan Stanley Mortgage Loan Trust 2006-10SL
                       Series    2006-10SL

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        61749TAA2     CCC                  BB/Watch Neg

           Morgan Stanley Mortgage Loan Trust 2006-4SL
                        Series    2006-4SL

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-1        61748HYC9     CCC                  BB

                     MSCC HELOC Trust 2007-1
                         Series    2007-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          55352RAA6     BBB                  BBB/Watch Neg

                     MSDWCC HELOC Trust 2003-1
                         Series    2003-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          55353WAA4     BBB                  BBB/Watch Neg

                     MSDWCC HELOC Trust 2003-2
                         Series    2003-2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          55353WAB2     A-                   A-/Watch Neg

                     MSDWCC HELOC Trust 2005-1
                         Series    2005-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      55353WAC0     BBB                  BBB/Watch Neg

       Nomura Asset Acceptance Corp. Alternative Loan Trust
                        Series    2005-S3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        65535VNS3     CC                   B

       Nomura Asset Acceptance Corp. Alternative Loan Trust
                        Series    2005-S4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        65535VQN1     A                    A/Watch Neg
   A-2        65535VQP6     BBB                  A/Watch Neg
   A-3        65535VQQ4     BBB                  A/Watch Neg

       Nomura Asset Acceptance Corp. Alternative Loan Trust
                        Series    2006-S1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        65535VTN8     BB                   BB/Watch Neg
   A-2        65535VTP3     CCC                  BB/Watch Neg
   A-3        65535VTQ1     CCC                  BB/Watch Neg

                       SACO I Trust 2005-5
                        Series    2005-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-M-1      785778FZ9     CC                   BBB-

                       SACO I Trust 2005-8
                        Series    2005-8

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        785778LA7     AA                   AA/Watch Neg
   A-3        785778LC3     AA                   AA/Watch Neg
   M-1        785778LD1     CC                   BBB/Watch Neg

                       SACO I Trust 2005-9
                        Series    2005-9

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-1        785778MN8     CC                   BB

                      SACO I Trust 2005-GP1
                       Series    2005-GP1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-2        785778JK8     CC                   AAA

                       SACO I Trust 2005-7
                        Series    2005-7

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          785778KL4     AA                   AA/Watch Neg
   M-1        785778KM2     CC                   BB/Watch Neg

                    Sequoia HELOC Trust 2004-1
                         Series    2004-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   Notes      817419AA2     BBB                  BBB/Watch Neg

                 Soundview Home Loan Trust 2005-B
                         Series    2005-B

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        83611MHL5     AA+                  AA+/Watch Neg
   M-2        83611MHM3     AA                   AA/Watch Neg
   M-3        83611MHN1     B                    A-/Watch Neg
   M-4        83611MHP6     CC                   BBB-/Watch Neg
   M-5        83611MHQ4     CC                   BB/Watch Neg

                 Structured Asset Securities Corp.
                       Series  2003-S2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M2-A       86359BBN0     BB+                  A
        M2-F       86359BBP5     BB+                  A

                Structured Asset Securities Corp.
                       Series  2004-S2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M6         86359BSX0     B-                   B
        M7         86359BSY8     CC                   CCC

                 Structured Asset Securities Corp.
                         Series  2004-S3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M4         86359BB91     B+                   BB
        M5         86359BC25     CC                   B
        M6         86359BC33     CC                   CCC

              Structured Asset Securities Corporation
                       Series  2004-S4

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M4         86359BM40     A-                   A-/Watch Neg
   M5         86359BM57     BBB+                 BBB+/Watch Neg
   M6         86359BM65     BBB                  BBB/Watch Neg

            Structured Asset Securities Corp. 2005-S1
                        Series    2005-S1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M3         86359B4E8     AA-                  AA-/Watch Neg
   M4         86359B4F5     B                    A/Watch Neg
   M5         86359B4G3     CC                   BBB-/Watch Neg

  Structured Asset Securities Corp. Mortgage Loan Trust 2005-S5
                        Series    2005-S5

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A2         86359DPN1     AAA                  AAA/Watch Neg
   M1         86359DPP6     AA+                  AA+/Watch Neg
   M-2        86359DPQ4     CC                   AA/Watch Neg

  Structured Asset Securities Corp. Mortgage Loan Trust 2005-S6
                        Series    2005-S6

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M2         86359DTS6     CC                   B

  Structured Asset Securities Corp. Mortgage Loan Trust 2006-S2
                        Series    2006-S2

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A2         86359FAB8     BBB-                 AAA

      Structured Asset Securities Corp. Mortgage Loan Trust
                        Series    2006-S3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A          86359WAA3     CCC                  BBB

                  Terwin Mortgage Trust 2004-16SL
                       Series    2004-16SL

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-2        881561LA0     BB+                  BBB-

                Terwin Mortgage Trust 2004-23HELOC
                        Series    2004-23

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          881561PM0     CC                   B/Watch Neg

                   Terwin Mortgage Trust 2005-11
                        Series    2005-11

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   I-A-1b     881561YB4     AAA                  AAA/Watch Neg
   I-G        881561YU2     AAA                  AAA/Watch Neg
   1-M-1a     881561YD0     BBB                  BBB/Watch Neg
   I-M-1b     881561YE8     CC                   BBB/Watch Neg
   II-A-2     881561C69     AAA                  AAA/Watch Neg
   II-G       881561B86     AAA                  AAA/Watch Neg

                  Terwin Mortgage Trust 2005-1SL
                        Series    2005-1SL

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        881561QJ6     AA                   AA/Watch Neg
   M-2        881561QK3     A                    A/Watch Neg

                  Terwin Mortgage Trust 2005-3SL
                        Series    2005-3SL

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-1        881561SU9     AA                   AA/Watch Neg
   M-2        881561SV7     A                    A/Watch Neg
   M-3        881561SW5     B-                   A-/Watch Neg

                  Terwin Mortgage Trust 2005-5SL
                        Series    2005-5SL

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   M-2        881561RQ9     A                    A/Watch Neg
   M-3        881561RR7     A-                   A-/Watch Neg

                 Terwin Mortgage Trust 2005-9HGS
                       Series    2005-9HGS

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        881561WQ3     AAA                  AAA/Watch Neg
   A-X        881561WR1     AAA                  AAA/Watch Neg
   M-1        881561WS9     AA                   AA/Watch Neg
   M-2        881561WT7     BBB+                 AA-/Watch Neg

                  Terwin Mortgage Trust 2006-HF-1
                       Series    2006-HF-1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1b       881561R55     AA                   AA/Watch Neg
   G          881561T20     AA                   AA/Watch Neg

    Wachovia Asset Securitization Issuance LLC 2003-HE3 Trust
                        Series    2003-HE3

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          92975TAA2     BBB                  BBB/Watch Neg

        Wachovia Asset Securitization Inc. 2002-HE1 Trust
                        Series    2002-HE1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A          929759AA6     BBB+                 BBB+/Watch Neg

        Wachovia Asset Securitization Inc. 2003-HE1 Trust
                        Series    2003-HE1

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-1        92975QAA8     BBB+                 BBB+/Watch Neg
   A-2        92975QAB6     BBB+                 BBB+/Watch Neg

        Wachovia Asset Securitization Inc. 2003-HE2 Trust
                        Series    2003-HE2

                                    Rating
                                    ------
   Class      CUSIP         To                   From
   -----      -----         --                   ----
   A-I-1      92975RAA6     BBB+                 BBB+/Watch Neg
   A-II-1     92975RAB4     BBB+                 BBB+/Watch Neg
   A-II-2     92975RAC2     BBB+                 BBB+/Watch Neg

                         Ratings Affirmed

            ACE Home Equity Loan Trust Series 2006-GP1
                        Series    2006-GP1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          004406AA2     AAA

   ACE Securities Corp. Home Equity Loan Trust Series 2006-SL1
                        Series    2006-SL1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          004421VE0     B

                 Bond Securitization Trust 2003-1
                         Series    2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        09788RAE9     BBB
                  B-2        09788RAF6     BBB-

       CWABS Revolving Home Equity Loan Trust Series 2004-U
                         Series    2004-U

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A Notes  126673VD1     CCC

                            CWABS Inc.
                        Series  2002-SC1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-IO       126671SC1     B
                  M-2        126671SE7     B

                            CWABS Inc.
                        Series    2003-S1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-5        126671ZP4     AAA
                  A-IO       126671ZQ2     AAA
                  M-1        126671ZS8     AA

                           CWABS Inc.
                         Series  2003-S2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-4        126671P34     AAA
                  A-5        126671P42     AAA
                  M-1        126671P67     AA
                  M-2        126671P75     A
                  B-1        126671P83     BBB

                           CWABS Inc.
                        Series    2003-SC1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        126671U79     AA+
                  M-2        126671U87     A+
                  M-3        126671U95     A
                  M-4        126671V29     A-
                  M-5        126671V37     BBB

      CWHEQ Revolving Home Equity Loan Trust Series 2007-A
                         Series    2007-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          126682AA1     AAA

      CWHEQ Revolving Home Equity Loan Trust Series 2006-E
                         Series    2006-E

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A        23242QAD4     BB+
                  2-A        23242QAE2     BB+

       CWHEQ Revolving Home Equity Loan Trust Series 2006-G
                         Series    2006-G

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A        23243JAA5     BB+
                  2-A        23243JAB3     BB+

       CWHEQ Revolving Home Equity Loan Trust Series 2006-I
                         Series    2006-I

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-A        12668FAA2     AAA
                  2-A        12668FAB0     AAA

       CWHEQ Revolving Home Equity Loan Trust Series 2007-B
                         Series    2007-B

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          12669XAE4     AAA

       CWHEQ Revolving Home Equity Loan Trust Series 2007-D
                         Series    2007-D

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          12670PAA6     AAA

       CWHEQ Revolving Home Equity Loan Trust Series 2007-E
                         Series    2007-E

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          12670TAA8     BB+

                   DLJ ABS Trust Series 2000-6
                        Series    2000-6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        23324VAC6     AA
                  B-1        23324VAD4     BBB-

                      FFMLT Trust 2005-FFA
                       Series    2005-FFA

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        362341HE2     A+
                  M-3        362341HF9     A

            First Franklin Mortgage Loan Trust 2003-FFB
                       Series    2003-FFB

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M2         32027NCJ8     A

               GMACM Home Equity Loan Trust 2004-HE2
                        Series    2004-HE2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        361856DA2     AAA
                  A-4        361856DB0     AAA
                  M-1        361856DD6     AA

               GMACM Home Equity Loan Trust 2007-HE3
                        Series    2007-HE3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        36186MAE1     CCC

            Greenpoint Mortgage Funding Trust 2005-HE1
                       Series    2005-HE1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        39538WAF5     AA
                  M-2        39538WAG3     AA-
                  M-3        39538WAH1     A

            Greenpoint Mortgage Funding Trust 2005-HE4
                        Series    2005-HE4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  IA-1       39538WDC9     AAA
                  IIA-1a     39538WDD7     AAA
                  IIA-1b     39538WDW5     AAA
                  IIIA-3c    39538WDF2     AAA
                  IIIA-4c    39538WDG0     AAA
                  M1         39538WDH8     AA
                  M2         39538WDJ4     BBB

                       GSAMP Trust 2006-S2
                        Series    2006-S2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        362334HL1     CCC
                  A-3        362334JF2     CCC

                       GSAMP Trust 2006-S4
                        Series    2006-S4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        36244MAA9     CCC
                  A-2        36244MAB7     CCC
                  A-3        36244MAC5     CCC

                       GSAMP Trust 2006-S6
                        Series    2006-S6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1B       36245CAB8     CCC
                  A-1C       36245CAC6     CCC
                  A-2        36245CAD4     CCC
                  A-3        36245CAE2     CCC

                       GSR Trust 2007-HEL1
                       Series    2007-HEL1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          36245HAA9     BB+

                  HLTV Mortgage Loan Trust 2004-1
                         Series    2004-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          404227AA8     BBB

                 Home Equity Loan Trust 2006-HSA4
                       Series    2006-HSA4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          43709WAA1     BB+

                Home Equity Mortgage Trust 2003-6
                         Series    2003-6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        22541QG97     A
                  B-1        22541QH21     BBB
                  B-2        22541QH39     BBB
                  P          22541QH47     AAA

                Home Equity Mortgage Trust 2004-4
                         Series    2004-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  P          22541SYT9     AAA

                Home Equity Mortgage Trust 2005-1
                         Series    2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  P          225458DD7     CCC

                Home Equity Mortgage Trust 2005-4
                         Series    2005-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  P          2254584Q8     AAA

                Home Equity Mortgage Trust 2005-5
                         Series    2005-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  P          225470RM7     AAA

                    Home Loan Trust 2002-HI4
                       Series    2002-HI4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-6        76110VLA4     AAA
                  M-1        76110VLB2     AA
                  M-2        76110VLC0     A
                  M-3        76110VLD8     BBB

                    Home Loan Trust 2002-HI5
                       Series    2002-HI5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-7        76110VLM8     AAA
                  M-1        76110VLN6     AA
                  M-2        76110VLP1     A
                  M-3        76110VLQ9     BBB

                    Home Loan Trust 2003-HI1
                        Series    2003-HI1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-7        76110VMG0     AAA
                  M-1        76110VMH8     AA
                  M-2        76110VMJ4     A
                  M-3        76110VMK1     BBB

                     Home Loan Trust 2005-HI2
                        Series    2005-H12

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-4        76110VRH3     AAA
                  A-5        76110VRJ9     AAA
                  M-1        76110VRK6     AA+
                  M-2        76110VRL4     AA
                  M-3        76110VRM2     AA-
                  M-4        76110VRN0     AA-
                  M-5        76110VRP5     A+
                  M-6        76110VRQ3     A-
                  M-7        76110VRR1     BBB+
                  M-8        76110VRS9     BBB
                  M-9        76110VRT7     BBB-

                    Home Loan Trust 2005-HI3
                       Series    2005-HI3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-3        76110VSC3     AAA
                  A-4        76110VSD1     AAA
                  A-5        76110VSE9     AAA
                  M-1        76110VSF6     AA+
                  M-2        76110VSG4     AA
                  M-3        76110VSH2     AA-
                  M-4        76110VSJ8     A+
                  M-5        76110VSK5     A
                  M-6        76110VSL3     A-
                  M-7        76110VSM1     BBB+
                  M-8        76110VSN9     BBB
                  M-9        76110VSP4     BBB-

                    Home Loan Trust 2006-HI1
                        Series    2006-HI1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        76110VTU2     AAA
                  A-3        76110VTV0     AAA
                  A-4        76110VTW8     AAA
                  M-1        76110VTX6     AA+
                  M-2        76110VTY4     AA
                  M-3        76110VTZ1     AA-
                  M-4        76110VUA4     A+
                  M-5        76110VUB2     A
                  M-6        76110VUC0     A-
                  M-7        76110VUD8     BBB+

               IndyMac Home Equity Loan Trust 2004-2
                         Series    2004-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          45661AAC6     CCC

       IndyMac Home Equity Mortgage Loan Asset Backed Trust
                  Series    2006-H4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  Notes      45660JAD6     BB+

        IndyMac Home Equity Mortgage Loan Asset Backed Trust
                        Series    2007-H1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  Note       45669DAA6     AAA

                Irwin Home Equity Loan Trust 2003-1
                        Series    2003-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        464126CD1     A
                  B-1        464126CE9     BBB
                  B-2        464126CF6     BBB-

             Irwin Whole Loan Home Equity Trust 2003-A
                         Series    2003-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        464187AM5     AA+
                  M-2        464187AN3     A
                  B          464187AP8     BBB

             Irwin Whole Loan Home Equity Trust 2003-C
                         Series    2003-C

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        464187BA0     AA
                  M-2        464187BB8     A
                  B-1        464187BC6     BBB
                  B-2        464187BD4     BBB-

            Irwin Whole Loan Home Equity Trust 2003-D
                         Series    2003-D

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        464187BL6     AA
                  M-2        464187BM4     A
                  B-1        464187BN2     BBB
                  B-2        464187BP7     BBB-

            Irwin Whole Loan Home Equity Trust 2004-A
                         Series    2004-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        464187BV4     AA
                  M-2        464187BW2     A
                  B-1        464187BX0     BBB
                  B-2        464187BY8     BBB-

             Irwin Whole Loan Home Equity Trust 2005-B
                         Series    2005-B

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A-1       464187CP6     AAA
                  1M-1       464187CR2     AA
                  1M-2       464187CS0     A
                  1M-3       464187CT8     BBB
                  1M-4       464187CU5     BBB-
                  1B-1       464187DB6     BB+
                  1B-2       464187DC4     BB
                  2M-1       464187CV3     AA
                  2M-2       464187CW1     A
                  2M-3       464187CX9     BBB+
                  2M-4       464187CY7     BBB
                  2B-1       464187CZ4     BBB-

            Irwin Whole Loan Home Equity Trust 2005-C
                         Series    2005-C

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1A-1       464187DH3     AAA
                  1M-1       464187DK6     AA
                  1M-2       464187DL4     A
                  1M-3       464187DM2     BBB
                  1M-4       464187DN0     BBB-
                  1B-1       464187DZ3     BB+
                  1B-2       464187EA7     BB+
                  2M-1       464187DP5     AA
                  2M-2       464187DQ3     A
                  2M-3       464187DR1     BBB
                  2M-4       464187DS9     BBB-
                  2B-1       464187DT7     BB+

                  MASTR Second Lien Trust 2005-1
                         Series    2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          57644DAA1     AAA

  Merrill Lynch First Franklin Mortgage Loan Trust Series 2007-A
                         Series    2007-A

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        59025QAA7     B

      Merrill Lynch Mortgage Investors Trust Series 2004-SL2
                        Series    2004-SL2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        59020UKH7     BBB+
                  B-2        59020UKJ3     BBB

           Morgan Stanley Mortgage Loan Trust 2005-8SL
                        Series    2005-8SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        61748HQG9     BBB
                  A-2b       61748HQJ3     BBB

           Morgan Stanley Mortgage Loan Trust 2006-14SL
                       Series    2006-14SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        61749SAC0     CCC

                     MSDWCC HELOC TRUST 2002-1
                         Series    2002-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          62474BAA0     AAA

       Nomura Asset Acceptance Corp. Alternative Loan Trust
                        Series    2005-S2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        65535VLU0     BB

       Nomura Asset Acceptance Corp. Alternative Loan Trust
                        Series    2005-S1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        65535VJT6     AA
                  M-2        65535VJU3     BBB-

       Nomura Asset Acceptance Corp. Alternative Loan Trust
                        Series    2005-S3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-2        65535VNR5     BBB
                  A-3        65535VPQ5     BBB

             PSB Lending Home Loan Owner Trust 1997-3
                         Series    1997-3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  certs      69360QAV3     BBB-

                   RFMSII Series 2002-HS1 Trust
                        Series    2002-HS1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        76110VJA7     AAA

                   RFMSII Series 2002-HS2 Trust
                        Series    2002-HS2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        76110VKG2     AA+

                       SACO I Trust 2004-2
                        Series    2004-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        785778CY5     AA
                  B-1        785778CZ2     BBB

                       SACO I Trust 2005-5
                         Series    2005-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  I-A        785778FY2     AAA

                       SACO I Trust 2005-9
                        Series    2005-9

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        785778MK4     A
                  A-3        785778MM0     A

                      SACO I Trust 2005-GP1
                        Series    2005-GP1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        785778JJ1     AAA
                  M-1        785778JL6     AAA

                       SACO I Trust 2006-5
                         Series    2006-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  II-A-2     785811AC4     B

                      SACO I Trust 2005-WM3
                        Series    2005-WM3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        785778LS8     B
                  A-3        785778LU3     B

                      SBI HELOC Trust 2005-1
                         Series    2005-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          80585DAA4     AAA

                 Structured Asset Securities Corp.
                        Series  2003-S1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B          86359AV75     BB+

                 Structured Asset Securities Corp.
                        Series    2003-S2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M1-A       86359BBL4     AA
                  M1-F       86359BBM2     AA

                 Structured Asset Securities Corp.
                        Series    2004-S2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M4         86359BSV4     A-
                  M5         86359BSW2     BBB+

                 Structured Asset Securities Corp.
                        Series    2004-S3

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M1         86359BB67     AA+
                  M2         86359BB75     AA
                  M3         86359BB83     BBB

  Structured Asset Securities Corp. Mortgage Loan Trust 2005-S6
                        Series    2005-S6

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A2         86359DTQ0     A
                  M1         86359DTR8     BB

   Structured Asset Securities Corp. Mortgage Loan Trust 2006-S4
                        Series    2006-S4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          86363AAA5     CCC

                  Terwin Mortgage Trust 2003-3SL
                        Series    2003-3SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        881561BC7     A+

                  Terwin Mortgage Trust 2003-7SL
                        Series    2003-7SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-2        881561CU6     BBB-

                  Terwin Mortgage Trust 2004-16SL
                        Series    2004-16SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        881561KZ6     BBB

                  Terwin Mortgage Trust 2004-18SL
                       Series    2004-18SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  1-B-2      881561MX9     BBB
                  1-B-3      881561MY7     BBB-
                  2-B-1      881561NG5     BBB
                  2-B-2      881561NH3     BBB-

                  Terwin Mortgage Trust 2004-2SL
                        Series    2004-2SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        881561DV3     BBB
                  B-2        881561DW1     BB+

                  Terwin Mortgage Trust 2004-6SL
                        Series    2004-6SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        881561HE7     BBB
                  B-2        881561HF4     BBB-

                  Terwin Mortgage Trust 2004-8HES
                        Series    2004-8HES

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-2        881561GH1     BB+

                  Terwin Mortgage Trust Series TMTS 2004-22SL
                       Series    2004-22SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        881561MN1     BBB
                  B-2        881561MP6     BB

                  Terwin Mortgage Trust Series TMTS 2003-5SL
                        Series    2003-5SL

                  Class      CUSIP         Rating
                  -----      -----         ------
                  B-1        881561BM5     BBB
                  B-2        881561BP8     BBB-

           United National Home Loan Owner Trust 1999-1
                         Series    1999-1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          91103PAA7     AAA
                  M-1        91103PAB5     AAA
                  M-2        91103PAC3     AA-

         Wachovia Asset Securitization Inc. 2002-HE2 Trust
                        Series    2002-HE2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A          92975PAA0     A


* S&P Downgrades Ratings on 75 Classes From 14 RMBS Transactions
----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 75
classes from 14 residential mortgage-backed securities
transactions backed by U.S. subprime mortgage loan collateral
issued in 2004.  S&P removed 17 of the lowered ratings from
CreditWatch with negative implications.  In addition, S&P affirmed
its ratings on 43 classes from 12 of the downgraded transactions
and removed two of the affirmed ratings from CreditWatch negative.

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 in light of
increased delinquencies.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in S&P's
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.  In order to maintain a rating higher than 'B',
S&P assessed whether the class could withstand losses exceeding
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 110% of S&P's base-case loss assumptions to maintain
a 'BB' rating, while S&P would assess whether a different class
could withstand approximately 120% of 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 its 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.

Subordination provides credit support for the affected
transactions.  In addition, some classes also benefit from
overcollateralization (prior to its depletion) and excess spread.
The underlying pool of loans backing these transactions consists
of fixed- and adjustable-rate U.S. subprime mortgage loans that
are secured by first and second liens on one- to four-family
residential properties.

                          Rating Actions

   ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM1
                       Series      2004-RM1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        004421FU2     A                    AA
        M-4        004421FV0     BBB-                 AA-
        M-5        004421FW8     B+                   A+
        M-6        004421FX6     B-                   A
        B-1        004421FY4     CCC                  B
        B-2        004421FZ1     CC                   CCC
        B-3        004421GA5     CC                   CCC

               Ameriquest Mortgage Securities Inc.
                       Series      2004-R8

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        03072SUB9     B+                   AA-
        M-4        03072SUC7     CCC                  A+
        M-5        03072SUD5     CCC                  A
        M-6        03072SUE3     CC                   BBB
        M-7        03072SUF0     CC                   BB-
        M-8        03072SUG8     CC                   B
        M-9        03072SUH6     CC                   CCC

          Carrington Mortgage Loan Trust Series 2004-NC1
                       Series      2004-NC1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-2        144531AF7     BB-                  A
        M-3        144531AG5     B-                   A-
        M-4        144531AH3     CCC                  BBB+
        M-5        144531AJ9     CC                   BBB
        M-6        144531AK6     CC                   BBB-

               Centex Home Equity Loan Trust 2004-D
                        Series      2004-D

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    MV-1       152314LQ1     A+                   AA/Watch Neg
    MV-2       152314LR9     BB+                  AA-/Watch Neg
    MV-3       152314LS7     B+                   A+/Watch Neg
    MV-4       152314LT5     CCC                  A/Watch Neg
    MV-5       152314LU2     CCC                  A-/Watch Neg
    MF-3       152314LP3     B                    BBB+/Watch Neg
    MV-6       152314LV0     CC                   BBB+/Watch Neg
    BF         152314LW8     CCC                  BBB

          CWABS Asset-Backed Certificates Trust 2004-BC5
                       Series      2004-BC5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-3        126673PQ9     AA-                  AA
        M-4        126673PR7     BB                   A+
        M-5        126673PS5     CCC                  A+
        M-6        126673PT3     CCC                  A-
        M-7        126673PU0     CCC                  BBB+
        M-8        126673PV8     CCC                  BBB
        B          126673PW6     CC                   BBB-

       Fieldstone Mortgage Investment Trust, Series 2004-4
                        Series      2004-4

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M5         31659TCF0     CCC                  B
        M6         31659TCG8     D                    CCC

        Fieldstone Mortgage Investment Trust, Series 2004-5
                        Series      2004-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        M-5        31659TCT0     CC                   B
        M-6        31659TCU7     D                    CCC

              Long Beach Mortgage Loan Trust 2004-5
                        Series      2004-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        A-6        542514HC1     BBB                  AAA
        M-1        542514HD9     B+                   AA
        M-2        542514HE7     CCC                  A+
        M-3        542514HF4     CCC                  A
        M-4        542514HG2     CCC                  A-
        M-5        542514HH0     CC                   BBB+
        M-6        542514HJ6     CC                   BB-
        M-7        542514HK3     CC                   B
        B-2        542514HM9     CC                   CCC

      Merrill Lynch Mortgage Investors Trust Series 2004-FM1
                      Series      2004-FM1

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        B-1        59020UFY6     BBB                  A
        B-2        59020UFZ3     CCC                  BBB+
        B-3        59020UGA7     D                    BBB
        B-4        59020UGB5     D                    CCC

                    RASC Series 2004-KS4 Trust
                       Series      2004-KS4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-4      76110WXQ4     CCC                  BBB/Watch Neg
    A-I-5      76110WXR2     CCC                  BBB/Watch Neg
    A-I-6      76110WXS0     CCC                  BBB/Watch Neg

                    RASC Series 2004-KS7 Trust
                       Series      2004-KS7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-3      76110WA71     A                    A/Watch Neg
    A-I-4      76110WA89     CC                   A/Watch Neg
    A-I-5      76110WA97     CC                   A/Watch Neg
    A-I-6      76110WB21     CC                   A/Watch Neg
    A-II-A     76110WB88     CC                   CCC
    A-II-B3    76110WB54     CC                   CCC

                    RASC Series 2004-KS9 Trust
                       Series      2004-KS9

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-I-4      76110WE51     CCC                  A/Watch Neg
    A-I-5      76110WE69     CCC                  A/Watch Neg
    A-I-6      76110WE77     CCC                  A/Watch Neg
    A-II-3     76110WF27     CC                   CCC
    A-II-4     76110WF35     CC                   CCC

            Renaissance Home Equity Loan Trust 2004-4
                        Series      2004-4

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    MV-1       759950ED6     AA                   AA/Watch Neg
    MV-2       759950EE4     BB+                  A/Watch Neg
    MF-8       759950EW4     BB+                  BBB
    MF-9       759950EX2     CCC                  BBB-

               Saxon Asset Securities Trust 2004-2
                        Series      2004-2

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    MF-2       805564QB0     A-                   A+
    MF-3       805564QC8     BB+                  A
    MF-4       805564QD6     B+                   A-
    MF-5       805564QE4     B                    BBB+
    MF-6       805564QF1     B-                   BBB
    MV-4       805564QN4     BBB                  A-
    MV-5       805564QP9     BB                   BBB+
    MV-6       805564QQ7     B+                   BB

                         Ratings Affirmed

   ACE Securities Corp. Home Equity Loan Trust, Series 2004-RM1
                       Series      2004-RM1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        004421FS7     AA+
                  M-2        004421FT5     AA

                Ameriquest Mortgage Securities Inc.
                       Series      2004-R8

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        03072STU9     AAA
                  M-1        03072STZ8     AA+
                  M-2        03072SUA1     AA

          Carrington Mortgage Loan Trust Series 2004-NC1
                       Series      2004-NC1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        144531AE0     AA

               Centex Home Equity Loan Trust 2004-D
                        Series      2004-D

                  Class      CUSIP         Rating
                  -----      -----         ------
                  AF-3       152314LC2     AAA
                  AF-4       152314LD0     AAA
                  AF-5       152314LE8     AAA
                  MF-1       152314LM0     AA
                  AF-6       152314LF5     AAA
                  MF-2       152314LN8     A

          CWABS Asset-Backed Certificates Trust 2004-BC5
                       Series      2004-BC5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-1        126673PN6     AA+
                  M-2        126673PP1     AA

       Fieldstone Mortgage Investment Trust, Series 2004-4
                        Series      2004-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M2         31659TCC7     AA
                  M3         31659TCD5     A
                  M4         31659TCE3     BB

        Fieldstone Mortgage Investment Trust, Series 2004-5
                        Series      2004-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        31659TCQ6     A+
                  M-3        31659TCR4     A
                  M-4        31659TCS2     A-

               Long Beach Mortgage Loan Trust 2004-5
                       Series      2004-5

                  Class      CUSIP         Rating
                  -----      -----         ------
                  A-1        542514GW8     AAA
                  A-5        542514HB3     AAA

      Merrill Lynch Mortgage Investors Trust Series 2004-FM1
                       Series      2004-FM1

                  Class      CUSIP         Rating
                  -----      -----         ------
                  M-2        59020UFW0     AA
                  M-3        59020UFX8     A+

            Renaissance Home Equity Loan Trust 2004-4
                        Series      2004-4

                  Class      CUSIP         Rating
                  -----      -----         ------
                  AF-4       759950EL8     AAA
                  AF-5       759950EM6     AAA
                  AF-6       759950EN4     AAA
                  MF-1       759950EP9     AA+
                  MF-2       759950EQ7     AA
                  MF-3       759950ER5     AA-
                  MF-4       759950ES3     A+
                  MF-5       759950ET1     A
                  MF-6       759950EU8     A-
                  MF-7       759950EV6     BBB+

                Saxon Asset Securities Trust 2004-2
                       Series      2004-2

                  Class      CUSIP         Rating
                  -----      -----         ------
                  AF-3       805564PX3     AAA
                  AF-4       805564PY1     AAA
                  AF-5       805564PZ8     AAA
                  MF-1       805564QA2     AA
                  MV-1       805564QK0     AA
                  MV-2       805564QL8     A+
                  MV-3       805564QM6     A


* S&P Downgrades Ratings on 99 Classes From Six RMBS Transactions
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on 99
classes from six residential mortgage-backed securities
transactions backed by U.S. subprime, Alternative-A, and prime
jumbo mortgage loan collateral issued between 2005 and 2007.  S&P
removed 42 of the lowered ratings from CreditWatch with negative
implications.  S&P downgraded 15 of the affected classes to 'D'.
In addition, S&P affirmed its ratings on 31 classes from four of
the affected transactions and removed two of the affirmed ratings
from CreditWatch negative.

Standard & Poor's has established loss projections for each
transaction rated between 2005 and 2007.  S&P's lifetime projected
losses have changed for one of the transactions in this release.
S&P's revised projected losses are:

                                              Orig. bal.    Lifetime
Transaction                                  (mil. $)      exp. loss (%)
-----------                                  ----------    -------------
HSI Asset Loan Obligation Trust 2007-WF1      296          30.14

The downgrades reflect S&P's opinion that projected credit support
for the affected classes is insufficient to maintain the previous
ratings, given its current projected losses.

S&P downgraded 15 classes to 'D' due to interest shortfall amounts
that have not been recovered.

To assess the creditworthiness of each class, S&P reviewed the
individual delinquency and loss trends of each transaction for
changes, if any, in risk characteristics, servicing, and the
ability to withstand additional credit deterioration.  In order to
maintain a 'B' rating on a class, S&P assessed whether, in S&P's
view, a class could absorb the base-case loss assumptions S&P used
in its analysis.  In order to maintain a rating higher than 'B',
S&P assessed whether the class could withstand losses exceeding
S&P's base-case loss assumptions at a percentage specific to each
rating category, up to 150% for an 'AAA' rating for subprime and
Alt-A transactions, and up to 235% for prime jumbo transactions.
For example for subprime and Alt-A, in general, S&P would assess
whether one class could withstand approximately 110% of S&P's
base-case loss assumptions to maintain a 'BB' rating, while S&P
would assess whether a different class could withstand
approximately 120% of S&P's base-case loss assumptions to maintain
a 'BBB' rating.  Each class with an affirmed 'AAA' rating can, in
S&P's view, withstand approximately 150% (or 235% for prime jumbo)
of its 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.

Subordination provides credit support for the affected
transactions.  In addition, some classes also benefit from
overcollateralization (prior to its depletion) and excess spread.
The underlying pool of loans backing these transactions consists
of fixed- and adjustable-rate U.S. subprime, Alt-A, and prime
jumbo mortgage loans that are secured by first and second liens on
one- to four-family residential properties.

                          Rating Actions

               Banc of America Funding 2006-5 Trust
                           Series 2006-5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-1      05950NAA6     CCC                  BB
        1-A-2      05950NAB4     CCC                  BB
        1-A-3      05950NAC2     CCC                  B
        1-A-4      05950NAD0     B                    AAA
        1-A-5      05950NAE8     CCC                  B
        1-A-6      05950NAF5     CCC                  B
        1-A-7      05950NAG3     CCC                  B
        1-A-8      05950NAH1     CCC                  B
        1-A-9      05950NAJ7     CCC                  B
        1-A-10     05950NAK4     CCC                  B
        1-A-11     05950NAL2     CCC                  B
        1-A-12     05950NAM0     CCC                  B
        1-A-13     05950NAN8     CCC                  B
        1-A-14     05950NAP3     CCC                  B
        30-PO      05950NBT4     CCC                  B

               Home Loan Mortgage Loan Trust 2006-1
                           Series 2006-1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        43718UAA4     B                    B/Watch Neg
    A-2        43718UAB2     B                    B/Watch Neg
    A-3        43718UAC0     CCC                  B/Watch Neg

    HSI Asset Loan Obligation Trust 2007-WF1
    Series 2007-WF1

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    A-1        40431KAA8     CCC                  BB/Watch Neg
    A-2        40431KAB6     CCC                  AAA/Watch Neg
    A-3        40431KAC4     CCC                  AAA/Watch Neg
    A-4        40431KAD2     CCC                  BB/Watch Neg
    A-5        40431KAE0     CCC                  BB/Watch Neg
    A-6        40431KAF7     CCC                  BB/Watch Neg
    M-1        40431KAG5     CCC                  B/Watch Neg
    M-2        40431KAH3     CC                   CCC
    M-3        40431KAJ9     CC                   CCC
    M-4        40431KAK6     CC                   CCC
    M-5        40431KAL4     CC                   CCC

    Structured Asset Mortgage Investments II Trust 2005-AR7
    Series 2005-AR7

                                     Rating
                                     ------
    Class      CUSIP         To                   From
    -----      -----         --                   ----
    I-A-1      86359LPY9     CCC                  AAA/Watch Neg
    I-A-2      86359LPZ6     CCC                  AAA/Watch Neg
    I-X-1      86359LQA0     CCC                  AAA/Watch Neg
    2-A-1      86359LQB8     CCC                  AAA/Watch Neg
    2-A-2      86359LQC6     CCC                  AAA/Watch Neg
    2-A-3      86359LQD4     CC                   AAA/Watch Neg
    2-X-1      86359LQE2     CCC                  AAA/Watch Neg
    2-X-2      86359LQF9     CCC                  AAA/Watch Neg
    3-A-1      86359LQG7     CCC                  AAA/Watch Neg
    3-A-2      86359LQH5     CC                   AAA/Watch Neg
    3-A-3      86359LQJ1     CC                   AAA/Watch Neg
    3-X-1      86359LQK8     CCC                  AAA/Watch Neg
    3-X-2      86359LQL6     CC                   AAA/Watch Neg
    4-A-1      86359LQM4     CCC                  AAA/Watch Neg
    4-A-2      86359LQN2     CCC                  AAA/Watch Neg
    4-A-3      86359LQP7     CC                   AAA/Watch Neg
    4-X-1      86359LQQ5     CCC                  AAA/Watch Neg
    4-X-2      86359LQR3     CCC                  AAA/Watch Neg
    5-A-1      86359LQS1     CCC                  AAA/Watch Neg
    5-A-2      86359LQT9     CC                   AAA/Watch Neg
    5-X-1      86359LRU5     CCC                  AAA/Watch Neg
    5-X-2      86359LRV3     CC                   AAA/Watch Neg
    6-A-1      86359LQU6     CCC                  AAA/Watch Neg
    6-A-2      86359LQV4     CC                   AAA/Watch Neg
    6-X-1      86359LQW2     CCC                  AAA/Watch Neg
    6-X-2      86359LQX0     CC                   AAA/Watch Neg
    1-M-X      86359LRB7     CC                   AA+/Watch Neg
    1-B-1      86359LRC5     D                    AA+/Watch Neg
    M-X        86359LRF8     CC                   AA+/Watch Neg
    B-1        86359LRG6     CC                   AA+/Watch Neg
    1-B-2      86359LRD3     D                    AA/Watch Neg
    1-B-3      86359LRE1     D                    A/Watch Neg
    1-B-4      86359LRK7     D                    BBB/Watch Neg
    1-B-5      86359LRL5     D                    BB/Watch Neg

     Structured Asset Mortgage Investments II Trust 2006-AR3
                          Series 2006-AR3

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        I-1A-1     86360KAA6     B-                   AAA
        I-1A-2     86360KAB4     CCC                  B+
        I-1A-3     86360KAC2     CCC                  B
        I-2A-1     86360KAE8     B-                   AAA
        I-2A-2     86360KAF5     B-                   AAA
        I-2X       86360KAJ7     B-                   AAA
        II-1A-1    86360KAW8     CCC                  B
        II-2A-1    86360KAX6     CCC                  B
        II-2X      86360KBX5     CCC                  B
        II-3A-1    86360KAY4     CCC                  B
        II-3X      86360KBY3     CCC                  B
        II-4A-1    86360KAZ1     CCC                  B
        II-4X      86360KBZ0     CCC                  B
        II-X       86360KBA5     CCC                  B
        III-A-1    86360KBJ6     CCC                  B+
        III-A-2    86360KBK3     CCC                  B+
        III-A-3    86360KBL1     CCC                  B
        III-X      86360KBM9     CCC                  B+
        III-MX     86360KBN7     D                    CC
        III-B-1    86360KBP2     D                    CC
        III-B-3    86360KBR8     D                    CC
        III-B-4    86360KBS6     D                    CC
        III-B-2    86360KBQ0     D                    CC

      Structured Asset Mortgage Investments II Trust 2006-AR5
                          Series 2006-AR5

                                         Rating
                                         ------
        Class      CUSIP         To                   From
        -----      -----         --                   ----
        1-A-2      86360JAB7     B-                   B+
        1-A-3      86360JAC5     CCC                  B
        2-A-2      86360JAF8     CCC                  B+
        2-A-3      86360JAG6     CCC                  B
        3-A-2      86360JAK7     CCC                  B+
        3-A-3      86360JAL5     CC                   B
        4-A-1      86360JAN1     A+                   AAA
        4-A-2      86360JAP6     CCC                  B+
        4-A-3      86360JAQ4     CC                   B
        4-X        86360JAR2     A+                   AAA
        M-X        86360JAS0     D                    CCC
        B-1        86360JAT8     D                    CCC
        B-2        86360JAU5     D                    CCC
        B-3        86360JAV3     D                    CCC
        B-4        86360JAW1     D                    CCC

                         Ratings Affirmed

               Banc of America Funding 2006-5 Trust
                           Series 2006-5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 2-A-4      05950NAU2     B
                 2-A-5      05950NAV0     B
                 2-A-6      05950NAW8     A
                 2-A-7      05950NAX6     BB
                 2-A-10     05950NBA5     B
                 2-A-11     05950NBB3     B
                 2-A-12     05950NBC1     B
                 2-A-13     05950NBD9     B
                 3-A-1      05950NBE7     B
                 3-A-2      05950NBF4     B
                 3-A-3      05950NBG2     B
                 3-A-4      05950NBH0     AAA
                 4-A-1      05950NBJ6     B
                 4-A-2      05950NBK3     AAA
                 4-A-3      05950NBL1     B
                 4-A-4      05950NBM9     BBB
                 4-A-5      05950NBN7     B
                 4-A-6      05950NBP2     AA
                 4-A-7      05950NBQ0     B
                 4-A-8      05950NBR8     B
                 30-IO      05950NBS6     AAA

      Structured Asset Mortgage Investments II Trust 2006-AR3
                          Series 2006-AR3

                 Class      CUSIP         Rating
                 -----      -----         ------
                 I-1A-4     86360KAD0     CCC
                 I-2A-3     86360KAG3     CCC

     Structured Asset Mortgage Investments II Trust 2006-AR5
                         Series 2006-AR5

                 Class      CUSIP         Rating
                 -----      -----         ------
                 1-A-1      86360JAA9     AAA
                 1-X        86360JAD3     AAA
                 2-A-1      86360JAE1     AAA
                 2-X        86360JAH4     AAA
                 3-A-1      86360JAJ0     AAA
                 3-X        86360JAM3     AAA



                            *********

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 2010.  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 ***